Original | Odaily Planet Daily (@OdailyChina)

Author | Wenser (@wenser 2010 )

With the disclosure of SpaceX's prospectus, the year 2026, known as the "great IPO year," is about to usher in a wave of public fundraising frenzy.

In this context, numerous Pre-IPO trading platforms have emerged, starting their "pre-market liquidity arms race." With this in mind, Odaily Planet Daily will briefly review the eight mainstream Pre-IPO platforms in the current market in this article, focusing mainly on project introductions, advantages and disadvantages, etc., to help readers participate in corresponding projects' pre-market trading according to their situations.

To clarify the differences among the platforms, this article categorizes Pre-IPO platforms into three major types: dedicated Pre-IPO trading platforms (focused on tokenized Pre-IPO), Pre-IPO channels opened by crypto exchanges/wallets (relying on CEX traffic and compliant cooperation channels), and Pre-IPO assets and DeFi protocol assets launched on RWA platforms (tokenized equity under a broad RWA framework). Each type of platform has representative projects summarized as follows.

Dedicated Pre-IPO Platforms: PreStocks, Jarsy, Tessera

In previous articles such as "Kalshi Pre-Market Stock Price Soars, Is It Too Late to Buy Now?" and "Crypto Bear Market Startup Guide: Part One — The Price Spread Market for Coin Stocks", we briefly introduced some stock pre-market prices and price spread opportunities on this type of Pre-IPO platform. Currently, the trading volume of these platforms is steadily increasing and has gradually become a solid bridge connecting crypto liquidity with equity in traditional financial markets. Today, we will conduct a brief overview of three representative platforms.

PreStocks (formerly PrePO): The Largest On-chain Pre-IPO Platform

Website: https://prestocks.com/

In March 2022, PreStockscompleted a $2.1 million strategic round of funding led by IOSG Ventures and Republic Capital; other investors include MEXC, AscendEX, Shima Capital, HoneyDAO, NeptuneDAO, GCR, as well as founders from projects like Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Immunefi, Thales, and Dapp.com.

After years of development, from the second half of last year to now, the platform has ushered in a period of business explosion. Currently, the total trading volume of Pre-IPO assets on the platform is nearly $920 million, with around 17,000 users; the total asset market capitalization is approximately $23 million.

Underlying Assets: Indirectly holds corresponding company shares through an underlying SPV structure, with tokens 1:1 mapping on-chain. Relevant assets have no voting rights, dividend rights, or information rights.

Platform Advantages: No capital threshold limitation for asset trading (minimum $0.01); over 60 ecosystem partners, offering multiple trading channel entrances (such as Jupiter, Binance Wallet, etc.); freedom for on-chain token buying and selling, with a certain advantage in depth; 24/7 trading hours; transaction tax is only 0.01%.

Disadvantages: SPV equity relies on offshore structures, posing some compliance and regulatory risks; the platform's assets only include a few popular equities such as SpaceX, Kalshi, OpenAI, Anthropic, etc.

Taking the SpaceX Pre-IPO pre-market price as an example: the single stock price is $721, with a liquidity pool of $1.26 million and a cumulative trading volume of $210 million.

PreStocks Platform Asset Information

PreStocks Ecosystem Partners

Jarsy: Most Compliant and Diverse Asset Pre-IPO Platform

Website: https://www.jarsy.com/

According to official introduction, the Jarsy founding team consists of former Silicon Valley tech giant practitioners and senior blockchain professionals; it opens trading opportunities to global investors, including U.S. users, with a relatively clear compliance framework. It adopts a limit order trading model, where users first submit buying requests, and the platform conducts stock procurement at specified times and settles according to predetermined nodes. Furthermore, this platform covers a wide range of asset types, including popular companies like SpaceX, Anthropic, and OpenAI, as well as internet platforms like Discord, Canva, Figma, ByteDance, Xiaohongshu, and rare unlisted companies like Stripe, Cursor, Shein, Kraken, and Revolut.

Underlying Assets: Each equity token is backed 1:1 by the corresponding economic rights of shares held by Jarsy Delaware LLC; all ownership documents, share certificates, and transfer vouchers are publicly disclosed, and the token supply and trading records can be independently verified on-chain. Notably, users are buying economic rights to shares rather than shareholder status. In other words, when settling equity, the platform will sell the corresponding shares and return the equivalent U.S. dollars to the holder based on their holding proportion.

Platform Advantages: Supports wire transfer, Coinbase account, and crypto recharge; minimum buying threshold is $10 worth of platform tokens; supports KYC with mainland region passports; covers a broad range of asset types; asset pricing has a certain premium.

Disadvantages: Relatively high transaction fees, including a one-time platform fee of 5% and accompanying rights fees ranging from 1% to 10%; the platform liquidity is relatively limited, the trading time is longer, and relies on order book transactions, with some assets having potential lock-up of 6 to 12 months.

Taking the SpaceX Pre-IPO pre-market price as an example: the average price per share is about $915, with approximately 3,100 equity tokens available.

