Pre-IPO SPV Economics Decoder

Decodes the real net economics of pre-IPO secondary SPVs on Forge, EquityZen, Hiive, Allocations, and AngelList — for OpenAI, Anthropic, Stripe, Databricks, xAI, and SpaceX. Models the full fee stack (management, carry, platform spread, transfer tax), bakes in ROFR, lockup, dilution, 409A-to-secondary gap, and QSBS eligibility, then outputs a side-by-side break-even IPO price vs. waiting for the public listing. Turns 'should I buy OpenAI secondaries at $850B?' into a defensible yes/no with numbers.