BlockBeats reports that on May 18, the Hyperliquid platform token HYPE has surged against the backdrop of a weakening overall crypto market, climbing over 5% in the last 24 hours, with a year-to-date increase of 69%. Market attention is focused on its HIP-3 pre-IPO perpetual contract ecosystem, where the trading volume has already surpassed $120 billion.

According to reports, Hyperliquid has launched pre-listing perpetual contracts for popular AI companies like SpaceX, Anthropic, and OpenAI. Notably, the Cerebras perpetual contract introduced by TradeXYZ has a price deviation from its Nasdaq opening price of only about 3%, while traditional secondary market quotes show a variance as high as 35%.

Currently, the SpaceX pre-IPO contract SPCX is live on Hyperliquid, with a reference valuation of approximately $1.78 trillion. The market anticipates that the SpaceX IPO could raise between $75 billion to $80 billion, while both Anthropic and OpenAI are targeting valuations in the $1 trillion range.

Analysts believe that the HIP-3 model allows retail traders to engage in price discovery ahead of major tech company IPOs through on-chain markets for the first time. However, they may also face scrutiny from U.S. regulators regarding 'unregistered securities exposure.'