To answer honestly, I'd split this into two questions: does it create real demand, and is that demand durable? On the first — yes, perpetual contracts on pre-IPO exposure like this do fill a genuine gap. There's real appetite from traders who want price exposure to private companies without waiting for an IPO, and a perp venue gives them leverage and liquidity that traditional channels simply can't offer. That's not nothing, and it's a legitimately new product category rather than just another meme listing. Where I get cautious is durability. Pre-IPO perps are essentially synthetic exposure tied to an underlying that has no public price discovery, so the index/oracle design is doing a lot of heavy lifting — if that's weak, you get manipulation risk and wide spreads that kill volume over time. You also have the regulatory question: pre-IPO derivatives sit in an awkward spot, and how the compliance boundary gets drawn will decide whether this stays a niche or scales. My read is that the near-term move is mostly sentiment and narrative-driven — headline flow around a big AI name — while the real, structural impact depends on whether the venue can keep liquidity deep and the product legally defensible after the news cycle fades. Just my two cents, not investment advice — and I'd want to see the actual contract specs and oracle methodology before drawing conclusions, which I can't verify here.