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Hyperliquid may have just changed how people think about IPO price discovery.
The IPO priced at $135, but SPCX-USDC on Hyperliquid never really traded like $135 was the fair value.
As IPO details came out, SPCX-USDC sold off under $200, then spent days prior to the IPO chopping in the $150-$180 range.
On IPO day $SPCX traded much closer to that range than the official IPO price.
Most people without an allocation were never getting filled anywhere close to $135, and the first real fills were closer to where Hyperliquid had already been pricing it.
The obvious value of tokenized pre-IPO shares is access; but the deeper value is price discovery, and Hyperliquid just proved it can be a real pre-IPO price discovery engine.
Hyperliquid showed that a synthetic pre-IPO market can become a better price discovery venue than the actual IPO process itself, and I think this really changes the way people think about these markets.
The access matters as it allows retail to trade private companies, because defi can create a more efficient public market around tradfi assets before tradfi lets most people participate
If @HyperliquidX can price SpaceX before Nasdaq opens, then future IPOs may have two prices: the official allocation price, and actual fair value the market discovers first.
Anthropic is the next obvious test for this.
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fellas, if your girl:
- is always there when you need her
- never asks you to choose
- makes everyone around you better
that's not your girl. that's @AquaZero0
thank you sk hynix 🫶🇰🇷
what bubble?
SK HYNIX EARNINGS JUST CAME OUT
*SK HYNIX 3Q OPER PROFIT 83.33T WON, EST. 77.5T WON ( BEAT ✅ )
*SK HYNIX 3Q SALES 104.62T WON, EST. 98.96T WON ( BEAT ✅ )
$SKHY
the most underrated part of @Trustware_io : we resolve the route and prepare the transactions but the app keeps its own signing infra the whole way through, so at no point is a third party sitting between your users and their funds
if you're building a protocol with complex onchain actions (multi-step swaps, bridging, contract calls that depend on your own logic) you really can't afford to hand that flow to a custodial provider; you inherit their downtime, their compliance decisions and their risk, and your product only works as long as they let it
with trustware the application actually owns the infra, our paymasters for example are deployed and owned by the client, not by us, so you get the routing and execution without ever giving up control
i think non-custodial infra is going to be the default for any team serious about building in defi, and we're building trustware so teams can do anything and everything onchain without trusting a middleman to do it 🤝
onchain traders already have a price on anthropic and it's weeks before any bank sets the ipo range
@tradexyz listed ANT on @HyperliquidX at $125; on day one it opened at $138, fell as low as ~$109 and closed around $114
i think this is one of the more interesting things defi is doing for retail. getting exposure to private companies has mostly meant secondary platforms with accreditation rules and high minimums, and now anyone can speculate while x reads the s-1 and argues about revenue, compute commitments and whether AI is a bubble
yes, you aren't actually buying anthropic stock; ANT is cash settled with no shares, shareholder rights or ipo allocation, and it runs on the contract's own pricing rules
the s-1 gave wall street the numbers but onchain traders got to price them first
and if ANT ends up anywhere near where anthropic actually lists i think every big ipo is going to do volume on hyperliquid pre-markets from now on
coreweave cds are still trading near record levels and everyone is calling the top, but anthropic's s-1 says otherwise
- $11.6b in q2 2026 revenue, up ~1,370% yoy from $787m
- first gaap operating profit in any quarter $974m (8% margin)
- $3.9b in operating cash flow for H1
demand is showing up and I don't think this looks like a bubble
the AI bubble scare grew in parallel with the era of AI slop (merriam-webster literally made slop the 2025 word of the year), because everyone sees it all day long
we see so many articles and demos; on x we're used to it and can spot slop instantly, but now every social media is filled with it and everyone is seeing it
~48% of anthropic's h1 revenue came through cloud marketplaces like aws, google cloud and azure
now every major lab is making a massive push for retail, building consumer agents to rival what @openclaw and @NousResearch built
muse billboards from meta, openai launched dots, anthropic launched claude duet, and grok ugc ads are all over instagram (@xai is actually bumrushing instagram ads and it's kind of funny ngl)
on the compute side: anthropic has hundreds of billions in compute commitments, and some of those depend on neoclouds lining up money and sites (nscale "best efforts" to get financing, and lambda's $34.9b deal can be terminated if lambda doesn't secure its data center lease), so the coreweave credit scare might send more shocks through AI's supply chain than it will for demand
98% of us households do not pay for AI yet; will it be a bubble if the labs can win retail the way they've won enterprise?
