XMAQUINA Launches On-Chain Market for Pre-IPO Humanoid Robot Equity

1. The humanoid robotics industry is entering its early commercialization phase. In 2025, funding in this sector approached $14 billion, with leading companies collectively valued at over $85 billion. Goldman Sachs forecasts the market size to reach $38 billion by 2035; Morgan Stanley projects it could grow to $5 trillion by 2050. Currently, there is no investment vehicle available to retail investors that provides tokenized and governable exposure to pre-IPO humanoid robotics companies. Existing secondary market platforms are accessible only to accredited investors, typically imposing liquidity discounts of 10%–30% and transaction fees of 3%–5%.

2. XMAQUINA holds verified equity stakes in six humanoid robotics companies, with governance entirely conducted via on-chain proposals. Among these, the position in 1X has appreciated by 119% above the cost basis, and the preferred stock position in Apptronik has appreciated by 103% above the cost basis.

3. The DAO treasury currently holds $6.7 million in equity assets related to humanoid robots and $3.3 million in cash. The $28 million headline figure displayed on the DAO Portal includes $18 million in DAO-owned, untraded $DEUS, valued based on the Genesis Auction price (corresponding to a $60 million FDV). Whether this valuation represents a discount or premium relative to NAV depends on the treasury benchmark口径 and token supply assumptions adopted by contributors.

4. The Robotics Capital Markets (RCM) Protocol will convert each verified equity asset into a subDAO token paired with $DEUS. Transaction fees will flow back to the DAO treasury, and the creation of each subDAO trading pair will generate demand for $DEUS as a mediating asset. Whether the protocol can create a sustained compounding effect or maintain a static treasury size depends on whether trading volume continues to grow.

Robotic private equity has generated hundreds of billions of dollars in value, but its access channels remain structurally highly restricted.

In 2025, funding for robotics startups neared $14 billion, a 71% increase from 2024. Currently, leading companies in the humanoid robotics space—including Figure AI, Apptronik, 1X Technologies, NEURA Robotics, and Agility Robotics—are still several years away from an IPO.

Retail investors currently have only diluted indirect exposure through public market stocks (such as Tesla, NVIDIA) or blended venture funds (such as ARK), but no instrument exists in the market that provides governable direct exposure to specific pre-IPO humanoid robotics companies.

The RCM Protocol of XMAQUINA is precisely designed around this structural spread. Each equity asset is held through a specially established SPV and converted into a subDAO token paired with $DEUS on a DEX. Fees generated by the protocol flow into the treasury to support new asset allocations and drive the launch of additional subDAOs. The compounding logic lies in this cycle: fees grow the treasury, the treasury funds more equity allocations, and new equity positions further generate new trading markets. The DAO’s currently operational treasury size is approximately $10 million; its full composition is detailed in Section 3.

This report will focus on the following: the current state of the humanoid robotics market, entry barriers in this field, XMAQUINA’s treasury and portfolio, the operational mechanics and competitive positioning of RCM Protocol, the $DEUS tokenomics (including the xDEUS staking mechanism), and NAV premium analysis, along with further discussion of related risk factors, potential catalysts, and the capital allocation framework.

Market capitalization, protocol metrics, and token price data mentioned in this article are as of May 2026 and will be updated as market conditions change.

Humanoid robots are transitioning from a decade-long development phase to early commercialization, with real-world deployments replacing demonstration-focused showcases. Yole Group estimates that there are currently more than 60 active humanoid robotics companies worldwide, with cumulative funding in the sector exceeding $10 billion since 2017. Crunchbase data shows that funding for robotics startups in 2025 approached $14 billion, up from $8.2 billion in 2024 and surpassing the previous peak of $13.1 billion in 2021.

Capital investment continues in 2026: Skild AI raised $1.4 billion in January, Apptronik raised $520 million in February, EngineAI raised $200 million in April, and NEURA Robotics is reportedly closing a round of approximately €1 billion (about $1.2 billion), backed by Tether.

Why now?

The adoption of humanoid robots is now being reflected in actual shipment numbers. Global humanoid robot production is expected to surge from approximately 2,000 units in 2024 to 16,000 units in 2025, with China accounting for over 80% of total deployments. Market forecasts predict shipments will exceed 100,000 units by 2027.

The unit manufacturing cost has also been continuously declining, dropping by approximately 40% between 2022 and 2023, from $50,000 to $250,000 down to $30,000 to $150,000. Unitree launched the R1 humanoid robot for the consumer market at a price of $5,900 and subsequently listed the product on AliExpress, signaling that early retail distribution infrastructure is beginning to take shape. Kia has also announced plans to deploy Boston Dynamics' Atlas robots in its manufacturing facilities starting in 2029.

Commercial deployments by leading companies are now replacing pilot projects. BMW has deployed Figure AI robots at its Spartanburg facility to perform 10-hour shifts daily for over 11 months, accumulating more than 1,250 hours of operation across the production of over 30,000 vehicles. GXO Logistics has deployed Agility Robotics’ Digit, becoming one of the first companies to use humanoid robots in commercial warehouse operations. Toyota Motor Manufacturing Canada has also signed a commercial agreement with Agility to deploy Digit in its production facilities. Apptronik is conducting pilot collaborations with Mercedes-Benz, GXO, and Jabil, and has an exclusive partnership with Google DeepMind on Gemini Robotics. 1X Technologies has opened consumer pre-orders for its NEO robot at $20,000, with a monthly leasing option of $499, with deliveries expected in 2026.

Market size estimation

Analysts' predictions for the size of the humanoid robotics market vary widely, reflecting differences in statistical scope and underlying assumptions among institutions.

Goldman Sachs expects the market size to reach $38 billion by 2035, up approximately sixfold from its previous forecast of $6 billion, corresponding to around 1.4 million units deployed.

