This is an explanatory overview of X1 Labs' financing and token-vesting structure. It is not legal, tax or investment advice. Every figure used below is a hypothetical example chosen to illustrate how the vesting dashboard presents numbers — none of them is a real investor's allocation, and none should be read as a statement about what any particular investor holds. Rely on your own signed agreements and your own dashboard, not on this article.
X1 Labs is the company behind X1 Blockchain. It was co-founded by Jack Levin, Axel Eckerbom, Nicholas Pettas and Leo Belyaev, with Levin as CEO.
The company raised capital through several routes: accredited U.S. investors under Regulation D, qualifying non-U.S. investors under Regulation S, and smaller investors through a Wefunder crowdfunding campaign. With the first major unlock arriving on October 6, 2026, the structure is worth setting out end to end — because the most common confusion is not about the investment itself, but about what it entitles you to, and when.
What the SEC filings actually show
X1 Labs has three filings on record with the SEC under CIK 0002073191. We retrieved and read them directly. One correction is worth making up front: the filing most often circulated as "the Form D" is in fact the Form C, the crowdfunding filing. They are different documents covering different offerings.
| Filing | Filed | What it covers |
|---|---|---|
| Form D | 2025-06-18 | Rule 506(c) offering. Date of first sale 2025-06-06; $1,000,000 total amount sold; total offering amount marked indefinite. |
| Form C | 2025-08-21 | Regulation Crowdfunding offering — the Wefunder route. |
| Form C/A | 2025-12-15 | Amended crowdfunding filing. Target $50,000, maximum $1,235,000, deadline to reach target 2026-04-30. |
The filings also record that X1 Labs, Inc is a Delaware corporation incorporated in 2024, based in Newark, Delaware, and that the Form D was signed by Yakov "Jack" Levin, CEO, on 2025-06-17. That crowdfunding deadline of April 30, 2026 has now passed, consistent with the Wefunder campaign showing as closed.
Round 1 and Round 2
Round 1 was the earlier financing and seed activity.
Round 2 was X1 Labs' $300 million Regulation D financing, conducted under Rule 506(c). This framing matters, and it is where most coverage goes wrong: Round 2 is the financing round. Wefunder was one of the channels through which investors participated in it — not the round itself.
Getting this the right way round makes the numbers cohere. More than $3 million was raised from investors globally according to X1's investor materials, while the Wefunder component accounted for $1,113,930 from 106 investors as reported on the campaign page. The Wefunder investors were never the whole investor base — they were the community-accessible slice of a larger financing.
| Route | Who | Minimum |
|---|---|---|
| Regulation D, Rule 506(c) | Accredited U.S. investors | $10,000 |
| Regulation S | Qualifying non-U.S. investors | $5,000 |
| Regulation Crowdfunding (Wefunder) | Smaller investors, accreditation not required | Campaign minimum |
Regulation S exists for offerings conducted outside the United States, so a qualifying non-U.S. investor did not need to meet the U.S. accredited-investor test to use that route. Eligibility still depends on the investor and the jurisdiction — being physically outside the U.S. does not automatically qualify anyone.
The $300 million is a company valuation — not an XNT price
This is the single easiest thing to misread, so it gets its own section.
The Wefunder instrument was a SAFE — a Simple Agreement for Future Equity — carrying a $300 million post-money valuation cap. The SAFE gives the investor a future right to shares of X1 Labs' capital stock under the circumstances described in the agreement. It is not an XNT purchase agreement.
So when you see "$300M" next to X1 Labs, that is the valuation cap on an equity instrument in the company. It is not a token price, not a token market cap, and not a statement about what XNT is worth. XNT itself trades on-chain at around $0.33 as of publication — see our live XNT price page. The two numbers describe entirely different things; comparing them produces nonsense.
For how XNT's own valuation works — including why its market cap and fully diluted valuation differ by roughly 76× — see What Is XNT?
Who invested
Not every investor has been publicly identified, which is normal for a private financing. Two names are public.
Greg McAdoo, a longtime Sequoia Capital partner, joined X1 Labs as an investor and board member — announced publicly by Jack Levin in May 2025. This is the one publicly known participant we could verify against a primary source: the Form D lists Greg McAdoo under Related Persons with the relationship marked "Director."
