What the perp market says each private company is worth
The price traders pay in each company's pre-IPO perpetual market, turned into a valuation of the whole company and set against its last funding round. Open a company for its history, every market it trades in, and a card to post.
Tagged pre-IPO, not on the board yet
The venue lists these as pre-IPO markets. They get a valuation here only once a share count or contract definition with a source is in the table; until then, the price alone.
| Market | Venue | Price | 24 h | 24 h volume |
|---|
These are derivative prices, not share prices. A pre-IPO perpetual is a cash-settled contract that traders use to bet on a company's value. Nobody buys or sells the company's shares in these markets, and before a listing the price comes from the market's own order book.
Implied Cap is not affiliated with any company or exchange named here. Company names appear only as market data.
Prices only, not advice.
How the number is made
- The price. Each market's mark price, read from Hyperliquid's public data feed about once a minute. The markets live on exchanges that builders run on Hyperliquid. A market is on the board while its venue tags it pre-IPO and the table below has a sourced entry for it.
- What one contract is. Each market says so in its own specification, quoted on the company's page. Some are quoted per share. Some are quoted straight in valuation: a price of 1 means $1 billion of fully diluted valuation.
- The multiplication. Per-share market: price × the share count in the table below. Valuation market: price × $1 billion. Nothing else is added.
- More than one market. The headline is the average of the venues, weighted by each market's 24-hour volume. The company's page shows every venue on its own.
- Last round. The valuation of the company's most recent announced funding round, with its date and source. Gap = implied valuation ÷ last round − 1.
- 24 h. The move against the price 24 hours ago, and the dollar volume traded in those markets in the last 24 hours. Under $100,000 a day is marked thin: a few trades can move that price a long way.
- What it cannot tell you. The share count is kept by hand and can fall behind a new filing; its date is always shown. History multiplies old prices by today's share count. A perp price can sit far from what shares change hands for.
- When a company lists. Its market stops being a pre-IPO market and leaves the board.
The table behind the board
Kept by hand, last checked …. Every figure links to the page it was read from. A company without a sourced figure is left out. The table itself: companies.json.
| Company | Share count | Last round | Markets |
|---|---|---|---|
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The token
Implied Cap ($IMPLIEDCAP)
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Solscan
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| Hour | When (UTC) | SOL |
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