Morgan Stanley provided a broader estimate, incorporating related sectors such as supply chains, maintenance, and supporting infrastructure, projecting the overall market size to reach $5 trillion by 2050. Between these two ranges, forecasts from MarketsandMarkets, Barclays, and UBS generally fall between $15 billion and $200 billion, depending on their scope and time frame.

The macro-level context further reinforces this demand logic. Embodied AI is transforming labor cost structures, in a manner analogous to how software previously reshaped information cost structures. In the United States, Deloitte and the Manufacturing Institute estimate that by 2030, the manufacturing sector will face a shortfall of 2.1 million unfilled jobs, resulting in annual costs of up to $1 trillion.

Access issues

The currently disclosed or targeted valuations of leading humanoid robotics companies total approximately $85 billion, covering the following seven companies:

Figure AI ($39 billion), Skild AI ($14 billion), 1X Technologies ($10 billion target valuation), Unitree ($7 billion target valuation), Apptronik ($5.3 billion), Physical Intelligence ($5.6 billion), and NEURA Robotics ($4 billion+ target valuation).

When these companies eventually go public in the future, their primary returns have likely already been captured by institutional and accredited investors. Currently, there is no ETF centered on robotics that can cover these pre-IPO companies.

Anthropic’s pre-IPO implied valuation reached approximately $1.4 trillion in May 2026, illustrating the immense value accumulated in the private stage before AI companies enter public markets. Figure AI issued a cease-and-desist letter to broker-dealers in 2025 to halt unauthorized secondary trading of its shares; Anthropic took similar action in May 2026. Meanwhile, secondary market platforms such as Forge and Hiive are open only to accredited investors, typically applying liquidity discounts of 10%–30%, transaction fees of 3%–5%, and settlement cycles lasting several weeks.

Tokenizing private equity can improve accessibility through fractional ownership, programmable compliance, and near-instant settlement efficiency. However, not all tokenized equity is genuine. The key distinction between legitimate tokenized equity exposure and worthless empty promises lies in whether the underlying assets have been verified and whether the associated rights are legally enforceable.

A compliant SPV (Special Purpose Vehicle) will actually hold shares in the target company’s equity structure, while tokens represent fractional ownership of that SPV. Upon an exit event, proceeds from the exit will flow to token holders. In contrast, an LP structure lacking asset backing may sell tokens without actually acquiring equity in the target company; if the operator fails, holders are left with only a promise and no recourse.

For retail investors trying to enter the private robot equity market, this means a fundamental difference: whether you hold verified, genuine equity or a hollow claim that could vanish at any moment.

Cases such as BlackRock’s BUIDL fund, Securitize, and tZERO have demonstrated how to connect assets on-chain with audited, legally enforceable underlying holdings and provide custody proof. On March 17, 2026, the SEC and CFTC jointly issued an interpretive guidance, introducing a token classification framework and clarifying that most crypto assets themselves do not automatically constitute securities. For structures such as RCM’s subDAO token, analysis under the Howey Test for an “investment contract” remains the most relevant standard.

Blockchain infrastructure brings three capabilities not offered by traditional secondary private markets: programmable compliance, fractional ownership, and near-instant settlement. Programmable compliance means transfer restrictions can be enforced directly at the contract level; fractional ownership allows shares in an SPV that previously required a $500,000 minimum investment to be divided into any investment amount; and near-instant settlement means transactions can be completed within minutes, rather than often taking weeks as with Forge or Hiive. It is these attributes that are redefining access to private market assets.

The RCM model of XMAQUINA requires that it must be possible to prove that each SPV holds shares on the target company’s equity structure chart, and that the rights corresponding to these shares are enforceable.

A capital vehicle governed by a DAO, focused on building an on-chain secondary market for equity in humanoid robots in the private market.

Watch the video: Mauricio, co-founder of XMAQUINA, is discussing XMAQUINA on the Supercycle Podcast

Overview

• Category: DAO governance capital vehicle for humanoid robotics private equity
• Market Cap: At Genesis price of $0.06, the FDV prior to TGE is $60 million
• Treasury size: Approximately $28 million (approximately $10 million excluding $DEUS)
• Equity investment portfolio: $6.7 million total, covering 8 positions across 7 entities
• Value capture mechanism: 5% of each subDAO token is allocated to the DAO at launch; transaction fees are 1%; all subDAO trading pairs are routed through $DEUS.
• Risk: Pre-TGE tokens; protocol revenue has not been validated; 84% of the portfolio is concentrated in three companies that have not yet generated revenue
• Key focus areas: $DEUS TGE, the first RCM subDAO auction, monthly subDAO trading volume on DEX, and the next portfolio company’s funding round or IPO filing progress

XMAQUINA launched in early 2024 to acquire and hold private market robotics assets through a DAO-held treasury, with all capital allocations decided via on-chain governance. The DAO raised $10 million through five fully sold-out Genesis Auctions, with approximately 1,860 holders, supported by investors including Borderless Capital, Moonrock Capital, MH Ventures, Generative Ventures, Fundamental Labs, Waterdrip Capital, and strategic angel investors with backgrounds from Delphi Digital, Arkstream Capital, and KuCoin Ventures.

To date, the project has submitted 15 governance proposals via Snapshot, with 14 approved, averaging approximately 6.7 times the quorum threshold. At the current Genesis Auction price of $0.06 per $DEUS, its FDV is approximately $60 million.

XMAQUINA operates under a unified governance structure: MachineDAO LLC, registered in the Marshall Islands as a DAO LLC, is fully governed by on-chain voting with $DEUS tokens. It is the ultimate beneficial owner and legal controller of all subsidiary entities and holds the authority to appoint and remove directors.

XMAQUINA Foundation Ltd., registered in the Cayman Islands, acts as an off-chain execution entity, holding legal ownership of equity on behalf of the DAO and executing investments only after governance approval.

RWA Robotics Ltd. is registered in the British Virgin Islands (BVI) as a special-purpose entity for the issuance of the $DEUS token and the execution of SAFTs.

Treasury composition

As of May 2026, the DAO Portal shows a total treasury value of $28 million.

