Binance: US IPOs may top $225B; pre‑IPO perps hit $2.5B

Binance Research published an analysis on June 12 projecting U.S. IPO fundraising could exceed $225 billion in 2026 and reporting $2.51 billion in trading volume for its Pre‑IPO Perps in the first 18 days.

Pre‑IPO Perps are perpetual futures that provide synthetic exposure to private companies and expected public valuations without ownership of the underlying shares. The contracts are settled in stablecoins such as USDT, allowing traders to avoid bank wires, currency conversions and traditional clearing tied to public‑market access.

Early contracts referenced SpaceX, OpenAI and Anthropic under tickers SPCXUSDT, OPENAIUSDT and ANTHROPICUSDT. Binance Research reported $2.51 billion of cumulative volume across the covered Pre‑IPO Perps and said stablecoins settled the entirety of that activity. More than half of orders were below 1,000 USDT.

Users from emerging markets made up roughly 88% to 92% of participants across the three contracts, the analysis found. The report did not provide a more detailed geographic breakdown or identify counterparties and liquidity providers.

Binance linked the surge in pre‑IPO trading to larger issuers reshaping the 2026 IPO calendar. U.S. IPO proceeds had reached $34.2 billion as of June 7, up 163.9% from a year earlier. The number of listings remained below 2021 levels, while deal sizes increased.

SpaceX completed a June 12 IPO priced at $135 per share and raised $75 billion. The stock closed its first session on Nasdaq at $160.95. Binance Research cited the SpaceX offering as an example of the larger deals driving fundraising totals.

On market structure, the report wrote: “Over the next 18–24 months, the crypto pre‑IPO market will continue to expand rapidly, forming a fully integrated on‑chain primary market infrastructure nested with Direct Stocks (listed equities) and stablecoins (settlement layer).” The analysis said pre‑IPO derivatives, tokenized listed equities and stablecoin settlement could operate within a common on‑chain framework.

The report also noted unresolved regulatory and custody questions around pre‑IPO derivatives and tokenized equity products and presented the findings as an outlook for potential market development rather than a forecast of regulatory outcomes.