八大Pre-IPO平台最全测评，哪些是真股权，哪些是镜像票据？

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

With the disclosure of SpaceX's prospectus, 2026, hailed as a "big year for IPOs," is set to witness a wave of public offering frenzies.

Against this backdrop, numerous Pre-IPO trading platforms have emerged, kicking off their own "pre-IPO liquidity arms race." In light of this, Odaily Planet Daily will provide a brief overview of the eight major Pre-IPO platforms currently in the market, focusing on project introductions, advantages, and disadvantages, to help readers participate in pre-IPO trading of corresponding projects 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 (focused on tokenized Pre-IPO), Pre-IPO Channels Opened by Crypto Exchanges/Wallets (leveraging CEX traffic and compliant partnership channels), and Pre-IPO Assets Listed on RWA Platforms and DeFi Protocol Assets (tokenized equity under the broad RWA framework). Representative projects for each category are summarized below.

Dedicated Pre-IPO Platforms: PreStocks, Jarsy, Tessera

In previous articles such as "Kalshi's Pre-IPO Stock Price Surged, Is It Still Worth Buying?" and "Crypto Bear Market Entrepreneurship Guide Part 1: Crypto-Stock Pre-IPO Price Spread Market," we briefly introduced the pre-IPO prices and spread opportunities of some stocks on these platforms. Currently, the trading volume of these platforms is steadily growing, gradually forming a solid bridge connecting crypto liquidity with traditional financial market equities. Today, we will briefly analyze three representative platforms.

PreStocks (formerly PrePO): The Largest On-Chain Pre-IPO Platform

URL: https://prestocks.com/

In March 2022, PreStocks completed a $2.1 million strategic funding 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 nearly $920 million, with close to 17,000 users and a total market cap of around $23 million.

Underlying Assets: Indirectly holds shares of corresponding companies through an underlying SPV structure, with tokens mapped 1:1 on-chain. The related assets have no voting rights, dividend rights, or information rights.

Platform Advantages: No capital threshold for asset trading (minimum $0.01); over 60 ecosystem partners with multiple trading channel entry points (e.g., Jupiter, Binance Wallet); free on-chain token trading with relatively deep liquidity; 24/7 trading; trading fee of only 0.01%.

Disadvantages: SPV equity relies on offshore structures, posing certain compliance and regulatory risks; platform assets only include a few hot equities like SpaceX, Kalshi, OpenAI, and Anthropic.

Example of SpaceX Pre-IPO price: Single share price $721, liquidity pool $1.26 million, cumulative trading volume $210 million.

PreStocks Platform Asset Information

PreStocks Ecosystem Partners

Jarsy: The Most Compliant Pre-IPO Platform with the Most Assets

URL: https://www.jarsy.com/

According to the official introduction, Jarsy's founding team consists of former Silicon Valley tech giants and seasoned blockchain professionals. It offers trading opportunities to global investors, including those from the US, with a relatively clear compliance framework. It uses an order book trading model where users submit buy requests, and the platform procures shares at specific times and settles according to set rules. Additionally, the platform covers the widest variety of assets, including popular companies like SpaceX, Anthropic, and OpenAI, as well as internet platforms like Discord, Canva, Figma, ByteDance, and Xiaohongshu, and equity in scarce private companies like Stripe, Cursor, Shein, Kraken, and Revolut.

Underlying Assets: Each equity token is backed 1:1 by the corresponding share's economic interest held by Jarsy Delaware LLC. Ownership documents, stock certificates, and transfer records are all publicly disclosed. Token supply and trading records can be independently verified on-chain. Notably, users purchase economic interests in shares, not shareholder status. In other words, upon equity settlement, the platform sells the corresponding shares and returns the equivalent USD to holders based on their holding ratio.

Platform Advantages: Supports wire transfers, Coinbase accounts, and cryptocurrency deposits; minimum buy-in of $10 equivalent in platform token; supports KYC with mainland Chinese passports; wide variety of assets; platform asset pricing has a certain premium.

Disadvantages: High trading fees, including a 5% one-time platform fee and a carried interest fee ranging from 1% to 10%; relatively limited liquidity; longer trading times dependent on order book matching; some assets have a potential lock-up period of 6-12 months.

Example of SpaceX Pre-IPO price: Mid-point single share price around $915, with approximately 3,100 equity tokens issued.

Partial List of Companies Underlying Jarsy's Equity Assets

Tessera: A KYC-Free On-Chain Pre-IPO Platform

URL: https://www.tessera.pe/

Positioned as a permissionless, KYC-free on-chain Pre-IPO equity token trading platform, Tessera has been around for a shorter time and offers a limited range of assets. However, its previous SpaceX equity fundraising was valued at only $800 billion, which holds market appeal compared to the current Pre-IPO valuations often exceeding $1.5 trillion or even the ~$1.8 trillion valuation expected at the future IPO.

Currently, if the platform can expand its asset variety, its instant settlement and $1 minimum purchase threshold could 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 barrier of just $1; no KYC required; no lock-up on equity tokens; supports 24/7 instant settlement.

Disadvantages: Trading fee of 0.2% (0.16% for whitelisted users); limited asset variety (currently only SpaceX equity tokens issued, with a second project – prediction market platform Kalshi – not yet launched); limited share supply for equity assets (previous SpaceX Pre-IPO fundraising was only $200,000).

