CoinGecko: On-chain Pre-IPO Perpetual Contracts as Effective Valuation Indicators
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CoinGecko's latest RWA report indicates that the synthetic pre-IPO market has become 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 the official opening of exchanges. The report uses SpaceX and Changxin Storage (CXMT) as examples. Before SpaceX's listing, perpetual contract prices across platforms fluctuated between $158 and $170, eventually converging to $157.40; its first transaction price on Nasdaq was $150.05, with a deviation of about 4.9%. The perpetual contract price before CXMT's listing deviated from the actual opening price by about 4.6%. CoinGecko believes that in the absence of real spot stocks as immediate arbitrage anchors, traders will still form relatively concentrated quotes around valuation, listing popularity, and future liquidity. On-chain pre-IPO perpetual contracts will become an important reference price before the traditional order book opens, providing global investors with a 24-hour channel to express long and short expectations.
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