A detailed analysis by Biteye examines Pre-IPO participation options across six major exchanges, categorizing them into three types: real equity (SPV holdings with shareholder rights but no voting or dividend rights), synthetic notes, and on-chain contracts. Most mainstream platforms use SPV holdings as their foundation, differing in asset authenticity, cost, and compliance. Platforms like Binance Wallet and PreStocks offer low-entry barriers suitable for small-scale participation, while Bitget and Gate provide discounted subscriptions. Hyperliquid focuses on on-chain derivatives. Traditional channels such as Hiive and Forge Global, along with VC/Broker options, are stable but have high entry thresholds, making real equity a preferred choice for long-term investments. Investors are advised to clearly understand the risks and align them with their investment strategies.