Fast Facts
- In May 2026, tokenized pre-IPO perpetual trading volume skyrocketed by 1,059%, mainly driven by SpaceX, OpenAI, and Anthropic—who together accounted for over 95% of activity.
- SpaceX’s pre-IPO contracts saw the highest trading volume at $305 million, leading the market just ahead of its Nasdaq listing on June 12.
- Pre-IPO prices on SpaceX contracts converged from wide disparities to around $160–$165 as the listing approached, closing at an average of $157—4.67% above its opening price.
- Several crypto exchanges like MEXC, Gate, and WEEX are expanding their tokenized real-world asset offerings, with MEXC listing the most RWA products—highlighting growing institutional interest in real-world assets.
SpaceX Leads Tokenized Pre-IPO Trading Surge
Trading activity in tokenized pre-IPO contracts increased dramatically in May 2026. According to CoinGecko, the monthly trading volume soared by over 1,000%. It jumped from approximately $60.5 million in April to around $701.4 million in May. This sharp rise indicates growing interest in tokenized assets related to private companies.
Most of this activity focused on a few major players. SpaceX’s pre-IPO contracts accounted for about 43.5% of the total, with a monthly volume of $305 million. This surge came just before SpaceX’s Nasdaq listing scheduled for June 12. Other notable companies involved include OpenAI and Anthropic, making up over 95% of trading volume combined. This concentration suggests that traders are mainly focused on a small group of high-profile tech firms.
Market Dynamics Before the Nasdaq Listing
SpaceX’s pre-IPO prices fluctuated across different exchanges in the lead-up to its public debut. For example, trading platforms like Binance and WEEX listed the contracts around $170, whereas Coinbase, Gate, and OKX priced them closer to $155. As more details about the offering became available, prices began to narrow, mostly stabilizing in the $160 to $165 range by June 10.
On the days surrounding the listing, prices on major platforms rose above $180 before settling. On the listing day, the average pre-IPO price closed at $157, slightly above the opening price of $150. This initial trading activity reflected investor anticipation and some volatility tied to new information about SpaceX’s market debut. These developments demonstrate the high level of market interest in private companies preparing to go public, especially those with significant technological influence.
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