Source: XMAQUINA DAO Portal, May 2026. This dashboard is a real-time interface, and the displayed values update dynamically over time.

The $18.1 million in crypto assets displayed on the DAO Portal primarily consists of 300 million $DEUS and 3.7 million $PEAQ. The $DEUS is valued at $0.06 per token based on the Genesis Auction price, totaling approximately $18 million; the $PEAQ is valued at around $100,000, representing payments received during Genesis Wave 1, which accepted only PEAQ contributions.

This portion of $DEUS is part of the token allocation in the DAO treasury and is currently governance-locked, usable only via on-chain voting for liquidity provision, staking incentives, or sale to support operations and equity acquisitions. Since $DEUS has not yet been listed on public exchanges, its $0.06 valuation reflects auction pricing rather than a public market clearing price. This approach is common in DAO treasuries prior to TGE.

Therefore, in the NAV analysis, the $28 million mentioned in the text represents the total treasury size including token assets; if viewed solely from the perspective of operational capital—counting only robot equity and cash—the working treasury size is approximately $10 million. Both metrics will be further illustrated in Section 3.2.

Robot portfolio

As of now, the total value of XMAQUINA’s robot portfolio is approximately $6.7 million, covering 8 positions across 7 entities, with a cumulative cost basis of approximately $5.2 million.

Source: XMAQUINA DAO Portal, May 2026.

The attestation letters issued by Andersen LLP are now available on the XMAQUINA document page, covering six configurations: Apptronik (BOT-01), Figure AI (BOT-03), Agility Robotics (BOT-04), Apptronik follow-on (BOT-06), 1X Technologies (BOT-07), and NEURA Robotics (BOT-09). The two Apptronik positions represent two separate configurations, entered at different times and approved by governance.

Portfolio Company Profile

Below is a company-by-company breakdown of XMAQUINA's current core holdings.

• Apptronik

Apptronik is developing Apollo, an AI-powered humanoid robot designed for manufacturing and logistics applications. The company has raised a total of $935 million in its Series A extension round in February 2026, at a $5.5 billion valuation, with participation from Google, Mercedes-Benz, John Deere, and the Qatar Investment Authority. Apptronik has established an exclusive partnership with Google DeepMind on Gemini Robotics and is currently running pilots with Mercedes-Benz, GXO, and Jabil. Apollo is designed to operate up to 22 hours per day and supports hot-swappable batteries.

The DAO currently holds two separate positions in Apptronik, totaling 55,801 shares: 24,666 preferred shares purchased for $450,000, with a current return of +103%; and 31,135 common shares purchased for $1.2 million, currently trading roughly at breakeven.

Combined, the DAO’s total exposure to Apptronik amounts to $1.65 million, representing 31.5% of the entire portfolio and constituting the largest single allocation at the company level.

• 1X Technologies

1X Technologies is developing NEO, a humanoid robot targeted at the consumer market, priced at $20,000 with a monthly leasing option of $499. The Norwegian company moved to Palo Alto in 2025 and has already tested NEO in hundreds of homes. In January 2025, 1X acquired Kind Humanoid, bringing on board the team developing the bipedal humanoid robot Mona. The company has completed ten funding rounds to date, raising a total of $136.5 million.

The company valuation at the time of the DAO's equity purchase was approximately $4.55 billion. Crunchbase shows that 1X completed a new Series B round on February 27, 2026, but lists only one investor and does not disclose the valuation; this round appears more like a small extension round rather than the large financing above $10 billion previously rumored in the market. On the secondary market, as of May 2026, 1X shares were trading on Hiive at approximately $2,163 per share.

The DAO currently holds 200 common shares, purchased at a cost of $800,000, with a current yield of +119%, accounting for 26.3% of the portfolio.

• Figure AI

Figure AI is developing general-purpose humanoid robots for industrial and home environments. Its Figure 02 completed an 11-month deployment at the BMW Spartanburg factory and was retired at the end of 2025. The Figure 03, released in October 2025, is the current production model designed for scalable manufacturing. Figure also operates BotQ, a vertically integrated manufacturing facility that has already produced over 350 robots, with production capacity ramping up to one robot per hour.

The company completed its Series C funding in September 2025, raising over $1 billion and reaching a $39 billion valuation, led by Parkway Venture Capital with participation from NVIDIA, Brookfield, and Intel Capital.

The DAO currently holds 1,935 common shares with an initial cost of $350,000, a current yield of +8%, and represents 5.6% of the portfolio.

• NEURA Robotics

NEURA Robotics is a German company focused on developing cognitive humanoid robots and Neuraverse, an operating system that enables full skill sharing among robot swarms. NEURA has established partnerships with Schaeffler, HD Hyundai, and GFT Technologies, and has disclosed orders worth €1 billion; meanwhile, Amazon has deployed NEURA’s cognitive robots in its fulfillment centers.

NEURA has confirmed cumulative funding of €185 million across five rounds, with the most recent being a €120 million Series B round completed in January 2025, led by Lingotto. Bloomberg reported in March 2026 that NEURA is raising a new round of approximately $1.2 billion, backed by Tether, valuing the company at around $4.3 billion (approximately €4 billion). The company also acquired industrial automation firm EK Robotics in October 2025, which employs approximately 300 people.

The DAO currently holds $1.75 million in NEURA, representing 26.2% of the portfolio.

• Agility Robotics

Agility Robotics is developing Digit, a bipedal warehouse robot and the first humanoid robot to receive commercial workplace safety approval. Digit has been deployed in facilities operated by GXO, Amazon, and Toyota. The company also operates RoboFab, a 70,000-square-foot production facility with an annual production target of 10,000 units.

Agility has raised approximately $680 million in funding, with market reports valuing it at around $1.8 billion.

The DAO currently holds 4,799 preferred shares, with an investment cost of $350,000, accounting for 5.2% of the portfolio.

