One of the best essays I've seen on the Pre-IPO and "tokenized startups" scene.
I remember there was a @bgurley quote from not too long ago that the IPO cycle has been "hijacked" by growth equity.
The door is open today to reinvent the IPO, and reinvent what it means for everyday investors to get exposure to the most exciting companies of our era. Tokenization, Pre-IPO perps, SPVs, Closed-End-Funds are all natural market reactions in this directions.
In the last year or so, TGE tokens have been going through an identity crisis. Reinventing the IPO may well become generational mission for tokens. The road is long, but as long as we march with purpose we will get there.
SDMC vault update
We opened with a $3m cap and received around $40k in deposits.
That was not enough to run the allocation route properly, so we’re refunding everyone.
Claims are live in the dashboard.
As a thank you to early depositors, we’re adding a one-time 5% bonus on deposited capital.
This is not APY, not a recurring yield, and should not be expected for future vaults.
Based on how SDMC traded, the modeled vault outcome would likely have been higher if we had proceeded, but the deposit size was too small to run the route properly.
Not the result we wanted, but a useful first launch.
We’ll clean up what was confusing and come back with the next vault.
first OpenStock vault update from my side
SDMC is up around 100% since we launched the vault ~1.5 weeks ago
unfortunately our vault did not go up 100% because we launched with almost no marketing and an 8 hour deposit window
very smart
most crypto people didn’t know SDMC
most people didn’t understand the HK IPO setup
we got ~$40k on a $3m cap
the IPO was oversubscribed, so we expected around 40% allocation on the $3m
but you still need to commit the $3m to get that allocation
with $40k, the route didn’t make sense to run properly
so everyone is being refunded + a one-time 5% bonus on deposited capital
no exposure was taken
next vaults need to be shown as coming soon earlier, with more education before deposits open
these windows probably won’t last forever
good market, bad launch
we go again
i have no idea if this will be a good trade but i find it interesting enough to try it out
openstock gives access to companies due to IPO in HK shortly before they go live (via brokers they have relationships with)
it's quite hard for retail to get access to these, usually only via lottery, and the last ones pumped quite hard on opening
MiniMax +109%,
Victory Giant +50%
Mixue +47%
Mao Geping +77%
the vault sells on day 1 and re-distributes proceeds to investors
OpenStock is live.
First vault: SDMC.
12 hours. $3m cap. Deposits on Ethereum, Base and Solana.
Most pre-IPO products let you trade someone’s guess.
Perps, IOUs, synthetic markets, “price exposure”, etc.
OpenStock is trying something different:
a capped vault tied to an actual IPO allocation route.
Users deposit stablecoins, the vault tries to secure allocation, and after listing redemption is based on actual execution.
Still risky.
Allocation can be partial. Stock can trade badly. Execution can be worse than expected. You can lose money.
Pre-IPO means before IPO, not before risk.
Why Hong Kong first?
Active IPO calendar, short event windows, real demand, and allocation scarcity.
Also because starting with OpenAI/SpaceX secondaries and 900 legal problems felt like a bad first level.
Contracts audited by 0xMacro: Polynomial A-10, May 17, 2026.
Read before depositing. Or at least pretend to.
SDMC vault backgrounder:
https://t.co/nSculasAAb
Audit:
https://t.co/GYjf2g3RHz
Openstock is live.
You can now subscribe to a Hong Kong AI IPO with USDC and a wallet.
Deposits open on @ethereum, @base and @solana.
First vault: SDMC. $877M HKEX listing. $3M cap. 10 hour window.
$4 trillion sits in private markets.
the best companies in AI, robotics, semis and biotech are compounding behind closed doors and global retail has no clean way in.
most RWA products tokenize things you already have access to. we're building access to things you don't.
introducing @OpenstockInc
$4 trillion sits in private markets.
the best companies in AI, robotics, semis and biotech are compounding behind closed doors and global retail has no clean way in.
most RWA products tokenize things you already have access to. we're building access to things you don't.
introducing @OpenstockInc