Steve Ptucha, who has worked in crypto and payments including as a crypto product manager at PayPal, was publicly announced as having committed to invest. The amount was not disclosed and should not be inferred from the announcement.
Other investors participated privately. The publicly visible names are not a complete list.
Four documents, four different things
An investor's position is built from separate pieces that are routinely collapsed into one:
- The investment agreement (SAFE or equivalent) — documents the investment in the company.
- The Token Warrant — the legal contract establishing the right to acquire tokens after the token launch.
- The Token Warrant Exercise Notice — the act of exercising that right for a stated number of tokens.
- The vesting schedule — when the exercised allocation actually becomes available.
Which gives three inequalities worth memorising: Investment ≠ immediate liquid XNT. SAFE ≠ Token Warrant. Token Warrant ≠ transferable tokens.
What "exercise" actually means
Exercising is the act of telling the issuer: I am exercising my contractual right to acquire this quantity of tokens. The Exercise Notice states the number being exercised and supplies the delivery information.
Crucially, a warrant can generally be exercised in whole or in part under its terms. So an Exercise Notice naming a particular number of XNT does not necessarily represent an investor's entire lifetime entitlement — it can represent only the amount exercised on that occasion. This is the mechanism behind most surprises at a cliff date.
The Token Warrant is not the vesting dashboard
The Token Warrant is the legal contract. The vesting dashboard is the operational interface showing how X1 currently records your investment, allocation, exercise and vesting status. If the two disagree — "my signed warrant says X, the dashboard shows Y" — raise it with X1 and resolve it before an exercise or unlock date, not after.
The four-year vesting schedule
Four years total: a 12-month cliff followed by 36 monthly unlocks.
| Date | Event |
|---|---|
| October 6, 2025 | TGE — the four-year vesting period begins |
| October 6, 2026 | 12-month cliff. 25% of an exercised allocation becomes eligible for the first unlock |
| November 6, 2026 onward | The remaining 75% releases through 36 monthly unlocks |
| October 6, 2029 | Schedule reaches completion |
In one line: 0% transferable → 25% at the cliff → monthly releases → 100% after four years. The four-year term does not mean an investor waits four years to receive anything.
The five states, and why they show different numbers
The dashboard at vesting.x1.xyz distinguishes between states that people routinely treat as synonyms. They are not.
| State | Precise meaning |
|---|---|
| Entitlement | The total tokens associated with the investor's recorded investment(s). |
| Vested | The portion accrued through the passage of time under the schedule. Says nothing about whether it can move. |
| Transferable | The portion that has cleared the lockup and the exercise requirements, and can actually be moved. |
| Claimable | The portion currently available to claim through the dashboard. |
| Claimed | The portion for which the investor has actually completed the claim transaction. |
Read it as a progression, not a set of equivalent figures:
Entitled → vested → unlocked/transferable → claimable → claimed
A token can be vested without being claimable. An investor can have a large entitlement, a substantial vested figure, and zero claimed — with nothing wrong at all. It simply means the claim transaction has not been made.
Why "vested" does not mean "transferable"
Take a hypothetical investor whose dashboard shows a 350,000 XNT entitlement and 23.2% vested. That works out to roughly:
350,000 × 23.2% = 81,200 XNT vested
…while Transferable reads 0 XNT. That is not a contradiction and not a bug. It means 81,200 XNT has accrued on the vesting clock while the 12-month lockup has not yet ended, so none of it can move yet. At the cliff, the applicable portion progresses toward transferable and claimable status.
Why your October 6 figure may be smaller than you expect
This is the most important practical point in the article.
Given a recorded entitlement of 350,000 XNT, it is tempting to compute 350,000 × 25% = 87,500 XNT and expect that at the cliff. That may be wrong.
If only 50,000 XNT has actually been exercised, the dashboard may apply the unlock to the exercised portion only:
50,000 × 25% = 12,500 XNT
The remaining 300,000 XNT stays recorded in the system but blocked, because the corresponding Token Warrants have not been exercised. The dashboard may flag those allocations as blocked or awaiting exercise.
