JPMorgan positioning in pre-IPO retail market

Yesterday, I chatted with a friend on Wall Street; the topic of pre-IPO retailization is now causing extreme FOMO on Wall Street. The core logic is: companies are going public later and later, value creation is primarily happening in private markets, institutional capital pools are relatively mature, and the retail side (especially high-net-worth individuals plus the mass market) is becoming a new source of funding and business growth. At the same time, the SEC is also actively and proactively advancing "responsible retailization." Wall Street's attitude has shifted from rejection to proactive deployment: - Banks and brokerages are racing to secure entry points: Morgan Stanley acquired EquityZen, Charles Schwab acquired Forge Global, Goldman Sachs invested in Industry Ventures, etc., directly integrating secondary market/Pre-IPO trading platforms into their wealth management/brokerage systems. The purpose is clear: to allow clients to more easily purchase hot targets like SpaceX, OpenAI, Anthropic, and Databricks, while collecting fees and enhancing client stickiness. - Increased retail allocation at the IPO stage: Traditional IPO retail tranches usually account for only 5-10%, but significant changes have emerged in recent years. For example, companies like Bullish are actively offering higher proportions to retail, and SpaceX has even attempted ultra-large-scale retail allocations (reports suggest up to around 20%), opening applications through platforms like Robinhood, SoFi, E*Trade, Fidelity, and Schwab. Companies have found that retail demand can drive up pricing and expand the investor base. - Institutions like JPMorgan are beginning to treat "wealth-side investors" as a formal source of shareholders: They hope to introduce long-term-oriented retail/high-net-worth capital during Pre-IPO rounds, rather than treating retail as an "afterthought" at the time of the IPO. They are attempting to change the stereotype that "retail equals speculation and short-termism." Everyone is gearing up, preparing to dig out profits from this new market. In this process, those who can secure a position are those who master three things: 1. A compliant architecture and a clear, clean framework 2. Control over retail terminal channels 3. Liquidity pools and capital ammunition pools This isn't a game only for big players. Judging by the moves of various firms, they are also supporting various startups. Whoever can solidify these three things will have the opportunity to establish a foothold in this market.