IPO documentation

Documentation

Every coin goes public.

IPO is a Solana launchpad built on the pump.fun bonding curve where every coin is a company. Its creator fees are revenue, its holders are shareholders, and a fee engine of your choosing decides what the revenue does. This guide explains how it all works, from launching a coin to how every company is run once a minute.

Overview

A coin launched on IPO is a normal pump.fun coin: Token-2022, one billion supply, mint authority revoked, traded on the bonding curve until it graduates to PumpSwap. Three things make it a company:

It has its own wallet. At launch the site generates a dedicated company wallet and sets it as the coin's on-chain creator. Every creator fee from every trade, on any frontend or bot, accrues to that wallet. Nobody can redirect it later: the creator is fixed at mint time.
It has a fee engine. The launcher picks one of six engines. The engine is the company's standing policy for its revenue: provide liquidity, hire employees who buy in, buy back and burn, pay dividends, run a raffle, or let an AI fund manager invest across the board.
It is run every minute. The platform collects each company's fees and executes its engine. Every action is logged publicly with its transaction.

The launcher never touches the fees. They belong to the company, and the company does exactly what its engine says, in public, forever.

Quick start

Connect a Solana wallet with the button in the top right. Any wallet supported by WalletConnect or the Solana wallet standard works.
Open Launch a coin. Add an image, a name, a ticker and, optionally, a prospectus and socials.
Pick a fee engine. Read its playbook on the right; the choice is permanent.
Optionally set a first buy, which happens inside the launch transaction before anyone else can buy.
Press Ring the bell, approve one transaction in your wallet, and you land on your company's page. It is live on the board and tradeable immediately.

Launching a coin

Launching takes one approval in your wallet. Your coin is minted on the pump.fun bonding curve, its company wallet is created and set as the coin's creator, and your optional first buy happens in the same step.

You choose	Notes
Image, name and ticker	Shown everywhere the coin appears. Square images look best.
Prospectus and socials	Optional. Tell people what the company is about.
Fee engine	What the company does with its revenue. Permanent.
First buy	Optional, up to 50 SOL, at the opening price before anyone else can buy.

You pay the network cost of launching plus any first buy. After that, running the company costs you nothing.

The bonding curve

Until graduation, every coin trades against a pump.fun bonding curve: a program-owned account holding the unsold supply and the SOL paid in. Price is a function of how much has been bought.

Price math

The curve is a constant-product market over virtual reserves. With virtual SOL reserves x and virtual token reserves y:

k     = x · y                       (constant)
price = x / y                       (SOL per token)
buy Δx SOL  →  receive  y − k / (x + Δx)  tokens   (before fees)
market cap = price × 1,000,000,000

Buying adds SOL and removes tokens, so each buy moves the price up along the curve; selling does the reverse. The board shows these numbers live from the curve account, read through Helius.

Key numbers

Quantity	Value	Notes
Total supply	1,000,000,000	6 decimals, Token-2022
Initial virtual SOL	30 SOL	Sets the opening price
Initial virtual tokens	1,073,000,000	More than supply; the excess is virtual
Tokens sold on the curve	793,100,000	79.31% of supply
Opening market cap	≈ 28 SOL	30 / 1.073B × 1B
Real SOL at graduation	≈ 85 SOL	Paid in by buyers along the curve
Market cap at graduation	≈ 410 SOL	Price where the curve ends

Graduation

When the last of the 793.1M curve tokens is bought, the curve is complete. Its liquidity migrates to a canonical PumpSwap pool and trading continues there. On IPO, a graduated coin's page links out for trading, and its price comes from the pool via DexScreener and Birdeye. Fee engines keep working after graduation: pool-side creator fees are collected too, and the Liquidity Index starts depositing into the pool.

Creator fees

Every trade pays fees. Part goes to the protocol, part to the coin's creator. On IPO the creator is the company wallet, so the creator share is the company's revenue.

Where a trade's SOL goes

Observed split on a 1 SOL buy on a fresh curve:

Leg	Amount	Rate
Into the curve (buys tokens)	≈ 0.98765 SOL	—
Protocol fee	≈ 0.00938 SOL	~95 bps, dynamic by market cap and size
of which buyback	≈ 0.00469 SOL	Half of the protocol fee
Creator fee → company	≈ 0.00296 SOL	~30 bps

pump.fun's fee schedule changes with market cap, so treat these as orders of magnitude. The company page shows the exact revenue collected, from on-chain collections.