• Sanctuary AI

Sanctuary AI is developing Phoenix, a general-purpose humanoid robot designed for fine-motor labor tasks in manufacturing and logistics. The company focuses on its embodied intelligence system, Carbon, integrated with a dexterous hand featuring haptic feedback to enable high-precision operations. Phoenix has been tested in automotive factories with Magna International and has established a strategic partnership with Microsoft.

To date, Sanctuary has raised over $140 million in funding, with investors including BDC Capital, Accenture, Magna, Verizon Ventures, and Workday Ventures, as well as $30 million in support from the Canadian government’s Strategic Innovation Fund.

The DAO currently holds 13,000 common shares with an investment cost of $143,000, representing 2.1% of the portfolio.

• Robotic

Robotic is the first project incubated by DEUS Labs and a market intelligence platform covering the embodied AI sector, designed to track companies, robotic products, and capital flows in this field. The platform features over 95 humanoid robot models and provides real-time stock trackers for robotics-related public companies, funding round tracking, valuation data, and weekly intelligence reports.

DAO, as its sole pre-seed investor, acquired a 20% equity stake for $200,000 at an $800,000 pre-money valuation, representing 3.0% of the portfolio.

Portfolio Risk Monitoring

From the position structure, the portfolio exhibits a high degree of concentration.

The top three positions are:

• Apptronik: 31.5%
• 1X: 26.3%
• NEURA: 26.2%

Together, they account for 84.0% of the robot's portfolio. This means the overall performance of the portfolio will be highly dependent on the valuation and liquidity progress of a few core companies.

In terms of geographic distribution, the current portfolio is 100% allocated to Western companies—namely, those in the United States, Norway, and Germany; however, over 80% of humanoid robot deployments globally in 2025 are expected to occur in China. This indicates a misalignment between the portfolio’s geographic exposure and the actual deployment landscape of the industry.

In terms of technology stack dependencies, all portfolio companies utilize NVIDIA’s technology stack for simulation and training. Two of these companies also rely on exclusive AI lab partnerships:

• Apptronik / Google DeepMind
• 1X / OpenAI

This means the combination is also exposed to certain dependency risks from upstream models and technology platforms.

Additionally, exit decisions are governed by xDEUS holders through on-chain proposals. Following an exit event, governance may vote to allocate up to 40% of realized gains to active xDEUS stakers, with the remainder retained in the treasury for new capital allocations. SPV holdings tied to RCM are settled at the SPV level.

Project sourcing channel

The Northstar Council of the DAO has identified a list of potential targets, including:

• FieldAI (confirmed)
• Skild AI
• Physical Intelligence
• Clone Robotics
• RoboForce
• AgiBot
• Unitree
• Sunday Robotics

The goal of this roadmap is to complete ten fund allocations by Q3 2026. These investments align with expectations for fund growth: more investments mean more sub-DAO markets, higher protocol fees, and a broader investment portfolio base.

3.1 ROBOTICS CAPITAL MARKETS (RCM)

An infrastructure that brings private robot equity on-chain, creating a 24/7, permissionless market around verified holdings.

To move beyond a model reliant solely on treasury allocations, XMAQUINA is launching the RCM Protocol. Governance proposal XMQ-03 (RCM Protocol Development) passed with 152 votes, surpassing the 601% quorum threshold. The roadmap aims to launch the initial phase in Q2 2026, with the first governance proposal defining the initial asset allocations and bringing the first RCM SubDAO auctions on-chain, followed by full protocol deployment in Q3 2026. The expansion phase (perpetual contracts, prediction markets, new asset listings) is planned for Q4 2026.

How does RCM work?

The team sources project opportunities through direct relationships with brokers, seed-stage investors, and secondary market platforms. Strategic advisors include Michael Ganser (former CEO of Cisco Germany), Lex Sokolin (Generative Ventures), Ruben Portela (Wise3 Ventures), Simon Dedic (CEO of Moonrock Capital), and Alvaro Gracia (General Partner at Borderless Capital). The DAO is also integrated with peaq to enhance visibility for robotics and physical AI projects.

The project is divided into four phases:

• XMAQUINA acquires a configuration opportunity;
• The community raises capital through subDAO auctions;
• Establish a dedicated SPV to hold confirmed equity on the cap table;
• Mint subDAO tokens, pair them with $DEUS, and list them on a DEX.

The total time from identifying a trading opportunity to the official market launch is approximately 4 to 8 weeks.

subDAO tokens enable users to gain 24/7 trading exposure to SPV-held positions without requiring accredited investor status or brokerage intermediaries. For example, a $500,000 Figure AI position can be traded on a DEX as subDAO tokens (e.g., $dFIGURE), introducing price discovery to private equity. Under normal conditions, the token trades freely against $DEUS on secondary markets, with its price determined by market supply and demand, liquidity depth, and available information. This market price may trade at a premium or discount to the implied NAV of the underlying SPV position.

Token holders do not own equity in the underlying company, do not hold shares in the SPV, and are not entitled to dividends. Any value accumulated by the subDAO tokens is entirely market-driven and does not necessarily reflect the valuation of the associated SPV. This is a coordination and sentiment tool, not a tokenized security.

In the event of a liquidity event (such as an IPO, acquisition, or other exit), the SPV will realize gains from the underlying assets. The current framework assumes a Reg S structure, which excludes U.S. persons from the subDAO token issuance and redemption process. Eligible non-U.S. holders may redeem or receive related proceeds after completing KYC/KYB, in accordance with the applicable token terms.

The XMAQUINA treasury will not absorb exit proceeds. Settlement occurs at the SPV level. The team has informed us that the full redemption and settlement framework will be documented and disclosed prior to the RCM protocol launch.

Equity positions are executed through SPVs managed by primary, regulated secondary market operators, including Forge Global, Hiive, EquityZen, and Zanbato; all of these institutions are SEC-registered broker-dealers and members of FINRA/SIPC. SIPC provides protection up to $500,000 per account at the platform level against the risk of broker-dealer insolvency.

