Openstock

Internet-native ownership infrastructure for private markets by @polynomialfi

[Jay Yu 🐟 @0xfishylosopher]

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.

[Openstock @OpenstockInc]

@Babadook349 there is referral for each vault

you can only refer people if you deposit

[Openstock @OpenstockInc]

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.

[lito @litocoen]

bummer this pre-IPO trade didn't get settled because the vault didn't meet the min. size requirements

would have done +100%

[f(gautham)💤 @gauthamzzz]

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

[lito @litocoen]

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 @OpenstockInc]

some people are annoyed IPO access might become less private.

sorry for disrupting the ancient capital markets ritual of “text a guy”.

[Openstock @OpenstockInc]

@zerion @PolynomialFi @ethereum @base @solana ✨

[Openstock @OpenstockInc]

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

[Polynomial @PolynomialFi]

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.

[Openstock @OpenstockInc]

openstock is just trying to make ipo allocation slightly less like joining a secret society

[Bonna | U酪乳 @bonnazhu]

Pre-IPO Perp 含金量还在上升
最近有 @tradexyz 在 $CBRS 上的大获全胜
也有 @StableStock 做港股打新带来的快速增长
还有 @OpenstockInc 这样的打新 Vault 冒出来
想再多聊几句，分享一下为什么我个人觉得：

On-Chain Pre-IPO 未来会是常态，也是超级PMF

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1、需求角度来讲：Pre-IPO > Crypto Pre-Market

虽然两者目前主要的表现形式都是 Perp，

但前者的需求属性更强，后者的宣传属性更强，

You See, 传统 IPO 的整个流程几乎都是封闭的：

- 路演（只对机构开放，由投行评估谁适合参与）
- 簿记（非公开价格发现，只有投行知道报价）
- 定价（投行根据簿记确定发行价，几乎都抑价发行）
- 分配（投行决定谁能买、能买多少，纯靠关系）

几乎都是投行中心化操作和分配的，并且由于美国没有公开面向个人投资者的 IPO 打新制度（不像亚洲如香港等地有明确的散户公开认购机制），都是承销商获得一定额度后自行分配（也大多不是抽签摇号，不像亚洲），因此大部分普通人的归宿都是只能等到纽交所和纳斯达克开盘后才能买，而那时候 IPO Pop 涨幅已经被吃完了，因而这块被压抑的需求是非常大的。

相比而言，Crypto 虽然筹码也基本集中在 VC 和团队手里，但由于大部分项目冷启动需要依靠社区，因而散户其实有各式各样提前获得敞口的方式，尤其是 Points、Airdrop。也因为 Crypto 本身就有做公募的传统，相当于让你直接参与打新。这种情况下，Crypto Pre-Market 的存在更像是一个价格预期的宣传，甚至是为了提前让一部分无锁的早期筹码完成换手，减轻 TGE 当天的抛压，需求属性没有那么强，本身就不是为了让用户来买的。

即，Pre-IPO 未被满足的需求 > Crypto Pre-Market

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2、供给角度来讲：Pre-IPO Perp 天然具备冷启动条件

一个市场形成的前提，是天然有明确的多空双方画像。

有自发多空双方的市场，价格发现也往往更为充分。

Pre-IPO Perp 市场里，做多方是希望参与打新的用户。

那是谁来充当做空那一方？

答案是有 IPO 额度和货的机构（Cornerstone Investors）

他们的动机明确，Short Perp 可以吃到三层收益：

- 锁定利润（发行价格入场，二级市场价格退出）
- 资金费率（因为链上需求几乎都是做多）
- 做市价差（跑流动性，还能吃Bid-Ask Spread）

有意思的点是，虽然 IPO 额度本身没有硬性锁仓要求，但如果你 Day 1 就抛售，投行下次很可能就不给你额度了。所以大机构一般会表演性地持有一段时间来维护关系，或者通过其他方式来锁定利润，但都比不上 Pre-IPO Perp 这种匿名的，还能提前锁定利润的通道，差远了。

所以我看到的是机构非常大的参与动机，

以及 @HyperliquidX @tradexyz 这类 Venue 巨大的赢。

反观 Crypto Pre-Market，供给端就薄得多。有货的人要么是项目方（控筹需求，不会上所前主动提供太多流动性），要么是 VC（基本都锁好几年，没有动力也没有能力这么早去 Hedge 和 Lock Profit），剩下就是空投农民，靠他们提供流动性是不现实的。所以 Crypto Pre-Market 的供给方又小又分散，和 Pre-IPO Perp 的机构级供给完全不在一个量级。

这也是为何我觉得，Pre-IPO Perp 的价格发现和定价充分得多，而 Crypto Pre-Market，更多还是一个项目方价格预期的宣传机器。

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3、亚洲视角：On-Chain Pre-IPO 并不只有 Perp

不过，理论上 Perp 也不是参与 Pre-IPO 的唯一路径。

至少这里面会有一个地域性的差异。

对于美国来说，Perp 或许是最合适的工具，因为美国没有制度化的面向个人的 IPO 打新机制，普通人拿不到额度，只能通过 Perp 来合成敞口。

但亚洲不一样。香港、中国大陆等市场本身就有制度化的散户公开认购机制，以及根深蒂固的打新文化，"打到就是赚到"几乎是一种集体心智。

因此对亚洲市场来说，在 Perp 之外，其实还有另一条，

如 @OpenstockInc @StableStock 他们走的路，在链上直接提供打新通道，而这条路和 Perp 的差别是巨大的：

1）Perp 赚的本质还是价格发现错位的钱

在一支股票正式登陆交易所之前，你做多就是在投机开盘价。你的入场价大概率是已经高于 IPO 认购价的，唯一赚钱的方式是市场仍然低估了它，即开盘后价格能飞得更高。 $CBRS 就是这种情况，Perp 开在 $180，已经比最初的 IPO 定价区间高了近 100%，但纳斯达克最终开盘 $350，所以做多还是赚了。但这不是每次都会发生的。

2）直接提供打新通道赚的是 IPO 抑价发行套利的钱

核心是锁定 IPO 发行价成本。只要 IPO 是抑价的（而我们知道全球的投行在 IPO 定价上几乎都是抑价发行，尤其在亚洲），拿到额度就几乎等于赚钱。一些典型的港股 IPO 就很能说明问题，MiniMax 首日涨幅 109%、Victory Giant 50%、蜜雪冰城 47%、毛戈平 77%+，即便是宁德时代这种超大盘股也有 16%，且大部分利润都发生在上市那天。这些不是个例，是亚洲 IPO 市场的结构性特征：抑价发行 + 散户公开认购 = 拿到额度就赚。

直接提供打新通道，所做的就是把这个逻辑产品化。

当然，此模式核心壁垒不在技术。能拿到多少额度，决定了平台端这边能做多大。这本质上是一个关系和渠道驱动的业务，和 Perp 那种直接上就完事了的模式在扩展性上还是有不小的距离，能不能规模化还有待观察。

但作为一个新的方向，非常值得关注。

[f(gautham)💤 @gauthamzzz]

this is what we're building next.

waitlist open now.

[Openstock @OpenstockInc]

the onchain market for pre-IPO access is open.

waitlist live.

first vaults next week.

[Polynomial @PolynomialFi]

$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

[Polynomial @PolynomialFi]

$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

[Openstock @OpenstockInc]

@dberenzon stablecoins made money internet-native. ownership is next.

[Openstock @OpenstockInc]

ownership is moving onchain