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Pre-IPO CFDs: trade before launch day
Start trading before the rest with Australia’s first Pre-IPO CFDs. Speculate on the market cap of companies like SpaceX and OpenAI ahead of their possible listing.
How it works
Pre-IPO markets
Our Pre-IPO market lets you speculate on a company's total market cap before it goes public – not individual shares. Trade until the IPO launches. Your position settles after the first trading day based on the actual market cap.
Important: you're trading on the company's overall market cap valuation, not individual share prices.
Example:
If the Pre-IPO price is $13B and the actual market cap ends at $15B, profit or loss is calculated against $15B.
- Go long if you think the market cap will be higher than the quoted price
- Go short if you think it will be lower
Remember, it's also important to understand that while leverage can amplify your profits, your losses will also be amplified. You may lose more than your initial deposit, so it's crucial you manage your risk effectively.
What companies can you trade?
Trade OpenAI, SpaceX and more – only with IG. We'll add additional markets as new IPOs are announced.
Market |
Value of one contract | Dealing hours | Dealing spread | Price notation | Limited risk premium | Minimum margin requirement | |
| Retail | Pro | ||||||
| OpenAI | $10 (USD) / per point |
24 hours | 25 | ($ billion/s) | N/A | 25% | 20% |
| Revolut | $10 (USD) / per point |
24 hours | 4 | ($ billion/s) | N/A | 25% | 20% |
| SpaceX | $10 (USD) / per point |
24 hours | 20 | ($ billion/s) | N/A | 25% | 20% |
| Stripe | $10 (USD) / per point |
24 hours | 6 | ($ billion/s) | N/A | 25% | 20% |
| Strava | $10 (USD) / per point |
24 hours | 2 | ($100 million/s) | N/A | 25% | 20% |
| Anthropic | $10 (USD) / per point |
24 hours | 12 | ($ billion/s) | N/A | 25% | 20% |
Notes:
- Settlement is based on the market capitalisation at the close of the initial trading day, with outstanding and optional shares excluded from the calculation
- All markets featured have a defined expiry date, at which point any remaining open positions are voided if the company has not yet completed its public offering
- Dealing hours 24/7 (apart from 9am Saturday to 7pm Saturday AEDT)
- Minimum trade size 0.1 contracts ($1 USD / per pt)
- No overnight funding charges apply
- Expiry dates for each market can be found in the Info tab on the IG trading platform (Market Info tab on mobile)
Key features
Dynamic pricing
We determine the prices of our pre-IPO markets. These prices move in real-time and are affected by:
- IG client trading activity
- Breaking company news
- Changes to expected pricing or subscription levels
- New fund-raising announcements
- Analysts valuations and research reports
Flexible trading
- Trade 24/7 with our Pre-IPO markets1
- No charges for holding positions overnight
Built-in protection
- Each market has an expiry date for the IPO
- If the company doesn’t go public or cancels, open positions are voided with no profit or loss
- Closed trades before expiry remain unaffected
What you need to know
Settlement: we settle trades based on the company’s official market cap at the end of its first trading day.
International listings: if the company lists overseas, the final value is converted using the relevant exchange rate.
Market cap focus: you're speculating on the company's total valuation, not on individual share prices.
Timing: IPO dates can change– companies may delay or cancel their plans.
Pricing: opening prices reflect market expectations, so you can decide if the actual IPO value will be higher or lower.
Find out more about IPOs
New to trading IPOs? Here's what you need to know:
Important CFD trading information
With CFDs, you can lose more than you deposit, you do not have ownership in the underlying asset and you may be subject to margin close-outs if you do not maintain sufficient margin.
Footnotes:
1 24/7 excludes the hours from 9am Saturday to 7pm Saturday AEDT.
* Number 1 in Australia by primary relationships, CFDs & FX, Investment Trends November 2024 Leveraged Trading Report.
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Disclaimers
- CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You do not own or have any interest in the underlying asset. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. Please consider the Margin Trading Product Disclosure Statement (PDS), Risk Disclosure Notice and Target Market Determination before entering into any CFD transaction with us.
- The value of shares, ETFs and ETCs bought through an IG share trading account can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results.
- Please ensure you fully understand the risks and take care to manage your exposure.
- The information on this website is prepared without considering your objectives, financial situation or needs. Consequently, you should consider the information in light of your objectives, financial situation and needs.
- This website is operated by IG Australia Pty Ltd. IG Australia Pty Ltd is located on Level 32, Queen & Collins, 376-390 Collins Street, Melbourne, VIC 3000. ABN 93 096 585 410, Australian Financial Services Licence No. 515106. Derivatives Issuer Licence in New Zealand FSP No. 684191, NZBN 9429047618251.