Tokenized Equities: Lessons from SpaceX, Pre-IPO Price Discovery & the Perpetuals Boom

This report examines how tokenized stocks and RWA perpetuals affect price discovery, liquidity and institutional access through the case study of SpaceX’s 2026 IPO. The tokenized equities covered follow CoinGecko’s RWA methodology.

Key Takeaways:

• Pre-IPO markets are valid valuation indicators: SpaceX 4.9%, CXMT 4.6% from opening prices

• Perpetuals dominate trading volume: $376.3B vs. $7.5B spot, up 209x in 12 months

• Liquidity remains thin and concentrated: 10 assets account for 76.6% of volume, with more than 70% of open interest on two venues

• Legal risk remains material: Voided Anthropic/OpenAI transfers triggered a 40% decline

• The next stress tests are already trading: Anthropic and OpenAI pre-IPO perpetuals