The company wallet

Each coin gets its own company wallet at launch. It is the only place the coin's revenue can go, and it is operated by the platform strictly according to the company's fee engine.

It is the coin's on-chain creator, so only it can collect the coin's creator fees.
It holds the company's revenue and whatever its engine buys: its own shares, LP, other coins.
It keeps a tiny reserve for account rent. Network fees are covered by the platform.
Its address is shown on the company page; everything it does is visible on Solscan.

How companies run

Every minute, around the clock, the platform runs every company on the board:

Collect revenue. All creator fees the coin has earned since the last minute, from the bonding curve and, after graduation, from the PumpSwap pool, are collected into the company wallet.
Run the fee engine. The company does exactly what its engine says with its available cash.
Report it. Every action appears on the company's Engine log and on the Activity page, linked to its transaction on Solscan.

The platform pays the network fees for all of this. Company revenue is only ever spent on the company's engine. If the platform is briefly offline, fees simply keep accruing and are collected on the next run.

Fee engines

The fee engine is the company's permanent policy for its revenue. All six collect fees the same way; they differ in what they do next.

Engine	Department	Effect on the coin
Liquidity Index	Market Making	Turns every lamport of revenue into permanent, unruggable liquidity.
Swarm	Human Resources	Hires a new employee every minute. Each one buys shares and never sells.
Buyback & Burn	Treasury	Repurchases shares with all revenue and burns them. Supply only goes down.
Dividends	Investor Relations	Pays revenue out to the top shareholders in SOL, pro rata to their stake.
Employee of the Month	Culture	One shareholder, drawn by stake, takes the whole payout.
AI Fund Manager	Investments	An AI portfolio manager invests revenue across the whole board.

Liquidity Index

Run by Marcus Webb, Head of Market Making

Turns every lamport of revenue into permanent, unruggable liquidity.

Sweeps creator fees off the bonding curve and the PumpSwap pool, then collects both creator vaults into the company wallet.
While on the curve, buys the coin until inventory is 50% shares and 50% SOL by value, so it is ready to pair.
At graduation, rebalances to the live pool price, buying only what is needed to match its SOL.
Deposits both sides into the canonical PumpSwap pool.
Burns the LP tokens in the same transaction. That liquidity can never be withdrawn by anyone.

Parameter	Value
Cadence	Every minute
Deploys at	0.02 SOL
Split	50 / 50
LP tokens	Burned

Swarm

Run by Priya Okafor, Chief People Officer

Hires a new employee every minute. Each one buys shares and never sells.

Collects creator fees from both creator vaults into the company wallet.
Spawns a brand-new wallet: a hire with a name, a title and an employee number.
Funds the hire with half of the company's free cash.
The hire buys the company's shares on the curve, or on PumpSwap after graduation, in the same transaction.
Employees hold for life. Headcount and holder count grow every minute the coin trades.

Parameter	Value
Cadence	1 hire / minute
Budget	50% of free cash
Employees sell	Never
Visible	Full org chart

Buyback & Burn

Run by Richard Hale, Treasurer

Repurchases shares with all revenue and burns them. Supply only goes down.

Collects creator fees from both creator vaults into the company wallet.
Spends all free cash buying its own shares, on the curve or on PumpSwap.
Burns every share it bought with a Token-2022 burn. They are gone from supply forever.
Each burn is logged with the amount and the transaction.
Every trade of the coin funds the next burn, so the cycle compounds.

Parameter	Value
Cadence	Every minute
Budget	100% of free cash
Shares bought	Burned
Supply	Deflationary

Dividends

Run by Eleanor Voss, Head of Investor Relations

Pays revenue out to the top shareholders in SOL, pro rata to their stake.

Collects creator fees from both creator vaults into the company wallet.
Waits until at least 0.02 SOL has built up, so payouts beat network costs.
Snapshots the top 20 shareholders, excluding the curve, the pool and program accounts.
Splits the payout by stake: hold 10% of the top 20's shares, get 10% of the dividend.
Sends SOL straight to each wallet. Nothing to claim, nothing to sign.

Parameter	Value
Cadence	Every minute
Pays at	0.02 SOL
Recipients	Top 20 holders
Paid in	SOL

Employee of the Month

Run by Andre Baptiste, Head of Culture

One shareholder, drawn by stake, takes the whole payout.

