AIHacker Noonabout 2 hours ago
Tokenized Pre-IPO Stocks Fail Oversubscription Test
11 min read
Tokenized pre-IPO shares collapsed twice in summer 2026 when platforms lacked actual shares to meet demand. SpaceX's June IPO at $135 per share drew $250 billion in orders, but campaigns failed and refunds went out. OpenAI and Anthropic declared unauthorized SPV transfers void, with tokens falling nearly 40%.
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