八大Pre-IPO平台最全測評，哪些是真股權，哪些是鏡像票據？

Original｜Odaily Planet Daily (@OdailyChina)

Author｜Wenser (@wenser 2010 )

With the disclosure of SpaceX's prospectus, 2026, a "big IPO year," is set to usher in wave after wave of public offering fervor.

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 provide a brief overview of the 8 major Pre-IPO platforms currently on the market, primarily 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 these platforms, this article categorizes Pre-IPO platforms into three main types: Dedicated 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 listed 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 such as "Kalshi's Pre-IPO Stock Price Surges: Is It Too Late to Buy Now?" and "Crypto Bear Market Entrepreneurship Guide Part 1: Crypto-Stock Pre-IPO Price Spread Market," we briefly introduced the pre-IPO prices and arbitrage opportunities of some stocks on these platforms. Currently, trading volumes on these platforms are growing steadily, gradually building a solid bridge connecting crypto liquidity with traditional financial market equities. 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 explosion since the second half of last year. Currently, the total trading volume of Pre-IPO assets on the platform is close to $920 million, with nearly 17,000 users. The total market value of assets is approximately $23 million.

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

Platform Advantages: No minimum capital threshold for asset trading (as low as $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; 7*24 hour trading; transaction fee of only 0.01%.

Disadvantages: SPV equity relies on offshore structures, posing certain compliance and regulatory risks; platform assets are limited to a few high-profile equities like SpaceX, Kalshi, OpenAI, and Anthropic.

Using SpaceX Pre-IPO price as an example: Single share price 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 Jarsy founding team includes former Silicon Valley tech giants and seasoned blockchain professionals. It offers trading opportunities to global investors, including US users, with a relatively clear compliance framework. It uses an order book-based trading model where users submit buy orders, and the platform procures shares at specific times and settles according to prescribed deadlines. 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 equities of scarce unlisted companies like Stripe, Cursor, Shein, Kraken, and Revolut.

Underlying Assets: Each equity token is backed 1:1 by the economic interests of the corresponding shares held by Jarsy Delaware LLC. Ownership documents, equity certificates, and transfer documents are all publicly disclosed. The token supply and transaction records can be independently verified on-chain. Notably, users purchase economic interests in shares, not shareholder status. In other words, when equity is settled, the platform sells the corresponding shares and returns the equivalent USD to the holder proportionally to their holdings.

Platform Advantages: Supports wire transfers, Coinbase account, and crypto deposits; minimum buy-in is $10 equivalent in platform tokens; supports KYC with mainland China passports; covers a wide variety of assets; platform asset pricing has a certain premium.

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

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

Jarsy's Partial Equity Asset Coverage

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

Website: https://www.tessera.pe/

Tessera positions itself as a permissionless, KYC-free on-chain Pre-IPO equity token trading platform. It has been around for a shorter time and has a limited range of assets. However, its previous valuation for SpaceX equity raise was only $800 billion, which holds market appeal compared to the current Pre-IPO valuations of $1.5 trillion or even the upcoming IPO valuations of around $1.8 trillion.

Currently, if the platform can address its lack of asset variety, its instant settlement and $1 minimum buy-in 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 buy-in threshold of only $1; no KYC required; equity tokens are not locked and support 7*24-hour instant settlement.

Disadvantages: Transaction fee is 0.2% (0.16% for whitelist users); limited asset variety on the platform (only SpaceX equity tokens issued so far, with the second project, prediction market platform Kalshi, not yet launched); limited equity token supply (previous SpaceX pre-IPO raise was only $200,000).

Using SpaceX Pre-IPO price as an example: The current single token price is around $650, with a TVL of only about $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 an indispensable part of the crypto market, major crypto exchanges have also joined the fierce battle for Pre-IPO liquidity. Apart from Binance Wallet's earlier partnership with PreStocks, Bitget and Gate have recently opened Pre-IPO fundraising channels within their exchanges, aiming to attract on-exchange capital and further boost capital activity.

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

Website: 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 partnership with Republic offers four types of advantages:

In terms of underlying assets, it holds real SpaceX equity through an SPV and tokenizes it, with Bitget acting as a participant providing guarantees for token settlement.

In terms of compliance, Republic has a complete compliance system and rich Pre-IPO issuance experience (Odaily Planet Daily note: 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 tokens at a lower price. In terms of liquidity, it secured approximately $61 million in allocation, significantly higher than other market platforms. Ultimately, the SpaceX Pre-IPO attracted over 14,400 participants, with total investments exceeding $177 million.

Underlying Assets: The preSPAX equity token is an unsecured or contingent settlement note issued by Republic, pegged to the price of the underlying asset, without voting or dividend rights. (Odaily Planet Daily note: Bitget's official statement is: Holding IPO Prime tokens 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 represent holding the company's equity and does not grant voting rights, dividend rights, or any shareholder rights)

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

Disadvantages: Initially limited asset variety; equity tokens are derivative products tracking the price rather than direct equity, posing synthetic product volatility risk; subscription quotas and attached airdrop benefits vary by VIP level.

Bitget IPO Prime Launch Project - SpaceX (preSPAX)

Gate Pre-IPO: Mirror Note Pre-IPO Channel

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

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

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

Platform Advantages: Lowest subscription price on the market, with a single token price of only $590; minimum subscription threshold of 100 USDT or 100 GUSD; individual cap of 339 SPCX equity tokens, with quota linked to VIP level; no fees (all transaction and custody fees waived); 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 Access Points: msx.com, xStocks, Hyperliquid

Beyond specialized Pre-IPO platforms and crypto exchange Pre-IPO access points, numerous 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 (MSX): Pre-IPO Section of a Decentralized RWA Trading Platform

In March this year, msx.com launched its Pre-IPO section, positioning itself as a "low-threshold entry point focusing on the Asian market, tokenizing Pre-IPO equity through Republic's compliant SPV structure." Initial offerings 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 of only $10; cumulative platform RWA asset trading volume exceeds $31.4 billion within its ecosystem.

Disadvantages: Equity tokens are subject to a lock-up period until June 9th or post-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 platform for US stock tokenization, xStocks could not ignore the opportunities related to Pre-IPO assets. However, unlike other platforms that tokenize individual targets, xStocks chose to provide Pre-IPO exposure through VCXx (a VCX private equity fund equity tokenized asset), indirectly introducing unlisted equity assets like OpenAI.

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

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

Disadvantages: Pre-IPO exposure is indirect (in fund form), not pure single-company equity; carries risks of fund-level lock-ups and valuation adjustments (Odaily Planet Daily note: VCX token price has now fallen below $100); liquidity is highly dependent on partner ecosystem support. Regarding management fees: management fee of