Hecto

We're living in the decade of Super IPOs.

Private markets form giants that grow and go public with no way in.

That's why Hecto builds infrastructure for the pre-IPO economy, natively on @CantonNetwork.

Time for the world to catch up.

It pays to be early.

PitchBook re-scored @AnthropicAI after the S-1.

Valuation up. Quality score down.

The good news:
• $68B revenue run-rate
• Q2 2026: first profitable quarter, $974M operating income
• Compute cost per revenue dollar: $2.51 → $0.48
• $100k+ customers

Anthropic is expected to price in mid-November.

The reported number: $1.5T.

The earlier ask: $2T.

Where does it land?

For a decade, the IPO was how private value reached everyone else.

In 2026 it is one route among several.

This month alone:
• Anduril opened an employee tender at $94.80 a share, roughly $90B, capped near $1.3B.
• A continuation vehicle anchored by a ByteDance stake drew talks with ADIA and Coller EQT.
• Stripe, valued at $159B in its February tender, still has no listing plans.

Tenders give employees liquidity. Continuation funds give LPs time. Secondary platforms give accredited buyers a route in, with minimums that can run to $100,000.

What none of them offer is a standing, transparent way for a wider set of eligible participants to hold this exposure.

That is the layer Hecto is building on @CantonNetwork.

Pre-IPO exposure issued on-chain, with a disclosed methodology and a published NAV.

$NEOPRIME, the first pre-IPO basket token built on Hecto's PMX infrastructure, is live now.

Private Markets 101: Why a private company has different prices.

One company can have two very different numbers.

ByteDance:
• $330B at its last company run tender.
• $606B implied by recent secondary trades.

Stripe:
• $159B at its February tender.
• $184B implied by Forge data.

Private marks come from thin trades, old tenders and different methodologies. But, none of them are a live price.

So the real question isn't what's it worth, but who marked it and how?