pre-ipo

According to The Defiant, Hong Kong company L2 Capital has signed a contract to join the tokenization platform Newton, planning to tokenize equity in a pre-IPO artificial intelligence company valued at $500 million. L2 Capital thus becomes the first partner on this platform being built by Newton Labs.The platform is designed to embed compliance rules directly into each token and verify them before each transfer settlement, thereby implementing regulatory requirements in on-chain transactions. Currently, Newton Labs' platform is still under construction, with L2 Capital being the first partner to connect.

Hyperliquid founder Jeff Yan stated in a discussion at TOKEN2049 in Singapore that in July this year, the HIP-3 market contributed about 51% of Hyperliquid's trading volume at one point, reflecting a significant product-market fit in the related market. He mentioned that users are willing to migrate from existing financial products and try new on-chain markets, indicating a substantial gap in product supply previously and demonstrating users' trust in the execution capabilities of the relevant deployers.The discussion mentioned that perpetual contracts for real-world assets such as crude oil and Pre-IPO have become important application directions for HIP-3. Jeff Yan noted that one of the more concerning changes over the past year is that more markets are allowing users to participate in trading opportunities that were previously inaccessible. He believes that in traditional finance, some assets are often only accessible to a few people in the early stages, and by the time they are open to the public, the main growth phase may have already been captured by a few with access advantages. The financial system should be as open as possible to a broader range of users.Jeff Yan also stated that Hyperliquid hopes to become an open protocol and infrastructure for various financial products and applications rather than directly competing with front-end platforms. Builder Codes allow developers to create mobile applications, institutional trading terminals, and other products without having to build their own underlying systems for matching, clearing, etc., and directly connect to Hyperliquid's market and liquidity. He said, "No one is competing with the internet," and Hyperliquid is similarly more like a layer of infrastructure that can be adopted by different companies.

According to PR Newswire, Ondo Finance announced the launch of Ondo Private Markets, providing on-chain access to top private companies for investors through tokenized notes. The first target will focus on a private company in the artificial intelligence sector, expected to begin trading on the secondary market this week.Subsequently, Ondo Private Markets plans to expand to private enterprises in fields such as robotics, cybersecurity, biotechnology, and infrastructure. Ondo stated that the related tokens do not correspond to the company's stocks or shares but provide holders with economic exposure to the performance of the reference company's common stock in qualified liquidity events through tokenized notes. The tokens can be freely transferred on-chain and can be used in conjunction with the DeFi ecosystem.This product is based on Ondo's existing on-chain asset infrastructure, which currently has a total value locked (TVL) of approximately $3.7 billion and over 1 million cumulative holders across the related tokenized stock and U.S. Treasury platforms. Ondo Finance indicated that the majority of large companies in the U.S. are still in private stages, with about 87% of companies generating over $100 million in annual revenue being private. Traditional investors often find it difficult to participate in these companies' early growth opportunities. Ondo Private Markets aims to provide a more flexible trading channel through the blockchain secondary market, allowing qualified investors to adjust their private market exposure around the clock.

According to informed sources, Dark Side of the Moon has completed its final round of private financing, with a valuation of approximately 50 billion USD, and is advancing towards an initial public offering (IPO) in Hong Kong in the first quarter of next year.Sources say that the company has also begun preparations to understand investor intentions, with preliminary talks with investors potentially starting as early as this month. Informed sources indicate that discussions are still ongoing, and the timing of the IPO may also change.

According to the SpaceX stock unlocking arrangement, the first phase project of Gate Pre-IPOs, SpaceX (SPCX), will unlock the third batch of (stock) shares on October 3 at 20:00 (UTC+8). This unlocking corresponds to 14% of the original total quota of the target company, with a total unlocking volume of 23,730 SPCX. Since 27% of the stock has already been unlocked, the current remaining SPCX corresponds to 73% of the original total quota. Therefore, this time the stock unlocking will be based on 19.18% of the actual SPCX holdings at the time of the user snapshot, and the corresponding stocks will be directly issued to the Gate stock account at a 1:1 ratio.The scope of this unlocking includes SPCX that users previously obtained and held through Pre-IPOs, as well as SPCX purchased subsequently; SPCX that has been sold will not be included in this round of unlocking. Users need to check their SPCX holdings and pending orders in advance to ensure that the SPCX used for this unlocking is in an available state.Gate is the industry's first platform to support Pre-IPO share unlocking and directly issue listed company stocks to users. This is the third batch of 14% stock unlocking for SpaceX (SPCX), and the remaining portion will be processed as soon as possible according to the unlocking rules of the target company, subject to the official announcement from Gate.

