Pre-IPO market exposure has emerged as one of the fastest-growing classifications in tokenized finance; to date, the infrastructure has not kept pace with the demand, according to new research published today by global digital asset market maker DWF Labs. DWF Labs is a famous, high-frequency cryptocurrency investment firm and market maker.
Pricing premiums of 20-40% over previous-round valuations, clear redemption mechanisms, and the absence of short-side counterforces leave investors essentially revealed when underlying firms eventually price in the public market, positioning the platform that solves for liquidity first to grasp an outsized share of the next market cycle. “The Pre-IPO Gold Rush” report checks the three exposure structures that have come for retail investors, finding access to private firms.
Pre-IPO Shares Gain Momentum Amid Growing Interest in AI and Crypto Sectors
SPV-backed tokens, synthetic perpetual contracts, and registered closed-end funds, and find material distinctions in backing, redemption, fees, and management across all three exposures. A $160 billion in IPO proceeds estimated this year, the report states that the market structure for pre-IPO exposure remains undeveloped and unproven at scale.
There are some important key findings, such as companies are staying private significantly longer, three structurally distinct exposure types have emerged, Pre-IPO shares trade at persistent 20-40% premiums, Demand has clustered around crypto, Artificial Intelligence (AI), and Fintech. According to estimate time from founding to IPO has doubled from 4-5 years in the 1990s to nearly 12 years today, gathering the most valuable growth phase behind private markets.
Pre-IPO Investment Innovation Accelerates with Blockchain Infrastructure
Andrei Grachev, Managing Partner at DWF Labs, said the research indicates a fast-developing structural mismatch between investor demand and the available infrastructure for accessing pre-IPO companies. He further said, “Companies are staying private significantly longer, with the average time to IPO doubling since the 1990s.
This concentrates the most valuable growth phase behind private markets, driving retail demand toward on-chain alternatives. Hiive’s average transaction size on the platform exceeded $1 million in 2025, signalling that its market largely serves institutional buyers. Retail demand for pre-IPO exposure remains an underserved market, and competition has begun to emerge on-chain.”
It is a platform where durable value will accrue as the market matures, he further said, “As we see appetite grow beyond a retail level, a huge opportunity is present for a platform that can solve for liquidity and all the risks outlined in this report. The platform solving for liquidity will win in the short term, but regulation remains key in the long term.”
