Today, TradeXYZ—the largest market provider on the Hyperliquid infrastructure—has launched Pre-IPO perps—perpetual derivatives on company stocks prior to their IPO. The first project will be Cerebras (CBRS).
Previously, the Pre-IPO markets on Hyperliquid were managed by the deployer Ventuals (vntl)—who currently has three active contracts: Anthropic, OpenAI, and SpaceX.
This instrument does not grant rights to shares or IPO allocations—it’s a settlement-based derivative for trading the company’s valuation before listing. Pricing operates without an external oracle, using the Hyperp model based on market activity. After the IPO, the market converts into a standard perpetual contract with an external oracle.
Cerebras market parameters: launch date—May 1, 2026; expected listing—May 7; expiration date—May 30. If the company does not go public by May 30, the market enters a 60-day settlement period and closes no later than July 30, using the TWAP price over the entire trading period.
Article about Cerebras: https://dropscapital.com/material/21644