Author: Changan, Amelia, Department I Biteye Content Team

“With relative regret, no sense of investing in Pre-IPO private equity has been established since last year.”

The front0xsun (@0xSunNT)The most recent post has provoked much debate. He lamented the fact that the increase in the current secondary market price had been three times higher in the past year if it had been for the following 200 B of Anthropic or 5 B of Polymarket。

Especially this year, which is considered the strongest IPO supercycle in history, SpaceX, OpenAI, and Anthropic are standing on the night before the market, and the target valuation of SpaceX alone has reached $175 trillion。

The market's enthusiasm for Pre-IPO has reached unprecedented levels, and the exchange has been able to launch a variety of products that can also be used by the diaspora: the currency purse integration PreStocks, Bitget, the high-profile IPO Prime, Gate, the subscription campaign, Hyperliquid, the HIP 3..

However, the underlying logic behind prosperity is very different. This paper will take you to dismantle these products and help you identify themReal equity♪ Which are those ♪Price mirrorI don't know。

CORE BUILDING BLOCKS: IPO, SPV AND POWER LOGIC

In the area of traditional finance, Pre IPO is the exclusive game of institutions and high net value groups: qualified investors hold real shares in unlisted companies in the form of SPVs, through rigorous screening channels, awaiting the realization of IPO returns. The threshold is very high, the process is extremely cumbersome and the general population has little opportunity to participate。

Here's a concept we need to understand:SPVI don't know。

For example, you wanted to buy SpaceX shares, but SpaceX wouldn't sell the shares directly to you personally, so you set up a SPV in the middle, with SPV to hold SpaceX shares, and you hold this SPV share. Complex private equity transactions have been streamlined into an operational structure。

And that's why almost all formal Pre IPO investments are not bypassed by SPV, but SPV is just a holding tool, which does not in itself mean that you buy real equity or that you must have shareholder rights. The really important question is whether there are real assets under this SPV, whether the issue is credible or not, and whether the structure is not transparent。

And that's where the biggest difference is between the various Pre-IPO products on the market。

The products currently on the market can be divided into three categories:

1. Real holding:SPV DOES HOLD SHARES, YOU HOLD ECONOMIC INTERESTS。

2. Synthetic instruments:The issue of the Platform's “deficit” is hedged by the Platform and has no direct legal relationship to real equity。

3. Chain contract:Pure price games, not involving anything in kind。

Three categories of products, risk structure, cost logic, and suitability for populations, are completely different. Then we'll look at the mainstream mode of participation in the market one by one。

Depth assessment of six large platforms in currency circles

A dollar purse@BinanceWallet

Mode: SPV map | issuer: PreStocks

On April 10th, Binance Wallet went online on the Markets Board in the Pre-IPO subsector, behind which the PreStocks platform on the Solana chain is now on line with SpaceX, OpenAI, Anthropic, Anduril, Kalshi, Polymarket, XAI, etc., for about seven points。

Real equity: Indirect ownership of real equity. You have the SPV position issued by PreStocks, which is supported by the real shares of the counterpart company. (c) The right to vote, the right to be divided and the right to information。

Cost structure: The main cost is reflected in the difference between the purchase and sale price and the commercial establishment, with no additional overhead or pass-through fees added and the overall cost structure relatively clean. No complex opening process is required. 0.01 start-up purchases。

SpaceX data: current price $715, liquidity $1.24M, cumulative transaction volume $191.94M

Operational advice: Enter directly through the Wallet Markets plate, giving preference to the more mobile header, such as OpenAI, SpaceX, avoiding cold door items。

Advantages: The user base of the user ' s wallet provides a liquidity portal。

2 Bitget@bitget

Mode: Synthetic Mirror | Distribution: Republic

Bitget jointly launched SpaceX Pre-IPO subscription, which is also the first product of the IPO Prime platform. The main subject of the United States is the Community/FINRA-licensed popular web site, with shareholders including Valor Equity Partners (Tesla and SpaceX early investors), Morgan Stanley, Avalanche and others. It is the most compliant issuer in the market setting, Bitget, with its exclusive cooperation with SpaceX Pre-IPO, and has real bottom assets. The distributor has also completed Pre-IPO for well-known enterprises such as Neuralink, Kraken, Stripe and Revolut。

The subscription period was 18 April to 21 April, with a total supply of 94,000 preSPAXs, a fixed subscription price of $650, and a total of approximately $61.1 million. Minimum $100 USDT starts with a proportional distribution based on the VIP registration。

