# Pre-IPO Markets Pre-IPO markets follow the same design as other RWA markets, with a few important differences. ### Pricing Pricing is determined only by the internal pricing mechanism. This mechanism works the same way as for RWA markets, except **Pre-IPO markets do not have price caps**. ### Margin mode and liquidations Pre-IPO markets operate in **isolated mode only**. Unlike prelaunch markets, **liquidation fees still apply since the LLP is going to be a market-maker on these markets**. ### Funding Funding works the same way as standard perp markets. ### Settlement Pre-IPO markets will either be settled or have their prices adjusted, depending on market conditions around the time of the actual IPO. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.lighter.xyz/trading/real-world-assets-rwas/pre-ipo-markets.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.