Partnering with Republic MSX aims to make SpaceX shareholders accessible to the general public.

Have you ever considered becoming a shareholder before SpaceX lands on the moon or before ByteDance rings its IPO? In traditional financial terms, this opportunity is called "Pre-IPO" private equity investment. It typically occurs in the final stretch before unicorns like SpaceX and ByteDance officially go public. At this point, the business model is extremely mature, and the risk is far lower than early-stage venture capital. However, the return on investment after the company goes public is still astonishing—at least doubled, and sometimes several times or even dozens of times higher. However, for a long time, this lucrative opportunity has been exclusively enjoyed by private equity (PE) and venture capital (VC). Ordinary retail investors have been kept outside the highly closed walls, mostly waiting to buy shares in the secondary market after the company goes public. Ultimately, the opportunity of "Pre-IPO" has long been out of reach for most people. Now, MSX has decided to cross this high wall through a combination of tokenization and a Wall Street compliance platform. I. The Trillion-Dollar Cake Within the Walls: Visible, But Intangible Data shows that the size of the "Pre-IPO" market has far exceeded expectations. The "2025 Global Unicorn 500 Report" shows that the total valuation of the 2025 Global Unicorn 500 companies reached 39.14 trillion yuan, a year-on-year increase of 30.71%, far exceeding the GDP of Germany, the world's third-largest economy. The average valuation also rose from 59.883 billion yuan to 78.276 billion yuan, a year-on-year increase of 30.71%. In his article, "Why Private Equity Wins: Reflecting on a Quarter-Century of Outperformance," Dawson Managing Partner Yann Robard also points out that the value created by the private equity market over the past 25 years is about three times that of the stock market during the same period. In other words, the stage that truly generates excess returns often occurs before an IPO. Taking SpaceX, currently the world's number one unicorn, as an example, a unique analysis by MSX reveals that its primary market valuation was only $180 billion in 2024, subsequently climbing steeply. By early 2026, after completing the share swap integration with xAI, its private valuation had reached $1.25 trillion, a six-fold increase in just two years. The price of private equity transfers of SpaceX in the off-market also surged from about $56 per share in October 2021 to about $527 per share in February 2026, almost nine times in four years. It can be said that equity in unlisted unicorn companies has always been a super alpha in global asset allocation, a fact everyone is well aware of. However, in this trillion-dollar sector with rapidly growing valuations, the entry rules are extremely unequal: ● The capital threshold often starts at "millions": Entry fees of hundreds of thousands or even millions of dollars directly deter 99.9% of individual investors; ● The "opportunity cost" of liquidity: Once invested, funds are often locked up for 5-10 years, making it difficult to realize profits; ● Extremely Unfair Allocation: For highly sought-after assets like OpenAI, SpaceX, and ByteDance, where buyers line up in droves, quotas are perpetually limited to a small circle of top-tier private equity and venture capital firms. In other words, this is a trillion-dollar market with potentially high returns, yet it has long been open only to institutional investors and ultra-high-net-worth individuals. This is why, in June 2025, when online brokerage giant Robinhood offered European users trading OpenAI and SpaceX "stock tokens," the market paid close attention, viewing it as the first large-scale trial of private equity tokenization by a traditional online brokerage. Because it sent an important signal: using RWA tokenization to dismantle the barriers of the primary market, mapping real equity to on-chain divisible tokens, could redefine limitations on entry barriers, liquidity constraints, and exit efficiency. II. How Will MSX Break Down the Barriers of "Pre-IPO" in Partnership with Republic? Today, MSX officially took over the baton of "investment equality." We have entered into a strategic partnership with Republic, a US-compliant asset tokenization platform, and will soon launch a Pre-IPO zone, providing eligible platform users with tokenized private equity from top global unicorns such as SpaceX and ByteDance. The initial allocation exceeds ten million US dollars, covering more than 10 top global unicorns. Details such as the specific list of targets and the amount released will be announced upon the official launch. However, facing this kind of "Pre-IPO" equity tokenization, your first reaction might be: Is it safe? Is it legal? Is it just a "virtual mapping"? Here, it's necessary to first provide some background information on Republic's project. As a compliant private securities platform operating under the supervision of the U.S. Securities and Exchange Commission (SEC), Republic has long provided global investors with access to private equity financing. It is committed to helping individual and institutional investors participate in private markets and alternative assets that were previously only open to a small number of professional investors. Its private assets are held through regulated third-party custodians (such as licensed institutions like BitGo Trust Company). It's worth noting that Republic is also the core service provider behind Robinhood's launch of unlisted unicorn stock tokens in Europe.

Source: Republic

This means that MSX's Pre-IPO zone is a structural innovation built on a mature compliance framework. You will enjoy services at the same level as the world's top brokerages: all unicorn equity assets are connected through the same compliance channels as Robinhood, the existing shares behind the mapped tokens are real, and they are held in custody by a regulated third party, with a legal and asset support foundation. Ultimately, when tokenization technology meets compliant private equity platforms regulated by the US SEC, the equity of unlisted giants will no longer be the exclusive domain of top venture capitalists. Third, what does this mean for ordinary users? We also firmly believe that the Pre-IPO products launched this time will bring structural changes to ordinary users in three dimensions. First, it "equalizes" the entry threshold, bidding farewell to entry tickets that often cost millions of dollars. As mentioned above, the starting price in the traditional private equity market is usually hundreds of thousands or even millions of dollars, while tokenization can fragment the previously unattainable unicorn stocks, allowing eligible ordinary users on the Maitong MSX platform to sit at the same table as top venture capitalists with a very low threshold and equally share the future growth premium of SpaceX or ByteDance in the primary and secondary markets. Secondly, it's about "source-leveling" valuation advantages, avoiding the emotional tax of the secondary market. It's well known that the surge on the first day or in the early stages of an IPO is often accompanied by a huge emotional bubble, and ordinary retail investors often enter at high prices. Participating in the pre-IPO stage means capturing the closest possible valuation range. In short, you can finally position yourself at a low valuation stage before the company goes public, instead of becoming a bagholder in the post-IPO frenzy. Finally, it's about "restructuring" the liquidity structure, breaking the illusion of N-year lock-up periods. The most troublesome aspect of traditional private equity investment is the 5-10 year exit lock-up period. To address this pain point, Maitong MSX plans to be the first to launch high-quality pre-IPO targets with short-term redemption mechanisms, and will continue to explore more technical paths to improve asset liquidity, potentially completely reconstructing the exit logic of the primary market. In conclusion, the launch of the "Pre-IPO" zone marks a significant step forward for MSX's US stock tokenization strategy, expanding from "secondary market asset trading" to "primary market share distribution." Amid the global trend of asset tokenization, Pre-IPO tokenization has become a widely discussed key area for the next stage of industry discussion. As one of the earliest trading platforms globally to deeply cultivate US stock tokenization, MSX has consistently focused on one thing: enabling ordinary people to share in the growth dividends of the most scarce high-quality assets of this era, from breaking down barriers to US stock trading to dismantling the walls of private equity. Just as five years ago, ordinary people couldn't imagine instantly buying and selling US stocks through an on-chain wallet; before today, you might have similarly found it difficult to imagine becoming a "shareholder" of SpaceX or ByteDance with extremely low barriers to entry. In 2026, we hope to work with everyone to slowly push open that once tightly closed iron gate.