Overview
Ventuals is a DeFi platform that lets users trade perpetual futures tied to the valuations of private, pre-IPO companies. It uses Valuation Units to represent a company’s total value, with futures margined and settled in USDH and prices set by a hybrid oracle that blends off-chain data and on-chain price. Built on the Hyperliquid Layer 1 with HIP-3, it can create custom markets without building an exchange, enabling long or short bets on valuations of names like SpaceX and OpenAI. Its goal is to open up illiquid private-market exposure by offering on-chain, valuation-based derivatives and sector-focused indices accessible to a broad range of investors.
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Simplify's Take
What believers are saying
- By September 2, 2026, CoinGecko tracked 19 venues listing OpenAI and Anthropic perps.
- Talos said Hyperliquid pre-IPO perps priced Cerebras within 1.3% of its Nasdaq open.
- Cryptoast reported more than $50 million TVL after the November 13, 2025 mainnet alpha.
What critics are saying
- Ventuals announced sunsetting on September 4, 2026, halting all HIP-3 markets.
- Binance launched pre-IPO perps for SpaceX on May 21, 2026, crushing first-mover advantage.
- SEC regulatory scrutiny around synthetic pre-IPO derivatives can force delistings or shutdowns within months.
What makes Ventuals unique
- Ventuals pioneered valuation-denominated perps for private companies, not shares, on Hyperliquid.
- Its HIP-3 launch used Hyperliquid's builder-deployed infrastructure, avoiding exchange bootstrap friction.
- The product combined off-chain private-market data with on-chain trading for pricing.
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