In 2026, the "Pre-IPO" opportunity for ordinary users has arrived.

For a long time, the equity of top global unicorns like SpaceX and ByteDance has been a "private club" for a select few elite venture capital institutions and billionaires, with ordinary investors having virtually no access to share in the growth dividends of these companies before their IPOs.

Today, this pattern has been completely broken.

MaiTong MSX officially launches the "Pre-IPO" section, which is built on the strategic cooperation structure between MSX and the U.S. compliant private placement securities platform Republic. Through asset tokenization, it introduces equity shares of unlisted companies into a blockchain structure, with the first batch open for subscriptions to SpaceX, ByteDance, Lambda Labs, and Cerebras Systems, initiating the democratization of asset ownership.

1. What is the "Pre-IPO" section?

It is well-known that private equity (Pre-IPO) in top unlisted companies typically signifies high return potential but is mainly opened to institutional investors and high-net-worth individuals. With initial investment amounts often reaching hundreds of thousands or even millions of dollars and strict investor qualification requirements, the vast majority of ordinary investors find it difficult to participate in the growth of these companies at this stage.

The "Pre-IPO" section launched by MaiTong MSX (https://msx.com/ipo) is an innovative structural attempt made in this context.

By achieving a strategic cooperation with the compliant asset tokenization platform Republic, MSX structurally maps the equity rights of existing shares of unlisted companies held in a compliant channel within a mature regulatory framework, presenting them in the form of divisible on-chain tokens. The underlying equity is held within a compliant structure and custodially managed by a regulated third-party custodian.

Republic operates under the U.S. securities regulatory system and has previously provided structural support for Robinhood’s tokenized stock projects for unlisted companies like SpaceX and OpenAI in Europe, meaning that MSX's Pre-IPO section is not merely a "blockchain packaging" but a practical asset tokenization within an existing compliant framework.

In short, each token corresponds to the economic rights of the underlying equity in an unlisted company and is held and managed within a compliant structure.

Under this structure, qualifying users can participate in equity shares of unlisted companies at a lower threshold (minimum 10 USDT). After users subscribe, they receive tokens corresponding to the shares and enjoy returns from the appreciation of the underlying assets.

2. First Batch Targets: Focus on the New Generation of Tech Giants

The first batch of Pre-IPO quotas covers 4 top global unlisted companies, each representing the forefront of their respective sectors (specific quotas and rules are subject to platform announcements).

First is SpaceX, with a quota of $3 million, unit price of $607.65, and a valuation range of $1.25 trillion to $1.5 trillion.

Founded by Elon Musk in 2002, SpaceX is a leading aerospace manufacturer and space transportation service provider, revolutionizing the traditional aerospace industry's business model with its groundbreaking reusable rocket technology.

Additionally, its Starlink project is building the world's largest low-earth orbit satellite broadband network, which has achieved significant commercialization globally. The recent merger expectation with the AI company xAI further injects limitless imagination in the realm of "space + general artificial intelligence," solidifying its status as the world's most valuable unlisted company benchmark.

Next is ByteDance, with a quota of $2 million, unit price of $219.38 per share, and a valuation range of $550 billion.

As China’s most globally influential internet technology giant, ByteDance utilizes its powerful algorithm recommendation engine to build phenomenal platforms such as TikTok, Douyin, and Toutiao. Its traffic ecosystem has not only reshaped the global digital advertising market but has also demonstrated strong monetization ability in short video e-commerce and local living sectors.

As one of the highest-valued unlisted companies globally, ByteDance boasts robust cash flow and profitability that transcend economic cycles, making it one of the most scarce and liquid premium core assets in the primary market.

Then there is Lambda Labs, with a quota of $1 million, unit price of $60.46 per share, and a valuation range of $11.05 billion.

Lambda Labs is a hot GPU cloud computing provider in the AI infrastructure sector, often referred to as the "AWS of the AI era." Amid explosive demand for computing power, Lambda has attracted numerous top AI start-ups thanks to its AI developer-friendly ecosystem and flexible pricing strategies, and it is currently experiencing a golden growth period of soaring valuation.

Finally, there is Cerebras Systems, with a quota of $500,000, unit price of $100.35 per share, and a valuation range of $26.7 billion.

Cerebras Systems is renowned for its wafer-scale engine (WSE), the largest area and most transistor-dense AI processor globally. In the context of a highly concentrated AI computing power supply chain, Cerebras leverages its unique advantages in computational density and energy efficiency to secure multiple supercomputer center orders, becoming an extremely rare hardware alternative.

3. How to Participate?

This Pre-IPO quota is open to MSX platform users, with different quota calculation methods for platform long-term users (STONKS staking users/active users) and new users.

Every user only needs to log into the MSX platform and can subscribe using USDT, with a minimum subscription amount of 10 USDT. Related costs include:

• 6% subscription fee (charged upon redemption);
• 1% annual management fee;
• 10% performance fee (only on the profit portion);

It is important to note that the maximum quota for a single user will be dynamically allocated based on factors such as their trading volume and staking amount, with the highest quota rule applying when the same user meets multiple conditions.

MSX will also gradually roll out more high-quality unicorn targets in the Pre-IPO sector and explore technological paths to enhance share transfer efficiency within a compliant framework.

From breaking restrictions on stock trading thresholds in the U.S. to now dismantling the walls of private equity, MSX is extending its asset layout from participation in the secondary market to the primary market. It is committed to giving ordinary people the opportunity to share in the growth dividends of the most scarce quality assets of this era.

In the future, MSX hopes to provide global users with pathways to participate in high-quality global assets through compliant structures and technological innovation.

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