Real equity: PreSPAX is an unsecured or paid instrument issued by RepublicX LLC, anchoring the reference price for the target. (c) The right to vote, the right to be divided and the right to information。

Cost structure: There are no additional overheads for the holding period, and the difference between the purchase and sale price and the cost of the funds is an ongoing cost。

Operational proposal: The subscription price of $650 is significant compared to the off-site offer discount, and short-term arbitrage is significant if the subscription amount is obtained. Organisationhttps://www.bitget.com/activity-hub/spacex-pre-ipo

Advantages: lower prices and high compliance coefficients; and subscription to No. 21 is completed, with tokens issued at 6 p.m. on the same day and off-site transactions at 8 p.m。

 

3Gate@Gate

Mode: Synthetic mirrors | to get spaceX stock convertible on the market mouth

On 15 April, Gate officially opened SpaceX Pre-IPO subscriptions, and the platform launched a digital subscription mechanism that allows users to subscribe directly to stable currencies without complex processes。

Real equity: SPCX is a mirror instrument and does not represent SpaceX actual shares or shares。

Cost structure: waiver of implied handling and hosting charges, 100 per cent unlock distribution。

Minimum threshold: 100 USDT or 100 GUSD, single person ceiling 339 SPCX, scale linked to VIP grade. Subscription SpaceX price: $590。

Operational proposal: The subscription price of $590 is currently the lowest on the web, allowing small slots to participate in the discount. Organisationhttps://www.gate.com/zh/ipos

Advantages: The lowest price for subscriptions。

4HHyperliquid@HyperliquidXHIP-3

Mode: DeFi protocol, SPV pure derivative

Hyperliquid does not itself issue any Pre-IPO products, and it is the third-party project Ventuals that actually deploys the contract. Ventuals is based on Hyperliquid 's HIP-3 standard and currently has 3 contracts (pSPACEX, pOPENAI, pANTHRO)。

In the pricing mechanism, the contract uses a hybrid predictor model: each price update = one third of the latest secondary market offer or financing round valuation + two thirds of the "two-hour moving average price on the chain" mechanism, which is designed to prevent prices from moving too far from the basics while preserving space for real chain price discovery。

Real equity: It has nothing to do with real equity; it provides a permanent contract on the chain of unlisted companies。

Cost structure: The combined taker rate has been reduced from the standard 0.045 per cent to 0.0045 per cent-0.009 per cent under HIP-3 Growth Mode and can be further reduced to 0.00144 per cent-0.0028 per cent under maximum pledge and transaction level。 However, the real cost of holding a warehouse comes from the financial rate and the long-term cost is not low。

Minimum threshold: In theory, there are no minimum limits and no openings at any time, but the deposit requirement for the leverage contract determines the actual cost of participation。

SpaceX: Current price: $1685, 24-hour contract $5,418, contract hold approximately $2.1 million

• MAIN RISKS: FALL WITHIN THE CATEGORY OF UNREGISTERED DERIVATIVES OF THE CFTC, WITH UNCLEAR REGULATORY CHARACTERIZATION. MOREOVER, THE INSTITUTIONAL ARBITRAGE SPACE IS THE LARGEST OF THE SIX PLATFORMS AND THE DISTRIBUTION OF BENEFITS IS EXTREMELY UNFRIENDLY TO THE DISPERSED HOUSEHOLDS. THE RISK OF HIGH-LEVERAGE IMPLOSION OCCURS AT A TIME AND THE FUNDING RATE CONTINUES TO CONSUME THE PRINCIPAL。

Operational recommendations: The financial rate is a mandatory indicator for entry, and the continued payment of funds in times of overcrowding is a real holding cost. Given that current liquidity is still very thin and the risks of heavy or highly leveraged operations are extremely high, it is not recommended that the scattered should be much naked. Links:https://app.hyperliquid.xyz/trade

Advantages: Unlicensed (Permissionless), which supports a maximum of 3 times leverage, suitable for professional hedge players。

5% PreStocks@PreStocks(XHunt ranking: 13803)

Mode: SPV map the largest platform on Pre IPO track in the chain

PreStocks, originally called PrePO when it was in the Base chain, moved to Solana with a marked acceleration and changed to PreStocks. By the end of March, cumulatively over $544 million had been exceeded and the recent single-day peak had exceeded $29 million。