Jarsy Includes Some of the Equity Asset Corresponding Companies

Tessera: On-chain Pre-IPO Platform Without KYC

Website: https://www.tessera.pe/

The main concept is a permissionless and KYC-free on-chain Pre-IPO equity token trading platform. Tessera has a shorter emergence time and a more limited variety of assets. However, the previous SpaceX equity fundraising valuation was only $800 billion, compared to current Pre-IPO valuations that often reach $1.5 trillion, or around $1.8 trillion for future IPOs, thus possessing certain market appeal.

Currently, if this platform can address the shortfall in asset variety and subsequently offer instant settlement with a $1 purchase threshold, it could become a dark horse in the Pre-IPO arena.

Underlying Assets: Equity assets issued through an SPV structure.

Platform Advantages: Low purchase threshold of only $1; no KYC required; equity tokens have no lock-up and support instant settlement 24/7.

Disadvantages: Transaction fee is 0.2% (0.16% for whitelist users); fewer asset types on the platform (has issued SpaceX equity tokens; the second project is the prediction market platform Kalshi, which has not launched), and limited equity asset shares (previously, the SpaceX pre-market fundraising amount was only $200,000).

Taking the SpaceX Pre-IPO pre-market price as an example: the current price for a single token is about $650, with a TVL of only about $620,000.

SpaceX Equity Token Price K Line Chart

Tessera Platform Asset Page

Crypto Exchange Pre-IPO Channels: Bitget, Gate

As U.S. stocks and TradFi trading gradually become an indispensable part of the crypto market, major crypto exchanges have also jumped into the fierce battlefield of Pre-IPO liquidity competition. In addition to the previous collaboration between Binance Wallet and PreStocks, recently, Bitget and Gate have also launched pre-market fundraising channels within their exchanges, hoping to attract in-house funds and further promote capital activity.

Bitget (IPO Prime): Inclusive Pre-IPO Product Launched by Compliant Issuers

Website: https://www.bitget.cloud/zh-CN/spotlight/ipo-prime

According to Bitget CEO Gracy Chen's previous introduction, the IPO Prime product co-launched by Bitget and Republic features four key advantages:

In terms of underlying assets, it holds real SpaceX equity through SPV and processes tokenization, with Bitget acting as a participant backing the token redemption;

On compliance, Republic has a complete compliance system and extensive experience in Pre-IPO issuance (Note from Odaily Planet Daily: Republic is a compliant entity in the U.S., SEC/FINRA standard licensed platform, which has previously issued Pre-IPO asset products for well-known companies like Neuralink, Kraken, Stripe, and Revolut); in terms of participation, it simultaneously supports primary market subscriptions and secondary market circulation, allowing users to acquire chips at lower prices; in terms of liquidity, it secured around $61 million shares, significantly exceeding market shares from other platforms. Ultimately, SpaceX Pre-IPO attracted over 14,400 participants, with total investment exceeding $177 million.

Underlying Assets: preSPAX equity tokens are unsecured or secured notes issued by Republic, anchored to the price of the corresponding target, with no voting rights or dividend rights. (Note from Odaily Planet Daily: Bitget's official wording for holding IPO Prime token is that it "represents the issuer's debt certificate to the holder, aiming to reflect the company's performance. It is not the real stock of the company, holding the token does not represent holding equity in the company, and does not enjoy voting rights, dividend rights, or any shareholder rights.")

Platform Advantages: Supports subscription in stablecoins (USDT or USDGO), Republic compliant issuance, friendly regulatory framework, low subscription threshold (minimum of only $100, supports up to $300,000 for subscribing to SpaceX equity tokens at a $15 trillion valuation); tokens support instant trading.

Disadvantages: Initially fewer asset types, equity tokens correspond to derivatives that track prices rather than direct equity, posing synthetic product volatility risks; VIP subscription limits and attached airdrop rights differ based on different levels.

Bitget IPO Prime First Project - SpaceX (preSPAX)

Gate Pre-IPO: Mirror Note Type Pre-IPO Channel

Website: https://www.gate.com/zh/ipos

After Bitget took the lead in the Pre-IPO liquidity battle, Gate quickly followed up with its own "Pre-IPO channel window." According to previous official news, Gate's first Pre-IPO project SpaceX (SPCX) raised nearly $395 million in total. Users participating in the GUSD fund pool staking can also enjoy an annual return of about 2.90%, further improving capital utilization efficiency.

Underlying Assets: SPCX tokens are mirror mapping notes and do not represent actual SpaceX stock or shares.

Platform Advantages: Subscription price is the lowest in the market, with a single stock token price of only $590, minimum subscription threshold of 100 USDT or 100 GUSD, and maximum limit of 339 SPCX equity tokens per person, linked with VIP level; all fees and custody fees are waived, 100% unlocked distribution, supports instant trading.

Disadvantages: Not direct equity, relies on off-the-market price reference standards.

Gate SPCX Trading Interface

RWA Platform Pre-IPO Entry: Maitong (msx.com), xStocks, Hyperliquid

In addition to specialized Pre-IPO platforms and crypto exchange Pre-IPO entries, many RWA platforms have also deeply entered the Pre-IPO sector this year, among which Maitong (msx.com), xStocks, and Hyperliquid are the most representative.

