HPC and tradeXYZ submitted a Pre-IPO perpetual contract opinion letter to the SEC

Hyperliquid Policy Center (HPC) and tradeXYZ jointly submitted a letter to the U.S. Securities and Exchange Commission (SEC), introducing Pre-IPO perpetual contracts (IPOPs) and advocating that U.S. investors should have the right to participate in such markets. The letter states that Cerebras opened at a price 89% higher than its IPO pricing, SK Hynix was 14% higher, and SpaceX was 11% higher, with each public market on Hyperliquid providing price signals before formal trading began.

tradeXYZ has launched 5 IPOP (Initial Public Offering Price Options) markets on Hyperliquid. IPOP is a cash-settled perpetual derivative that references the expected public listing price of private companies, used for price discovery before listing, and does not represent shares, warrants, or any securities rights. The parties listed issues that the SEC needs to address before allowing such markets to serve U.S. investors in the letter and believe that modernizing IPOs could utilize this price signal for issuers and investors.