Tesla went public in June 2010 with a market cap of about $1.6 billion, and it has since grown over 800 times. SpaceX will IPO in June 2026, starting with a market cap of $1.73 trillion. Maybe SpaceX will become a $10 trillion company in ten years, but it’s no longer the same kind of odds as Tesla back then. For Tesla, the secondary market played a long-term role in value discovery. But for SpaceX, most of the value discovery has already been completed in the primary market. Originally, we saw an opportunity to actively participate in this IPO, but at the last moment, we were told: you’re not qualified to have a seat at the table. And it’s not just SpaceX—companies like OpenAI and Anthropic, these trillion-dollar AI giants, are the same. More and more super companies are leaving the juiciest growth opportunities in the primary market. For regular retail investors without access to the primary market, they can only pick up the baton in the secondary market. You can see great companies, but you can’t buy them; great companies will go public, but good prices won’t belong to ordinary people. Bringing high-quality companies’ pre-IPO equity on-chain, giving retail investors a chance to participate early, is definitely something that will continue to be in demand.