Partnering with Republic, MSX aims to allow the general public to also become shareholders of SpaceX

Have you ever thought about becoming a shareholder in SpaceX or ByteDance before they land on the moon or ring the bell on Wall Street?

In traditional finance, this opportunity is called “Pre-IPO” private equity investment. It usually occurs in the final stage before unicorns like SpaceX and ByteDance go public. At this point, their business models are highly mature, and the risks are much lower than early-stage venture capital. Yet, the returns after the company goes public can still be astonishing—doubling, tripling, or even tens of times.

However, for a long time, this lucrative cake has been exclusively enjoyed by private equity (PE) and venture capital (VC) firms. Ordinary retail investors have been kept outside the highly closed walls, waiting to buy in on the secondary market after the company’s IPO. Ultimately, “Pre-IPO” opportunities have not been accessible to most people.

Now, Ma Tong MSX has decided to break down this wall through tokenization combined with a compliant Wall Street platform.

1. The Trillion-Dollar Cake Inside the Wall: Visible but Out of Reach

Data shows that the “Pre-IPO” market size has long exceeded expectations.

The “2025 Global Unicorn Top 500 Report” indicates that by 2025, the total valuation of the top 500 global unicorns will reach 39.14 trillion yuan, a 30.71% increase year-over-year. This surpasses Germany’s GDP, the third-largest economy in the world. The average valuation has risen from 59.883 billion yuan to 78.276 billion yuan, also up 30.71%.

Dawson managing partner Yann Robard pointed out in “Why Private Equity Wins: Reflecting on a Quarter-Century of Outperformance” that over the past 25 years, the value created by the private equity market has been about three times that of the stock market during the same period. In other words, the stage of generating excess returns often occurs before the company goes public.

Taking SpaceX, currently the world’s top unicorn, as an example, Ma Tong MSX’s exclusive analysis shows that its primary market valuation in 2024 was only about $180 billion. By early 2026, after the stock swap integration with xAI, its unlisted valuation soared to $1.25 trillion—an increase of six times in just two years.

Meanwhile, the private transfer price for SpaceX in the private market also surged from about $56 per share in October 2021 to approximately $527 per share in February 2026—almost nine times in just under four years.

It can be said that shares of unlisted unicorns have always been a super Alpha asset in global asset allocation. Everyone knows this, but access to this trillion-scale, rapidly appreciating track has very high barriers:

• Capital threshold often starting at “hundreds of thousands” of dollars: Entry fees of hundreds of thousands or even millions of dollars effectively exclude 99.9% of individual investors.
• Opportunity cost of liquidity: Once invested, funds are often locked up for 5-10 years, making liquidity difficult.
• Extreme unfairness in distribution: Hot assets like OpenAI, SpaceX, and ByteDance are always in high demand, with quotas circulating only within top PE and VC circles.

In other words, this is a market worth trillions with high potential returns, but it has long been open only to institutional investors and ultra-high-net-worth individuals.

This is also why, in June 2025, when Robinhood, a major internet brokerage, offered European users the ability to trade OpenAI and SpaceX “stock tokens,” the market paid close attention. It was seen as the first large-scale attempt by a traditional internet broker to tokenize private assets.

Because it sent an important signal: by tokenizing RWA (Real-World Assets) and removing the barriers of the primary market, mapping real equity into divisible on-chain tokens, the limitations of access, liquidity, and exit efficiency could be redefined.

2. Partnering with Republic: How MSX Breaks Down the “Pre-IPO” Wall

Today, Ma Tong MSX has reached a strategic partnership with the US-compliant asset tokenization platform Republic. They will soon launch a Pre-IPO zone, providing private equity tokenization services for qualified platform users for top unicorns like SpaceX and ByteDance worldwide. The initial quota exceeds ten million dollars, covering more than ten global unicorns. Details about the specific targets and release limits will be announced upon official launch.

However, when it comes to on-chain “Pre-IPO” equity, your first question might be: Is it safe? Is it legal? Or is it just a “virtual mapping”?

Here, it’s important to clarify Republic’s background. As a compliant private securities platform operating under the US Securities and Exchange Commission (SEC), Republic has long provided private equity financing channels for global investors. It aims to help individuals and institutions participate in private markets and alternative assets that are usually only open to a select few professional investors. All private assets are held by regulated third-party custodians (such as BitGo Trust Company).

It’s worth noting that Republic was also the core service provider behind Robinhood’s unlisted unicorn stock token project in Europe.

Source: Republic

This means that MSX’s Pre-IPO zone is built on a mature, compliant framework. Users will enjoy services comparable to top global brokerages: All unicorn equity assets are connected through compliant channels equivalent to Robinhood, with the real shares behind the tokens backed by regulated third-party custodians, providing legal and asset support.

Ultimately, when tokenization technology meets compliant private platforms under SEC regulation, the equity of unlisted giants will no longer be exclusive to top-tier venture capital.

3. What Does This Mean for Ordinary Users?

The newly launched Pre-IPO product will bring three structural changes for ordinary users.

First, the “equal rights” in access—breaking the high barrier of hundreds of thousands of dollars.

As mentioned earlier, traditional private markets often require tens or hundreds of thousands of dollars to start. Tokenization, however, fragments the previously inaccessible shares of unicorns, allowing qualified ordinary users on the Ma Tong MSX platform to participate with very low thresholds. They can share in the future growth premiums of SpaceX or ByteDance on equal footing with top VCs.

Second, the “source” of valuation advantage—avoiding emotional taxes in the secondary market.

It’s well known that the first-day or early surge of IPOs often involves huge emotional bubbles. Retail investors entering at that stage usually buy at high prices. Participating in the Pre-IPO phase means capturing a valuation closest to the true value. In short, ordinary users can now position themselves at the undervalued stage before the company goes public, rather than being mere bagholders during the hype.

Third, the “reconstruction” of liquidity structure—breaking the long-held lock-in of years.

The biggest headache in traditional private investments is the 5-10 year exit lock-in period. To address this, Ma Tong MSX plans to first introduce high-quality Pre-IPO assets with short-term redemption mechanisms. It will also explore more technical paths to improve asset liquidity, aiming to reshape the primary market’s exit logic.

In Conclusion

The launch of the Pre-IPO zone marks a deepening of Ma Tong MSX’s US stock tokenization map—from “secondary market asset trading” to “primary market share distribution.”

Under the global trend of on-chain assets, Pre-IPO tokenization has become a key focus for the industry’s next phase. As one of the earliest platforms to explore US stock tokenization, MSX has been committed to breaking down barriers—first in US stock trading, now in private equity.

Its core mission remains:

To give ordinary people the opportunity to share in the growth dividends of the most scarce and high-quality assets of this era.

Just five years ago, it was unimaginable for ordinary people to buy and sell US stocks instantly through an on-chain wallet. Today, it’s equally hard to imagine that they can become SpaceX or ByteDance shareholders with minimal investment.