Real equity or mirrored notes? Eight pre-IPO platforms hide mysteries
Author: Wenser
Original title: The eight pre-IPO platforms have the most complete evaluation. Which are real shares and which are mirrored notes?
With the disclosure of SpaceX's prospectus, the 2026 “big year of IPOs” is about to usher in wave after wave of public offering.
In this context, many pre-IPO pre-market trading platforms have also sprung up and launched their own “pre-market liquidity arms race.” In view of this, Daily Planet Daily will provide a brief inventory of the 8 major pre-IPO platforms currently in the market, mainly focusing on information such as project introduction, advantages and disadvantages, etc., so that readers can participate in pre-market transactions of corresponding projects according to their own circumstances.
To clarify the differences and differences of platforms, this article divides pre-IPO platforms into three categories:A dedicated pre-IPO pre-market trading platform(focusing on tokenized pre-IPO),Crypto exchanges/wallets open pre-IPO channels(Relying on CEX traffic and compliance cooperation channels),Pre-IPO assets and DeFi protocol assets launched on the RWA platform(Tokenized equity under the broad RWA framework), the representative projects of each of the three types of platforms are summarized below.
Focus on pre-IPO pre-market platforms: PreStocks, Jarsy, Tessera
Prior to this“Kalshi's stock price skyrocketed before the market, is it still too late to buy it?”、“Crypto Bear Market Startup Guide Part 1: Cryptocurrency Pre-Market Spread Market”In other articles, we have briefly introduced pre-market prices and spread opportunities for some stocks on such pre-IPO platforms. Currently, the trading volume of such platforms is growing steadily, and they have gradually become a solid bridge between crypto liquidity and traditional financial market equity in the crypto market. Today, we're taking a quick look at the top 3 most representative platforms.
PreStocks (formerly PrePO): The largest pre-IPO platform on the chain
Website: https://prestocks.com/
March 2022, PreStocksCompleted a $2.1 million strategic round of financing, IOSG Ventures and Republic Capital led the investment; participants include MEXC, AscendEX, Shima Capital, HoneyDAO, NeptuneDAO, GCR, and founders from projects such as Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Immunefi, Thales, and Dapp.com.
After several years of construction, since the second half of last year, the platform has ushered in a period of business explosion. Currently, the total trading volume of the platform's pre-IPO assets is close to US$92 billion, and the number of users is close to 17,000; the total market value of assets is about 23 million US dollars.
Underlying assets:Shares in the corresponding company are indirectly held through the underlying SPV structure. The tokens are mapped 1:1 onto the chain, and the relevant assets have no voting rights, dividend rights, or information rights.
Platform advantages:There is no funding threshold for asset transactions (minimum $0.01); there are more than 60 ecosystem partners, and there are many trading channel entrances (such asJupiter、Binance walletetc.); Freedom to trade tokens on the chain, with a certain advantage compared to depth; 7*24 hour transaction time; transaction tax is only 0.01%.
Deficiency:SPV shares rely on offshore structures, and there are certain compliance and regulatory risks; platform assets include only a few popular shares such as SpaceX, Kalshi, OpenAI, and Anthropic.
Take SpaceX's pre-IPO pre-market price as an example: single share price of 721, liquidity pool of $1.26 million, cumulative trading volume of $210 million.
PreStocks Platform Asset Information
PreStocks Ecosystem Partners
Jarsy: The Most Highly Compliant, Most Assetted Pre-IPO Platform
Website: https://www.jarsy.com/
pursuantOfficial introductionJarsy's founding team is a former Silicon Valley tech giant practitioner and a veteran blockchain practitioner; it opens up trading opportunities to global investors, including US users. The compliance framework is relatively clear. It uses orderbook transactions, where users first submit purchase requirements, and the platform purchases shares according to specified nodes. Furthermore, the platform covers relatively the largest variety of assets, including popular companies such as SpaceX, Anthropic, and OpenAI, as well as Internet platforms such as Discord, Canva, Figma, ByteDance, and Xiaohongshu, as well as equity transactions in scarce unlisted companies such as Stripe, Cursor, Shein, Kraken, and Revolut.
Underlying assets:Each equity token is a 1:1 endorsement of the economic interest in the corresponding share held by Jarsy Delaware LLC. All ownership documents, share certificates, and transfer documents are publicly disclosed to the public, and token supply and transaction records can be independently verified on the chain. What is worth noting is that users are buying economic equity in shares, not shareholder status. In other words, when the equity settlement is carried out, the platform will sell the corresponding shares and return the equivalent dollar value to the holder in proportion to the position.
Platform advantages:It supports wire transfers, Coinbase accounts, and cryptocurrency deposits; the minimum entry threshold is $10 for platform coins; supports KYC passports in mainland China; the platform covers many types of assets; and the platform has a certain premium on asset pricing.
Deficiency:The transaction fee is high, including a 5% one-time platform fee and ancillary equity fees ranging from 1%-10%; the platform has relatively limited liquidity, relatively long transaction time, and relies on order book transactions, and some assets are potentially locked up from June to December.
