Crypto traders are assigning Jio Platforms a valuation of roughly $110 billion through a pre-IPO contract on Bitget, which traded near $12 on Thursday. The price was about 4% above the company’s upper IPO price limit as the subscription period for India’s largest-ever public offering began.

Bitget’s JIOUSDT perpetual contract was trading around $12, compared with Jio Platforms’ maximum offer price of 1,119 rupees ($11.79) per share. With an estimated 9.21 billion shares expected to be outstanding after the sale, the company’s implied valuation at the top of its price range comes to approximately 10.3 trillion rupees, or $106 billion.

Jio Platforms is the telecommunications and digital services division of Reliance Industries, one of India’s largest conglomerates. Its mobile network launched in 2016 and has since grown into India’s largest operator by subscriber numbers.

The company is targeting proceeds of around 302 billion rupees from the IPO. That would put the offering ahead of Hyundai Motor India’s 279 billion-rupee IPO in 2024, making Jio’s sale the biggest in Indian market history.

Bitget Traders Bet on Jio Before Its Listing

The Jio contract went live on Bitget on Oct. 14 and has since traded within a range of $11.48 to $12.24. Cumulative volume has reached approximately 369,000 JIO, representing about $4.4 million in trading activity. The contract therefore offers a real-time market signal for Jio’s potential value before its shares officially debut.

Pre-IPO speculation has also emerged around other prominent companies. Perpetual contracts linked to SpaceX (SPCX) and Cerebras (CBRS) traded on TradeXYZ, a platform built on the Hyperliquid network, ahead of their anticipated stock-market listings.

These crypto-based instruments enable traders to speculate on IPO valuations before conventional equity trading begins. However, their price signals can differ substantially from the final valuations determined through the official listing process.

SpaceX illustrates the potential gap. Synthetic perpetual futures tied to the company traded at approximately $162–$165 on Hyperliquid and Binance, implying a valuation of $2.2 trillion. Its official IPO valuation came in nearly 20% lower, at $1.8 trillion.

Pre-IPO Derivatives Carry Listing-Related Risks

Unlike shares, pre-IPO perpetual futures provide only exposure to price movements. They have no fixed expiration date, and holding them does not grant investors equity ownership, voting rights or dividends.

Traders post USDT, a stablecoin pegged to the U.S. dollar, as collateral to open leveraged positions. Bitget says its contract prices reflect publicly available information, including the announced IPO price range and the final offering price.

The exchange plans to transition the Jio instrument into a regular perpetual futures contract after the shares begin trading. Until the listing takes place, any delay, adjustment to the offering price or cancellation could trigger substantial volatility.