We could have launched our first offering by leveraging a big-name brand. That is what most of our industry does: take a widely recognizsed company and put its name front and center. We chose a different path, starting instead with a plant in Nevada that you have likely never heard of.
The reason is simple. The first offering sets the standard for all subsequent ones, and we wanted to begin with something we could explain in its entirety, from the production facility itself to the legal entity bearing the obligation.
Today, we are opening access to XCFPU. This is a single on-chain unit issued by Capital Rights Holdings I Ltd., with economics tied to the performance of XCF Global, Inc. (Nasdaq: SAFX), a renewable fuel producer. Non-U.S. investors who have passed our vetting process can access it.
The rest of this letter won’t speculate on what the price might be a year from now. Instead, it will cover why we chose this specific company, what exactly you hold when you buy the unit, and what we will not do in this campaign or in future ones. That last point is, in my view, the most important. It is easy to make promises at the outset, so I prefer to conclude not with promises, but with a list of things we have ruled out from the start.
Why this company, first
We spent a long time choosing the first issue because it sets expectations for everything that follows. We could have started with a famous name. Plenty of platforms do. Instead, we chose to start with something we could explain completely, from the plant up.
XCF Global operates the New Rise facility in Reno, Nevada, permitted for a nameplate capacity of up to 38 million gallons of renewable fuel a year. August revenue of more than $10 million from 1.3 million gallons shipped (preliminary, unaudited, company release of 25 September). It is run by Chris Cooper, who previously led the US business of Neste, the largest renewable fuels producer in the world. It files with the SEC like any other listed company, so the risks are written down publicly alongside the progress.
The sector matters as much as the company. Air travel is expected to more than double by 2050. Aircraft will not run on batteries at scale for a long time, so most plans for cleaner flying come down to fuel. Today, sustainable aviation fuel is less than one percent of the jet fuel the world burns, while Europe has already written into law a path to seventy percent. That gap between what is required and what exists is where companies like XCF are trying to build.
I want to be clear about what that paragraph is and is not. It describes a real market with a real shortage. It is not a forecast for any share price, and nobody at PIPO will give you one.
What you actually hold
This is the section I care about most, because this category has failed people before.
Over the past year we have watched tokenized products marketed with a famous company’s name on the front, while the obligation on the back sat with an entity nobody could identify, backed by assets nobody could verify. When those structures were tested, the people holding them discovered that “exposure” is not the same thing as a right.
So here is what XCFPU is, plainly.
A named entity, Capital Rights Holdings I Ltd., issues it. XCF Global is the reference company whose economics the unit is linked to. It is not the unit’s issuer, and holding XCFPU does not make you a direct shareholder of XCF Global.
Each unit contains two components. The first is 1.0 Series S Component, economic participation linked to a designated restricted XCF share unit. The second is a 0.5 Series W Component, half of a warrant-linked component with a fixed strike price and a capped payoff.
Those two parts behave very differently, and the second one deserves an honest sentence of its own. A warrant is a claim on a future price, not a discount on today’s. If XCF’s share price does not rise above the strike before expiry, that component expires with no value. That is not fine print. It is how the instrument works, and you should decide with it in mind.
Everything above is set out in the offering documents on app.pipo.vc, including the risk factors. I would ask you to read them before anything else, including before you read our marketing.
Who can take part, and how
For most investors outside the United States, a small industrial company listed on Nasdaq has always been out of practical reach. Brokerage access, minimum sizes, and settlement arrangements were built for a narrow group of participants. Our work is to change who can participate, not to change the underlying business.
The issue is made under Regulation S, which means it is available only to non-US persons. It is not available to US persons or to residents of the United Kingdom. We confirm eligibility through our screening process, not self-declaration, and we cannot make exceptions or suggest alternative routes.
Once you pass screening and complete a purchase, we credit your units to your wallet. The screening itself can take time, usually because a document has expired or an address is out of date. If you plan to look at this issue at all, I would start there.
What we will not do
A launch letter usually ends with promises. I would rather end with commitments about what we will not do, because those are easier for you to hold us to.
We will not tell you what XCFPU or XCF Global will be worth. Not in our posts, not in our emails, not through the creators we work with. Anyone presenting a price target on our behalf is doing so against our instructions, and we want to hear about it.
We will not describe the instrument as safe, guaranteed or low risk. It is none of those things. You can lose the entire amount you put in.
We will not announce secondary trading until it has been authorised. When there is something to say about markets for the unit, we will say it on the day it becomes true, not before.
And we will not hide the results. When this first issue closes, we will publish our own numbers: how many people took part, what worked, and what did not. If the first issue teaches us something uncomfortable, you will read about it first.
Why this is only the beginning
We built PIPO around a simple idea: an investor should be able to read what they hold before they commit, and the entity on the hook should have a name. XCFPU is the first issue built on that standard. It will not be the last, and every issue after it will be measured against how we handle this one.
Thank you to everyone who has joined the waitlist, asked hard questions in our community and pushed us to explain things more clearly. Keep asking. The questions that are awkward for us are usually the ones that make the product better.
Igor Lipovetsky,
Co-Founder and CEO, PIPO.VC
XCFPU is issued by Capital Rights Holdings I Ltd. under Regulation S and is available only to non-US persons. It is not available to US persons or UK residents. XCF Global, Inc. is the reference company and is not the issuer of XCFPU, and did not prepare this letter. Information about XCF Global is drawn from its public disclosures. This letter is not investment advice and is not an offer to sell or a solicitation to buy any security where that would be unlawful. Instruments of this kind carry risk, including loss of the full amount invested.
