Essays, analysis, and insights on private equity, tokenization, and decentralized finance.
An Analyst Day is the first time management speaks directly to the institutional investment community before a public filing. SpaceX filed its S-1 confidentially with the SEC on April 1. The public version, which will disclose full financials for the first time, is expected in late May. The roadshow begins June 8. Pricing is June 15.
Everyone has an opinion on SpaceX’s valuation, but until now, no real market. T-SpaceX, an on-chain instrument offering pre-IPO exposure, has generated over $100M in secondary trading volume and implies a $1.54T valuation. More importantly, it reflects a live, market-driven discount on execution risk, offering a real-time price signal before banks, roadshows, or the S-1.
Private equity is a $9T asset class with almost no on-chain presence today. Tessera is targeting this gap by bringing private equity exposure on-chain with $1 minimums, permissionless access, and DEX liquidity—reframing one of the most exclusive asset classes as a globally accessible, composable financial primitive.
