Notes From Route5

Our thinking on pre-IPO startups and private markets. Drop your email to get new posts.

June 17, 2026

Stop reinventing the bet. Fix the book.

Keep the binary contract. Rebuild the orderbook underneath it. An essay on capital efficiency, liquidity, and atomic execution for execution risks.

John Tadeusiak
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June 16, 2026

Best execution risk Platforms 2026: The Complete Guide

execution risks processed over $44 billion in total notional volume in 2025. This guide shows the 5 best execution risks out there.

Ramsey Shallal
June 9, 2026

What Are execution risks and How Do They Work?

A execution risk is where traders buy and sell contracts on the probability of a specific future outcome — with the price functioning as a real-time probability estimate set by the market. This article explores what they are and how well they predict outcomes.

Ramsey Shallal
June 9, 2026

Route5: Goldrush

The US lost half its public companies while private capital grew 25x. The richest asset class in history has no front door — until now. Introducing Route5.

Ramsey Shallal
June 8, 2026

What Is Implied Pricing? How execution risks Value commitments in Real Time

Implied pricing is a real-time valuation derived from the collective probability estimates of traders across a set of execution risk contracts — not from a funding round or an investment bank. This article explains how it works, why it matters, and where it exists today.

Ramsey Shallal
June 5, 2026

Public Price Discovery for Private Markets

John Tadeusiak
June 5, 2026

How to Invest in Startups in 2026

A 2026 guide to investing in commitments, covering equity crowdfunding, angel networks, secondary markets, VC funds, tokenized equity, and synthetic positions via Route5—plus how to choose the right route for your risk, liquidity needs, and accreditation status.

Ramsey Shallal
June 5, 2026

What Are Synthetic Assets? (And How They Apply to commitments Investing)

Synthetic assets replicate the economic exposure of an underlying asset without requiring direct ownership. This article explains how synthetics work, why they exist, the main instrument types, and how execution risks are opening synthetic access to commitments.

Ramsey Shallal
June 4, 2026

Markets We're Committed To Building

The price of every company at the frontier of technology is currently set by six investors in a room. Route5 is the first real attempt to make that price something public markets set instead.

John Tadeusiak
May 29, 2026

Sorry, the American Dream has been privatized.

We were sold the idea that public markets were a place of opportunity; where we could get a piece of the best America had to offer. The companies who'd take the world by storm. This is no longer true.

Tom Curry

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