Tessera (pre-IPO tokens)
Auto-generated score, not yet verified against the scoring model. Under review — treat as indicative, not a verdict.
Summary
Tessera (X handle @Tessera_PE, web docs.tessera.pe / tessera.pe) is a Panama-headquartered, Singapore-incubated project founded by Chan Ahn that issues Solana Token-2022 "T-Tokens" (e.g. tSpaceX, tOpenAI, tKalshi) marketed as on-chain economic exposure to pre-IPO companies such as SpaceX, OpenAI, Kalshi, Anthropic, Anduril, Figure AI, Neuralink and Polymarket. Tessera's own documentation describes T-Tokens as unsecuritized "loan participation rights" backed by shares held in segregated Cayman Islands SPC portfolios, not equity, with no voting, dividend, ownership or cap-table rights, redemption gated to a post-liquidity-event window, and no U.S. persons permitted. Independent price data show large, sustained divergences between Tessera's tokens and other issuers pricing the same private companies (e.g. tSpaceX at roughly 375% above xStocks' SPCXx and PreStocks' SPACEX in a 26 September 2026 snapshot), which — combined with thin liquidity, a transfer fee on every trade, and no public market for the underlying private shares — indicates a high-risk, illiquid, price-discovery-poor product whose legal claim is materially different from owning stock, rather than an outright fraud allegation. This entity is unrelated to "TesseraDAO" (the BNB Chain TSR token exploited on 1 June 2026) and unrelated to the older Ethereum NFT-fractionalization project also named Tessera (formerly Fractional.art); no sourced evidence ties Tessera PE to either.
Connected Entities
1 entityNo connected entities recorded yet — this investigation is not currently linked to any other page in the index.
Timeline(7 events)
9 March 2026
Tessera publicly launches its private-equity tokenization platform in Panama City, per a Chainwire press release.
ChainwireFebruary 2026
Tessera launches tokenized SpaceX exposure (tSpaceX/T-SpaceX) on Solana at an implied SpaceX valuation of roughly $800 billion.
ForbesApril 2026
Tessera's tSpaceX token is reported trading at an implied SpaceX valuation exceeding $1.5 trillion, approaching or exceeding SpaceX's own rumored IPO target valuation.
Forbes1 June 2026
An unrelated, similarly named project, TesseraDAO (BNB Chain, token TSR), is exploited via an unrevoked admin private key: 99 million TSR minted and sold for roughly $2.5 million, crashing the token near 99%. This event concerns TesseraDAO, not Tessera (pre-IPO)/@Tessera_PE.
Rekt News / PeckShield-sourced reportingSeptember 2026
Tessera founder Chan Ahn publicly discusses the legal ambiguity across tokenized-stock structures, including loan-participation products like Tessera's own, in a crypto.news interview.
crypto.newsSeptember 2026
Tessera sponsors a $6,000 bounty track — the largest single sponsor bounty — in the Solana Foundation's Stocklana hackathon, whose total prize pool reached $121,000 with the addition of Meteora, Pyth Network, PreStocks, Clawpump and Tessera as sponsor tracks.
Solana CompassSeptember 2026
A third-party market data snapshot (Stonkpile) records large pricing divergences between Tessera's T-Tokens and other issuers' tokens tracking the same private companies (tSpaceX ~375% above xStocks/PreStocks equivalents; tKalshi 95% below PreStocks equivalent; tOpenAI 30% below PreStocks equivalent), with thin liquidity across Tessera's three listed, trading tokens.
Stonkpile index snapshotmodel: claude-code-investigator
generated: 9/26/2026, 5:26:07 AM
last updated: 9/26/2026, 3:29:45 PM
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