Example of SpaceX Pre-IPO price: Current single token price around $650, TVL around $620,000.

SpaceX Equity Token Price Chart

Tessera Platform Asset Page

Crypto Exchange Pre-IPO Channels: Bitget, Gate

As US stock and TradFi trading become integral parts of the crypto market, major crypto exchanges are joining the fierce battle for Pre-IPO liquidity. Besides Binance Wallet's collaboration with PreStocks, Bitget and Gate recently opened Pre-IPO fundraising channels within their exchanges, aiming to attract on-exchange funds and boost capital activity.

Bitget (IPO Prime): An Inclusive Pre-IPO Product by a Compliant Issuer

URL: https://www.bitget.cloud/zh-CN/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:

Regarding underlying assets, it holds real SpaceX equity through an SPV and tokenizes it, with Bitget acting as a guarantor for token conversion.

In terms of compliance, Republic has a complete compliance system and extensive Pre-IPO issuance experience (Note by Odaily Planet Daily: Republic is a US-compliant entity with SEC/FINRA licensing, having previously issued Pre-IPO products for well-known companies like Neuralink, Kraken, Stripe, and Revolut). For participation, it supports both primary market subscription and secondary market trading, allowing users to acquire tokens at lower prices. For liquidity, it secured approximately $61 million in allocation, significantly higher than other platforms. Ultimately, the SpaceX Pre-IPO attracted over 14,400 participants, with a total investment exceeding $177 million.

Underlying Assets: The preSPAX equity token is an unsecured, conditional repayment note issued by Republic, pegged to the price of the underlying asset, without voting or dividend rights. (Note by Odaily Planet Daily: Bitget's official statement says — Holding the IPO Prime subscription token represents a debt instrument from the issuer to the holder, designed to reflect the company's performance. It is not the company's actual stock; holding the token does not represent holding company equity and does not grant 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, up to $300,000 for SpaceX equity token subscription at a $1.5 trillion valuation); tokens support instant trading.

Disadvantages: Initially limited asset variety; equity token derivatives track price rather than direct equity, carrying the volatility risk of synthetic products; different VIP tiers have different subscription quotas and associated airdrop benefits.

Bitget IPO Prime First Project - SpaceX (preSPAX)

Gate Pre-IPO: A Mirror Note-type Pre-IPO Channel

URL: https://www.gate.com/zh/ipos

Following Bitget's lead in the Pre-IPO liquidity battle, Gate quickly launched its own "Pre-IPO channel window." According to previous official news, Gate's first Pre-IPO project, SpaceX (SPCX), had a total fundraising scale of nearly $395 million. Additionally, users participating in the GUSD liquidity pool staking could also enjoy an annualized yield of approximately 2.90%, further improving capital efficiency.

Underlying Assets: The SPCX token is a mirror image note and does not represent actual SpaceX stock or shares.

Platform Advantages: Lowest subscription price in the market at just $590 per token; minimum subscription of 100 USDT or 100 GUSD; maximum of 339 SPCX tokens per person, with quota tied to VIP level; zero fees for trading and custody; 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 Gateways: Maitong (msx.com), xStocks, Hyperliquid

In addition to specialized Pre-IPO platforms and crypto exchange Pre-IPO gateways, numerous RWA platforms have also deeply entered the Pre-IPO sector this year, with Maitong (msx.com), xStocks, and Hyperliquid being the most representative.

Maitong (MSX): Pre-IPO Zone on a Decentralized RWA Trading Platform

In March this year, Maitong launched its Pre-IPO section, positioned as a "low-barrier entry point focusing on the Asian market, tokenizing Pre-IPO equity via Republic's compliant SPV structure." The initial offerings included: SpaceX ($3 million allocation), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000).

Underlying Assets: Equity assets issued by compliance partners through an SPV structure.

Platform Advantages: Low subscription threshold of just $10; cumulative RWA asset trading volume on the platform exceeds $31.4 billion in the ecosystem.

Disadvantages: Equity token lock-up period until June 9th or after IPO, preventing instant trading (compared to other instant trading platforms).

msx.com Official Website Interface

xStocks: Pre-IPO Assets via Fund Equity Token Exposure

As a leading US stock tokenization platform, xStocks is also not sitting idly by regarding Pre-IPO asset opportunities. However, unlike other platforms that tokenize individual equity stakes, xStocks opts for Pre-IPO exposure through VCXx (VCX private equity fund tokenized asset), indirectly introducing unlisted equity assets like OpenAI.

Underlying Assets: Indirectly holds exposure to private equity fund risk assets.

Platform Advantages: Backed by a real fund; supports automatic reinvestment of dividends; relatively regulation-friendly.

Disadvantages: Indirect Pre-IPO exposure (through a fund), not pure single-company equity; carries risks of fund-level lock-ups and valuation adjustments (Note by Odaily Planet Daily: VCX token price has now fallen below $100); liquidity heavily dependent on ecosystem partner support. Regarding fees, it charges a 1.85% annual management fee and other operating expenses. The tracking token itself currently charges no management fee, but a fee of up to 0.25% per year may be introduced in the future; maximum buy/sell fee of 0.5% issuance/redemption fee; not