According to Fortune, the U.S. Securities and Exchange Commission (SEC) has filed lawsuits against two private fund cases, accusing the relevant fund advisors of raising funds under the pretext of investing in popular tech companies like OpenAI and SpaceX before their IPOs, but allegedly providing false information to investors and misappropriating some of the funds.The SEC stated that Meyer Global Management and its head Owen Meyer are suspected of raising at least $18.5 million from nearly 100 investors to purchase shares of companies before their IPOs, but misappropriated at least $1.27 million, including using fund money for personal consumption, paying entertainment expenses, and personal investments. Among them, the SEC accused Meyer of establishing a fund for investing in shares of OpenAI and SpaceX, but some of the funds did not actually hold the relevant assets.In another case, the SEC and federal prosecutors accused Beyond Alpha Ventures heads Christopher Dinelli and Jacob Frankel of raising over $8.7 million from 35 investors and falsely promoting that the fund held shares in companies like SpaceX and xAI.The SEC stated that the two provided false investment reports, with some of the funds being used for options trading, film investments, and personal use. The SEC emphasized that the accused tech companies and their management have not been found to have engaged in misconduct. Regulatory agencies have been continuously monitoring investment products that promote "acquiring shares before popular private company IPOs" and have launched multiple enforcement actions against relevant private fund advisors.

The Binance Futures platform will launch the OURAUSDT U-based Pre-IPO perpetual contract on September 23 at 16:30, with a maximum leverage of up to 20 times.

The Binance Futures platform will launch the MOONSHOTUSDT U-based Pre-IPO perpetual contract on September 22 at 16:30, with a maximum leverage of up to 20 times. This contract supports 24/7 trading and is settled in USDT.

Robinhood's on-chain stock meme coin issuance platform Long.xyz founder Nate stated that after the launch of the new Pre-IPO feature, the platform has added approximately 10,000 asset issuance projects.Nate estimates that without token code locking and client issuance quantity limits, the platform's daily issuance could reach 100,000, at which point the platform may be more utilized by bots, making it difficult for ordinary users to filter through the large number of new assets, potentially further fueling FOMO trading, chasing volume, and data inflation.Nate indicated that LONG will continuously adjust issuance limits based on demand changes and plans to add an asset discovery filter to help users filter projects based on parameters such as whale holding ratios, asset longevity, and antifragility, while aggregating liquidity and capital flow to assets that perform well and have uniqueness within the ecosystem.The team is currently monitoring suspicious activities across all trading pairs and has not identified any major issues, but is prepared with new risk control parameters. If it is found that price manipulation behavior is due to coordinated actions rather than natural market activities, the team can quickly implement relevant restrictions.

Cryptocurrency exchange OKX announced the launch of Pre-IPO perpetual contracts related to OpenAI and Anthropic in Europe. Eligible traders can go long or short on the valuations of the two AI companies with up to 10 times leverage, but will not receive actual shares of the two companies. This product bets on the valuation changes of the two companies before their IPOs, providing a new speculative avenue for retail investors who find it difficult to directly buy shares of private companies.OKX is not the first platform to launch such products. Hyperliquid has offered markets related to OpenAI and Anthropic through HIP-3, and Binance also provides Pre-IPO perpetual contracts for the two companies. OKX stated that such products are not substitutes for the shares themselves but can meet the ongoing market demand for exposure to large tech companies that have not been publicly listed for a long time.Meanwhile, OKX has also launched 100 tokenized stocks and ETFs, including Nvidia, Alphabet, Palantir, as well as SPY and QQQ, allowing European traders to trade traditional markets around the clock. These tokens track the prices of the underlying securities but do not grant holders actual shares or voting rights, and some tokens can be withdrawn to self-custody wallets. OKX Europe CEO Erald Ghoos stated that the demand for its derivatives business continues to grow, with trading volume for X-Perps in the European market quadrupling since the transition period of MiCA ended in July.

CoinGecko stated in its latest RWA report that the pre-market for synthetic IPOs has begun to serve as an effective valuation indicator for traditional IPOs. On-chain perpetual contracts can provide continuous price discovery and market sentiment anchors for popular unlisted companies before the official opening of exchanges.The report uses SpaceX and Changxin Storage (CXMT) as examples, noting that before SpaceX's listing, the prices of perpetual contracts across platforms fluctuated between $158 and $170, gradually converging to around $157.40; when its first transaction price on Nasdaq landed at $150.05, the deviation was about 4.9%. The deviation between the perpetual contract price before CXMT's listing and the actual opening price was also about 4.6%.CoinGecko believes that in the absence of real spot stocks as immediate arbitrage anchors, traders will still form relatively concentrated quotes around valuation, listing popularity, and future liquidity. On-chain Pre-IPO perpetual contracts will thus become an important reference price before the traditional order book opens, providing global investors with a channel to express long and short expectations 24 hours a day.

