HPC and trade.XYZ Bring Pre‑IPO Perpetuals to the SEC for Approval
TL;DR
- Hyperliquid Policy Center and trade[XYZ] have submitted a joint comment letter to the SEC proposing pre-IPO perpetuals, or IPOPs, as a new tool for public price discovery.
- The contracts provide synthetic exposure to expected listing prices without granting shares, voting rights, dividends, or IPO allocations.
- The proposal argues that onchain markets could improve IPO pricing by giving issuers, regulators, and investors a transparent price signal before a stock begins trading.
Hyperliquid Policy Center and trade[XYZ] are asking the U.S. Securities and Exchange Commission to consider pre-IPO perpetuals as part of a broader modernization of the IPO process. The proposal comes as private companies remain private longer, limiting access to early-stage equity gains and leaving public investors with fewer opportunities to participate before valuations mature.
The groups call the product an IPOP, a perpetual derivative that tracks market expectations for a company preparing to list. Unlike a private secondary transaction, an IPOP does not transfer shares or ownership. Traders receive price exposure only, with no voting rights, dividends, allocation rights, or claim against the issuer.
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