Capital stages and traction gates
The operational roadmap investors hold us to.
Capital stages, regulatory filings, and traction milestones from formation through general availability, sequenced over 36 months. Each gate is binary, measurable, and shareable — every quarterly investor update reports progress against the same calendar.
Planning horizon
2026 – 2029
Programme phases
v1 build → ATS-N live → DCO → GA
Capital posture
Privately funded · not disclosed publicly
Review cadence
Quarterly · IR updates
Programme summary
Three phases of build · one mission.
Wavestar's programme is sized to the 24-month v1 window and the institutional onboarding phase that follows. The v1 build takes us from formation to production clearing on the live-signal markets; the ATS-N + DCO phase opens the institutional member cohort.
v1 build window
0 mo
Formation to production clearing on the live-signal markets — downlink first as v1 cleared market.
Regulatory tracks
0
FinCEN MSB · SEC ATS-N · CFTC DCO · CFTC SEF/DCM. Filed in parallel.
Programme phases
0
v1 build → ATS-N operative → DCO and General Availability.
Capital posture
Private
Round details and stage specifics are not disclosed on the public surface. Investors and strategic partners under NDA via IR.
Milestones
The traction calendar.
Each milestone is a binary gate. Slippage is reported at the next quarterly investor update with an explanation and a revised target date. Acceleration is equally reportable.
- Q2 2026In progress
Formation complete · v1 programme begins
Wyoming LLC operational. v1 programme begins: engineering build, regulatory filings, first design-partner cohort. Capital posture is private and not disclosed on the public surface. - Q4 2026Planned
FinCEN MSB registration
Form 107 filed. Money Services Business status confirmed. Enables lawful custody of member fiat balances for settlement. Formal AML program certified and the first BSA officer designated. - Q1 2027Planned
Terminal alpha
First design-partner operators onboarded to the Terminal. Full operator system-of-record for fleet state, contracts, and registry entries. Initial cohort of three to five operators. - Q3 2027Planned
ORCH first cleared trade
First live match cleared through the ORCH engine — downlink minute contract as the initial product. Novation handshake, observer-signed delivery attestation, and USDC atomic settlement. SOC 2 Type II report issued in the same quarter. - Q2 2028Planned
SEC ATS-N effective
Form ATS-N filed, reviewed, and operational. Alternative Trading System status permits the matching and crossing of security-like instruments consistent with the SEC framework. First institutional member cohort onboards against ATS-N disclosures. - Q1 2029Planned
CFTC DCO registration
Form 7-R filed. Derivatives Clearing Organization status confirmed. Enables clearing of forwards and other derivatives across the resource complex, with CCP novation and a Cover-2 default fund. - H2 2029Planned
General availability
All five resource classes live in production. Permissionless onboarding for qualified members. First rulebook annual amendment cycle. First annual transparency report published under Reg SCI-aligned disclosure.
Risk register
Material risks investors should weigh.
- 01
Regulatory-pace risk
Multi-track filing (FinCEN, SEC, CFTC, SEF/DCM) is parallel by design. Slippage in any track delays the corresponding product line. Mitigated by early pre-filing engagement and multi-firm counsel. - 02
First-counterparty risk
A clearing house has no product without members. The first five institutional members are a binary success condition. Mitigated by the design-partner cohort, fee waivers, and the rulebook working-group seat. - 03
Technology-execution risk
The ORCH engine must hit 12k TPS sustained and 99.995% uptime before institutional onboarding. Mitigated by Rust-native implementation, deterministic state machines, and a staged load-testing roadmap. - 04
Resource-origination risk
Every cleared resource must have deliverable underlying inventory. Mitigated by design-partner contracts with ground-station, fleet, ISAM, and hosted-payload providers signed before the corresponding contract goes live. - 05
Attestation-network risk
Attest must reach a threshold quorum of independent observers for every settlement. Mitigated by a cross-jurisdictional observer programme signed at the seed stage, with geographic and institutional diversity. - 06
Macro and capital-markets risk
A closed capital-markets window can delay regulatory gates that depend on operational capital. Mitigated by conservative runway management, multiple counterparty paths, and a contingency facility framework prepared in advance.
Prospective investor
Request the data room.
The data room contains model, cap table, regulatory filings, rulebook drafts, counsel list, and the full member pipeline. Access is granted under NDA and gated to qualified investors.