The most comprehensive review of eight Pre-IPO platforms: Which offer real equity, and which are mirror notes?
- Core Insight: With the anticipated wave of IPOs in 2026 approaching, the market has seen the emergence of various Pre-IPO pre-listing trading platforms. By tokenizing equity, these platforms bridge crypto liquidity with traditional markets, offering users low-barrier, high-liquidity trading opportunities in shares of unlisted companies. However, there are significant differences among platforms in terms of compliance, asset types, and trading mechanisms.
- Key Elements:
- Pre-IPO platforms fall into three categories: specialized platforms (e.g., PreStocks, Jarsy, Tessera), crypto exchange channels (e.g., Bitget, Gate), and RWA platforms (e.g., Maitong, xStocks, Hyperliquid), each with representative projects.
- PreStocks is the largest chain-based platform, with trading volume nearing $920 million and no capital threshold. However, its assets are limited to a few popular equities like SpaceX and carry compliance risks due to its reliance on an offshore SPV structure.
- Jarsy has the strictest compliance and the most assets (including ByteDance), with a minimum entry of $10. However, its fees are as high as 5%, and some assets have a 6-12 month lock-up period.
- Bitget, in partnership with Republic, launched the IPO Prime product. The SpaceX offering raised over $177 million, supporting both primary subscription and secondary trading. However, the tokens are debt certificates, not direct equity.
- RWA platforms like Maitong and Hyperliquid offer different entry points. Maitong focuses on Asia with lock-up periods, while Hyperliquid provides 3x leveraged contracts but suffers from limited liquidity and the risk of liquidation.
Original | Odaily Planet Daily (@OdailyChina)
Author | Wenser (@wenser 2010 )
With the release of SpaceX's prospectus, 2026, touted as a "big year for IPOs," is set to usher in wave after wave of public offering frenzy.
Against this backdrop, numerous Pre-IPO trading platforms have emerged, launching their own "pre-IPO liquidity arms race." In light of this, Odaily Planet Daily will briefly review the 8 major Pre-IPO platforms currently in the market, focusing on project introductions, advantages, and disadvantages to help readers participate in pre-IPO trading based on their own circumstances.
To clarify the differences between platforms, this article categorizes Pre-IPO platforms into three types: Specialized Pre-IPO Trading Platforms (focusing on tokenized Pre-IPO), Pre-IPO Channels Opened by Crypto Exchanges/Wallets (relying on CEX traffic and compliant cooperation channels), and Pre-IPO Assets on RWA Platforms and DeFi Protocol Assets (tokenized equity under the broad RWA framework). Representative projects for each type are summarized below.
Dedicated Pre-IPO Platforms: PreStocks, Jarsy, Tessera
In previous articles like "Kalshi Pre-IPO Stock Price Surges, Is It Too Late to Buy?" and "Crypto Bear Market Entrepreneurship Guide Part 1: Crypto Equity Pre-IPO Price Spread Market", we briefly introduced the pre-IPO prices and spread opportunities of some stocks on such platforms. Currently, the trading volume of these platforms is steadily growing, gradually becoming a solid bridge connecting crypto liquidity with traditional financial market equity. Today, we will briefly review three representative platforms.
PreStocks (formerly PrePO): The Largest On-Chain Pre-IPO Platform
Website: https://prestocks.com/
In March 2022, PreStocks completed a $2.1 million strategic round, led by IOSG Ventures and Republic Capital, with participation from MEXC, AscendEX, Shima Capital, HoneyDAO, NeptuneDAO, GCR, and founders from projects like Gnosis, 1inch, Moonbeam, Zapper, Gelato, BarnBridge, Immunefi, Thales, and Dapp.com.
After several years of development, the platform has experienced a business boom since the second half of last year. Currently, the total trading volume of Pre-IPO assets on the platform is approaching $920 million, with nearly 17,000 users. The total market cap of assets is around $23 million.
Underlying Assets: Indirectly holds shares in corresponding companies through an underlying SPV structure, with tokens mapped 1:1 on-chain. These assets do not have voting rights, dividend rights, or information rights.
Platform Advantages: No minimum capital requirement for asset trading (as low as $0.01); Over 60 ecosystem partners providing multiple trading entry points (e.g., Jupiter, Binance Wallet); Free on-chain token trading with relatively deep liquidity; 24/7 trading hours; Trading fee of only 0.01%.
Disadvantages: SPV equity relies on offshore structures, posing certain compliance and regulatory risks; The platform only includes a few popular equities like SpaceX, Kalshi, OpenAI, and Anthropic.
