I noticed something interesting happening in the market right now. In recent years, we've seen stablecoins, U.S. Treasuries, funds — basically everything being tokenized and traded on the blockchain. But the primary market, where unicorns like SpaceX, ByteDance, OpenAI are involved, remained closed. It was easy to trade Tesla on-chain, but trying to get a share of SpaceX before the IPO? That was a different story.

Until things started to change. Robinhood testing private stock tokenization in Europe, Hyperliquid launching perpetuals for unlisted companies, and just now, MSX opening an entire on-chain pre-IPO section with SpaceX, ByteDance, and others. Different paths, but the same direction: the primary market is finally opening up to blockchain.

The point is, there has always been a clear logic: big investors get in before the market opens, buy shares at a certain price, and when the company goes public, they make big profits. Figma went from $33 to $115 on the first day — a 250% gain. Bullish also made nearly 290%. Who got in early? They took most of the cake. But the rest of us? We stayed out, waiting for the IPO to jump in.

Then the obvious question arises: if blockchain managed to fragment regular shares and let anyone trade them, why not do the same with pre-IPO shares?

Now there are two different ways to do this. One is simpler: perpetual contracts. Like Hyperliquid did — you're not actually holding SpaceX shares, you're betting on the price. Minimal entry, no bureaucracy, instant liquidity. The downside? You have no real rights over anything, you're just speculating. And there's that regulatory issue: isn’t this just a disguised derivative?

The other route is more complicated but more legitimate: you actually hold tokens backed by real shares. Robinhood in Europe did this with Republic, creating a structure where the shares are stored in a regulated custodian institution, and then you have a token representing something real. Safer, more legal, but much more complex to implement.

What’s happening now is that these two approaches are consolidating in parallel. Hyperliquid goes for extreme liquidity. Robinhood and MSX are building the more institutional, serious version, with real compliance. Interestingly, both are right for different contexts.

But what really matters is that MSX is doing in Asia what Robinhood did in Europe — creating a true on-chain entry point for the pre-IPO market. Minimum of 10 USDT to start. Anyone can participate. No need to be a qualified investor, no need for tens of thousands of dollars.

This changes the game because it finally aligns two interests that have always been misaligned. Ordinary users want to participate in the growth of these unicorns before they go public. Private equity investors want liquidity and access to a global capital pool they’ve never had before. With on-chain tokenization, both can get what they want.

Honestly, I think in the next 3 to 5 years, this will become a dominant asset class. The technology is ready, the infrastructure is ready, the regulatory framework is becoming clearer. What’s missing now is more platforms having the courage to do what Robinhood and MSX are doing — create a replicable path.

But it’s not guaranteed. It depends on whether risk control will be truly reliable, whether bilateral liquidity will really work, whether more players will enter this game. 2026 will be the year we find out if on-chain pre-IPO is just hype or if it will truly redefine how we access capital markets.