The Fourth Infrastructure Shift
in Capital Markets Is Now

Three infrastructure shifts built modern capital markets. Floor to electronic gave us how we trade. Telex to SWIFT gave us how we settle. Paper to Bloomberg gave us how we know.

Each shift came from new technology. Each new technology was delivered through a venue. Each achieved near-total adoption. But each mainly improved public markets. Meanwhile, private markets have had little to no new technology or venue adoption.

The fourth infrastructure shift in capital markets is happening now. It’s from blind to aware.
How you trust.

USAX is the new infrastructure and venue for it.

Private markets are blind.

There is $22 trillion in private market AUM. This is projected to rise to over $32T by 2030. Critical companies, sovereign wealth funds, pensions, and government are all transacting without the ability to continuously verify who owns what, who controls whom, or whether counterparties can be trusted.

Critical American companies don’t know who owns their cap tables. Adversarial nations are increasingly using capital to steal IP, compromise supply chains, and reach into the foundations of the U.S. economy.

Private markets stand at ~1.5% annual turnover versus 100%+ in public markets. Transaction costs run 3–30%. Companies and investors face a compliance burden so heavy they’re forced to spend as much time managing it as building.

Technological innovation in private markets hasn’t happened yet. It’s day one.

We are building the infrastructure and venue for the first liquid private market.

Our patent-pending Provenance Engine creates a provenance primitive: the irreducible unit of trust in private capital. Every entity, every transaction, and every capital flow is continuously verified—before and after it touches the order book.

One seat on our venue is designed to replace 7–15 vendor contracts. Our dashboard provides unmatched visibility into private markets, scoring every entity in real time, ensuring counterparties are verified before, during, and after every T+0 transaction. Our onboarding is 95% faster than incumbent onboarding.

Our Provenance Engine powers the only private market venue capable of reaching real liquidity.

Every transaction makes our engine smarter. The substrate compounds. The moat grows with every trade.

The moment to create the first liquid private market venue is now.

$2 trillion in annual private market transactions now require provenance verification—or the participants face asset confiscation and regulatory action. The U.S. Government is mandating provenance awareness and tokenization across the ecosystem. There have never been more government leaders receptive to innovations that advance capital markets, capital formation, and capital deployment.

Private market AUM is projected to reach $32 trillion by 2030. Sovereigns and pensions want to go direct but need provenance infrastructure and a venue they trust.

Welcome to USAX, the U.S.- and allied-aligned private market venue.

Built by a team of founders, veterans, and economists with backgrounds spanning raising top tier venture, working with F100-500 and government clients, the White House Council of Economic Advisers, and the Hoover Institution. Meet the team →

Investor inquiries: investors@usax.com →

USAX is pre-regulatory approval.