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.
Public unveiling and opening of interest registration.
Entity formation, senior hiring, and initial preparation.
Project launch.