A story about allowing retail investors to buy SpaceX for 1 dollar. Is it inclusive finance or regulatory arbitrage?
Key points
Tessera is a private equity tokenization platform built on Solana, attempting to allow ordinary people to participate in investments in top private companies like SpaceX, OpenAI, xAI, with a low entry threshold of just 1 dollar through on-chain tokens. This project targets a 70 trillion dollar private market, where currently 99% of the population is excluded.
But this story has two sides: one is the idealism of financial democratization, and the other is the realism of regulatory gray areas. Tessera's tokens do not provide shareholder rights, only 'economic exposure'; this structural design is both innovative and a compromise.
Project Fundamentals
Product Positioning
Tessera's core product is a tokenized trading platform for private equity, currently supporting three targets:
SpaceX (valuation approximately 800 billion dollars)
OpenAI (valuation over 100 billion dollars)
xAI (Elon Musk's AI company)
Platform Features:
No KYC requirements
No geographical restrictions
Minimum investment of 1 dollar
24/7 trading
Free trading on DEX
This design directly counters traditional private equity platforms like Forge Global (minimum investment of 100-200 thousand dollars) and Republic (minimum 50 thousand dollars), lowering the threshold by 50,000 times.
Technical Architecture
Tessera chose to build on Solana, and this is not a coincidence:
High-performance demands: Private equity trading requires real-time settlement and high-frequency trading support, Solana's TPS and low latency are key
Ecosystem synergy: Solana already has a mature RWA (real-world asset) ecosystem, including Jupiter DEX and various lending protocols
Cost advantages: Gas fees are almost negligible, suitable for small high-frequency trading
From a technical implementation perspective, Tessera uses an SPV (Special Purpose Vehicle) structure to hold actual equity and then issues tokens based on the ERC-1155 standard (SPL Token on Solana) to represent shares. This structure is similar to ETFs but operates on-chain.
Business Model
Tessera's revenue sources have not been fully disclosed, but based on similar projects, they may include:
Transaction fees (platform commission)
Management fees (similar to AUM fee)
Primary market issuance costs
Possible market maker revenue sharing
It is important to note that Tessera's official website clearly states that tokens 'do not provide shareholder rights,' only offering 'the same economic performance as the target company.' This means:
No voting rights
No dividend rights (unless distributed by the platform)
Exit mechanisms depend on secondary market liquidity or platform buyback
Track analysis: The Warring States period of private equity tokenization
Tessera is not fighting alone. Between 2025-2026, private equity tokenization suddenly became a hot track, with multiple players entering:
Competitive landscape
Republic's Mirror Tokens
Launch in June 2025, the first target is rSpaceX
Minimum investment of 50 dollars, maximum of 5000 dollars
Can be traded on INX exchange after a one-year lock-up period
Compliance path: Obtain a securities trading license through the acquisition of INX Digital
Robinhood's stock tokenization
Launch in June 2025 in the EU, including OpenAI and SpaceX
Offering 5 euro tokens to attract users
Built on Arbitrum
Benefiting from the EU MiCA regulatory framework
PreStocksFi
Trade on Solana through Jupiter DEX
Covering SpaceX, OpenAI, Neuralink, Discord, etc.
Completely decentralized, no KYC
Hecto Finance
Focusing on 'Hectocorns' (private companies valued at 100 billion dollars)
Waitlist exceeds 25,000 people
Product has not officially launched
Differentiation of Tessera
In this crowded track, Tessera's positioning is:
The most radical decentralization: no KYC, fully on-chain
The lowest threshold: starting investment of 1 dollar
The purest DeFi experience: trading directly on DEX without a centralized platform
But this also means the greatest regulatory risk.
Regulatory dilemma: the tightrope of innovation and compliance
The biggest problem with private equity tokenization is not technology, but regulation.
The regulatory iron curtain in the US
In the US, the SEC is extremely cautious about securities tokens:
Private equity clearly falls under securities
Securities tokens must be registered or exempt
Unregistered issuance may face criminal charges
Tessera's 'no KYC' design directly violates the US securities law's accredited investor requirement. This is why:
Robinhood only launched in the EU, not in the US
Republic strictly enforces KYC and investment limits
Tessera's official website has a disclaimer: 'These materials are not directed at jurisdictions where such activities are illegal'
EU's regulatory window
The EU's MiCA (Market Regulation of Crypto Assets) framework is relatively loose, providing a legitimate path for tokenization. But even so:
OpenAI publicly stated that it 'does not endorse' Robinhood's tokenization
This exposes a core issue: does the target company agree to be tokenized?
Tessera's Regulatory Strategy
From public information, Tessera adopts a 'regulatory arbitrage' strategy:
Not operating in the US (theoretically)
Does not provide shareholder rights (to avoid securities definition)
Emphasizing 'economic exposure' rather than 'equity'
But the sustainability of this strategy is questionable. SEC Chairman Gary Gensler has clearly stated that 'most crypto assets are securities,' making it difficult for Tessera's tokens to escape this definition.
Historical lessons: The past and present of Fractional/Tessera
Interestingly, the name Tessera has appeared twice in Web3 history, with the first being a failure.
