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Pre-IPO to Public

Most coverage of a major IPO stops at the opening price. That makes sense for someone buying shares on the public market the morning of listing. For anyone with pre-IPO exposure, the opening price is the wrong thing to be watching. The more important date comes later. It’s called the lock-up expiry, and it’s the real moment that determines when early holders can actually access liquidity. What a lock-up actually is When a company goes public, insiders, meaning founders, employees, and early institutional holders, cannot sell their shares immediately. They’re contractually restricted for a set period. The standard is 180 days. This exists to protect the public market from a flood of insider selling on day one. Without it, early holders with large positions would dump shares the moment they could, collapsing the price for everyone who bought into the IPO. The lock-up is what separates the IPO event from actual liquidity. An IPO is a company going public. A lock-up expiry is when early holders can do something about it. Why the structure matters as much as the timing Not every lock-up is a single cliff. SpaceX is a useful example of a different approach. Rather than one 180-day wall that falls away all at once, SpaceX built a staggered release tied to earnings milestones, price performance, and a sequence of time-based tranches spread across the full period. The rationale is straightforward: a single cliff can overwhelm a stock with supply regardless of how strong the company is. Spreading it out gives the market a chance to absorb shares over time. That distinction matters. The shape of a lock-up, whether it’s a cliff or a stagger, changes how supply hits the market, which changes what early holders can actually realise and when. Why an IPO doesn’t automatically mean a payout This is where a lot of people get the sequence wrong. An IPO is a liquidity event for the company. It is not automatically a liquidity event for holders of pre-IPO exposure. The chain is more specific than that. A liquidity event has to occur. The lock-up on the underlying position has to expire. Proceeds from an actual sale have to be received. And a distribution window has to be opened. Each of those steps is distinct. Headlines tend to collapse them into one moment. They aren’t. How this works for WLTH Slice holders The same logic applies to positions held through WLTH, but with one structural difference that matters. Following a liquidity event and the expiration of WLTH’s lock-up period, open Portfolio and tap Claim. The Slice converts to USDC, net of any applicable fees. You can keep that USDC or swap into a public ticker (for example SPCX) in the same wallet. See From Slice to public asset. The difference is what happens before that chain completes. A Slice is an ERC-721 NFT. It’s tradable on the WLTH Marketplace at any time, regardless of where the underlying lock-up stands. Someone holding direct private equity exposure through a fund or SPV typically has no path to liquidity until the underlying restrictions lift. A Slice holder has a secondary market available from day one. That’s not the same as guaranteed liquidity. A listing gives you the ability to sell. Whether you get the price you want depends on what a buyer is willing to pay. But it’s a meaningful structural difference from the traditional model. The timeline is a process, not a date The question we hear most often is some version of: when do I get paid? The honest answer is that it depends on where each company is in this chain. An IPO announcement moves a company one step closer. It doesn’t close the gap on its own. A confidential S-1 filing is earlier still. It signals intent and starts the regulatory process. It is not an IPO. For any company with a staggered lock-up, the path from IPO to fully realised proceeds unfolds across batches, not in a single moment. Some supply reaches the market earlier. Some depend on price performance. Some follow earnings milestones. Be cautious around anyone quoting a single hard payout date before the structure has actually played out. The honest timeline sharpens as each milestone arrives. The IPO is the event the public notices. The lock-up is the calendar that matters. For the product path after unlock — Claim to USDC, then an optional swap into a public ticker — see From Slice to public asset. For how WLTH accounts for dilution and corporate actions while a position is still locked after listing, see Understanding Adjusted Market Cap. This article is for informational purposes only and should not be considered financial, investment, legal, or tax advice. Availability of products and services may vary by jurisdiction.