💡Where do the real multiples happen? Almost always before a company goes public. First, the gains that already played out, real returns for those who got in before the IPO: 🔹 #Airbnb ~18x 🔹 #Coinbase ~11x 🔹 #Roblox ~10x Next, the ones about to list, where most of the multiple already happened while private and little room is left: 🔹 #SpaceX ~1,600x, public S-1 filed, listing expected June 12 🔹 #Anthropic ~235x, confidentially filed 🔹 #OpenAI ~341x, preparing to go public By the time they ring the bell, the steepest part of the curve is already behind them. The two still at a much earlier stage, with the most room ahead: 🔹 #Polymarket ~43x, still raising privately 🔹 #Discord, the earliest of the group For years, these pre-IPO multiples were out of reach for most people. Now, with tokenized pre-IPO products emerging in crypto, that once-closed window is something you can finally try to access.(BloFin Research)