Documentation

How IPO Capital works

The full mechanics, from filing to launch: book rules, bonding-curve math, pro-rata allocation, refunds and the creator-fee flywheel, with worked examples.

Overview

IPO Capital opens a public order book for a memecoin before the token exists. Buyers commit SOL. If the book reaches its target before its deadline, the coin is created on pump.fun and the entire pool buys in one transaction at the very bottom of the bonding curve. Each buyer then receives tokens in exact proportion to their commitment.

If the book does not fill in time, nothing is created and every commitment is refundable.

Lifecycle of an offering

FILLING ─(Σ commitments = target)→ LAUNCHING ─(mint + buy + delivery)→ LIVE
FILLING ─(now > deadline)→ EXPIRED → REFUNDS

Every offering moves through these states. Transitions only happen server-side after on-chain verification.

State	Accepts SOL	Token exists	Refunds
Filling	Yes	No	No
Launching	No	Being created	No
Live	No	Yes	No
Expired	No	No	Yes

1. Filing an IPO

Connect a Solana wallet and fill in the coin: name, ticker (up to 10 characters), description, image, and optional website, X and Telegram. Then set the terms.

Term	Range	Notes
Book size (target)	0.1 – 100 SOL	Exact amount the pool will buy with
Duration	6 hours – 30 days	Deadline is fixed at filing
Pair	SOL only	No other assets accepted
Filing fee	Free	Just sign with your wallet

Filing creates nothing on pump.fun. It publishes the terms and opens the book. The coin's pump.fun website link always points back to its IPO Capital page, so every launched coin carries its own provenance.

2. Committing SOL

Choose an amount and approve the transfer in your wallet. The SOL moves to the platform treasury, the server verifies the transaction on-chain, and your commitment is recorded publicly with its signature.

Book rules

status = FILLING ∧ now < deadline ∧ C + cᵢ ≤ T

A commitment cᵢ is accepted only if all three hold.

Here C is the SOL already committed and T the target. The most anyone can commit at any moment is therefore:

cₘₐₓ = T − C

Each payment signature can be counted once; reusing a transaction is rejected.
Commitments are checked and written atomically, so two buyers can never overfill a book together.
You can commit several times; each commitment counts separately toward your share.

Book progress shown on every card is simply:

progress = C ÷ T × 100%

3. Launch & the bonding curve

The commitment that fills the book triggers the launch: metadata is uploaded, the token is created on pump.fun, and the full pool of T SOL buys in a single transaction. No book participant can front-run another; everyone pays the same average price.

How pump.fun prices tokens

pump.fun uses a constant-product curve with virtual reserves. At creation there are about 30 virtual SOL and 1,073,000,000 virtual tokens:

x · y = k where k = 30 × 1,073,000,000 ≈ 3.219e+10

k stays constant on every trade.

Buying with S SOL (after the 1% trade fee) returns:

tokens(S) = Y₀ − k ÷ (X₀ + S·(1 − 0.01))

Tokens received for a buy of S SOL at the very start of the curve.

Spot price after the buy, in SOL per token:

p = (X₀ + S′)² ÷ k

Worked examples (first buy on a fresh curve)

Pool buy	Tokens bought	% of 1B supply	SOL per 1M tokens
1 SOL	34,277,832	3.43%	0.0292
5 SOL	151,969,957	15.20%	0.0329
10 SOL	266,233,083	26.62%	0.0376
25 SOL	485,054,795	48.51%	0.0515
50 SOL	668,094,340	66.81%	0.0748
85 SOL	791,002,628	79.10%	0.1075

Bigger books buy more tokens but at a higher average price, since each extra SOL moves further up the curve. That is the trade-off between book size and entry price.

4. Allocation

All tokens bought at launch are distributed pro rata. If buyer i committed cᵢ out of a total T, and the pool received N tokens:

shareᵢ = cᵢ ÷ T tokensᵢ = N × cᵢ ÷ T

Share and tokens for buyer i. Shares always sum to exactly 100%.

Everyone ends up with the same average entry price:

entry price = T ÷ N (identical for every buyer)

Example

Buyer	Committed	Share	Tokens (N ≈ 266.2M)
A	5 SOL	50%	133.1M
B	3 SOL	30%	79.9M
C	2 SOL	20%	53.2M
Total	10 SOL	100%	266.2M

Rounding dust (fractions below the token's smallest unit) stays with the treasury. Every delivery transaction is listed on the offering page.

Allocation calculator

Book size (SOL)Your commitment (SOL)

Your share: 10.00%
Tokens bought (pool): 266,233,083
Your tokens: 26,623,308
% of supply: 2.662%

Average entry ≈ 0.0376 SOL per 1M tokens. Estimate from the standard pump.fun curve, after the 1% trade fee and before network fees.

5. Refunds

If the deadline passes while C < T, the offering expires. Each committer claims from the offering page by signing a message with the wallet that committed:

IPOCapital refund <commitmentId>|<timestamp>

Signed in your wallet. No SOL is spent to sign, and a timestamp stops old signatures from being replayed.

refundᵢ = cᵢ (network fee for the return transfer is paid by the treasury)

Only the original wallet can claim, verified by its signature.
Each commitment can be refunded once; it is then marked refunded with its transaction.
Filled books never refund: the SOL has already bought tokens for you.

Fees & treasury

Fee	Amount	Who pays
pump.fun trade fee	1% of the launch buy	Pool (already in the math above)
Solana network	~0.000005 SOL per tx	Sender
Platform cut of creator fees	10%	Taken from the shared treasury inflow

The creator-fee flywheel

Launched coins use the platform treasury as their pump.fun creator, so creator fees from all coins flow into one shared pool. Once a day the pool (after the 10% cut) is split across eligible coins by market cap, with a cap per coin:

wᵢ = min( mᵢ ÷ Σm , 0.25 ) → excess redistributed until Σw = 1

Weights wᵢ come from market cap mᵢ; no coin may take more than 25% of an epoch, and any excess goes to the rest.

Eligibility: market cap of at least $10,000 and activity within the last 7 days.

Example epoch: 10 SOL inflow, 9 SOL distributable

Coin	Market cap	Raw share	Capped	Payout
A	$600k	60%	25%	2.25 SOL
B	$200k	20%	≈37.5%	≈3.38 SOL
C	$200k	20%	≈37.5%	≈3.38 SOL

With only three coins, the cap pushes B and C above their raw share. With more coins it simply spreads the excess.

Risks

Memecoins are highly speculative and can go to zero. A filled book does not guarantee value after launch.
After launch the token trades freely on pump.fun; prices can move sharply as soon as allocations land.
Commitments are held by the platform treasury until launch or refund. Verify every transaction on a Solana explorer.
Curve figures here are estimates; actual results depend on pump.fun's live parameters at launch.
Only commit what you can afford to lose.

Ready? File an IPO