Pavilion buys real shares on institutional secondary venues, settles them with a qualified custodian, and only then mints tokens — distributed 1:1 to the people who funded the purchase. Never the reverse.
BUY-THEN-TOKENIZE · ATTESTED CUSTODY · REDEEMABLE FOR THE UNDERLYING
BYTE.pvln
ByteDance Ltd. — Class A ordinary, direct
Tokens mint only after shares settle. No synthetic exposure, no pre-sold allocations, no IOUs.
Fees fund market making in these assets from day one — deep two-sided liquidity for anyone who wants to exit early, not just at a liquidity event.
Redeemable for the underlying. KYC, off-ramp, and take delivery of your shares — including through an IPO.
Each listing opens only when we have a sourced, executable path to the shares at a target price. Standard allocation is $1M per share class; deposits are refunded in full if a raise doesn't fill or execution misses target.
| Instrument | Class | Last round | Target entry | vs. last round | Allocation | Status | Action |
|---|---|---|---|---|---|---|---|
| sFIG.pvln Figure AI |
SPV | $39.0BSep 2025 | $31.9B | −18.1% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| STRIPE.pvln Stripe, Inc. |
Direct | $50.0BMar 2021 | $170.3B | +240.5% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| BYTE.pvln ByteDance Ltd. |
Direct | $180BDec 2020 | $598.5B | +232.5% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| sDATA.pvln Databricks |
SPV | $134BFeb 2026 | $153B | +14.2% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| sOPEN.pvln OpenAI |
SPV | $852BMar 2026 | $889.9B | +4.4% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| sANDRL.pvln Anduril Industries |
SPV | $61.0BMay 2026 | $96.9B | +58.9% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| PRPLX.pvln Perplexity AI |
Direct | $20.4BSep 2025 | $18.2B | −10.7% |
0%$0 / $1.0M
Soft commitments
|
Reserving | |
| NLINK.pvln Neuralink |
Direct | $9.60BJun 2025 | $32.2B | +235.2% |
0%$0 / $1.0M
Soft commitments
|
Reserving |
Data last updated July 17, 2026. Last round is the most recent closed primary, tender, or buyback; target entry tracks current secondary-market pricing. Databricks' announced $188B round is pending close. If we can't get valid title, it doesn't list.
Perpetuals and synthetic issuers price private names off speculative demand, not executed trades. Premiums of 40–100% over real secondary prices are routine.
One platform's flagship token implied a ~$1.5T valuation against ~$23M of disclosed assets.
Buyers aren't early. They're paying tomorrow's price today — to someone who never bought the shares.
In May 2026, two of the most-traded pre-IPO tokens fell ~40% in a day after the underlying companies declared the SPV transfers behind them unauthorized and void. Promised reserve attestations were never published.
At IPO, holders of synthetic products receive nothing. There were never shares to deliver.
Exposure without title isn't ownership. It's counterparty risk with a ticker.
Both problems have the same fix: buy the shares first.
Synthetic tokens sell you a price. Traditional access locks you out or locks you in. Pavilion holds the real thing and hands you a claim on it.
Comparisons reflect the structural properties of each model, not any single named product. See “Why we exist” above for the specific cases.
Nothing is minted until everything before it has settled. The sequence is the product.
An asset lists only with a sourced, executable path to shares at a target price.
$1M standard allocation per classDeposit USDC into the allocation vault and receive a receipt token for your pro-rata claim.
Full refund if the raise failsWe execute on institutional secondary venues such as Caplight — direct blocks or established SPVs.
At or below target priceShares settle to a qualified custodian inside a ring-fenced issuing vehicle. Attestation published.
One vehicle per listingBurn your receipt, claim the live token, trade 24/7 with market-maker liquidity funded by the fee.
Audited claim contractsFor each company we offer up to two instruments, each with its own allocation, its own vehicle, and its own price. You always know exactly which claim you hold — the transparency this market has been missing.
XYZ.pvln
Pavilion's own segregated vehicle sits on the cap table. Transfer approved, right-of-first-refusal cleared, title verified before a single token mints.
sXYZ.pvln
Units in an established special-purpose vehicle, purchased through institutional venues such as Caplight. Broader access, faster execution — always labeled as what it is.
Every failure in this category has been structural: commingled assets, contested transfers, unpublished attestations. Each one is a launch-blocking requirement here, not a roadmap item.
Each share class is issued by its own segregated portfolio of a Cayman SPC, holding exactly one asset. Pavilion's operating company holds zero client assets — your claim never touches our balance sheet.
Shares are held with a qualified custodian for private securities. Third-party attestations per vehicle are published quarterly, on chain, from the first listing onward.
We verify that the issuer's transfer restrictions permit the acquisition — ROFR cleared for direct shares, established programs for SPVs. Names whose issuers void transfers don't list. Period.
Standard ERC-20s on audited OpenZeppelin primitives. Pull-based Merkle claims, timelocked Safe multisig admin, no rebasing, no exotic hooks — maximum composability with the lending and perp markets coming to Robinhood Chain.
A token representing a 1:1 beneficial interest in a segregated issuing vehicle whose sole asset is the underlying position — direct shares for tickers like BYTE.pvln, verified SPV units for s-prefixed tickers like sOPEN.pvln. The vehicle, its custodian, and its attestations are disclosed per listing.
Your deposit is returned in full from the allocation vault. The same applies if we can't execute the purchase at or below the target price. Receipt tokens are only ever converted into live tokens after shares settle into custody.
The first $1M of deposits fills first-come, first-served and is guaranteed its place in the allocation. Deposits beyond the target join an overflow queue: on a best-effort basis, we expand the allocation and source additional shares at or below the target price. Any overflow we can't fill is refunded in full — your capital is never held against shares we haven't secured.
Tickers without a prefix (STRIPE.pvln, BYTE.pvln, PRPLX.pvln) are backed by direct shares — our vehicle is on the company's cap table with transfer approval. s-prefixed tickers (sOPEN.pvln, sFIG.pvln, sDATA.pvln…) are backed by units of an established third-party SPV purchased through institutional venues. Different provenance, different price, separate vehicles, both fully disclosed.
Yes. Complete KYC, burn your tokens, and take delivery of the underlying — the pro-rata direct shares or SPV interests — subject to the issuer's transfer terms. This includes redemption through an IPO: the shares exist, so there is something to deliver.
The vehicle holds through the liquidity event. Direct-share holders can convert and take delivery of public shares, or remain tokenized. SPV-backed tokens distribute per the SPV's waterfall. Either way, the platform doesn't stand between you and the event — the vehicle does, and you own the vehicle.
Allocations are currently offered under Regulation S to non-US persons, with KYC at allocation and at redemption. A parallel sleeve for US accredited investors is planned. Availability varies by jurisdiction — the app enforces eligibility at onboarding.
Allocations are limited by what we can actually buy — that's the point. Join the list and get notified when the next raise opens.