Tám nền tảng Pre-IPO được đánh giá toàn diện nhất: Đâu là cổ phiếu thật, đâu là giấy tờ phái sinh?

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

With the release of SpaceX's prospectus, 2026, a "big IPO year," is about to usher in wave after wave of public offering热潮.

Against this backdrop, numerous pre-IPO trading platforms have emerged, kicking off their own "pre-liquidity arms race." In light of this, Odaily Planet Daily will briefly review the 8 major pre-IPO platforms currently on 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 similarities and differences between platforms, this article categorizes pre-IPO platforms into three main types: Specialized pre-IPO trading platforms (focused on tokenized pre-IPO), Pre-IPO channels offered by crypto exchanges/wallets (leveraging CEX traffic and compliant partnership channels), and Pre-IPO assets and DeFi protocol assets listed on RWA platforms (tokenized equity under the broad RWA framework). Representative projects for each of the three platform types are summarized as follows.

Dedicated Pre-IPO Platforms: PreStocks, Jarsy, Tessera

In previous articles such as "Kalshi's Pre-IPO Stock Price Surge – Is It Too Late to Buy Now?" and "Crypto Bear Market Entrepreneurship Guide Part 1: The Crypto Stock Pre-IPO Price Spread Market," we briefly introduced the pre-IPO prices and arbitrage opportunities for some stocks on these platforms. Currently, trading volumes on such platforms are steadily growing, gradually becoming 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 round, led by IOSG Ventures and Republic Capital, with participation from 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 development, the platform has experienced a business boom since the second half of last year. Currently, its total trading volume for pre-IPO assets is nearly $920 million, with nearly 17,000 users; total asset market cap is around $23 million.

Underlying Assets: Indirectly holds shares of corresponding companies through an underlying SPV structure, with tokens mapped 1:1 on-chain. 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 providing multiple trading channel 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; platform assets only include a few热门equities like SpaceX, Kalshi, OpenAI, and Anthropic.

Using SpaceX's pre-IPO 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

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

According to its official introduction, Jarsy's founding team consists of former Silicon Valley tech giants and veteran blockchain practitioners. It offers trading opportunities to global investors, including those from the US, with a relatively clear compliance framework. It uses an order book model where users submit buy requests, and the platform purchases equity at specific times and settles according to stipulated nodes. Additionally, the platform covers a relatively wide range of assets, including popular companies like SpaceX, Anthropic, and OpenAI, as well as internet platforms like Discord, Canva, Figma, ByteDance, and Xiaohongshu, and scarce unlisted company equity trades like Stripe, Cursor, Shein, Kraken, and Revolut.

Underlying Assets: Each equity token is backed 1:1 by the corresponding share economic interest 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. Notably, users buy the economic interest of the shares, not shareholder status. In other words, when equity settlement occurs, the platform sells the corresponding shares and returns the equivalent USD to holders based on their proportional holdings.

Platform Advantages: Supports wire transfer, Coinbase account, and cryptocurrency deposits; minimum purchase threshold is equivalent to $10 in platform tokens; supports passport KYC from mainland China regions; covers a wide variety of asset types; platform asset pricing carries a certain premium.

Disadvantages: Relatively high transaction fees, including a 5% one-time platform fee and carried interest fees ranging from 1% to 10%; platform liquidity is relatively limited; trading timeframes are relatively long and depend on order book matching; some assets have a potential lock-up period of 6-12 months.

Using SpaceX's pre-IPO price as an example: The midpoint price per share is around $915, with approximately 3,100 equity tokens.

Partial List of Equity Asset Companies Covered by Jarsy

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

URL: 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 variety. However, its previous SpaceX equity fundraising valuation was only $800 billion, which holds some market appeal compared to current pre-IPO valuations often exceeding $1.5 trillion or even future IPO valuations around $1.8 trillion.

Currently, if the platform can address its asset variety shortfall, features like instant settlement and a minimum purchase of $1 could still propel it into becoming a dark horse in the pre-IPO赛道.

Underlying Assets: Equity assets issued through an SPV structure.

Platform Advantages: Low purchase threshold of just $1; no KYC required; no lock-up on equity tokens; supports 24/7 instant settlement.

Disadvantages: Trading fee is 0.2% (0.16% for whitelist users); limited asset variety on the platform (SpaceX equity tokens issued, Kalshi as the second project but not yet launched); limited equity asset supply (the previous SpaceX pre-IPO fundraising amount was only $200,000).

