Anthropic announced that it will completely cut off all unauthorized secondary equity sales channels, including SPVs, forward contracts, and even tokenized debt. I saw an analysis that the logic behind this is that the company wants to regain pricing sovereignty for its IPO. If the secondary market releases crazy implied valuations in advance, it will undermine the company's bargaining power in the IPO round and allow intermediaries to take away the scarcity premium. Anthropic's approach has made many on chain pre IPO asset trading platforms that reflect real equity quite uncomfortable, and how to verify the ownership of these on chain assets that reflect real equity in the future has become a problem. However, at the same time, it also makes it more worthwhile to pay attention to platforms that use perpetual contracts as "synthetic assets" for pre IPO asset trading. Since you are not allowed to sell stocks, everyone can directly trade price expectations, using this synthetic exposure that is completely detached from physical objects and based on cash settlement, making it impossible for the issuer's prohibition to reach. Whether this kind of thing is really effective, can really do price discovery or gain pricing power, is worth observing for Cerebras (CBRS), which is about to go public. The Pre IPO Perpetual (IPOP) product launched by TradeXYZ on Hyperliquid, which allows trading CBRS, should be the best observation window currently available. -Valuation divergence: Currently, CBRS' IPOP marker price is approximately over $290, with an implied valuation of nearly $80 billion. -Amazing premium: According to the news, Cerebras has raised its IPO guidance price to $150-160, but the pricing in the on chain synthesis market is still over 77% higher. -However, the trading volume doesn't seem very large. Cerebras is expected to officially land on NASDAQ on May 14th, and then you can focus on observing: Does the on chain market with perpetual contract pricing have forward-looking indicators? Or did the trader simply pay a high entry premium to preemptively acquire this inaccessible asset? According to the mechanism of TradeXYZ, once CBRS starts public trading, the contract will be converted into a perpetual contract priced by a oracle, which will be a positive clash between on chain native pricing and traditional financial services pricing. I personally hope that in the future, real price auctions will no longer occur in five-star hotels held by listed companies and Wall Street tycoons, but in the dark forest on the chain.