An investment card showing "Token Warrant Exercise — Signed" and one showing "Token Warrant Exercise — Not signed yet" are materially different. Do not assume an allocation is ready to claim merely because it appears on the dashboard, and do not assume signing the SAFE exercised the warrant. If an exercise is outstanding, contact X1 and find out what is required.
Reconciliation warnings
If the dashboard says an allocation is under reconciliation — "shown as recorded, these numbers are being reconciled and may change" — treat the figure as a working record rather than a final one and ask X1 to confirm. This matters most for investors with multiple investments, where the system has to match each Exercise Notice to the correct investment.
A worked example
All figures below are hypothetical, used only to show the shape of the schedule. Take an investor with a 100,000 XNT exercised allocation:
- At the 12-month cliff: 25% = 25,000 XNT
- Remaining 75,000 XNT over 36 months ≈ 2,083 XNT per month
| Date | Event | Approx. cumulative transferable |
|---|---|---|
| Oct 6, 2025 | Vesting begins | 0 |
| Oct 6, 2026 | 12-month cliff | 25,000 |
| Nov 6, 2026 | Monthly unlock | ~27,083 |
| Dec 6, 2026 | Monthly unlock | ~29,167 |
| … | Monthly unlocks | Increasing |
| Oct 6, 2029 | End of schedule | 100,000 |
The dashboard always takes precedence over a manual calculation, because individual allocations, exercise dates and rounding differ between accounts.
What about yield?
Some dashboards show a separate Yield section. This is not part of the principal token allocation and should be read separately — the dashboard can display Principal and Yield as distinct figures, including a projected accrued yield as of the unlock date.
Yield can depend on the date an investment or allocation became eligible under the applicable terms. Do not multiply your investment by a headline percentage and treat the result as your figure; the dashboard's per-account calculation is the relevant one.
Before October 6: a ten-point check
- Connect the correct wallet — the one associated with the investment.
- Open every investment card, not just the aggregate total.
- Confirm the investment amount against your own records.
- Confirm the token allocation shown for each investment.
- Confirm the Token Warrant is on file.
- Confirm the Token Warrant Exercise is signed where required.
- Look for "under reconciliation" warnings.
- Check the "Next unlock" amount against what you expect.
- Verify the beneficiary wallet is the address you expect to receive tokens.
- Save copies and screenshots of your records.
On the day itself
Check whether Transferable shows the expected amount; whether Claimable is available; whether Claimed updates after you claim; whether the tokens arrived at the correct address; and whether there is an on-chain transaction hash confirming the claim. If something does not match, document the discrepancy and contact X1 rather than assuming.
Keep the documents
The dashboard is an operational interface; the signed agreements are the contractual record. Retain the investment agreement or SAFE, the Token Warrant, the Token Warrant Exercise Notice, any allocation confirmation, wallet address confirmation, dashboard records, the claim transaction, and the token transaction hash once tokens are delivered.
Six things not to assume
- "I invested $10,000, so I own $10,000 of liquid XNT." No — subject to the documents, exercise and vesting.
- "My SAFE is signed, so my warrant is exercised." Not necessarily — separate documents, separate steps.
- "Vested means transferable." No — different states.
- "TGE means everything unlocks." No — TGE starts the clock; the schedule can keep tokens locked for years.
- "The October 6 unlock is 25% of my dashboard total." Not necessarily — it can apply only to exercised allocations.
- "Wefunder was a token sale." No — a SAFE for future company equity, with token rights governed separately.
Sources
SEC filings for X1 Labs, Inc (CIK 0002073191) were retrieved and read directly: the Form D of 2025-06-18, the Form C of 2025-08-21 and the Form C/A of 2025-12-15. The Rule 506(c) details, the $1,000,000 total sold, the 2025-06-06 first-sale date and Greg McAdoo's listing as a Director come from those filings.
The Wefunder totals ($1,113,930 from 106 investors), the SAFE's $300 million post-money valuation cap, the "more than $3 million raised globally" figure, and the vesting-dashboard mechanics are as reported on the Wefunder campaign, the X1 investor site and the vesting dashboard. We were not able to independently verify those against a primary source at publication.
Once more: every number in the examples above is hypothetical and illustrative. Nothing here is legal, tax or investment advice, and no part of it replaces your own signed agreements. Figures current as of September 10, 2026.