REAL EQUITY: INDIRECT HOLDINGS. THE BOTTOM SPV HOLDS REAL COMPANY SHARES, TOKEN 1:1 MAP. (C) THE RIGHT TO VOTE, THE RIGHT TO BE DIVIDED AND THE RIGHT TO INFORMATION。

Cost structure: The main cost is derived from the difference in purchase and sale prices and the difference in market prices, with no additional overheads and a cleaner overall cost structure. The difference in the price of the cold gate sign may be large。

Minimum threshold: six lowest, 0.01, with almost no financial threshold。

SpaceX: Current prices: $715, liquidity $1.24M, cumulative trade volume $191.94M。

COMPLIANCE RISK: THE BOTTOM SPV HOLDS REAL COMPANY SHARES, TOKEN 1:1 MAP, SUPPORTED BY PHYSICAL EQUITY. SPV RELIES ON AN OFFSHORE STRUCTURE, HOWEVER, AND REGULATORY CHARACTERIZATION IS UNCLEAR。

Operational proposal: Prioritize relatively mobile headlines such as SpaceX and OpenAI to avoid cold door items. Large-scale institutional buyers need to complete a one-time KYC to forge and redeem their coins, and small-scale warehouse holders can buy and sell directly on the Solana chain. Links:https://pressocks.com/

 

6% Jarsy@JarsyInc

Mode: explicitly use Delaware LLC architecture and public title certificates

Jarsy is the only of the six projects that are open to United States and non-United States users and the clearest compliance framework. The platform is now online with about 30 markers covering multiple tracks, including AI, space, defence, finance and technology, including SpaceX, Anthropic, Perplexity, Cursor, Kalshi, Discord, Stripe, etc., and is the one with the widest coverage of the six platforms。

Real equity: Economic interest in shares held by Jarsy Delaware LLC in each currency: 1:1, endorsement, full public disclosure of ownership documents, certificates of equity and certificates of transfer, and independent chain verification of currency supply and transaction records。 It is an economic interest, not a direct shareholder ' s status, and in the event of a liquidation, Jarsy sells shares and returns the equivalent in United States dollars to the holder of the coin in proportion to the holding。

Cost structure: Jarsy charged two fees: 5 per cent for the one-time platform and 5 per cent for Carried Interest。

MINIMUM: MINIMUM PURCHASE VALUE 10JUSD, VERY LOW THRESHOLD。

SpaceX: Current price $857。

Liquidity: The specific target transaction data is not seen in Jarsy, but the individual token holds about 700 and the largest token TVL about $2.6M (near up from February)。

Operational proposal: Use Jarsy as a long-line configuration tool, not a short-line trading platform. It may be difficult to get ready for quick exit, to check the platform's reserve certificate pages regularly, and to verify that the tokens maintain 100% real equity support. Links:https://app.jarsy.com/

ADVANTAGES: THE ONLY PROJECT IN THE CHAIN THAT TAKES THE LLC SECURED PATH IN DELAWARE IS THE CLEAREST COMPLIANCE FRAMEWORK IN THE SIX MAIN PLATFORMS; THE HIGHEST TARGET. ALTHOUGH THE LIQUIDITY IS THIN, IT'S THE MOST REASSURING SAFE IF YOU WANT TO BE CONFIGURED FOR THE LONG TERM。

Traditional Pre IPO Program Comparison

Biteye at @0xsun, "Non-American citizens want to buy Pre-IPO shares?" The post was tanned, and the most gold-bearing practical experience is as follows。

:https://x.com/0xSunNT/status/20229008538213450?s=20

1. Hiive / Forge Global: The most friendly real equity path

Hiive and Forge Global are currently the most structured and credible Pre-IPO participation channels for the diaspora. They are essentially a Web2 secondary market platform with real shares through SPV, complete legal documents and clear compliance frameworks。

Cost structure: One-time costs only 3-6 per cent, management fee 0, carry。

On the side of SPV, Hiive and Forge gave priority to Single Layer, who needed Double Layer in small amounts, but the platform itself had a high SPV credibility and had little to worry about the risk to the counterparty。

Upon registration, contact the passenger service, clarify the direction of the subject matter of your concern, and the platform will either send the mail slips if it has the right share or directly search for the source。

