In collaboration with Republic, MSX aims to enable retail investors to become SpaceX shareholders.

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Have you ever thought about landing on the moon with SpaceX or becoming a shareholder before ByteDance rings the bell?

In a traditional financial context, this opportunity is known as "Pre-IPO" private equity investment, which usually occurs in the final stretch before the IPO of unicorns such as SpaceX and ByteDance. By this time, the business model is highly mature, the risk is much lower than in the early stages of venture capital, but the return on investment after acquiring shares is still astonishing—ranging from doubling to multiplying several times or even tens of times.

However, for a long time, this juicy opportunity has been monopolized by private equity (PE) and venture capital (VC), keeping retail investors outside the heavily guarded walls, waiting to buy shares in the secondary market after the company goes public. In the end, the "Pre-IPO" opportunity has long been out of reach for most people.

Now, Maixing MSX has decided to overcome this barrier through a combination of tokenization and a Wall Street-compliant platform.

I. The Trillion-Dollar Cake Inside the Wall: Visible But Untouchable

From the data, the size of the "Pre-IPO" market has long exceeded imagination.

The "2025 Global Unicorn 500 Report" shows that the total valuation of the 2025 Global Unicorn Top 500 has reached 39.14 quadrillion yuan, a year-on-year growth of 30.71%, far exceeding the GDP of Germany, the world's third-largest economy. The average valuation has also increased from 59.883 trillion yuan to 78.276 trillion yuan, a year-on-year growth of 30.71%.

In his article "Why Private Equity Wins: Reflecting on a Quarter-Century of Outperformance," Dawson Management Partner Yann Robard also points out that the private equity market has created value about three times that of the stock market over the past 25 years. In other words, the stage where real excess returns are created often occurs before going public.

Taking the current global number one unicorn, SpaceX, as an example, Maixing MSX's exclusive analysis has found that its primary market valuation was only $180 billion in 2024. It then steeply climbed, and by early 2026, after completing the stock-for-stock integration with xAI, the private valuation had reached $12.5 trillion, a six-fold increase in just 2 years.

Unlike the public market, the price of SpaceX's private equity transfer has also soared from around $56 per share in October 2021 to around $527 per share in February 2026, nearly a 9x increase over 4 years.

It can be said that the equity of pre-IPO unicorn companies has always been a super Alpha in global asset allocation. Everyone knows this well, but in this trillion-dollar scale, rapidly growing valuation track, the entry barrier is very high:

High Financial Barrier: Starting at "millions of dollars": The entry fee of tens of thousands to millions of dollars directly discourages 99.9% of individual investors;

Liquidity "Opportunity Cost": Once invested, funds are often locked up, sometimes for 5-10 years, making it difficult to cash out;

Extreme Allocation Inequality: "Hot items" like OpenAI, SpaceX, and ByteDance are highly sought after, and the quota is always circulating within the small circle of top PE and VC firms;

In other words, this is a trillion-dollar scale, high-potential-return market that has long been open only to institutional investors and ultra-high-net-worth individuals.

This is also why, in June 2025, when internet brokerage giant Robinhood offered OpenAI and SpaceX "stock tokens" trading to European users, the market paid close attention, seeing it as a large-scale traditional internet brokerage's first attempt to tokenize private equity assets.

Because it sent an important signal: using RWA to tokenize and break down the barriers of the primary market, mapping real equity to on-chain divisible tokens, the limitations of entry barriers, liquidity restrictions, and exit efficiency could all be redefined.

II. Teaming Up with Republic, How Will MSX Break Down the "Pre-IPO" Barrier?

Today, MSX has formed a strategic partnership with the U.S. compliant asset tokenization platform Republic, launching a Pre-IPO zone to provide tokenization services for private equity of top global unicorns such as SpaceX and ByteDance to eligible platform users. The initial quota size exceeds tens of millions of dollars, covering more than 10 top global unicorns. The specific target list and release details will be announced when the platform officially launches.

However, when faced with this kind of "Pre-IPO" equity on-chain, your first reaction may be: Is it secure? Is it legal? Is it just "virtual mapping"?

Here, it is necessary to first supplement the background of Republic. As a compliant private securities platform operating under the oversight of the U.S. Securities and Exchange Commission (SEC), Republic has long provided a private equity financing channel for global investors, aiming to help individual and institutional investors participate in the private markets and alternative assets that were usually only open to a few professional investors before. Its private assets are held through regulated third-party custody providers (such as licensed entities like BitGo Trust Company).

It is worth noting that Republic is also the behind-the-scenes core service provider for Robinhood's launch of the pre-IPO unicorn stock token project in Europe.

Source: Republic

This means that MSX's Pre-IPO Zone is innovating on a mature compliance framework, and users will enjoy a level of service equivalent to the world's top brokerages: All unicorn equity assets are connected through a compliant channel similar to Robinhood, with the underlying shares behind the mapped tokens actually existing, held by regulated third-party custodians, and supported by a legal and asset-backed foundation.

Ultimately, when tokenization technology meets a compliant private platform under SEC regulation, the equity of unlisted giants will no longer be exclusively enjoyed by top-tier venture capitalists.

III. What Does It Mean for Ordinary Users?

The launch of this Pre-IPO product can bring three dimensions of structural changes to ordinary users.

Firstly, it is the "equalization" of access thresholds, bidding farewell to million-dollar entry tickets.

As mentioned above, the starting price in the traditional private market is usually in the hundreds of thousands to millions of dollars, while tokenization can fragment the once-unattainable unicorn shares, allowing eligible ordinary users on the Maixing (MSX) platform to sit at the same table with top venture capitalists at an extremely low threshold, equitably sharing the premium on the future secondary market growth of SpaceX or ByteDance.

Secondly, it is the "origin" of valuation advantage, avoiding the emotional tax of the secondary market.

It is well known that the first-day or early-stage surge of an IPO often comes with a huge emotional bubble, and retail investors often enter at a high price point. Participating in the Pre-IPO stage means capturing the closest valuation range to reality. In short, ordinary users can finally complete their layout at the undervalued stage before a company goes public, rather than acting as bagholders in the post-listing frenzy.

Lastly, there is the "reconstruction" of the liquidity structure, breaking the N-year locked-in imagination space.

The most headache-inducing aspect of traditional private equity investment is the 5-10 year exit lock-up period. To address this pain point, Matrix MSX plans to take the lead in launching high-quality Pre-IPO targets with a short-term redemption mechanism, and will continue to explore more technical paths to enhance asset liquidity in the future, potentially reconstructing the exit logic of the primary market.

Final Thoughts

The launch of the "Pre-IPO" zone also marks Matrix MSX's tokenization of US stocks, which has deepened from "secondary market asset trading" to "primary market share distribution."

In the global trend of asset securitization, Pre-IPO tokenization has become a widely discussed focus for the next stage. As one of the earliest platforms to deeply cultivate the tokenization of US stocks globally, from breaking the threshold restrictions on US stock trading to now dismantling the wall of private equity, MSX has always been committed to one thing:

Giving ordinary people the opportunity to share in the growth dividends of this era's most scarce high-quality assets.

Just as five years ago, ordinary people could not imagine being able to instantly buy and sell US stocks through a blockchain wallet; before today, you may have equally found it hard to imagine becoming a "shareholder" of SpaceX or ByteDance at a very low threshold.