SpaceX, OpenAI, and Anthropic accounted for greater than 95% of all tokenized pre-IPO perpetual buying and selling quantity in Could.
Buying and selling exercise in tokenized pre-IPO perpetual contracts surged sharply in Could 2026 after a number of months of subdued exercise, based on a brand new report by CoinGecko. Month-to-month buying and selling quantity climbed 1,059% from $60.51 million in April to $701.44 million in Could.
Curiously, SpaceX pre-IPO perpetuals led the market with $305 million in month-to-month buying and selling quantity, because it accounted for 43.5% of the full. The sturdy exercise got here forward of the corporate’s extremely anticipated Nasdaq itemizing on June 12.
SpaceX Pre-IPO Frenzy
AI corporations OpenAI and Anthropic ranked second and third, respectively. All mixed, contracts tied to SpaceX, OpenAI, and Anthropic accounted for over 95% of pre-IPO perpetual buying and selling quantity recorded in Could, indicating that exercise was closely concentrated in just some property.
SpaceX’s pre-IPO costs additionally confirmed large variations throughout main exchanges earlier than its Nasdaq itemizing, however ultimately moved nearer collectively as extra data turned obtainable.
Within the week main as much as its market debut, CoinGecko found that SpaceX perpetual contracts traded at round $170 on exchanges together with Binance and WEEX, whereas Coinbase, Gate, and OKX priced them decrease at roughly $155. As particulars concerning the preliminary public providing turned public, costs throughout the most important exchanges step by step converged into the $160 to $165 vary by June 10.
Through the remaining two days earlier than the itemizing, costs on the main platforms continued rising collectively and climbed above $180. On June 12, the day of the itemizing, new details about the anticipated itemizing value was mirrored in pre-IPO markets, resulting in sharp value swings.
Regardless of the volatility, pre-IPO costs in the end closed at a median of $157, 4.67% above SpaceX’s opening value of $150.
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TradFi on Crypto Exchanges
Past SpaceX, a number of outstanding crypto exchanges have been steadily increasing their tokenized real-world asset choices. For the reason that begin of 2025, MEXC has listed the biggest variety of RWA merchandise. The platform added 199 spot property and 159 TradFi perpetual contracts for a complete of 358 listings.
Subsequent up was Gate with 224 RWA merchandise, together with 146 perpetuals and 78 spot property, whereas WEEX, which was ranked third, listed 192 property throughout 84 spot and 108 perpetual choices.
Exchanges similar to HTX, Binance, Crypto.com, Coinbase, and OKX centered extra on TradFi perpetual listings than spot RWAs. CoinGecko discovered that every of those exchanges recorded just one or two spot RWA listings over the previous 17 months. General, exchanges averaged 75 perpetual listings in contrast with 37 spot RWA listings through the interval.
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