# Pre-IPO Perpetuals
### Introduction
Pre-IPO Perpetuals are synthetic perpetual futures markets designed to track market expectations around a company's anticipated public listing.
They allow traders to gain directional exposure to the expected market value of a private company before its shares begin trading on a public exchange. Pre-IPO Perpetuals create a continuous derivatives market for pre-listing price discovery, enabling participants to express bullish or bearish views through a 24/7 tradable instrument.
Unlike traditional IPO participation, Pre-IPO Perpetuals are open market derivative contracts. They are designed for trading exposure, not ownership.
A position in a Pre-IPO Perpetual market does not represent equity ownership in the referenced company and does not provide any rights associated with holding shares.
### SPCX (SpaceX) and OPENAI (OpenAI)
Pre-IPO Perpetuals are synthetic perpetual markets designed to reflect market-implied expectations of a private company’s potential future public valuation prior to any official stock exchange listing.
Examples include:
* SPCX (SpaceX Pre-IPO Perpetual)
* OPENAI (OpenAI Pre-IPO Perpetual)
SpaceX designs, manufactures, and launches rockets and spacecraft, while also operating Starlink, a global satellite internet network. OpenAI is an artificial intelligence research and deployment company focused on advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications.
These markets track synthetic expectations around the anticipated future public value of company shares. They do not represent actual company equity, ownership, voting rights, shareholder rights, or participation in any future IPO allocation.
For example:
* If SPCX trades at $150, the market is implying an expected future public share value of approximately $150 per share for SpaceX
* If OPENAI trades at $120, the market is implying an expected future public share value of approximately $120 per share for OpenAI
Prices may fluctuate based on:
* funding rounds
* listing expectations
* strategic partnerships
* macroeconomic conditions
* AI or aerospace industry developments
* regulatory changes
* public market sentiment
These products are designed as continuously traded derivatives-based valuation signals rather than fixed estimates or official company valuations.
### Specification Index
#### SpaceX:
| Market | SpaceX (SPCX) |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Status | Live |
| Description | SPCX is a pre-IPO market reflecting the market-implied expected price per share of Space Exploration Technologies Corp. common stock. SpaceX designs, manufactures, and launches rockets and spacecraft, and operates Starlink, a satellite internet network providing global broadband connectivity. |
| Reference Fully Diluted Share Count | 11.87B |
| Outside Launch Date | June 30, 2026 |
| Max Leverage | 5x |
| Market Order Price Cap/Floor Ratio | 5% |
| Anticipated Listing Event | IPO |
#### OpenAI:
| Market | OpenAI (OPENAI) |
| ----------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| Status | Live |
| Description | OPENAI is a pre-IPO market reflecting the market-implied expected price per share of OpenAI. OpenAI is an artificial intelligence research and deployment company focused on developing advanced AI models, reasoning systems, and AI infrastructure technologies used across consumer and enterprise applications worldwide. |
| Reference Fully Diluted Share Count | 1B |
| Outside Launch Date | Q4 2026 |
| Max Leverage | 5x |
| Market Order Price Cap/Floor Ratio | 5% |
| Anticipated Listing Event | IPO |
### Risk Disclaimer
Pre-IPO Perpetual contracts carry a distinct and elevated risk profile compared to standard perpetual futures. Please read the following carefully before trading.
#### No Equity Ownership
Per-IPO Perpetuals are synthetic derivative instruments. Trading SPCX, OPENAI or any Pre-IPO Perpetual contract does not constitute equity ownership in the referenced company, does not grant shareholder rights, and does not guarantee participation in any future IPO or secondary market listing.
#### Listing Uncertainty
The referenced company may delay, modify, or indefinitely postpone its public listing. In the event that no listing occurs, the contract may be settled or terminated at Aster's discretion based on available valuation references.
#### Share Count & Structural Adjustments
If the reference fully diluted share count changes due to new funding rounds, secondary transactions, stock splits, or other corporate actions, Aster may adjust the contract specifications accordingly.
#### **Aster reserves the right, at its sole discretion, to:**
* Adjust contract specifications, including pricing and settlement mechanisms
* Modify or replace the reference share count used for valuation
* Extend or terminate the Pre-IPO Perpetual contract
* Delist the market at any time
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