Collects creator fees from both creator vaults into the company wallet.
Waits until at least 0.02 SOL has built up in the prize pot.
Draws one holder at random, weighted by shares held. Bigger bag, better odds.
Sends the entire pot to the winner in SOL.
Announces the winner, their odds and the prize in the engine log.

Parameter	Value
Cadence	Every minute
Draws at	0.02 SOL
Odds	Weighted by stake
Winners	1 per draw

AI Fund Manager

Run by James Whitmore, Chief Investment Officer

An AI portfolio manager invests revenue across the whole board.

Collects creator fees from both creator vaults into the company wallet.
Reads the board: prices, 24h change, volume, trade counts, curve progress and age of every listed coin.
Decides to buy another coin, trim a position, buy back its own shares, or hold cash.
Hard limits: at most 30% of free cash per trade, only coins listed here, only positions it holds.
Publishes a one-line memo explaining every decision.

Parameter	Value
Cadence	Every 5 minutes
Max trade	30% of cash
Universe	This board
Model	Claude via OpenRouter

Valuation metrics

Every company page reports a few numbers that treat the coin as a business:

Metric	Definition
Revenue to date	All creator fees collected for the company, in SOL and USD.
Uncollected	Fees sitting in the creator buckets, waiting for the next cycle.
Company assets	Cash in the company wallet plus the value of every token it holds.
Book value / share	Company assets divided by circulating supply (1B minus burned shares).
Price / book	Share price divided by book value per share.
Headcount	Swarm employees hired. Each is a wallet that bought shares and never sells.
Liquidity added	SOL deposited into PumpSwap by the Liquidity Index, LP burned.
Paid to holders	SOL sent to holders by Dividends and Employee of the Month.

Trading

The Trade tab on any company page buys and sells on the bonding curve. Quotes come from the live curve and the program's own fee configuration. Your wallet signs; the server broadcasts and confirms.

Pay in SOL or type a USD amount; the panel converts at the live SOL price.
Slippage of 0.5%, 1% or 3% bounds the maximum SOL a buy can cost or the minimum a sell must return.
Sell presets use your exact on-chain balance.
Graduated coins trade on PumpSwap; the panel links out.

Safety and transparency

Fees cannot be redirected. The company wallet is set as the coin's creator when it is minted. Nobody, including the launcher, can change where fees go.
Engines cannot be changed. The fee engine picked at launch is the company's policy forever.
Everything is public. Every collection, purchase, burn, deposit, hire and payout is logged with its Solana transaction. Company wallets are shown on every company page.
Engines are bounded. Companies keep a small reserve, the AI Fund Manager can never put more than 30% of its cash into one trade, and it can only buy coins listed here.
Your wallet signs only your own actions: launches and trades you make. Nothing else ever asks for your signature.

Risks

Coins are highly speculative. Most go to zero. Nothing here is investment advice.
Fee engines are automated and permanent. A company cannot change its engine after launch.
The AI Fund Manager can lose money. Its decisions are bounded, not guaranteed.
Smart-contract and platform downtime risks apply. Uncollected fees simply wait for the next run.
pump.fun can change its fee schedule and programs; IPO follows the official SDK.

Glossary

Bonding curve: The pump.fun account that sells the coin's supply along a fixed price curve until graduation.
Graduation: The moment the curve sells out and liquidity moves to a PumpSwap pool.
Creator: The on-chain key that earns a coin's creator fees. On IPO, the company wallet.
Company wallet: The coin's own wallet, generated at launch and run by its fee engine.
Fee engine: The company's permanent policy for its revenue.
Engine log: The public record of everything a company's engine has done.
LP tokens: Receipts for liquidity in a pool. Burning them makes the liquidity permanent.
Book value: Company assets per circulating share.

FAQ

Do I earn the creator fees as the launcher?

No. They belong to the company and go through its fee engine. That is the point: holders can see exactly where revenue goes.

Can I change the engine later?

No. The engine is chosen at launch and is permanent.

What do I pay to launch?

Network rent and fees for the launch transaction, plus any first buy. Nothing after that.

What if the platform goes offline for a while?

Fees keep accruing on chain. The next run collects all of them.

Can swarm employees sell?

No. Employees only ever buy. Their shares stay put.

Why is my new coin's chart flat?

It has had no trades yet. The first trade starts the chart.