Taking the SpaceX Pre-IPO pre-market price as an example: Price per share is $721, liquidity pool is $1.26 million, cumulative trading volume is $210 million.
PreStocks Platform Asset Information
PreStocks Ecosystem Partners
Jarsy: The Most Compliant Pre-IPO Platform with the Most Assets
Website: https://www.jarsy.com/
According to the official introduction, the founding team of Jarsy consists of former Silicon Valley tech giants and seasoned blockchain practitioners. It offers trading opportunities to global investors, including US users, with a relatively clear compliance framework. It uses an order book trading model where users submit buy orders, and the platform procures equity at specific times and settles according to specified timelines. Additionally, it covers the widest range of assets, including popular companies like SpaceX, Anthropic, OpenAI, as well as internet platforms like Discord, Canva, Figma, ByteDance, and Xiaohongshu, and scarce pre-IPO equity from companies like Stripe, Cursor, Shein, Kraken, and Revolut.
Underlying Assets: Each equity token is backed 1:1 by the economic interests of corresponding shares held by Jarsy Delaware LLC. Ownership documents, equity certificates, and transfer vouchers are all publicly disclosed. Token supply and transaction records can be independently verified on-chain. Importantly, users purchase the economic interests of the shares, not shareholder status. In other words, when settling equity, the platform sells the corresponding shares and returns the equivalent USD to holders based on their proportional holdings.
Platform Advantages: Supports wire transfers, Coinbase accounts, and cryptocurrency deposits; Minimum purchase threshold is $10 equivalent in platform tokens; Supports KYC with passports from mainland China; Covers a wide variety of assets; Platform asset pricing has a certain premium.
Disadvantages: Relatively high transaction fees, including a 5% one-time platform fee and a 1%-10% carried interest fee; Platform liquidity is relatively limited; Trading timelines are longer and depend on order book execution; Some assets have a potential lock-up period of 6-12 months.
Taking the SpaceX Pre-IPO pre-market price as an example: Median price per share is around $915, with approximately 3,100 equity tokens.
Jarsy Partial List of Covered Equity Assets and Corresponding Companies
Tessera: A KYC-Free On-Chain Pre-IPO Platform
Website: https://www.tessera.pe/
Positioning itself as a permissionless, KYC-free on-chain Pre-IPO equity token trading platform, Tessera has been around for a shorter time and has a more limited asset selection. However, its previous SpaceX equity fundraising was valued at only $800 billion, which offers a certain market appeal compared to current Pre-IPO valuations often ranging from $1.5 trillion to even $1.8 trillion for the future IPO.
Currently, if the platform can address its asset variety shortfall, its instant settlement and $1 minimum purchase threshold could still propel it to become a dark horse in the Pre-IPO track.
Underlying Assets: Equity assets issued through an SPV structure.
Platform Advantages: Low entry threshold, only $1; No KYC required; Equity tokens have no lock-up period, supporting 24/7 instant settlement.
Disadvantages: Trading fee is 0.2% (0.16% for whitelist users); Limited variety of platform assets (SpaceX equity tokens issued, second project is prediction market platform Kalshi which is not yet open); Limited equity asset share (previous SpaceX pre-IPO fundraising amount was only $200,000).
Taking the SpaceX Pre-IPO pre-market price as an example: Current single token price is around $650, TVL is only around $620,000.
SpaceX Equity Token Price Chart
Tessera Platform Asset Page
Pre-IPO Channels on Crypto Exchanges: Bitget, Gate
As US stock and TradFi trading become an integral part of the crypto market, major crypto exchanges have joined the fierce battle for Pre-IPO liquidity. Besides the earlier cooperation between Binance Wallet and PreStocks, Bitget and Gate have recently opened Pre-IPO fundraising channels on their exchanges, aiming to attract exchange funds and further boost capital activity.
Bitget (IPO Prime): An Inclusive Pre-IPO Product from a Compliant Issuer
Website: https://www.bitget.cloud/en/spotlight/ipo-prime
According to a previous introduction by Bitget CEO Gracy Chen, the IPO Prime product launched in collaboration with Republic offers four key advantages:
In terms of underlying assets, it holds real SpaceX equity through an SPV and tokenizes it, with Bitget guaranteeing the token redemption as a participant.
Regarding compliance, Republic has a complete compliance system and extensive Pre-IPO issuance experience (Note from Odaily Planet Daily: Republic is a US compliant entity, a platform licensed under SEC/FINRA standards, having previously issued Pre-IPO asset products for well-known companies like Neuralink, Kraken, Stripe, Revolut).
