Venture-Backed IPO Alternative
The venture-native alternative to NYSE and Nasdaq.
California produces most of the world's venture-backed companies. CAX is the first exchange whose listing standards, disclosure, and market structure are built specifically around how those companies actually go public.
Built for VC cap tables
Dual-class governance, multi-round preferred stacks, secondary and tender activity, and pre-profit growth metrics are treated as first-class inputs — not exceptions bolted onto an industrial-era template.
Faster DPI for LPs
By shortening the path to public liquidity and concentrating peer capital in California, CAX materially improves distribution cycles for venture funds and the LPs behind them.
Complement, not replacement
CAX is a specialized California-native venue. Where dual-listing with NYSE, Nasdaq, or international exchanges serves an issuer, CAX intends to be interoperable — not exclusionary.
Frequently Asked Questions
Why is a venture-backed IPO different?
Venture-backed companies typically arrive at IPO with dual-class governance, complex preferred stacks, meaningful secondary activity, and pre-profit growth economics — none of which NYSE or Nasdaq market structure was originally designed around.
How does CAX serve LPs and venture investors?
By accelerating time-to-liquidity and concentrating peer capital, CAX shortens DPI cycles for venture funds and their LPs — a structural benefit relative to the current NYSE/Nasdaq default.
Is this a replacement for NYSE or Nasdaq?
No. CAX is a specialized venue for California-native venture-backed issuers. Larger issuers may continue to prefer NYSE or Nasdaq or dual-list where appropriate.
Launch: July 2026 · Execution: January 2027. Get early updates on listing eligibility and access.
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