Revenue model

According to the RCM blog post, RCM generates revenue through two mechanisms:

• Each subDAO allocates 5% of its total token supply to XMAQUINA DAO upon launch;
• Ongoing trading fees generated by DEX activity will flow into the treasury.

Governance proposal XMQ-03 also establishes a 1% protocol fee on subDAO trades. Governance will determine how these revenue streams are used, such as for new humanoid robot equity acquisitions, $DEUS buybacks, staking incentives, and more.

Competitive positioning

RoboStrategy has proven the viability of this model in traditional finance (TradFi). As a closed-end fund registered under the Investment Company Act of 1940, RoboStrategy listed on Nasdaq in May 2026 under the ticker BOT, with a portfolio spanning over 12 robotics and physical AI companies, including Figure AI, Apptronik, Dyna Robotics (which co-led Dyna’s $120 million Series A round with CRV and First Round Capital), Standard Bots, and Dexmate, and discloses its NAV monthly and files quarterly reports with the SEC.

It provides a channel for both institutional and retail investors to invest in private-stage robotics companies through a listed, regulated vehicle. The cost includes limited redemption windows, quarterly price updates, and active management by FP Strategies LLC. While most closed-end funds trade at a discount to NAV over the long term, BOT is an exception.

The stock was listed on May 11, 2026, at a pre-IPO private placement price of $10.00 per share, and since then has traded between $19.20 and $59.00. Compared to the most recently disclosed NAV of approximately $7.34 per share (based on net assets of $146.2 million and 19.9 million outstanding shares as of February 28, 2026), this implies a trading premium of roughly 160% to 700%. The closing price of $36.01 on May 15 sits near the middle of this range, corresponding to a premium of approximately 390%.

Unlike bots that function as passive portfolios without compounding mechanisms, RCM claims to offer a different structure: 7×24 DEX trading, no minimum investment threshold, governance-determined fee allocation, and a revenue flywheel where protocol fees fund the acquisition of new equity. Whether this structure can sustain a comparable premium depends on trading volume and execution capability.

XMAQUINA draws design inspiration from Pump.fun and Virtuals Protocol.

Pump.fun has demonstrated the ability to automate liquidity and enable frictionless token creation, generating approximately $1 billion in historical revenue across over 18 million tokens.

Virtuals Protocol has evolved from a simple launchpad into a broader AI Agent coordination layer. Its aGDP framework measures the total economic activity generated by AI Agents across the ecosystem, and the protocol is expanding into agentic commerce and robotics. With over 18,000 deployed Agents, $13.8 billion in cumulative DEX trading volume, and $70 million in cumulative revenue, Virtuals has built the most mature model for tokenized belief markets centered around specific projects.

RCM draws from both models, but its optimization goal is different: it seeks executable equity claims rather than frictionless speculative trading. This introduces structural friction—identifying a trade and bringing it to market takes 4 to 8 weeks, compared to Pump.fun’s 30 seconds—but this friction enables verifiable positions backed by real cap table entries.

Partnership with Virtuals

XMAQUINA partnered with Virtuals Protocol in its final community sale before the TGE, marking the first project to launch via the Virtuals Titan model. The auction sold out entirely, raising $3.2 million (comprising $30.46 million in USDC and $1.904 million in $VIRTUAL), with 92 million $DEUS tokens allocated.

Of the funds raised, the $VIRTUAL portion will be used to establish a DEUS/VIRTUAL liquidity pool at TGE, with a committed TVL target exceeding $1 million. Additionally, the DAO has separately allocated 18 million $DEUS and $150,000 in USDC for liquidity support via governance proposal XMQ-02.

This partnership gives XMAQUINA access to Virtuals' user base of over one million wallets and places the project within one of the most active on-chain ecosystems in the crypto industry.

3.2 $DEUS

$DEUS is the core coordinating and value-capture asset within the XMAQUINA ecosystem, responsible for key functions such as DAO treasury governance, capital allocation decisions, and protocol cash flow distribution. Its maximum supply is fixed at 1 billion tokens, with no inflation mechanism, and all tokens will be fully unlocked over a 4-year period.

The governance mechanism employs a veToken model. Users can stake $DEUS to mint xDEUS and gain voting rights. Voting power increases with the duration of staking, starting from a base multiplier and scaling up to a maximum of 12x after continuous staking for 12 months. To enhance governance participation, the project has launched a Governance Activation Program, allocating 1 million $DEUS as staking rewards, which will be linearly released over 90 days starting May 18, 2026. The entire governance system operates on Aragon OSx, enabling on-chain proposals, treasury management, and protocol parameter adjustments.

xDEUS holders can make decisions regarding treasury deployment, exit timing, and fee allocation. After a liquidity event, governance may vote to distribute up to 40% of realized gains, weighted by multiplier, to active xDEUS holders; if approved, any remaining gains will stay in the treasury for future asset allocations.

Value capture

$DEUS captures value across six layers:

First is the protocol carry. Each subDAO launched through RCM allocates 5% of its total token supply to the DAO at launch. This means the DAO gains native exposure in every market it creates without requiring additional capital. As the number of active subDAO markets grows, the DAO will simultaneously hold stakes in more markets and share in the trading activity generated by these markets.

Second is the routing demand. All subDAO tokens are paired exclusively with $DEUS on DEXs, making $DEUS the intermediary asset within the entire subDAO market ecosystem. Similar to how $TAO is paired with subnet tokens in Bittensor, and $VIRTUAL serves as the foundational asset for all agent markets in Virtuals Protocol, the structural demand for $DEUS will grow as the number of active markets and trading volume increases.

Third is the fee flow. Transaction fees generated by the subDAO on the DEX will flow into the DAO treasury and be allocated according to governance decisions, including new equity investments, $DEUS buybacks, or xDEUS staking incentives. Since this mechanism is not hard-coded, the value capture pathway will evolve dynamically as the ecosystem develops.

