Citigroup Plans Tokenized Private Company Shares as SpaceX and Anthropic IPO Demand Builds

TLDR

• Citigroup plans tokenized private company share access for wealthy and institutional clients.
• The platform will initially be available to foreign investors.
• Citi’s platform uses blockchain infrastructure from SIX.
• The first transaction involved digital asset firm Kaleido.
• SpaceX, Anthropic and OpenAI IPO interest is driving private-market demand.

Citigroup is preparing a blockchain-based platform that will allow wealthy and institutional clients to buy and trade tokenized interests in private companies, as investor demand grows for access to high-profile firms before they reach public markets.

The offering is initially expected to be available to foreign investors and is designed to give eligible clients exposure to private-company shares through tokenized instruments. Citigroup is reportedly in discussions with several large private companies about participating in the platform, although specific companies have not been named.

The launch comes as Wall Street focuses on expected public listings from major private technology firms, including SpaceX, Anthropic and OpenAI. SpaceX is expected to debut on Nasdaq under the ticker SPCX, while Anthropic and OpenAI have also drawn attention as possible major artificial intelligence listings.

Citigroup Builds Blockchain Platform for Private Markets

Citigroup’s platform is intended to let approved investors hold tokenized private-company interests alongside traditional securities. The bank says the model could offer more transparency than special-purpose investment vehicles that are often used to access private firms before an IPO.

The platform uses blockchain infrastructure from SIX and has already completed its first investment transaction involving digital asset company Kaleido. Citi hopes the product can become a broader market standard and be adopted by other financial institutions over time.

The offering reflects a growing effort by major banks to bring private-market assets into digital form. Tokenized shares can represent economic exposure to private-company interests while using blockchain infrastructure to record ownership, transfers and settlement activity.

For investors, the structure may provide a more organized way to access late-stage private companies. Many fast-growing firms now remain private for longer periods, limiting access to early gains for public-market investors.

Citigroup’s move is aimed at institutions and wealthy clients rather than broad retail distribution. Access to private markets remains subject to eligibility rules, jurisdictional limits and issuer participation.

SpaceX and Anthropic Listings Raise Investor Demand

Demand for exposure to private companies has increased as some of the world’s largest technology firms prepare for or consider public listings. SpaceX has drawn large institutional interest ahead of its expected Nasdaq debut and is seeking one of the largest IPOs on record.

Anthropic has also attracted attention after filing confidential IPO paperwork, while OpenAI remains closely watched because of ChatGPT’s scale and its large private valuation. Investor interest in these firms has increased demand for tools that provide pre-IPO access.

Traditional private-market investing often requires large minimum commitments, limited liquidity and complex investment structures. Citigroup’s tokenized platform is meant to simplify access for eligible clients by using blockchain-based records and settlement infrastructure.

Other firms have also moved into tokenized exposure to private companies. Republic previously announced plans for blockchain-based tokens linked to companies such as SpaceX, OpenAI and Anthropic, with low minimum investments. Robinhood also offered tokenized exposure to OpenAI and SpaceX for European users, although OpenAI later said it had not authorized or endorsed those tokens.

The distinction between issuer-approved structures and unauthorized synthetic products has become a key issue in tokenized private markets. Citigroup’s approach appears focused on institutional-grade access and conversations with private companies themselves.

Tokenized Securities Become Wall Street Focus

Citigroup has been preparing for tokenized securities growth for several years. In 2023, the bank estimated that tokenized securities could become a market worth up to $4 trillion by 2030.

The bank also launched a Token Services pilot in 2023, converting customer deposits into digital tokens on a private blockchain to support faster cross-border transfers. More recently, Citigroup joined a JPMorgan-backed group working on a tokenized deposit network that could begin as early as the first half of 2027.

Citigroup has said tokenized securities issuance is a key opportunity for established financial institutions. The bank expects traditional firms to remain important by offering issuance platforms, custody, advisory services and broker-dealer functions inside tokenized markets.

The transition is expected to take place through a hybrid model, where traditional financial infrastructure and blockchain systems operate together. That setup may create additional operational demands for banks, asset managers and brokers as they manage both legacy and digital systems.

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