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.