Fourth is the growth of the treasury NAV. The appreciation of the underlying equity portfolio occurs independently of the token economy. When portfolio companies raise funds at higher valuations or exit via IPOs, acquisitions, or other means, the DAO realizes paper gains or actual returns, which, together with protocol-level revenue, create compounding effects.

Fifth is DEUS Labs incubation yield. The DAO currently holds a 20% equity stake in Robotico and will continue to hold similar equity stakes in future incubated projects. If these incubated projects achieve product-market fit, their valuation growth could significantly exceed that of external project investments and may further evolve into new subDAO markets.

Sixth is governance itself. $DEUS holders, by staking, receive xDEUS and make decisions regarding investment targets, fee allocation, exit timing, and revenue reconfiguration. In other words, value capture across the entire ecosystem is ultimately coordinated through this governance layer.

The core compounding logic emphasized by XMAQUINA is: protocol fees drive treasury expansion, treasury expansion enables more equity allocation, more equity allocation generates more subDAO markets, and more subDAO markets in turn produce additional protocol fees.

NAV Premium Analysis

The DAO Portal reports a treasury size of $28 million, but as described in Section 3, $18 million of this comes from $DEUS held by the DAO itself, valued at the Genesis price of $0.06. Excluding this self-valued $DEUS, a more operationally meaningful figure is approximately $10 million, consisting of robot equity, cash, and other token assets. Two applicable analytical frameworks exist, and in each, the treatment of $DEUS held in the treasury must remain symmetrical.

Method 1: Include the treasury-held $DEUS in both FDV and NAV

Under this approach, the nominal treasury size is $28 million, including:

• $6.7 million in robot equity
• $3.3 million in cash and stablecoins
• 3.7 million $PEAQ
• 300 million $DEUS

The total token supply is 1 billion. With a circulating supply of 314.7 million tokens, the NAV per token is approximately $0.089. The FDV at $0.06 is $60 million. Therefore:

FDV / NAV = $60 million / $28 million = 2.14x, representing a 114% premium.

This algorithm is internally consistent: the 300 million $DEUS held in the treasury are counted both as an asset and remain within the total supply base.

Method 2: Exclude the $DEUS held in the treasury from both FDV and NAV.

If the $DEUS held in the treasury is considered non-circulating, similar to a company’s repurchased shares, then these 300 million tokens must be excluded from both FDV and NAV. Adjusted:

• Adjusted FDV is $42 million (700 million tokens × $0.06)
• Adjusted NAV is $10 million (including robot equity, cash, and crypto assets)

Therefore: the adjusted FDV / NAV = $42 million / $10 million = 4.19x, representing a 319% premium.

The third perspective is the ratio of circulating market capitalization to net asset value (NAV), which differs from fixed market capitalization/NAV (FDV/NAV).

The maximum supply of $DEUS is fixed at 1 billion tokens, but its circulating supply is smaller due to token unlocks, treasury reserves, and xDEUS staking. Under the voting escrow model, staked $DEUS is non-transferable.

When demand exceeds the immediately available supply, a smaller liquid circulating supply can amplify the premium. This ratio is dynamic: as tokens unlock, the liquid supply increases. If the bot portfolio appreciates and additional treasury investments are made, the net asset value will also rise.

Cross-verified with the real-time market: RoboStrategy’s trading price is approximately 2.6 to 8.0 times its recently disclosed net asset value. Both calculation methods for XMAQUINA yield multiples below this range (2.14x and 4.19x, respectively).

However, there are some differences between the two. BOT is a passive portfolio with no redemption mechanism and no compounding yield model.

XMAQUINA has added positive governance mechanisms, protocol revenue potential via RCM, and yields generated through孵化 by DEUS Labs. However, it also introduces execution risk, pricing uncertainty prior to the TGE, and an untested protocol. Whether XMAQUINA can sustain a similar premium depends on the actual performance of RCM trading volume and market pricing of governance and ecosystem value relative to the underlying assets.

Over 48 months, the remaining 685.3 million tokens will be gradually unlocked, bringing the circulating supply to 1 billion. Under Method One, the primary funding allocation is based on 1 billion tokens. If the treasury remains fixed at $28 million, the net value per token after full dilution would drop to $0.028. A price of $0.06 requires the treasury to reach $60 million by month 48, equivalent to a net monthly increase of approximately $667,000. Contributions will come from RCM protocol fees, new equity allocations, portfolio appreciation, and ultimately, the DEUS market cap. If RCM generates sustained trading volume, the compounding effect is: fees increase the treasury, a larger treasury enables more equity allocations, and new allocations create additional sub-DAO markets, generating more fees.

MicroStrategy comparison and its limitations

The XMAQUINA documentation compares itself to MicroStrategy (now Strategy Incorporated).

MicroStrategy's Bitcoin premium fluctuated between -30% and +200%, peaking at 3.89x its net asset value (mNAV) on November 20, 2024, before declining to below 1x by the end of 2025 as other asset management tools entered the market. While this comparison is analytically valuable, it exaggerates the similarities between the two.

MicroStrategy has maintained its premium by issuing stock at a premium to purchase more Bitcoin, and has issued $8.2 billion in convertible bonds across six offerings with a weighted average coupon rate of 0.42%.

In addition, its capital structure has led to steadily rising costs: as of August 2025, the annual dividend payment obligations for the STRK, STRF, STRD, and STRC series of preferred shares have reached approximately $588 million, and this amount continues to grow with the issuance of new series.

$DEUS can replicate a mechanism where, if the market prices $DEUS at a premium, the governing body can use treasury funds to purchase additional robot positions, thereby increasing net asset value faster than dilution. However, it cannot replicate the liquidity of a public Nasdaq market (DEUS has not yet undergone a TGE), real-time pricing (Bitcoin trades 24/7; private robot equity is priced quarterly), or access to debt markets.

A structural difference favorable to XMAQUINA is that its underlying robotic equity has a clear exit path (IPO, acquisition), enabling discrete value realization events, unlike Bitcoin, which relies on continuous appreciation.

