Goldman Sachs has seen its private wealth management loan balances in San Francisco jump 50% since 2023, while JPMorgan has reported a tenfold surge in global demand for private bank lending. These loans backed by private company stock allow founders to access liquidity without giving up equity, while positioning banks to win underwriting mandates when companies go public. US IPO activity in 2026 has reached approximately $230 billion raised year-to-date, including SpaceX’s anticipated $75 billion listing, Anthropic valued at $965 billion, and OpenAI’s confidential filing. This dynamic mirrors what decentralized finance has done for years, enabling access to liquidity without selling assets, and sets a precedent for tokenized equity lending.
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