MSX said it will open its third Pre-IPO subscription window on Aug. 31, 2026, offering products linked to Neuralink and defense technology company Anduril. The launch extends the platform’s attempt to package exposure to late-stage private companies into digital instruments, following earlier offerings associated with Cerebras, SpaceX, Anthropic and Polymarket.
The new window places two companies from sharply different sectors into the same retail-facing product format. Neuralink develops brain-computer interface technology and has moved from laboratory research into early human use. Anduril sells autonomous systems, sensors and command-and-control software to defense customers, giving the offering a direct connection to rising military technology spending.
MSX said participants must hold its native platform token in personal accounts before the subscription event. Allocations would be determined by the size of a participant’s token balance, making access to the private-company products dependent on demand for the platform’s own asset as well as demand for Neuralink and Anduril exposure.
That structure differs from a conventional share offering, where allocations are generally based on cash commitments, underwriting arrangements and investor eligibility. It also creates a second market dynamic: users seeking a larger allocation may buy the platform token ahead of the subscription window, while holders of earlier Pre-IPO products may sell or use buyback facilities to free capital.
Neuralink enters after early human implant program
Neuralink, founded in 2016, is developing implanted devices intended to create a direct communication link between the brain and external hardware. MSX said the company had completed more than 20 human implants by early 2026, following its first reported human implant in 2024.
The company’s technology has attracted attention for its potential medical applications, including allowing people with severe paralysis to control digital devices. The field remains technically demanding and tightly regulated, with progress dependent on clinical testing, safety monitoring and approvals for each proposed use.
MSX cited a 2025 Series E valuation of roughly $9.65 billion for Neuralink. It also referred to later private-market transactions and bids in 2026 that it said placed implied valuations in the hundreds of billions of dollars. Private-company reference prices can vary substantially between fundraising rounds, employee-share transactions and secondary-market listings, particularly where shares have limited liquidity and different rights.
For a tokenized product linked to Neuralink, that valuation gap could become central to trading. A product priced from a recent funding round may look very different from one priced against a secondary-market indication, even when both are associated with the same underlying company.
Anduril’s private valuation has climbed rapidly
Anduril’s inclusion gives the third MSX batch exposure to a company operating in one of the fastest-growing areas of private technology: autonomous defense systems. The company develops surveillance systems, unmanned aircraft, underwater vehicles and software used to coordinate military assets.
MSX said Anduril’s valuation rose from $8.5 billion in 2022 to $14 billion in 2024 and $30.5 billion in 2025. The platform said a Series H financing round in May 2026 valued the company at $61 billion, while an August reference price on private-market platform Forge implied a valuation above $110 billion.
The difference between those figures illustrates the challenge of assigning a single value to a private company. A financing round reflects negotiated terms between the company and a specific group of buyers. A secondary-market indication may reflect a smaller pool of available shares, differing share classes or expectations surrounding future contracts and an eventual public listing.
MSX said Anduril generated about $2.2 billion in revenue in 2025. It also pointed to the company’s Arsenal manufacturing system and Lattice software platform, which combines information from sensors and other equipment for command-and-control operations. The company has increasingly positioned itself as a manufacturer as well as a software developer, a strategy designed to address defense customers’ need for larger production capacity.
The announcement also referenced a U.S. Army procurement framework worth up to $20 billion over 10 years. Such frameworks can create a route for future orders but do not necessarily represent contracted revenue in full.
Earlier products showed how the model works
MSX launched its Pre-IPO section on March 2, 2026. The first group of products was linked to Cerebras and SpaceX, while the second added Anthropic and Polymarket.
The company said its Cerebras product was initially offered at 100.35 U before beginning spot trading after Cerebras listed under the ticker CBRS. MSX also said the product’s interim return exceeded 300% when measured against Cerebras’ first-day intraday high. The calculation reflects a market-price comparison rather than a guarantee of an exit price available to every holder.
For SpaceX, MSX said the post-split subscription cost was about 119 U. It cited an after-hours first-day price of $166.85 and an intraday high of $176, figures that implied an interim gain approaching 50% from the stated subscription price.
The second batch introduced a buyback option for Anthropic and Polymarket on Aug. 20. Eligible holders could either accept a posted buyback price or retain their positions, according to MSX. The firm said Polymarket’s subscription price was 152 U per share and its latest buyback price was 202.67 U, an increase of roughly 33.3%.
MSX listed Anthropic’s second-batch subscription price at 855 U per share and cited a valuation of about $950 billion. It also referred to market discussion around a possible $2 trillion initial public offering valuation. Such figures remain particularly sensitive in private markets, where reported valuations can depend on the timing and terms of a transaction.
Access model puts token demand at the center
Across its three batches, MSX has selected companies in AI computing, commercial space, generative AI, prediction markets, brain-computer interfaces and defense technology. The company said it targets businesses with partial technical or commercial validation that have not yet been fully priced in public markets.
The format could give cryptocurrency users a route to products associated with companies that would otherwise be accessible mainly through venture funds, private placements or secondary-share brokers. Yet the economic exposure, redemption terms, legal ownership rights and transferability of each product determine how closely it tracks an underlying private-company share.
The Aug. 31 window will test whether demand for private technology exposure remains strong when access is tied to a native platform token. Neuralink brings a high-profile medical technology narrative, while Anduril brings a company with growing defense-market ambitions and sharply rising private-market reference prices.
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