What is the most attractive aspect of Pre-IPO investment?

Perhaps it lies in the fact that it is precisely at a window where the value of a unicorn is gradually becoming visible but has not yet been fully priced by the public market. At this time, technology begins to be validated, the business path gradually becomes clear, yet the ultimate value discovery is still ongoing.

In recent years, this window has been becoming increasingly important.

A number of the world's most watched unicorns, such as SpaceX, OpenAI, and Anthropic, have completed large financings and valuation leaps before going public. Consequently, how to allow investors to gain core equity exposure before the giants ring the bell has become a core demand of the global capital markets.

On August 31, 2026, MSX Maitong will also open subscriptions for its third phase Pre-IPO project.

Compared to its initial launch five months ago, the starting point this time is already different: the first two phases have moved from subscription and holding to listing or repurchase, and the first round of product closure has begun to receive actual validation.

On this basis, the third phase will push the asset boundaries further to two super unicorns that are highly representative of the times: Neuralink and Anduril.

1. From Going Public to Premium Repurchase: MSX Pre-IPO Completes "Full Process Closed-Loop Validation"

On March 2, 2026, MSX Maitong officially launched its Pre-IPO segment and introduced the first phase project.

A few months later, demand for Pre-IPO offerings surrounding leading tech companies rapidly heated up, and various forms of Pre-IPO, Private Equity, and other unlisted asset-related products began to appear in the market.

The underlying logic is not complex.

A group of the most growth-oriented tech companies creates the vast majority of value before going public, and the demand from ordinary investors naturally extends forward to whether they can participate before the company actually IPOs.

However, for any Pre-IPO product, a more important question than "which star companies can be bought" is actually whether this path can truly be followed through after purchasing.

In the past 5 months, MSX Maitong has provided a strong answer through the practical operation of its first two Pre-IPO products.

Among them, MSX Maitong's first Pre-IPO project with Cerebras and SpaceX has fully completed the transaction closed-loop from private share rights confirmation to public market listing:

• Cerebras (CBRS): Users participated in the subscription at a price of 100.35 U, and as Cerebras went public, MSX Maitong simultaneously opened CBRS spot trading, calculating based on the intraday high on the first day of listing, the phase return for early participants once exceeded 300%;

• SpaceX (SPCX): After share adjustments by MSX Maitong, the early subscription cost was about 119 U, while the post-listing price reached 166.85 dollars, peaking at 176 dollars intraday, with a phase increase close to 50%;

Meanwhile, besides the liquidity exit path after listing, another crucial piece of the puzzle during the unlisted phase—the repurchase exit—has also undergone multiple successful validations.

This includes the recent August 20, when MSX Maitong officially opened the repurchase for Pre-IPO phase II projects Anthropic and Polymarket. Eligible holding users can choose based on their judgment to exit and settle for USDT at the current repurchase price or continue to hold, awaiting future valuation changes or an upcoming IPO:

• Among these, Polymarket's performance is the most intuitive, with a prior Pre-IPO subscription price of 152 U per share, the latest repurchase price has risen to 202.67 U per share, yielding approximately 33.3%, which means early participants have the option to convert their book gains into actual exit revenue;

• The second-phase subscription price for Anthropic was 855 U per share, corresponding to a valuation of about 950 billion dollars. Currently, its private market valuation has further increased, and reports have emerged discussing a 2 trillion dollar IPO valuation, allowing investors to choose to continue holding and enjoy the long-term growth dividends of pushing into the public market;

Of course, a 30%, 40% increase in a single project, or even more, does not mean that all Pre-IPO assets will be able to replicate similar performances in the future.

What is truly more worthy of attention is that the two core exit paths have begun to receive validation in succession, and the product chain of MSX Pre-IPO is gradually becoming complete: Target screening → Pre-IPO subscription → Holding → Listing / Repurchase → Liquidity and exit.

This also means that the upcoming third phase has a completely different starting point from the first phase five months ago.

This time, MSX has set its sights on Neuralink and Anduril.

2. Neuralink and Anduril: one connects the human brain, the other enters the battlefield

For the third phase Pre-IPO targets, MSX Maitong has chosen two companies: Neuralink and Anduril.