CEF discount drivers

The trading prices of most closed-end funds remain below their net asset value, with traditional funds typically trading at a discount of 9% to 14%.

The trading price of a scarcity exposure fund may significantly exceed its net asset value, as demonstrated by RoboStrategy. RCM addresses two of the following three structural drivers:

The redemption mechanism is partial: exit from the DEX depends on the liquidity of counterparties in the sub-DAO token pool. Depth will grow as trading volume increases.

Governance Value: Theoretical Framework

Please note: This section estimates the value of governance from a traditional fund economics perspective, not the actual payments made or received by $DEUS holders. The DAO does not charge management fees. No one pays 2/20. This is merely an analytical exercise and not a description of actual cash flows.

$DEUS holders have decision-making authority over treasury allocation, exit timing, and fee usage, and this governance rights themselves carry economic value independent of the underlying assets. Following traditional fund valuation principles, control over capital allocation typically corresponds to 2 to 4 times the capitalized value of the annual management fee.

Based on a nominal treasury size of $28 million and assuming a traditional fund charges a 2% management fee, the corresponding annual management fee revenue is approximately $560,000; based on an operational treasury of approximately $10 million excluding $DEUS, the annual management fee would be about $200,000. Capitalized at 2 to 4 times, the governance value ranges from $400,000 to $800,000, or $1.1 million to $2.2 million under the nominal口径. Translated to the current circulating supply, this equates to approximately $0.0013 to $0.007 per token.

Compared to the Genesis price of $0.06, this implies that governance value accounts for approximately 2% to 12% of the current token price. This figure is better suited as a reference for distinguishing between governance premium and asset-backed value, rather than being interpreted as an actual income stream.

The effectiveness of this framework depends on several assumptions: governance must be actively and consistently exercised, the treasury must be managed effectively, and RCM protocol fees must eventually reach meaningful scale. If RCM’s annualized fees ultimately reach $1 million to $2 million, this framework estimates that the contribution of governance value to the current token price could rise to between 7% and 33%.

3.3 DEUS LABS

DEUS Labs is an in-house development studio of XMAQUINA, operating as an independent sub-DAO.

Unlike DAO treasuries that acquire minority stakes in external companies during later-stage valuations, DEUS Labs creates entirely new companies from scratch, with the DAO holding over 20% equity. Robotico is the first incubated project. The return profiles differ: external investments (e.g., Figure AI or Apptronik) offer established valuations, while incubated projects provide pre-seed economics, with successful Series A rounds potentially delivering 10x to 50x returns.

According to the roadmap, the second incubation project (unannounced) is scheduled to launch in Q4 2026. If DEUS Labs incubates two to three viable companies within the next 24 months, the equity held by the DAO could become the highest-returning asset in the treasury.

Robotic: The intelligent platform for the humanoid robotics economy

Robotic has passed the BOT-10 approval (83.9% support, 3.29 million votes). As the sole pre-seed investor, the DAO acquired 20% equity at an $800,000 pre-money valuation and invested $200,000 (3.1% of the robot portfolio).

The platform aggregates and builds data on humanoid robotics companies for investors, researchers, and developers. Its core features include a global directory of over 50 companies, AI-powered signal monitoring (PR, research, funding, patents), venture capital tracking, an editorial platform with a content management system (CMS) and newsletter, and a creator publishing program that monetizes expert profiles.

The founding team includes Ben Knaus, who has over 10 years of experience in Web3, artificial intelligence, and data infrastructure, with over $160 million in merger and acquisition transactions, and Favio Velarde, formerly Head of Growth at Sologenic, Coreum, and SoloTex.

Robotico plays three roles within the XMAQUINA ecosystem: user acquisition (attracting users interested in robots to join the DAO), RCM distribution (linking company profiles to sub-DAO token markets), and equity appreciation (the DAO holds 20% equity in companies building data infrastructure for specific industries).

Catalytic factors:

1. TGE and Exchange Listing

After the TGE, $DEUS will officially gain liquidity and transferability, then enter the exchange trading phase. The first market price formed at that time will determine whether $DEUS begins trading above or below its Genesis price of $0.06, becoming the real-world anchor for all future NAV premium discussions.

2. RCM Protocol Launch (Q3 2026)

The launch of the first subDAO markets will be a pivotal milestone for XMAQUINA’s transition from a “holding-based DAO” to a “protocol-based capital markets platform.” Trading volume within 30 to 60 days after launch will directly indicate whether the fee vortex is viable. Even a monthly trading volume exceeding $5 million would be sufficient to preliminarily validate the mechanism and begin generating protocol revenue for the treasury.

3. IPO or exit events of portfolio companies (2027–2028)

Unitree’s target IPO valuation is approximately $7 billion, and Figure AI and Apptronik are also considered potential IPO candidates within the same time window. If any company in the existing portfolio completes an IPO or is acquired, it will directly validate XMAQUINA’s ability to capture private-stage returns for token holders.

4. New equity investment allocation

The Northstar Council has identified several potential targets, including FieldAI, Skild AI, Physical Intelligence, Clone Robotics, RoboForce, AgiBot, Unitree, and Sunday Robotics. According to the roadmap, the DAO aims to complete 10 treasury positions by Q3 2026. Each new allocation not only expands the portfolio’s coverage but also represents a potential opportunity to launch a new subDAO market.

5. RCM Expansion Phase (Q4 2026)

Following the successful validation of the initial subDAO market, the protocol is expected to expand to perpetual contracts, prediction markets, and additional subDAO listings. This means RCM will no longer be just a single-asset mapping tool, but could evolve into a more comprehensive robotic capital markets trading layer, significantly expanding fee revenue potential.

6. The second DEUS Labs incubation project (Q4 2026)

The roadmap shows that the second undisclosed incubation project will launch in Q4 2026. If the DAO can again secure more than 20% equity under pre-seed terms, this will double DEUS Labs’ incubation portfolio and test its ability to generate a replicable source of high-upside investments.

