The pre-IPO market is increasingly moving on-chain, with SpaceX, OpenAI, and Anthropic at the forefront. Hyperliquid has launched pre-IPO perpetual contracts for SpaceX, attracting significant trading volume. Meanwhile, Nasdaq Private Market has partnered with Polymarket to offer event contracts on unicorn valuations and IPO dates, signaling a shift towards blockchain-based price discovery. OpenAI and Anthropic have restricted secondary market trading to focus on primary financing rounds, citing the need to maximize capital intake and minimize legal liabilities. This move comes as these companies prepare for highly anticipated IPOs, with valuations expected to exceed $1 trillion. The on-chain pre-IPO market is poised for growth, driven by the ability to trade 24/7 and the strategic timing of contract launches. As major companies like SpaceX and Anthropic approach public offerings, the demand for blockchain-based trading solutions is expected to rise, offering new opportunities for investors.