Take the pre-market price of SpaceX pre-IPO as an example: the median price of a single share is around $915, and the number of equity tokens is around 3100.
The Jarsy section covers equity asset counterpart companies
Tessera: An on-chain pre-IPO platform without KYC
Website: https://www.tessera.pe/
The main concept is an on-chain pre-IPO equity token trading platform that requires no license or KYC. Tessera has been around for a short time, and the variety of assets is limited, but the previous SpaceX equity fund-raising valuation was only 800 billion US dollars. Compared with the current pre-IPO, which is estimated at 1.5 trillion dollars and even about 1.8 trillion US dollars in future IPOs, it has a certain market appeal.
Looking at it now, if the platform can make up for the shortcomings in asset types, subsequent instant settlement and the $1 purchase threshold will still push it to become a dark horse on the pre-IPO circuit.
Underlying assets:Equity assets issued through an SPV structure.
Platform advantages:The entry threshold for purchase is low, only $1; no KYC is required; equity tokens have no lock-up, and support 7*24 hour instant settlement.
Deficiency:The transaction fee is 0.2% (0.16% for whitelisted users); there are few types of platform assets (SpaceX equity tokens have been issued; the second project is the prediction market platform Kalshi, which has not been launched), and the share of equity assets is limited (previously SpaceX's pre-market fundraising amount was only $200,000).
Take SpaceX's pre-IPO pre-market price as an example: Currently, the price of a single token is only around $650, and the TVL is only around $620,000.
SpaceX equity token price K-line chart
Tessera Platform Asset Page
Crypto exchange pre-IPO channels: Bitget, Gate
As US stocks and TradFi transactions gradually became an integral part of the crypto market, major crypto exchanges also joined the fierce battle for pre-IPO liquidity. In addition to the previous cooperation between Binance Wallet and the PreStocks platform, Bitget and Gate have also recently launched pre-IPO fund-raising channels within the exchange, hoping to use this to attract capital from the exchange market and further promote capital activity.
Bitget (IPO Prime): An inclusive pre-IPO product launched by a compliant issuer
Website: https://www.bitget.cloud/zh-CN/spotlight/ipo-prime
According to Bitget CEO Gracy ChenPreviously introducedThe IPO Prime product launched by Bitget and Republic has 4 types of advantages:
In terms of underlying assets, real SpaceX shares are held through SPV and tokenized, and Bitget underpins token payments as a participant;
In terms of compliance, Republic has a complete compliance system and rich pre-IPO issuance experience (Daily Planet Daily note: Republic is an American compliance entity, SEC/FINRA standard licensed platform, and has previously issued pre-IPO asset products from well-known companies such as Neuralink, Kraken, Stripe, and Revolut); in terms of participation methods, it also supports primary market subscription and secondary market circulation, so users can obtain chips at lower prices; in terms of liquidity, It received a share of approximately $61 million, which is significantly higher than the share of other platforms in the market.In the end, SpaceX's pre-IPO attracted more than 14,400 participants, and the total investment amount exceeded 177 million US dollars.
Underlying assets:PreSpax equity tokens are unsecured or payable notes issued by Republic, which anchor the corresponding target price, and have no voting rights or dividends. (Daily Planet Daily Note: Bitget's official statement is -- hold an IPO Prime to create a new tokenA debt document representing the issuer to the holder and is intended to reflect the performance of the enterprise. (This is not the actual stock of the company; holding tokens does not mean holding shares in the enterprise; there are no voting rights, dividend rights, or any shareholders' rights)
Platform advantages:Supports stablecoin subscription (USDT or USDGO), Republic compliant issuance, friendly regulatory framework, low subscription threshold (minimum $100, maximum support for $300,000, SpaceX equity token subscription with a market capitalization of 1.5 trillion dollars); tokens support instant transactions.
Deficiency:There are few types of initial assets. Equity tokens correspond to derivatives tracking prices rather than direct equity, and there is a risk of fluctuations in synthetic products;Different subscription limits and ancillary airdrop benefits for different levels of VIP。
Bitget IPO Prime Launch Project - SpaceX (PrespaX)
Gate Pre-IPO: Mirror bill type pre-IPO channel
Website: https://www.gate.com/zh/ipos
After Bitget pioneered the pre-IPO liquidity battle, Gate also launched its own “pre-IPO channel window”. According toEarlier official newsGate's first pre-IPOS project, SpaceX (SPCX), raised nearly $395 million. In addition, users participating in the GUSD pool pledge can also simultaneously enjoy an annualized return of about 2.90%, further improving the efficiency of capital utilization.
Underlying assets:SPCX tokens are mirror-mapped notes and do not represent actual shares or shares of SpaceX.
Platform advantages:The subscription price is the lowest on the entire network. The price of a single token is only $590, the minimum subscription threshold is 100 USDT or 100 GUSD, and the limit is 339 SPCX equity tokens per person. The amount is linked to the VIP level; all processing fees and custody fees are waived, 100% unlocked distribution, and instant transactions are supported.
Deficiency:Non-direct equity, which relies on OTC price reference standards.
