The buzz surrounding SpaceX's anticipated initial public offering (IPO) has contributed to the growth of a crypto shadow market centered on perpetual futures. These financial contracts, which have no expiry date, allow traders to take positions on the expected listing price of companies well in advance of their IPOs. This trend highlights how innovative financial instruments are being used to speculate on private companies' public market debuts. While this market remains niche, it reflects evolving investor strategies in response to high-profile IPOs like SpaceX's. Traders are turning to perpetual futures, contracts with no expiry, to take a position on a company’s expected listing price months before an IPO.