Retail traders are now talking about pre-IPO exposure the way they once discussed altcoin breakouts. A Santiment social data update shows that mentions linking cryptocurrency exchanges to terms like “pre-IPO” and “preipo” have concentrated overwhelmingly around Binance, especially after a sharp spike on May 21. The timing matches Binance’s introduction of Pre-IPO Perpetual Contracts, with the first product offering exposure tied to SpaceX. That launch turned a niche discussion into a market narrative, and the social volume data suggests traders are now associating Binance—not just the broader exchange sector—with access to deals that once required venture capital connections.