# Hyperliquid CEO Jeff Yan on Pre-IPO Access

> Hyperliquid's CEO Jeff Yan explains how perpetual futures let regular investors access pre-IPO companies before they go public.
- Title: Hyperliquid CEO Jeff Yan on Pre-IPO Access · The Motley Fool
- Summary: Hyperliquid's CEO Jeff Yan explains how perpetual futures let regular investors access pre-IPO companies before they go public. Hyperliquid's perpetual…
- Keywords: hyperliquid, jeff yan, perpetual futures, pre-ipo companies, anthropic, space exploration technologies, finance, money, CEO, Jeff, Yan, Pre-IPO
- Source: The Motley Fool — https://fool.com/investing/2026/10/19/hyperliquid-ceo-jeff-yan-says-perpetual-futures-ma
- Author: Alex Carchidi
- Published: 2026-10-19T10:06:00+00:00
- Read time: 1 min
- Topics: hyperliquid, jeff yan, perpetual futures, pre-ipo companies, anthropic, space exploration technologies, finance, money
## Hyperliquid CEO Jeff Yan's claim
Jeff Yan, CEO of Hyperliquid (HYPE -0.86%), says perpetual futures can democratize access to pre-IPO companies.

> most of the upside from shares of private companies moving toward their initial public offerings goes to a select few people with privilege in advance of when the public can buy in
## How perpetual futures work
Perpetual futures contracts track private companies' expected market capitalization before IPOs and never expire.

> a pre-iPO perpetual future or perp for short is a derivative contract that tracks a private company's expected market capitalization before its iPO
## Anthropic's valuation growth
Anthropic's valuation grew from $586.56 million in May 2021 to $965 billion in May 2026.

> Anthropic's valuation grew from $586.56 million in May 2021 to $965 billion in May 2026
## Risk of pre-IPO perps
Buyers risk losses if Anthropic's market value drops below $2 trillion when selling perpetual futures.

> as of oct. 15, the perp contract on hyperliquid values anthropic at just over double the most recent funding round
## Space Exploration Technologies example
Space Exploration Technologies' perp contract sold for $180-$200 but dropped to $160-$170 by June 8.

> space exploration technologies priced its june 2026 iPO at $135 per share, yet its perp contract on hyperliquid sold for $180 to $200 after its may 18 launch, then slid to $160 to $170 by june 8
## Why skip pre-IPO perps
Investors should read Anthropic's public filings before buying actual shares if the numbers justify the price.

> skip the perps and read anthropic's public filings when they're available. if the numbers justify the price, buy actual shares if it fits your portfolio
## Key takeaway

Hyperliquid's perpetual futures contracts give regular investors exposure to private companies before IPOs, avoiding the privilege gap.