Karla Barker 
A new report from DWF Labs, a global digital asset market maker, reveals a booming but underserviced market for pre-IPO exposure in tokenized finance. The demand, particularly in the AI and crypto sectors, has outpaced the infrastructure meant to support it.
Investors Paying Hefty Premiums for Pre-IPO Access
The report, titled “The Pre-IPO Gold Rush,” finds that investors are paying premiums of 20% to 40% over previous-round valuations to access shares of private companies before they go public. These high costs, combined with clear redemption mechanisms and a lack of short-selling options, leave investors exposed when those companies eventually list. This creates a big opportunity for any platform that can solve the liquidity problem first.
Three Structures for Retail Investors
DWF Labs identified three main ways retail investors are getting pre-IPO exposure: SPV-backed tokens, synthetic perpetual contracts, and registered closed-end funds. Each structure has major differences in backing, redemption policies, fees, and how they’re managed. The report notes that while an estimated $160 billion in IPO proceeds is expected this year, the market for pre-IPO exposure is still undeveloped and not proven at scale.
Key Findings: Longer Private Periods and Clustered Demand
One key finding is that companies are staying private much longer. The time from founding to IPO has doubled from around 4-5 years in the 1990s to nearly 12 years today. This keeps the most valuable growth phase hidden in private markets. Demand for pre-IPO shares has clustered around crypto, AI, and fintech, and these shares trade at persistent 20-40% premiums.
Blockchain Infrastructure Under Pressure
Andrei Grachev, Managing Partner at DWF Labs, said the research shows a clear structural mismatch between investor demand and the available infrastructure. He noted that with companies staying private longer, retail interest is pushing toward on-chain alternatives. He pointed to Hiive, where the average transaction size exceeded $1 million in 2025, suggesting that market still largely serves institutional buyers. Retail demand for pre-IPO exposure remains an underserved market, though on-chain competition is starting to emerge.
Grachev added that the platform which can solve for liquidity first will likely win in the short term. But he stressed that regulation will be the key factor in the long term.