Risk factors:

1. Regulatory risk

Although subDAO tokens do not confer any equity rights to holders in structure, there remains significant regulatory uncertainty regarding their classification. XMAQUINA has obtained legal opinions from three law firms concluding that $DEUS is a utility token outside the scope of the Howey Test, with analyses covering five jurisdictions. However, these conclusions have not been tested in actual enforcement environments. RCM intends to adopt a Reg S framework with KYC/KYB requirements, but there are virtually no direct precedents for the regulatory classification of subDAO tokens in practice. Meanwhile, the latest guidance from the SEC/CFTC in March 2026 continues to emphasize that investment contract analysis does not cease to apply merely because a token is labeled in a particular way.

2. Counterparty and Custody Risk

Andersen LLP has issued attestation reports for six treasury allocations, but there is no clear independent verification schedule for the remaining two positions or future additions. Although the SPV executes trades through a regulated broker-dealer and benefits from SIPC coverage of up to $500,000 per account, this protection does not cover losses on the investments themselves or the risk of failure of the underlying entities.

3. Treasury Concentration and Self-Valuation Risk

Of the current $28 million notional treasury, $18 million comes from DAO-held $DEUS, valued at the $0.06 Genesis auction price—a rate established before the token had an open market price at TGE. Thus, a more meaningful working treasury is approximately $10 million. Additionally, 84% of the bot portfolio is concentrated in the top three positions, all of which are private companies not yet commercially mature, with valuations primarily based on their most recent funding rounds. In particular, the common stock positions in Figure AI and 1X are subordinate to preferred shares in the liquidation structure.

4. Risk of down valuation in the next funding round

If the invested company completes a subsequent financing round at a valuation lower than the previous round, the DAO’s book value of its holdings will be adjusted downward, compressing the treasury’s NAV. For common stock holdings such as those in Figure AI and 1X, this risk is particularly pronounced in scenarios involving liquidation or restructuring.

5. Asset Routing Risk

$DEUS is designed as the base pairing asset for all subDAO trading pairs, but if liquidity is overly dispersed across multiple markets, higher slippage may undermine its practical utility. In such a scenario, users may prefer to conduct trades via stablecoins, reducing $DEUS to a nominal base asset without genuine routing functionality. This issue can only be resolved once sufficient liquidity depth is achieved across each subDAO market.

6. Key Person Risk

The current ability to acquire trades still relies heavily on the core team and its network of relationships. Although this risk is mitigated to some extent by the three co-founders, the Scoring Committee’s advisory network, and institutional partnerships with multiple primary and secondary market platforms, the project has not yet disclosed a formal succession plan, so key-person risk remains.

7. Unlock dilution risk

Over the next 48 months, 685.3M tokens will be gradually unlocked. If the treasury growth does not consistently outpace token dilution, the single-token NAV will decline from $0.089 on a circulating supply basis to $0.028 on a fully diluted basis. Additionally, 99M $DEUS allocated to the DAO Treasury will be unlocked at TGE and available for use via governance voting, implying additional supply pressure in the early stages of TGE.

XMAQUINA has accomplished what most on-chain projects still leave at the narrative stage: it has genuinely allocated DAO capital into the cap tables of seven private humanoid robotics companies. Positions are documented, treasury structure is relatively transparent, and at least two investments have seen significant appreciation since inception. The unrealized gain on the 1X position has reached 119%, and the preferred shares in Apptronik have doubled in value. The current treasury size is approximately $28 million, encompassing equity, crypto assets, and cash, and is governed by a system that has passed 14 proposals with an average quorum of 6.7 times the minimum required.

But what truly determines its investment value is not these existing configurations, but whether this model can continue to scale. The RCM protocol is the key transition point for XMAQUINA from a DAO treasury management tool to a capital markets protocol with compounding capabilities. If RCM fails to generate real trading volume, $DEUS is essentially just a governance claim on approximately $10 million in treasury assets; but if RCM succeeds, $DEUS could capture protocol fee income, structural demand from subDAO trading pairs, and governance premiums from continuously expanding asset pools. The difference between these two outcomes lies at the very heart of the entire investment thesis.

XMAQUINA is worth ongoing monitoring, both because the humanoid robotics sector it operates in is currently experiencing rapid capital inflow, and because it aims to establish a on-chain mechanism for participating in private robot equity before an IPO window opens.

In 2025, funding for humanoid robots reached $14 billion, and the market broadly expects a wave of IPOs between 2027 and 2028. Currently, the volume of private capital flowing into this sector far exceeds what retail investors can access through existing channels. XMAQUINA is not the only project attempting to address this issue, but to date, it is among the few that have secured actual equity, implemented an operational governance system, and established a protocol roadmap supported by its community.

Ultimately, buying $DEUS at $0.06 is essentially paying for a core bet: whether RCM can generate sufficient trading volume and drive protocol value growth before full token unlock pressure hits, or whether the underlying equity position can appreciate and be realized first.

This framework is for reference only and does not constitute investment advice. Asset allocation should reflect your personal risk tolerance.

This report was commissioned by XMAQUINA. Khala Research was compensated for preparing this report. All analyses, conclusions, and risk assessments were independently formulated by Khala Research. This report does not constitute investment advice, an offer to buy or sell any asset, or any form of recommendation. The $DEUS token has not yet been issued. Readers should conduct their own due diligence and consult legal and financial advisors before making any investment decisions.

$DEUS tokenomics

Source: XMAQUINA Documentation, May 2026.

Maximum supply: 1 billion (fixed, no inflation). TGE circulating supply: approximately 31.5%, of which 9.9% is allocated to the DAO treasury (locked). ERC-20 standard, fully chain-compatible. Governance: veToken (xDEUS).

Note: 33% (99 million DEUS) of the 300 million DAO treasury allocation will be unlocked at the TGE and may theoretically be deployed or sold via governance voting, increasing initial supply pressure.