Two structural shifts are reshaping investing. Value creation is moving deeper into private markets, with companies like OpenAI, SpaceX, and Anthropic staying private far longer than past tech leaders. The number of U.S. listed domestic companies has fallen by more than half from its 1996 peak. The number of annual IPOs has dropped by more than half. Companies that do go public are arriving older, larger, and with much of their growth already behind them. At the same time, real-world assets are moving on-chain. Pre-IPO token markets sit at the intersection of both trends.(BloFin Research)