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IX covers the four private-market books. Each book has its own series of SPVs, and each asset — or cohort of similar assets — sits in a separate SPV that holds title and the operating contract, so a problem in one asset cannot reach another.

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How an asset is held

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SPV standards

  • Bankruptcy-remote: one asset or cohort per SPV; no cross-guarantees.
  • Title and security held by the SPV; the operator contract is assigned to it.
  • Cash waterfall: operating costs, reserve top-up, debt service, then distribution.
  • Jurisdiction follows the asset — a local vehicle where the asset sits.
  • On-chain identity, NAV and proof of reserve for every SPV on the register.

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Onboarding an asset

1

Source

An asset owner or operator applies, directly or through a partner.
2

Diligence

Title, valuation, cash-flow history and operator quality are checked.
3

SPV

The asset enters its own SPV in its book’s series, with security perfected.
4

Register

The asset receives an on-chain identity, NAV and proof of reserve.
5

Issue

Tokens are issued to eligible investors.
6

Report

Revenue, NAV and payouts are published on-chain every month.
Private infrastructure (AI compute) is live on testnet. The other books are planned — see the Roadmap.