Hyperliquid's native token, HYPE, has surged over 69% year-to-date, including a 5% rise in the past 24 hours, despite a generally weak crypto market. This growth is driven by the platform's HIP-3 pre-IPO perpetuals ecosystem, which has seen trading volumes exceed $120 billion. Hyperliquid has launched pre-IPO perpetual contracts for major AI companies like SpaceX, Anthropic, and OpenAI. The Cerebras perpetual contract, offered by TradeXYZ, is priced with only a 3% deviation from its Nasdaq opening price, contrasting with a 35% discrepancy in traditional markets. The pre-IPO contract for SpaceX, listed on Hyperliquid, has a reference valuation of approximately $1.78 trillion, with expectations of raising $75 billion to $80 billion in its IPO. Analysts note that the HIP-3 model allows retail investors to engage in price discovery for tech IPOs via on-chain markets, though it may attract regulatory scrutiny over potential unregistered securities exposure.