Tokenization Update
The real questions.
With Securitize officially filing its Form S-4 in combination with Cantor Equity Partners II, the path to becoming a public company is now concrete rather than theoretical. I thought this made it an ideal moment to revisit the business through the lens that matters beyond narrative, how the public market will underwrite it on day one.
This piece was also prompted by a question from a thoughtful subscriber, whose confusion around the deal mechanics and valuation framing is likely shared by many watching the tokenization space from the sidelines. Consider this a ground-up reset on how to think about Securitize, its IPO, and what has to go right for tokenized capital markets to justify their growing expectations.
How to think about Securitize’s IPO valuation
Securitize is going public at a $1.25 billion pre-money equity valuation, which reflects the negotiated value of the operating business before any new capital is added through the SPAC transaction. That headline number, however, is not what public market investors are ultimately buying into.
