MSX Pre-IPO Phase 3 Adds Neuralink, Anduril to Bet on AI’s Next Frontier

The addition of Neuralink and Anduril signals a shift in pre-IPO appetite from software-layer AI toward hardware-heavy, regulation-exposed frontier bets, where timelines are long and diligence is harder. The relevance of the platform's prior exits is that they were realized through listings and buybacks, not necessarily at a premium, so the closed-loop model's real test is whether illiquid private positions can be recycled at scale. Whether later phases keep widening into defense and neurotech, and how such exposure is valued between markups, is the open question.