Have you ever thought that one day you can also invest in star companies such as SpaceX or OpenAI? In the past, these unlisted high-growth company investment opportunities were only available to super-rich and large institutional investors. But now, blockchain technology is changing all that. In June 2025, Robinhood, a world-renowned brokerage, launched a revolutionary service in Europe: allowing ordinary investors to invest in private companies such as OpenAI and SpaceX through blockchain tokens. As soon as this news came out, it immediately caused a sensation in the financial community. What is private equity tokenization? Let's first understand what private equity is. Imagine that you invested in a promising technology company before it went public, such as Alibaba or Tencent in those days. This is private equity investment. Traditionally, this kind of investment requires a capital threshold of millions or even tens of millions, and ordinary people cannot participate at all. Tokenization is like dividing an expensive house into countless small shares, and everyone can buy a small piece. Through blockchain technology, we can \"break\" these private companies' investment opportunities into countless digital tokens, so that ordinary investors can also participate. Technical principle: Special Purpose Vehicle (SPV) So, these companies are obviously not listed, why can they be tokenized? The key lies in a financial instrument called \"Special Purpose Vehicle\" (SPV). Simply put, this SPV is like a middleman. It first uses investors' money to buy real shares of SpaceX or OpenAI, and then issues tokens to investors. The tokens held by investors represent their economic interests in this SPV, rather than directly holding shares in the company. It's like you and a group of friends partnered to buy a house, and then each person holds a certificate proving their share. Only now this certificate is digital and exists on the blockchain. Why is this trend happening now? There are three main reasons: First, technology companies delay listing. In the past, successful technology companies would go public after reaching a certain stage of development, giving public investors the opportunity to participate. But now, companies like SpaceX and OpenAI choose to stay private longer because the funds in the private market are sufficient to support their development. Second, investor demand is strong. Ordinary investors see the huge potential of these star companies, but suffer from the lack of investment channels. Market demand has driven the emergence of innovative solutions. Third, blockchain technology is mature. Blockchain provides a transparent, secure, and programmable platform that allows complex financial products to operate at a lower cost and higher efficiency. Opportunities and risks coexist For investors, this innovation has brought unprecedented opportunities. You can invest in the world's most promising technology companies with relatively small funds. This kind of portfolio diversification was only available to institutional investors in the past. But the risks are equally obvious. First, these tokens usually do not give you voting rights or direct corporate governance rights. You only have economic interests, not real shareholders. Second, the regulatory environment is still evolving, and regulatory changes may affect your investment. On top of that, the valuations of these private companies are often less transparent than those of publicly listed companies, and risk assessment is more difficult. Companies have different attitudes Interestingly, the tokenized companies have different attitudes towards this.