CoinGecko: On-chain Pre-IPO Perpetual Contracts Market Becomes an Effective Valuation Indicator

BlockBeats News, September 9 - In the RWA report "Tokenized Stocks: Insights from SpaceX, Pre-IPO Price Discovery, and the Perpetual Contract Craze," co-produced by CoinGecko and BlockBeats, CoinGecko stated that the synthetic pre-IPO market has begun to emerge as an effective valuation indicator for traditional IPOs. On-chain perpetual contracts can provide continuous price discovery and market sentiment anchors for popular unlisted companies before official exchange trading begins.

Using SpaceX and CXMT (ChangXin Memory Technologies) as examples, the report noted that ahead of SpaceX's listing, perpetual contract prices across platforms fluctuated between $158 and $170, before gradually converging to around $157.40. When its first trade on Nasdaq was executed at $150.05, the deviation between the two stood at approximately 4.9%. Similarly, the deviation between CXMT's pre-IPO perpetual contract prices and its actual opening price was around 4.6%.

CoinGecko believes that in the absence of real spot stocks as immediate arbitrage anchors, traders will still form relatively concentrated quotes based on valuation, listing hype, and future liquidity. On-chain pre-IPO perpetual contracts will thus become a key reference price before traditional order books open, while also offering global investors a 24-hour channel to express long or short expectations.