Although the industries of the two companies seem very distant from each other, they both point towards an increasingly clear change in the next phase of AI: AI is increasingly moving from the digital world into the physical world.

1. Neuralink: If the next generation of AI interfaces is the human brain

In the current narratives of all cutting-edge technologies, Neuralink may be the one with the highest cognitive threshold and the most difficult long-term ceiling to estimate.

Founded by Elon Musk in 2016, Neuralink is a brain-computer interface company. To only see Neuralink as a "medical device company that implants chips in the human brain" undoubtedly underestimates what it truly aims to accomplish.

From implantable devices and flexible electrodes to neural signal decoding and wireless communication, and then to surgical robots responsible for precise implantation, Neuralink has constructed a whole brain-computer interface system from the start.

In the past two years, its most important change has been bringing the brain-computer interface from the laboratory into the human body.

In 2024, Neuralink completed its first human implantation; thereafter, clinical projects have continually expanded. By early 2026, more than 20 participants globally had received implants, marking a significant step from 0 to 1 for Neuralink.

The question has become, if it can truly be accomplished, how big can it ultimately grow?

You see, today, when we have the most ordinary interaction with AI, we still need to go through the path of "brain → hand → keyboard → AI → screen → eyes."

Neuralink's most radical end goal would compress this pathway into "brain ⇄ AI," allowing a person to control computers, phones, robotic arms, and potentially more machines in the future through direct reading of neural signals using "thought."

Currently, healthcare remains the most realistic and crucial entry point.

If brain-computer interfaces can overcome long-term limitations in safety, bandwidth, implantation efficiency, and scalability, the market corresponding to Neuralink might already be impossible to simply measure using today's any medical device industry's TAM.

What it is ultimately competing for may be the Human × AI Interface, a new generation of interfaces between humans and AI.

This is also why its valuation is rapidly changing—during the Series E financing in 2025, the company's valuation was about 9.65 billion dollars; entering 2026, some private market trades and buyer quotes have pushed the valuation to several tens of billions of dollars.

Capital is pre-pricing for a future that has not yet fully materialized.

In a sense, today’s Neuralink easily reminds one of an earlier SpaceX phase, which also could not be explained by traditional aerospace company valuation models.

What drives its continually rising value is not every timetable accurately fulfilled, but rather Musk proving time and again that some engineering problems previously deemed almost impossible to commercialize can indeed be turned into products and then into industries.

Neuralink may be Musk's most challenging bet to date.

And because of this, the imagination surrounding Neuralink is equally vast—it has proven a part of the things, but the parts that truly determine the upper limits of its valuation are still far from fully proven.

2. Anduril: AI is reshaping the "execution level" of defense

If Neuralink is bringing AI into the human brain, then Anduril is making AI truly enter the battlefield.

Founded in 2017, the most well-known products of Anduril were border surveillance and anti-drone systems.

In less than a decade, the company has expanded its product line to include unmanned combat aircraft, cruise missiles, underwater unmanned systems, anti-drone defenses, solid rocket engines, and the AI command and control platform Lattice at the core of the entire system.

Thus, today viewing Anduril solely as a "drone company" is obviously inadequate; what it is genuinely challenging is the traditional military-industrial system that the United States has upheld for decades.

Traditional defense industries often entail long R&D cycles, high costs, and a relatively fragmented procurement and development system between hardware and software, whereas Anduril brings a logic closer to that of Silicon Valley: software-first, AI-driven, autonomous, rapid iteration, and scalable manufacturing;

If Palantir has proven that AI can deeply penetrate the decision-making layer of the defense system to assist in processing data, forming judgments, and supporting decisions, then Anduril represents a forward march: entering the execution level of defense, connecting sensors, drones, fighter jets, and weapon systems, and participating in mission execution.

This is also the reason why the capital market is re-defining Anduril.

By 2025, the company’s revenue had reached about 2.2 billion dollars; entering 2026, the U.S. Army had established a corporate procurement framework with them worth up to 20 billion dollars over ten years, allowing Anduril to transition from a Defense Tech Startup constantly vying for single military contracts to a more long-term, scaled U.S. defense procurement system.

