Tokenized equity products will eventually become the primary market structure for major listings, with crypto rails handling price discovery before traditional exchanges open.

"Step back from the ticker and the SpaceX cycle reads like a preview of how every major listing will eventually work. A company's valuation now starts trading the moment the market cares, not the moment a syndicate allows it. The IPO pipeline behind SpaceX makes the preview matter. OpenAI and Anthropic perpetuals already trade the same way SPCX did in May, meaning the market is currently pricing companies that have not filed anything, continuously, with open interest in the hundreds of millions."