Maitong (MSX): Decentralized RWA Trading Platform Pre-IPO Zone

In March this year, Maitong launched a Pre-IPO section, whose main concept is "focusing on the Asian market, providing a low-threshold entry for tokenized Pre-IPO equity through Republic compliant SPV structures." The first batch of open targets includes: SpaceX ($3 million limit), ByteDance ($2 million), Lambda Labs ($1 million), Cerebras Systems ($500,000).

Underlying Assets: Equity assets issued through SPV structures by compliant issuance partners.

Platform Advantages: Low participant threshold, only requiring $10; the platform's cumulative trading volume of RWA assets exceeds $31.4 billion.

Disadvantages: Equity token lock-up period is until June 9 or post-IPO, cannot be traded instantly (compared to other instant trading platforms).

msx.com Official Website Interface

xStocks: Pre-IPO Assets Under Fund Equity Token Exposure

As a leading platform for tokenized U.S. stocks, xStocks does not want to remain indifferent to Pre-IPO asset opportunities. However, unlike other platforms conducting single target equity tokenization operations, xStocks chooses to provide Pre-IPO exposure through VCXx (VCX private equity fund tokenization assets), indirectly introducing unlisted equity assets like OpenAI.

Underlying Assets: Indirectly holds private equity risk assets exposure.

Platform Advantages: Backed by real funds, supports automatic reinvestment of dividends, and relatively friendly regulations.

Disadvantages: Pre-IPO exposure is indirect (in fund form), not pure single company target equity, posing risks of fund-level lock-up and valuation adjustments (Note from Odaily Planet Daily: VCX stock price has now fallen below $100), and liquidity is highly dependent on collaborative ecosystem support; in terms of management fees, an annual management fee of 1.85% and other operational fees are charged. Currently, this tracking token itself does not charge a management fee, but may introduce a maximum fee of 0.25% annually in the future; buy/sell transactions charge up to 0.5% issuance/redemption fees; not open to U.S. users for investment.

VCXx Asset Introduction Page

Hyperliquid Platform Derivative Contracts: Pre-IPO Leverage Assets

It is worth mentioning that the Hyperliquid platform does not issue Pre-IPO assets, but rather three corresponding equity leverage contract assets - pSPACEX, pOPENAI, and pANTHRO - for SpaceX, OpenAI, and Anthropic based on independent third-party projects like Ventuals deployed on the HIP-3 standard.

In terms of pricing, these contracts adopt a hybrid oracle model, with each price update relying on 1/3 of the latest secondary market transaction price or financing round valuation +2/3 of the "on-chain 2-hour exponential moving average price." The aim is to prevent prices from deviating too far from fundamentals while retaining real on-chain price discovery space.

Underlying Assets: Not related to real equity, comprised purely of on-chain leverage contracts.

Platform Advantages: No permission required for access, supports 3 times leverage, facilitating risk hedging for professional traders;

Disadvantages: Only includes three major unlisted company targets, and these leveraged assets are not included in regulatory compliance systems, contract funding rates will continuously consume principal; posed liquidation risks; liquidity is relatively limited.

Currently, the corresponding derivative contract price for SpaceX is about $1,700, with the oracle price around $1,555, and the 24-hour trading volume is only about $60,000.

SpaceX Equity 3x Leverage Contract

OpenAI Equity 3x Leverage Contract

Conclusion: Pre-IPO Assets are Not a New Concept, but Need New Experiences

It is worth mentioning that Pre-IPO assets are not a new asset that emerged in the last couple of years. As early as 2020, the collapsed FTX once launched a series of pre-market asset products for U.S. stocks, such as Airbnb Pre-IPO Products; in 2021, Mirror Protocol gained notoriety with its concept of "synthetic asset protocol." However, ultimately limited by factors such as market acceptance, liquidity of funds, and regulatory compliance, these products and platforms eventually disappeared into the annals of history.

By 2026, in addition to numerous historic IPOs expected this year, the ability of various Pre-IPO asset construction and trading platforms to gain momentum still highly depends on compliant regulation and the deep integration of the TradFi and cryptocurrency industries. The equity tokenization trading actively initiated by the NYSE and NASDAQ also serves as essential actions and necessary paths to gradually popularize Pre-IPO assets.

Therefore, for these aspiring platforms, apart from acquiring underlying assets, what is more important is whether they can introduce more types of assets, capital liquidity, and bridge the gap between Pre-IPO and post-IPO funding, in turn attracting users from traditional financial markets to participate. Additionally, as we previously mentioned, the price spread platforms for coin stock trading or Oracles will also be an important part of price discovery for Pre-IPO assets. We look forward to corresponding projects in the future to fill market gaps.

Regardless, a booming "Great Pre-IPO Era" has already arrived, and exchanges, specialized platforms, and derivative platforms are vying for dominance. Whoever can grasp the entry point in this sector will hold the key to future liquidity.

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