Gate SPCX trading interface
RWA platform pre-IPO entry: McComm (msx.com), xStocks, Hyperliquid
In addition to professional pre-IPO platforms and pre-IPO entrances to crypto exchanges, many RWA platforms have also been deeply involved in the pre-IPO sector since this year, with the three most representative platforms: MSX.com (msx.com), xStocks, and Hyperliquid.
MSX: Decentralized RWA Trading Platform Pre-IPO Section
In March of this year, MactonPre-IPO section launchedIts main concept is “focus on the Asian market and tokenize a low threshold entry for pre-IPO shares using the Republic's compliant SPV architecture.” The first open tenders include SpaceX ($3 million), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000).
Underlying assets:Equity assets issued by a compliant issuance partner through an SPV structure.
Platform advantages:The subscription participation threshold is low, at only $10; the cumulative trading volume of the platform's RWA assets exceeds the US$31.4 billion ecosystem.
Disadvantage: The equity token lock-up period ends on June 9 or after the IPO, and cannot be traded instantly (compared to other instant trading platforms).
msx.com official website interface
xStocks: Pre-IPO assets under the fund's equity token exposure
As the leading platform for tokenizing US stocks, xStocks is also unwilling to ignore pre-IPO asset-related opportunities. However, unlike individual underlying equity tokenization operations carried out by other platforms, xStocks chose to conduct pre-IPO exposure access through VCxx (VCX Private Equity Fund Equity Tokenized Asset) and indirectly introduced unlisted equity assets such as OpenAI.
Underlying assets:Indirectly hold exposure to venture equity assets in private equity funds.
Platform advantages:Real fund endorsements support automatic reinvestment of dividends, and the supervision is relatively friendly.
Deficiency:Pre-IPO exposes indirect (in the form of a fund). There is a risk of fund-level hedging and valuation adjustments (Daily Planet Daily Note: VCX stock price has now fallen below $100). Liquidity is highly dependent on cooperative ecosystem support; in terms of management expenses, 1.85% of management fees and other operating expenses are charged every year. Currently, the tracking token itself does not charge a management fee; in the future, a maximum annual fee of 0.25% may be introduced; trading transactions will charge a maximum issue/redemption fee of 0.5%; investment will not be open to US users.
VCxx asset introduction page
Hyperliquid Platform Derivatives Contract: Pre-IPO Leveraged Asset
It is worth mentioning that the Hyperliquid platform does not issue pre-IPO assets; instead, Ventuals, a third-party independent project, deployed 3 leveraged equity contract assets corresponding to the three major companies SpaceX, OpenAI, and Anthropic based on HIP-3 standards — pSpaceX, PopenAI, and Panthro.
In terms of pricing,This type of contract uses a hybrid oracle model, and each price update relies 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”.The goal is to prevent prices from straying too far from fundamentals while retaining real on-chain price discovery space.
Underlying assets:It has nothing to do with real equity; it is a pure on-chain leveraged contract.
Platform advantages:Unauthorized access, supports 3x leverage, and is convenient for professional traders to hedge risks;
Deficiency:Including only the targets of the three major unlisted companies, and this type of leveraged asset is not included in the regulatory compliance system, the contract capital rate will continue to consume principal; there is a risk of liquidation; and liquidity is relatively limited.
Currently, the price of SpaceX's corresponding derivatives contract is around 1,700 US dollars, and the price of the oracles is about 1,555 US dollars, and the 24-hour trading volume is only about 60,000 US dollars.
SpaceX 3-fold equity leverage contract
OpenAI Equity 3x Leverage Contract
Conclusion: Pre-IPO assets are not a new concept, but they require a new experience
It is worth mentioning that pre-IPO assets are not emerging assets that only emerged in the past year or two. As early as 2020, FTX, which had a thunderstorm, launched a series of US stock pre-market asset products, such asAirbnb pre-IPO products; In 2021, Mirror Protocol also used“Synthetic Asset Agreement”The concept went notorious for a while. However, in the end, due to factors such as market acceptance, capital liquidity, and regulatory compliance, these products and platforms eventually disappeared from the long course of history.
By 2026, in addition to the many historic IPOs this year, the focus on which various pre-IPO asset construction and trading platforms can gain momentum will still be highly dependent on compliance regulations and the deep integration of TradFi with the cryptocurrency industry. Including equity tokenization transactions initiated by the NYSE and NASDAQ, it is also an important move and a necessary path to promote the gradual popularization of pre-IPO assets.
As a result, for these interested platforms, in addition to acquiring underlying assets, what is more important is whether they can introduce more asset types, capital liquidity, and open up capital bridges between pre-IPO and post-IPO, which in turn will attract the participation of traditional financial market users. Furthermore, as we mentioned before, a currency stock trading spread platform or oracle will also be an important part of pre-IPO asset price discovery. We look forward to corresponding projects to fill the gap in the market in the future.
In any case, an intense “big pre-IPO era” has arrived. Exchanges, professional platforms, and derivatives platforms are raging. Whoever can grasp this entry point will grasp the key to future liquidity.
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