The first generation of Tessera (formerly Fractional)
From 2021 to 2023, there was a project called Fractional, which later changed its name to Tessera, focusing on NFT fragmentation:
In August 2022, raised $20 million led by Paradigm
Allows multiple people to jointly own expensive NFTs (such as BAYC, CryptoPunk)
At its peak, there were 70,000 users, collectively owning 6,500 NFTs
But in May 2023, the project announced its closure, citing reasons:
NFT Market Crash
Business model not profitable
Deteriorating financial condition
The closing statement from founder Andy Chorlian is very honest: 'After carefully analyzing possible market scenarios, company structure, and financial conditions' the decision was made.
Insights for the current Tessera_PE
Although the two Tessera projects are not directly related (the current Tessera_PE is a new project), the historical lessons are worth noting:
Liquidity is a double-edged sword: fragmentation increases liquidity but also dilutes value consensus
Market cycle risk: when the bull market ends, such 'democratization' products often collapse first
Regulatory pressure: although the first generation of Tessera closed, it did not face regulatory crackdowns, possibly because NFTs are not securities; whereas private equity tokenization faces much greater regulatory pressure.
Risk Assessment
High-risk factors
Regulatory Risk (10/10)
The US SEC may deem it an unregistered securities issuance
The target company may face legal action (such as OpenAI's non-endorsement statement)
Sustainability of cross-border regulatory arbitrage is questionable
Liquidity Risk (8/10)
Unknown depth of the secondary market
No market maker commitments
In extreme cases, it may go to zero
Counterparty risk (7/10)
Insufficient transparency of SPV structure
Actual equity holdings cannot be verified
Platform run risk
Valuation risk (6/10)
Private company valuations are opaque
Token prices may deviate significantly from NAV
No mandatory arbitrage mechanism
Moderate risk factors
Technical Risk (5/10)
Smart Contract Vulnerabilities
Solana Network Stability
Cross-Chain Bridge Risks (if applicable)
Market risk (7/10)
The private equity market is cooling down overall
SpaceX/OpenAI valuation adjustment
Transmission of the crypto market bear market
Investment logic: who is suitable to participate?
Suitable demographics
Crypto-native users: familiar with DeFi, accept high risks
Small trial investors: try with 100-1000 dollars, without affecting overall asset allocation
Optimistic about the Solana ecosystem: believe RWA is the next narrative
Unable to access traditional private equity: geographical or funding restrictions
Unsuitable demographics
Risk-averse: regulatory risk is too high
Large investors: liquidity is insufficient to support large exits
Pursuers of shareholder rights: tokens do not provide voting rights or dividends
Lack of understanding of crypto: need to understand concepts like wallets, DEX, slippage, etc.
Participation strategies
If you decide to participate, it is recommended:
Position control: no more than 1-2% of total assets
Diversified investment: do not go all-in on a single target
Timely profit-taking: set profit-taking points at 2-3 times
Focus on regulation: any actions by the SEC could be fatal
Want to experience Tessera?
Use my invitation code to register: https://app.tessera.pe/s?code=XIAOLOU&bg=1
⚠️ Reminder: This is a high-risk experimental product. Only use small amounts to test the waters and do not invest funds you cannot afford to lose.
Industry Outlook: The Future of Tokenization
Private equity tokenization is not a pseudo-demand, but a real market pain point:
7 trillion dollar market, 99% of the population excluded
Liquidity in traditional private equity is poor, lock-up periods are long
Severe information asymmetry
But the path to realization may not be a 'wild route' like Tessera, but rather:
Path to Compliance
Traditional financial institutions entering: JPMorgan has already launched tokenized private equity funds
Regulatory sandbox: Singapore, Hong Kong, and UAE provide compliant testing grounds
Hybrid model: on-chain trading + off-chain compliance (like Republic)
Technological evolution
Cross-chain interoperability: not limited to a single public chain
Privacy computing: meet KYC requirements while protecting privacy
AI-driven risk control: real-time monitoring of abnormal transactions
Market maturity
Expected 2027-2030:
Global RWA tokenization market reaches 16 trillion dollars
Private equity tokenization accounts for 10-15%
Regulatory framework is basically taking shape
But whether Tessera can survive to that day is a question.
Conclusion: Collision of idealism and realism
Tessera represents the most radical experiment in financial democratization in the crypto world: buy SpaceX for 1 dollar, no KYC required, 24/7 trading. This vision is beautiful, but reality is harsh.
Reasons for being bullish:
Real market demand
Technical support from the Solana ecosystem
Structural opportunities in the private equity market
Reasons for being bearish:
Extremely high regulatory risk
Unclear business model
Historical Lessons (Failure of the first generation of Tessera)
My judgment is that Tessera is a 'cost of being a pioneer' type of project. It may fail due to regulatory crackdowns, but the direction it explores is correct. The real winners may be compliant platforms that come later, such as JPMorgan, Robinhood, or some licensed Web3 native company.
For ordinary investors, it can be monitored and participated in small amounts, but do not go all-in. This is a gamble, and the house is the SEC.
The last sentence: When you buy SpaceX for 1 dollar, remember to ask yourself: is this 1 dollar buying a dream or just air?
Disclaimer: This article is for research reference only and does not constitute investment advice. Private equity tokenization involves extremely high risks and may lead to total loss of principal. Please make decisions carefully based on your own risk tolerance.
Data source:
Tessera official website (tessera.pe)
Solana ecosystem data
Reports from media such as Forbes, CNBC, Bloomberg, etc.
Web3 industry research reports
Written on: February 11, 2026