with $CBRS listing in less than 12 hours, its currently trading at a 57% premium to the $185 open price on @tradexyz funding has mostly normalized open interest is at $19,139,131 @ $56.4b FDV at offering it ranks as the largest IPO since 2022, and the 10th most expensive IPO of all time $CBRS at $185 trades at 1/95 the full valuation of NVDA, 1/17 of both MU and SKHX, but trades at over a 4x price to sales multiple of $NVDA, more than 7x compared to $MU, and 17x compared to $SKHX below is some relevant data as well as a list of some previous IPO's, their first day MCAP, and their first day performance tomorrow should be a window of how far we are into the bubble, or the AI supercycle whichever way you want to describe it

Tomorrow is a first. @tradexyz deployed pre-IPO perpetual on @HyperliquidX. CBRS, Cerebras Systems, the biggest AI hardware IPO of 2026. $36M in volume and 2,218 traders before a single share traded on Nasdaq. Tonight Cerebras priced at $185 per share, above the expected range. $5.55B raised. $56.4B valuation. When Nasdaq opens continuous trading tomorrow, the CBRS perp automatically transitions from pre-IPO discovery mode to a standard equity perpetual with external pricing and 10x leverage. First time this has ever happened on-chain. Pre-IPO price discovery to live equity perp. No forced close, no settlement, positions just carry over. Not shares. Not tokenized equity. Permissionless derivatives on real world assets, running 24/7 on an L1 orderbook while TradFi was still printing prospectuses. Hyperliquid.

We always hear people talking about how equities and RWA are coming onchain. But it is already the case and is showing the way. As you can see, the numbers tell the story. In November monthly volume was around $4B. In March, HIP-3 monthly volume was approaching $70B and XYZ represents 85% of total volume with a Monthly CAGR above 90%.

This is the story of Hyperliquid, the most profitable startup per employee on earth, told from a guarded office in Singapore. Last year, its team of 11 generated $900 million in profit. It's 3 years old, has never taken a dollar of venture capital, and is beginning to change how century-old markets work. Its founder, Jeffrey Yan (@chameleon_jeff), had never taken a physics class when he picked up a textbook at 16. Two years later, he won gold at the International Physics Olympiad. In 2019, he started trading with $10,000 from a living room in Puerto Rico—working off a television because he didn't own a monitor. Within 3 years, he was running one of the largest anonymous crypto trading firms. Then he shut it down. Yan was rich and free, but he had spent years inside crypto, watching it betray itself. Bitcoin's central premise was decentralization. Yet the biggest exchanges were centralized. Crypto kept reintroducing the dependence on trust it was built to eliminate. He set out to create what should have existed. Hyperliquid is a blockchain with a trading exchange on top, and anyone can build on it. Yan's vision is to house all of finance. In 3 years, it has done over $4 trillion in volume. And in the past few months, it has begun to outgrow crypto. Markets for oil, silver, and the S&P 500 now trade on Hyperliquid around the clock, weekends included, and are growing roughly 40% week on week. When the US and Israel bombed Iran on a Saturday in February, Hyperliquid was the venue traders turned to. Hyperliquid's success has cost Yan his freedom. He works out of a secret office in Singapore and cannot travel without two bodyguards. Even the team's housekeeper doesn't know what they do. In January, @domcooke spent a week at their office. Read his profile on Yan and @HyperliquidX below.

Most interesting story in crypto right now is @tradexyz on Hyperliquid Surging volume, open interest Weekend oil pricing, official SP500 perp Crossing the chasm into the mainstream