Why SpaceX, OpenAI and Anthropic Now Trade Onchain

Summary

Dio Casares joins Laura Shin to discuss the surge in on-chain pre-IPO activity, including SpaceX perps on Hyperliquid and secondary trading of AI company shares. He explains the strategic timing, legal risks, and why derivatives markets are more viable than tokenized spot. The episode highlights Hyperliquid as a key asset to own this cycle, fueled by upcoming mega-IPOs.

• SpaceX pre-IPO perpetual futures launched on Hyperliquid with a planned IPO next month.
• OpenAI and Anthropic voided secondary shares to funnel capital into primary rounds and limit liability.
• Polymarket partnered with Nasdaq Private Market for event contracts on unicorn valuations and IPO dates.
• Dio Casares argues perps are superior to tokenized spot due to regulatory and keyman risk.
• Hyperliquid is described as 'one of the assets you want to own this cycle' by the guest.
• Coinbase's stablecoin deal with Hyperliquid is seen as a strategic win for all parties.
• Solana hosts most tokenized pre-IPO offerings due to retail appetite and crypto-AI overlap.
• The guest warns of legal risks in multi-layer SPV structures and highlights FTX's Anthropic shares as uniquely safe.