XYZ has launched Pre-IPO Perpetuals (IPOP), a new type of perpetual contract designed for private companies preparing for a public listing.

How it works:

- Trades based on expected share price, not market cap

- Uses internal pricing before public listing

- Converts into a standard equity perpetual after IPO

IPOPs are cash-settled contracts, not tokenized equity, and do not provide shares, IPO allocations, dividends, or ownership rights. They allow users to trade exposure to a company’s expected public valuation before listing.

The first live IPOP market is Cerebras, one of the largest AI infrastructure companies preparing for a public listing.

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