SpaceX Dominates as Tokenized Pre-IPO Trading Volume Surges 1,060%: CoinGecko
Trading exercise in tokenized pre-IPO perpetual contracts surged sharply in May 2026 after a number of months of subdued exercise, in line with a brand new report by CoinGecko. Monthly buying and selling quantity climbed 1,059% from $60.51 million in April to $701.44 million in May.
Interestingly, SpaceX pre-IPO perpetuals led the market with $305 million in month-to-month buying and selling quantity, as it accounted for 43.5% of the entire. The robust exercise got here forward of the corporate’s extremely anticipated Nasdaq itemizing on June 12.
SpaceX Pre-IPO Frenzy
AI firms OpenAI and Anthropic ranked second and third, respectively. All mixed, contracts tied to SpaceX, OpenAI, and Anthropic accounted for over 95% of pre-IPO perpetual buying and selling quantity recorded in May, indicating that exercise was closely concentrated in just some belongings.
SpaceX’s pre-IPO costs additionally confirmed extensive variations throughout main exchanges earlier than its Nasdaq itemizing, however finally moved nearer collectively as extra info grew to become out there.
In the week main as much as its market debut, CoinGecko found that SpaceX perpetual contracts traded at round $170 on exchanges together with Binance and WEEX, whereas Coinbase, Gate, and OKX priced them decrease at roughly $155. As particulars in regards to the preliminary public providing grew to become public, costs throughout the main exchanges steadily converged into the $160 to $165 vary by June 10.
During the ultimate two days earlier than the itemizing, costs on the main platforms continued rising collectively and climbed above $180. On June 12, the day of the itemizing, new details about the anticipated itemizing value was mirrored in pre-IPO markets, resulting in sharp value swings.
Despite the volatility, pre-IPO costs finally closed at a median of $157, 4.67% above SpaceX’s opening value of $150.
TradFi on Crypto Exchanges
Beyond SpaceX, a number of outstanding crypto exchanges have been steadily increasing their tokenized real-world asset choices. Since the beginning of 2025, MEXC has listed the most important variety of RWA merchandise. The platform added 199 spot belongings and 159 TradFi perpetual contracts for a complete of 358 listings.
Next up was Gate with 224 RWA merchandise, together with 146 perpetuals and 78 spot belongings, whereas WEEX, which was ranked third, listed 192 belongings throughout 84 spot and 108 perpetual choices.
Exchanges such as HTX, Binance, Crypto.com, Coinbase, and OKX targeted extra on TradFi perpetual listings than spot RWAs. CoinGecko discovered that every of those exchanges recorded just one or two spot RWA listings over the previous 17 months. Overall, exchanges averaged 75 perpetual listings in contrast with 37 spot RWA listings through the interval.
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