MSX official announcement states that the platform has opened the Pre-IPO Phase III projects Neuralink and Anduril for subscription today at 18:00 (UTC+8), with subscriptions continuing until September 6, 2026, 00:00 (UTC+8). This phase features Elon Musk's brain-machine interface company Neuralink and AI defense technology company Anduril.User subscription limits will be allocated based on the effective holdings of $MSX, with specific rules subject to the platform's announcement. Previously, the MSX Pre-IPO Phase II project Polymarket has opened for redemption.

According to the SpaceX stock unlocking schedule, the first batch of shares for Gate Pre-IPOs project SpaceX (SPCX) will be unlocked on August 26 at 20:00 (UTC+8). The total amount of the first batch to be unlocked is 33,900 SPCX, with 20% of the shares being unlocked based on the actual holdings at the time of the user’s spot account snapshot, and the corresponding shares will be directly credited to the Gate stock account at a 1:1 ratio.Gate is the first platform in the industry to support Pre-IPO share unlocking and directly distribute listed company stocks to users. This unlocking includes SPCX that users previously acquired and held through Pre-IPOs, as well as SPCX purchased subsequently; SPCX that has been sold will not be included in this round of unlocking. Users need to check their SPCX holdings and open orders in advance to ensure that the SPCX used for this unlocking is in an available state.Gate will continue to provide users with an asset participation experience from Pre-IPOs subscription before listing, internal trading, to stock unlocking entering the U.S. stock market. This is the first 20% stock unlocking for SpaceX (SPCX), and the remaining portion will be processed according to the unlocking rules of the target company as soon as possible, subject to the official announcement from Gate.

According to Bloomberg, Trade.xyz and Hyperliquid are inspired by their success and are pursuing grander goals. They are lobbying regulators in hopes of opening pre-IPO perpetual contracts in the United States, claiming that these tools can help modernize the traditional IPO process by improving price discovery. Hyperliquid operates outside the United States and has not officially opened to U.S. traders. Trade.xyz is also subject to the same restrictions.

Leading RWA trading platform MSX announced that the platform will open subscriptions for the MSX Pre-IPO Phase 3 project on August 31, 2026, at 18:00 (UTC+8). This phase will exclusively feature two globally high-profile AI unicorns—Neuralink, the brain-computer interface leader under Elon Musk, and Anduril Industries, a top AI defense technology unicorn in the United States.Previously, the MSX Pre-IPO Phase 2 project Polymarket has opened for redemption, with subscriptions yielding high returns. The introduction of Neuralink and Anduril in this third phase further expands the range of cutting-edge technology assets in the platform's Pre-IPO projects. Users participating in this subscription must hold $MSX, and the subscription amount will be allocated based on the user's effective holdings. Specific allocation tiers and participation rules will be subject to the information published by the MSX official platform.

According to the official announcement from MSX, the platform has officially opened the redemption application for the Pre-IPO Phase II projects Anthropic and Polymarket.Official data shows that as of the latest valuation, the subscription price for Polymarket has risen from $152 per share to $202.67 per share, with a floating profit of 33.3%; the latest valuation of Anthropic is also higher than the subscription price.After this redemption opening, users can choose to apply for redemption and settle in USDT at the latest market price according to their own needs, or continue to hold until the target completes its IPO.Previously, MSX had completed the trading loop from subscription to listing for the Pre-IPO Phase I projects $CBRS and $SPCX. Users can log in to the MSX platform page to view specific redemption rules and asset status.

Market news indicates that Anthropic's pre-IPO credit line may exceed the target of $10 billion.

Hyperliquid Policy Center (HPC) and tradeXYZ jointly submitted a letter to the U.S. Securities and Exchange Commission (SEC), introducing Pre-IPO perpetual contracts (IPOPs) and advocating that U.S. investors should have the right to participate in such markets. The letter states that Cerebras opened at a price 89% higher than its IPO pricing, SK Hynix was 14% higher, and SpaceX was 11% higher, with each public market on Hyperliquid providing price signals before formal trading began.tradeXYZ has launched 5 IPOP (Initial Public Offering Price Options) markets on Hyperliquid. IPOP is a cash-settled perpetual derivative that references the expected public listing price of private companies, used for price discovery before listing, and does not represent shares, warrants, or any securities rights. The parties listed issues that the SEC needs to address before allowing such markets to serve U.S. investors in the letter and believe that modernizing IPOs could utilize this price signal for issuers and investors.