The gap reflects lock-up restrictions on underlying shares, which unlock in tranches over the first six months after an IPO.
SpaceX exposure on PreStocks is trading near $100, compared with around $170 on other markets, leaving the instrument at a 41% discount. The price gap reflects the structure of the underlying shares, which remain locked after an IPO and are released in tranches (portions unlocked over time) during the first six months. Such discounts typically emerge when trading instruments track equity that cannot yet be freely sold, because buyers price in the delay and transfer restrictions.