coreweave cds are still trading near record levels and everyone is calling the top, but anthropic's s-1 says otherwise
- $11.6b in q2 2026 revenue, up ~1,370% yoy from $787m
- first gaap operating profit in any quarter $974m (8% margin)
- $3.9b in operating cash flow for H1
demand is showing up and I don't think this looks like a bubble
the AI bubble scare grew in parallel with the era of AI slop (merriam-webster literally made slop the 2025 word of the year), because everyone sees it all day long
we see so many articles and demos; on x we're used to it and can spot slop instantly, but now every social media is filled with it and everyone is seeing it
~48% of anthropic's h1 revenue came through cloud marketplaces like aws, google cloud and azure
now every major lab is making a massive push for retail, building consumer agents to rival what @openclaw and @NousResearch built
muse billboards from meta, openai launched dots, anthropic launched claude duet, and grok ugc ads are all over instagram (@xai is actually bumrushing instagram ads and it's kind of funny ngl)
on the compute side: anthropic has hundreds of billions in compute commitments, and some of those depend on neoclouds lining up money and sites (nscale "best efforts" to get financing, and lambda's $34.9b deal can be terminated if lambda doesn't secure its data center lease), so the coreweave credit scare might send more shocks through AI's supply chain than it will for demand
98% of us households do not pay for AI yet; will it be a bubble if the labs can win retail the way they've won enterprise?
i love seeing the tokenized stock tickers all over my feed
defi doomers are seething and coping, tradfi twitter is still confused
and we keep building
Hermes changed my life more than ChatGPT did…
If you disagree, it’s a skill issue
@NousResearch
execution quality is going to decide how much of finance actually stays onchain
putting an equity onchain gives it a new settlement rail but it doesn’t automatically give someone a good price when their capital is sitting somewhere else
khalani is the market around execution: individual solvers bring their own liquidity and strategies; khalani lets providers compete and combine across the legs of a transaction, against defined execution parameters
solvers and liquidity providers can contribute without each needing to handle the entire route
as defi expands into tokenized equities and structured products, users will judge these products on what they can actually execute, especially when liquidity is fragmented and thin
we use @khalani_network inside trustware to source competing offers, then coordinate the app’s deposit flow through settlement. that’s where execution quality becomes part of the product someone actually uses
We use @khalani_network under the hood to source competing execution offers.
Trustware handles the orchestration, coordinating the app’s deposit flow and tracking the transaction through settlement.
Take a closer look
In defi, we keep asking teams to build better financial products while expecting them to maintain the transaction infrastructure around them
someone building a lending market should be able to spend their time focusing on collateral and risk, without every new chain becoming another routing integration they have to maintain. the same goes for a vault team trying to improve its strategy while keeping deposits working across different networks
this is why trustware is built to handle the routing, transaction preparation and settlement tracking while the app keeps signing within its own wallet infrastructure; user funds never come into trustware custody
defi products will continue to become more complex, but teams need to be able to build on infrastructure they don't have to recreate themselves
Adding cross-chain transactions shouldn’t mean building the infrastructure around them.
Trustware’s API and SDK orchestrate routing, transaction preparation and settlement tracking for your app. Signing stays with your wallet infrastructure. Trustware never takes custody of user funds.
Build with Trustware
by the time anthropic or openai reach the public markets, crypto could already have entire trading ecosystems built around exposure to their shares
pumpfun now lets users launch coins paired with their prestocks tokens. so now you can have a market for private company exposure, then a growing set of assets trading against that exposure before an IPO even happens
if those pairs gain traction, someone could be buying the openai token because they want to trade a coin paired against it. now you have potential demand that has very little to do with how the company is performing
prestocks tokens are backed 1:1 by SPV exposure to company shares. but we still need to understand what holders actually receive if the company goes public and whether they can redeem against that backing
otherwise, how far can the token's price drift from the value of the underlying shares?
this could become a much bigger part of how people trade companies that stay private for years. exposure starts circulating onchain with liquidity forming around it, and other assets begin trading against it while most investors are still waiting for a listing
if either company does IPO, how much will crypto have already priced in, and how much of that price can come from people chasing the coins paired against it?
defi needs to get more out of the capital already onchain if we're going to build complete financial markets
when liquidity has to be committed separately to every pool and venue, capital gets fragmented across positions that can't always be put to work where it's needed. more sophisticated instruments need liquidity infrastructure that can support them, and rails that make them practical to use
this is why teams like @AquaZero0 are choosing trustware
aqua0 allows the same committed capital to back execution across multiple venues, trustware connects a user's holdings to the asset vault without taking custody of their funds
this is how defi continues to close the gap with tradfi; capital efficiency and the range of useful instruments need to mature together, with execution that makes those products accessible to more
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you can now fund an aqua0 vault with any asset you already hold, from whatever chain you live on.
no bridging, no swapping, no looking up token addresses. @Trustware_io routes and converts into what the vault accepts and carries it through the destination deposit, so you end up with a credited position instead of a transfer you still have to finish. without ever taking custody.
they also made changes on their end so our provide flow could read your balances directly. that is not something every team does.
just in time for season 0.