At present, the Pre IPO RWA track is fiercely competitive, with major platforms flocking to launch SpaceX and OpenAI asset exposures, all using the same "SPV 1:1 endorsement" marketing rhetoric, but there are few projects that can publicly verify underlying assets. Previously, Anthropic announced the cancellation of a batch of unapproved equity transactions, which directly raised concerns among many people. Because the purchased equity token may be air. Among the competitors, @ Paimon_finance is the only project that can self check the underlying asset proof. The assets are managed by the Singapore MAS and Hong Kong SFC dual license compliant exchange DigiFT, and all asset links are transparent and traceable. As for investors, Yzi Labs is also leading the investment. Unlike perpetual contracts on exchanges, xSPCX relies on a real SPV equity structure, with no liquidation risks, and the official has planned a compliant migration plan for SpaceX after its IPO, achieving a smooth transition through the IPO cycle. Now it may be the first time to issue Pre IPO products, and in the future it may become a competitor to products like Ondo. Currently, RWA has become a clear trend, with one being on chain RWA and the other being on chain perpetual RWA. Having compliance and endorsement is definitely safer and more likely for future prospects (airdrops).