The pre-IPO market continues to face significant liquidity challenges, with tokenization and perpetual contracts failing to provide effective solutions. Institutional platforms like NASDAQ Private Market and Forge dominate the space, largely excluding retail investors due to high entry barriers such as substantial minimum investments, extended lock-up periods, and non-transparent pricing. Retail-focused platforms, including Linqto and EquityZen, attempt to offer fractionalized access but are hindered by high fees, lack of secondary liquidity, and insufficient investor protections. The article highlights that perpetual contracts, reliant on unstable price oracles, and tokenization efforts without a robust spot market, may exacerbate risks for retail investors. A sustainable solution, it suggests, lies in establishing a liquid, real-time spot market characterized by low fees and short holding periods.