At the same time, the company is advancing the Arsenal manufacturing system, further overcoming the most challenging capability for military startups—mass production.

In other words, what Anduril seeks to do is combine "AI + Autonomy + Software + Hardware + Manufacturing" to create a new defense industrial platform.

The valuation is also reflecting this identity shift:

• In 2022, Anduril's valuation was about 8.5 billion dollars;
• In 2024, about 14 billion dollars;
• In 2025, about 30.5 billion dollars;
• By May 2026 during the Series H financing, the valuation had risen to 61 billion dollars;
• By August, the implied valuation corresponding to the Forge private market reference price had further surpassed 110 billion dollars;

This is not exactly inexpensive.

However, for Pre-IPO investors, Palantir has already proven that the capital market is willing to pay a valuation premium far exceeding that of traditional military-industrial companies for "AI + Defense + Platform Capability."

What Anduril is competing for is the next round of similar identity reassessment.

3. Pre-IPO, Focusing on Early Opportunities Not Fully Priced by the Market

Overall, although Neuralink and Anduril are in completely different industries, putting them together reveals a very similar aspect: the market is trading on what they might become in the future.

Neuralink is evolving from a "brain-machine interface medical company" towards a potential Human × AI Interface; Anduril is transitioning from a "defense tech startup" into a potential AI + Defense Platform.

This is also a common main thread worth noting when Neuralink and Anduril are simultaneously included in the MSX Pre-IPO third phase:

The next round of value creation for AI may not only take place within models and screens.

From the first phase to the third phase, the asset boundaries covered by MSX Pre-IPO continue to expand. From Cerebras and SpaceX to Anthropic and Polymarket, and now to Neuralink and Anduril, the directions covered have extended from AI computing power and commercial space to generative AI, prediction markets, brain-computer interfaces, and AI military engineering.

But more important than industry labels is a gradually clear asset selection logic behind it—that is, MSX Maitong Pre-IPO will continue to search for leading unlisted companies that have completed some technological or commercial validations but are still before being fully priced by the public market.

Ultimately, the value of Pre-IPO has never only been "buying earlier than an IPO."

Because "earliness" itself does not necessarily mean being inexpensive or yielding returns.

What is truly important is to judge whether a company is crossing a node capable of changing the future valuation structure while its technological capabilities, business scale, and market identity are still rapidly changing.

After all, changes in a company's identity often also mark the beginning of changes in the valuation system. Just like SpaceX is no longer just a rocket company, and Palantir is no longer just seen as a government software contractor.

When the market begins to re-understand what a company "is," it is often the time when the most significant round of value reassessment occurs.

Of course, this also implies a higher degree of uncertainty.

Neuralink still needs to face long-term tests of clinical, safety, regulatory, and commercialization cycles; Anduril also must continue to prove that large-scale orders and procurement frameworks can ultimately translate into sustained revenue and profits, and absorb the significantly increased valuations in the private market.

This aspect is equally not to be overlooked in all Pre-IPO investments.

In Conclusion

Good Pre-IPO assets rarely emerge after all the answers have been revealed.

Because when technology is fully mature, business models are thoroughly validated, and growth paths become clear, the public market has often already completed the most important round of pricing.

What is truly worth observing are those companies that are changing their own identities:

• SpaceX has gradually grown from a rocket company into a platform-level asset spanning commercial space, satellite communication, and next-generation infrastructure;
• Palantir has also been reinterpreted from a controversial government software contractor into a data and decision-making platform of the AI era;

Today, Neuralink bets on a new form of connection between humans and AI, while Anduril bets on the next defense industrial system of the era of AI.

One focuses on the human brain, the other on the battlefield.

They operate in entirely different industries, yet both stand at similar nodes of value reassessment—the market is curious about what these companies will ultimately become in the future.

For MSX Pre-IPO, the true continuation of the third phase is also this longer-term asset search logic:

To discover platform-level assets that are redefining themselves and may also redefine an industry before the next generation of tech companies are fully recognized by the public market.

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