Using SpaceX's pre-IPO price as an example: Current token price is around $650, 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 trading become integral parts of the crypto market, major crypto exchanges have also joined the fierce battle for pre-IPO liquidity. Apart from Binance Wallet's earlier collaboration with the PreStocks platform, Bitget and Gate have recently opened pre-IPO fundraising channels within their exchanges, aiming to attract on-exchange capital and further promote capital activity.

Bitget (IPO Prime): An Inclusive Pre-IPO Product from 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 boasts four advantages:

In terms of underlying assets, it holds real SpaceX equity via an SPV and tokenizes it, with Bitget acting as a participant to guarantee token redemption;

In terms of compliance, Republic has a complete compliance system and rich pre-IPO issuance experience (Note by Odaily Planet Daily: Republic is a US compliant entity, a licensed platform under SEC/FINRA standards, having previously issued pre-IPO asset products for well-known companies like Neuralink, Kraken, Stripe, and Revolut); in terms of participation methods, it supports both primary market subscription and secondary market circulation, allowing users to acquire筹码 at lower prices; in terms of 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 instrument issued by Republic, pegged to the price of the underlying asset, with no voting rights or dividend rights. (Note by Odaily Planet Daily: Bitget's official statement states—holding the IPO Prime subscription token represents a debt instrument from the issuer to the holder, intended to reflect the company's performance. It is not the company's actual stock. Holding the token does not mean holding equity in the company and does not confer voting rights, dividend rights, or any shareholder rights)

Platform Advantages: Supports stablecoin subscription (USDT or USDGO); compliant issuance by Republic within a friendly regulatory framework; low subscription threshold (minimum $100, maximum $300,000, subscribing to SpaceX equity tokens at a $1.5 trillion valuation); tokens support instant trading.

Disadvantages: Initially has a limited variety of assets; the equity token corresponds to a derivative tracking the price rather than direct equity, carrying volatility risk of a synthetic product; subscription quotas and additional airdrop benefits vary based on different VIP levels.

Bitget IPO Prime Launch Project - SpaceX (preSPAX)

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

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

Following Bitget's initial foray into the pre-IPO liquidity competition, Gate quickly launched its own "Pre-IPO channel window." According to previous official news, the total fundraising size for Gate's first pre-IPO project, SpaceX (SPCX), was nearly $395 million. Additionally, users participating in the GUSD liquidity pool staking could also enjoy an annualized return of approximately 2.90%, further improving capital efficiency.

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

Platform Advantages: Lowest subscription price on the entire network; token price per share is only $590; minimum subscription threshold is 100 USDT or 100 GUSD; single user cap is 339 SPCX equity tokens; quota linked to VIP level; waives all fees and custody fees; 100% unlocked distribution; supports instant trading.

Disadvantages: Not direct equity; relies on OTC trading price references.

Gate SPCX Trading Interface

RWA Platform Pre-IPO Entries: msx.com, xStocks, Hyperliquid

In addition to specialized pre-IPO platforms and crypto exchange pre-IPO entries, many RWA platforms have also deeply ventured into the pre-IPO sector this year, with msx.com, xStocks, and Hyperliquid being the three most representative platforms.

msx.com: Dedicated Pre-IPO Zone on a Decentralized RWA Trading Platform

In March this year, msx.com launched its Pre-IPO zone, positioning itself as "a low-threshold entry point focusing on the Asian market, tokenizing pre-IPO equity via Republic's compliant SPV structure." Initial open targets included: SpaceX ($3 million allocation), ByteDance ($2 million), Lambda Labs ($1 million), and Cerebras Systems ($500,000).

Underlying Assets: Equity assets issued by the compliant issuance partner through an SPV structure.

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

Disadvantages: Equity tokens have a lock-up period until June 9 or post-IPO, preventing instant trading (compared to other instant trading platforms).

msx.com Official Interface

xStocks: Pre-IPO Assets via Fund Equity Token Exposure

As a leading US stock tokenization platform, xStocks could not afford to ignore opportunities related to pre-IPO assets. However, unlike other platforms that tokenize individual equity targets, xStocks chose to provide pre-IPO exposure indirectly through VCXx (VCX私募基金 equity tokenization assets), introducing unlisted equity assets like OpenAI.

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

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

Disadvantages: Pre-IPO exposure is indirect (via fund structure), not pure single-company equity; carries risks of fund-level lock-ups and valuation adjustments (Note by Odaily Planet Daily: VCX's share price has now fallen below $100); liquidity is highly dependent on cooperative ecosystem