IMO most have over-imagined how much retails want to participate in private investments. Retails want quick and relatively certain return, just like pre-IPOs, they are best fit for retails. Space X, OpenAI? I doubt the demand is huge among retails. Why? They are hyped up but there are huge uncertainties. Not saying there’s no demand, because sth like a Destiny Tech100 (holding 51%+ Space X) does have significant premium to NAV, but liquidity isn’t like insane. Volume isn’t THAT great. Fortnite has been like the biggest gaming title, Epic Games raised a round few years back and there is no sign going IPO, valuations have retraced quite a lot. Klarna? Kraken? It’s been years since last raise and I think IRR might be worse than US stocks. The point is these private investments are actually extremely risky, even if there is trading markets of them, so far I haven’t seen any meaningful liquidity. And tbf it’s difficult because there are literally minimal information to price them so the markets are basically demand supply driven. Anyway, I really think there’s a much better pmf for just launching a platform that trades only pre-IPOs.

Every market is demand supply driven. The point about ‘only demand supply driven’ meant there’s no guidance on pricing. A platform can facilitate trading of Space X, but it’s not like Space X will share more information more regularly because of the existence of the platform.