For participation methods, it supports both primary market subscription and secondary market trading, allowing users to acquire tokens at potentially lower prices.
On liquidity, it secured a share of approximately $61 million, significantly higher than other platforms in the market. Ultimately, the SpaceX Pre-IPO attracted over 14,400 participants, with total investment exceeding $177 million.
Underlying Assets: The preSPAX equity token is an unsecured or conditional redemption note issued by Republic, pegged to the price of the underlying asset, with no voting or dividend rights. (Note from Odaily Planet Daily: Bitget's official statement is: Holding IPO Prime subscription tokens represents a debt instrument of the issuer to the holder, intended to reflect the performance of the enterprise. It is not the actual stock of the company; holding the token does not represent holding equity in the company, and does not entitle the holder to voting rights, dividend rights, or any shareholder rights.)
Platform Advantages: Supports stablecoin subscriptions (USDT or USDGO); Compliant issuance by Republic with a friendly regulatory framework; Low subscription threshold (minimum $100, maximum $300,000, with SpaceX equity token subscription at a $1.5 trillion valuation); Tokens support instant trading.
Disadvantages: Initially limited asset variety; Equity tokens correspond to derivative tracking prices rather than direct equity, posing volatility risks for synthetic products; Subscription quotas and additional airdrop benefits vary based on VIP levels.
Bitget IPO Prime Launch Project - SpaceX (preSPAX)
Gate Pre-IPO: A Mirror Note Pre-IPO Channel
Website: https://www.gate.com/en/ipos
Following Bitget's early move in the Pre-IPO liquidity race, Gate quickly launched its own "Pre-IPO channel window." According to previous official news, Gate's first Pre-IPOs project, SpaceX (SPCX), had a total fundraising size of nearly $395 million. Additionally, users participating in the GUSD liquidity pool staking can also enjoy an annualized yield of approximately 2.90%, further improving capital utilization efficiency.
Underlying Assets: SPCX tokens are mirror-mapping notes and do not represent actual SpaceX stocks or shares.
Platform Advantages: Lowest subscription price in the market, with a single token price of only $590; Minimum subscription threshold is 100 USDT or 100 GUSD; Single user limit of 339 SPCX equity tokens, with quota tied to VIP level; Waives all fees and custody charges, 100% unlocked distribution, supports instant trading.
Disadvantages: Not direct equity, relies on OTC trading price reference standards.
Gate SPCX Trading Interface
RWA Platform Pre-IPO Entry Points: msx.com, xStocks, Hyperliquid
In addition to specialized Pre-IPO platforms and crypto exchange Pre-IPO channels, many RWA platforms have also deeply ventured into the Pre-IPO sector this year, with three platforms being the most representative: msx.com, xStocks, and Hyperliquid.
msx.com (MSX): Pre-IPO Zone on a Decentralized RWA Trading Platform
In March this year, msx.com launched its Pre-IPO section, positioning itself as a "low-barrier entry point focusing on the Asian market, tokenizing Pre-IPO equity via Republic's compliant SPV structure." The first batch of targets included: SpaceX ($3 million quota), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000).
Underlying Assets: Equity assets issued through an SPV structure by a compliant issuance partner.
Platform Advantages: Low subscription threshold, only $10; Cumulative RWA asset trading volume on the platform exceeds $31.4 billion ecosystem.
Disadvantages: Equity tokens are locked until June 9th or after the IPO, preventing instant trading (compared to other instant trading platforms).
msx.com Official Website Interface
xStocks: Pre-IPO Assets Under Fund Equity Token Exposure
As a leading platform for tokenizing US stocks, xStocks is also not sitting idly by regarding Pre-IPO asset opportunities. However, unlike other platforms that tokenize individual equity targets, xStocks opts to gain Pre-IPO exposure indirectly through VCXx (VCX private equity fund tokenized assets), introducing exposure to unlisted equity assets like OpenAI.
Underlying Assets: Indirectly holds exposure to private equity fund venture risk assets.
Platform Advantages: Backed by real funds, supports automatic reinvestment of dividends, relatively regulatory-friendly.
Disadvantages: Pre-IPO exposure is indirect (via fund structure), not pure single-company equity targets, carrying risks of fund-level lock-up and valuation adjustments (Note from Odaily Planet Daily: VCX token price has now fallen below $100); Liquidity is highly
