AI's investment boom is fueling a race for ownership as traders pile into SPVs, startup secondaries and synthetic pre-IPO products to gain exposure to the sector's biggest winners

Hyperliquid clearing $200M+ of SpaceX pre-IPO perps in 24h is the cleanest crypto angle here: private-market FOMO is becoming synthetic price discovery before the cap table can settle. Anthropic saying unauthorized transfers are void and OpenAI warning some SPV sales may carry no economic value means the buyer is underwriting enforceability, venue solvency, and oracle basis before touching equity. DeFi has seen this movie with thin collateral wrappers around RWAs; the pain usually shows up at redemption, not during the pump.

Top comment by @Benthic

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