Injective has started offering on-chain pre-IPO stocks for OpenAI, SpaceX, and Anthropic, giving retail investors a shot at shares in three of the most closely watched private companies. The blockchain platform's move targets a corner of finance that has long been limited to venture capital firms and accredited institutions.
Tokenized Private Equity Goes Live
The tokens represent equity in OpenAI, the AI research lab behind ChatGPT; SpaceX, Elon Musk's rocket company; and Anthropic, a rival AI startup. They're traded on Injective's decentralized exchange, where users can buy and sell fractional ownership. Until now, ordinary investors could only access these names indirectly, through funds or secondary markets with high minimums.
Injective says the goal is to democratize access to high-demand private equity. The launch taps into a growing appetite for pre-IPO exposure, especially among crypto-native traders who want to diversify beyond digital assets.
What the Launch Means for Investors
For the first time, someone with a wallet and an internet connection can hold a tokenized slice of a company that might go public at a multi-billion-dollar valuation. The tokens are priced based on the latest private market rounds and secondary trading activity. Injective handles the custody and settlement on-chain, which cuts out traditional brokerages and custodians.
But there are risks. Private company valuations can swing wildly, and liquidity for these tokens may be thin. Injective doesn't provide any guarantee of a future IPO or a buyback.
Regulatory Norms Under Pressure
Offering pre-IPO stocks to the public pushes against securities laws in most major jurisdictions. The U.S. Securities and Exchange Commission, for example, requires private placements to be limited to accredited investors. Tokenizing those same shares and selling them on a decentralized platform tests those boundaries.
Injective hasn't disclosed whether it obtained any regulatory exemptions or is relying on a particular legal framework. The project is based on a public blockchain, which means trades are pseudonymous and cross-border—two factors that make enforcement tricky.
The launch could force regulators to clarify how tokenized private securities fit into existing rules. If the tokens gain traction, other platforms may follow suit, creating a parallel market for pre-IPO equity that operates outside traditional gatekeepers.
Live and Trading
The tokens are already available on Injective's exchange. Users can trade them against USDT and other stablecoins. The company has not announced any plans to add more companies, but the infrastructure is in place to expand the offering.