THE MAIN RISKS OF THIS PATH ARE CONCENTRATED IN THE COMPANY ITSELF: IPO EXTENSIONS, DOWNWARD VALUATIONS, MARKET DISCOUNTS. THESE, HOWEVER, ARE THE RISKS THAT REAL INVESTMENT SHOULD TAKE, RATHER THAN THE ADDITIONAL RISKS ASSOCIATED WITH A BROKEN MIDDLE CHAIN OR PLATFORM。

It is recommended that, starting with Hiive or Forge, the VC and Broker be connected to the relationship, the most natural path into the circle。

2. VC DIRECT PURCHASE: MOST ABUNDANT

DIRECT ACCESS TO VC SHARES IS THE CLOSEST WAY TO REAL PRIVATE EQUITY INVESTMENT IN THE ABOVE-MENTIONED PRESENTATION。

The benefits are obvious: there is a large supply of goods, there has been a single contact with the VC, and the subsequent orders are regularly issued to you; real shares are held through SPV, and the legal structure is clear; and, if they are well negotiated, the costs can be zero overhead, 0 carry, only one-time access costs。

But there are two thresholds that must be met。

• AMOUNT OF FUNDS: LARGE AND SPECIOUS VCS USUALLY REQUIRE SINGLE NUMBERS M, WHILE SMALL AND SMALL VCS SUPPORTING SMALL AMOUNTS REQUIRE ADDITIONAL ASSESSMENT OF SPV RELIABILITY。

• Pre-IPO's greatest risk, except for the company you voted for, which is SPV, which holds SPV shares, and SPV, which has serious consequences if you do evil. Hiive and Forge's SPV don't worry much, but little VC's SPV is always uneasy。

Operationally, VCs can be accessed through industry circles or directly e-mail active contact. Verification of SPV as Single Layer, confirmation of 0 management fee, 0 carry, and re-entry when both conditions are met. It is not a proper pre-IPO SPV cost structure to charge a management fee every year, regardless of the justification。

Programme comparison: Which one fits you

After looking at all the decompositions in the front, we end up with the most practical question: which one fits you

A one-link scheme: from millions to tens of thousands of dollars

The greatest value of chain programmes is low thresholds, simple processes and ready access. However, it is also clear that the ceiling is large, with liquidity, compliance risks and counterparty risks being magnified simultaneously. In general, such programmes are better suited to water testing with small funds rather than large allocations。

Currency Wallet / PreStocks: For ordinary users of millions to tens of thousands of dollars, there is a flow endorsement of currency wallets, with emphasis on a sense of participation and a low threshold to capture the emotional dividends of OpenAI, SpaceX with small funds。

Bitget / Gate SPACE X subscriptions: Short-term speculators who want to take advantage of the discount arbitrage, both exchanges have a price advantage over the off-site price of SPACE X。

Hyperliquid / Ventuals: The cost of funding is expensive and the bulkers do not recommend participation. In the case of SpaceX contracts, for example, the current cost rate of 0.0287 per cent for 8 hours is close to 40 per cent. In other words, even if SpaceX valuations remain intact, long-term multi-head hold-up costs are 40% per year。

2-Traditional Channels: More than $250,000. Millions is the main battlefield

TRADITIONAL SOURCES HAVE ACQUIRED REAL EQUITY, CLEAR LEGAL STRUCTURES AND HIGH SPV CREDIBILITY, BUT THRESHOLDS, PROCESSES AND TIME COSTS ARE MUCH HIGHER THAN CHAIN PROGRAMMES. IT IS SUITABLE FOR INVESTORS WHO HAVE A CERTAIN SIZE OF FUNDING AND ARE WILLING TO MAKE LONG-TERM CONFIGURATIONS。

Hiive / Forge Global: Fits the configuration needs between $250,000 and $3 million, the most recommended path for this article。

Directly looking for a VC / Broker: A long-line investor with more than $3 million, professional connections or a willingness to establish relationships. It's the richest and probably more competitive

Last reminder:Pre-IPO's not a bargain. It is normal for IPO to be delayed, valuation reduced and liquidity depleted. Find out what you're buying, find a path that matches the amount of money you have, and give the rest to the time。

* THIS DOCUMENT IS FOR INFORMATION SHARING AND MARKET ANALYSIS ONLY AND DOES NOT CONSTITUTE ANY INVESTMENT PROPOSAL, FINANCIAL RECOMMENDATION OR RECOMMENDATION. ALL DATA AND VIEWS ARE BASED ON PUBLIC INFORMATION, DYOR。