In 2026, the most anticipated narrative in global capital markets is undoubtedly the epic IPO of SpaceX. On April 2, 2026, Elon Musk’s SpaceX officially filed a confidential IPO application with the US Securities and Exchange Commission, targeting a staggering valuation of $1.75 to $2 trillion and aiming to raise approximately $75 billion. If successful, this listing will surpass the $29 billion IPO record set by Saudi Aramco in 2019, becoming the largest initial public offering in the history of global capital markets.
Against this backdrop, Gate officially launched its digital Pre-IPOs participation mechanism in April 2026, debuting with its first project, SpaceX (SPCX). This move opened a window for retail investors worldwide to gain early exposure to SpaceX’s valuation movements. As pre-market trading for SPCX continues, its price performance has naturally become a focal point for investors.
Subscription Overview and Implied Valuation
Before diving into SPCX’s pre-market trading performance, it’s important to review the key parameters of this subscription round. The SPCX subscription window ran from April 20, 2026, 10:00 UTC to April 22, 2026, 10:00 UTC, supporting both USDT and GUSD for participation. The total subscription amount was 33,900 SPCX, corresponding to a total value of approximately $20.001 million. Each SPCX was priced at $590, implying a SpaceX valuation of about $1.4 trillion.
Regarding allocation, Pre-IPOs used the "average hourly locked amount" as the basis. The earlier users participated and the longer they locked their funds, the higher their allocation weight. The minimum subscription threshold was just 100 USDT, with a maximum allocation of 339 SPCX per individual. All subscription fees were waived, with no hidden handling or custody charges. After the subscription, SPCX asset certificates were distributed with 100% unlocking, and pre-market trading officially began on April 24, 2026, at 10:00 UTC.
Latest SPCX Price Performance
Once pre-market trading commenced, SPCX’s trading price showed a modest premium over the subscription price. As of May 8, 2026, according to Gate’s latest market data, SPCX was trading at around $604, a slight increase from the $590 subscription price.
From a broader market perspective, the price of tokenized pre-IPO SpaceX assets varies significantly across different platform ecosystems. Some analysts attribute this divergence to differences in platform technology, pricing models, and market-making strategies, as well as the lack of interoperability between tokens. For Gate users, SPCX, as the first Pre-IPOs project, trading at around $600 reflects both market recognition of SpaceX’s fundamentals and anticipation of post-IPO upside.
SpaceX IPO Valuation Debate and Market Sentiment
The underlying asset supporting SPCX’s price expectations—SpaceX itself—is currently at the center of intense valuation debates. In February 2026, Musk completed an all-stock acquisition of xAI by SpaceX, bringing the merged entity’s valuation to $1.25 trillion. This shifted the company’s narrative from pure commercial spaceflight to a fully integrated platform combining space infrastructure and artificial intelligence. Public data shows that SpaceX’s 2025 revenue was approximately $15–16 billion, with a gross margin close to 60%. By April 2026, Starlink had surpassed 17 million active global users and over 10,000 satellites in orbit, with projected 2026 revenue exceeding $22 billion. The rocket launch business accounted for more than 80% of global launch volume.
However, this lofty valuation has drawn skepticism. On May 7, 2026, the American Federation of Teachers publicly called for regulators to scrutinize SpaceX’s IPO, claiming its valuation "defies financial logic" and relies more on Musk’s vision than on actual financials. Jay Ritter, the University of Florida scholar known as "Mr. IPO," stated that he would consider shorting SpaceX if it reached a $2 trillion valuation, citing concerns over Starlink’s long-term profitability. Ritter’s research indicates that IPOs with price-to-sales ratios above 40x typically underperform the market over the first three years post-listing.
The Significance of Gate Pre-IPOs and SPCX’s Value Proposition
SPCX is not a direct share of SpaceX, but a Contingent Payout Note. Gate issues SPCX by hedging with SpaceX shares or derivatives in the market, mapping both pre- and post-IPO market value and offering users multiple exit options aligned with the company’s fair market value. Users can trade SPCX 24/7 on the Gate platform, or choose to hold or exit after SpaceX’s official IPO, providing far greater flexibility and liquidity than traditional private secondary markets, which often lock up funds for years.
In terms of accessibility, traditional pre-IPO secondary markets like Forge Global and EquityZen typically require accredited investor status and minimum investments of $50,000–$100,000, along with post-IPO lock-up periods of 90–180 days. In contrast, Gate Pre-IPOs lowers the minimum threshold to just 100 USDT, breaking down the barriers of multi-million-dollar capital requirements and accreditation. This "financial inclusion" innovation allows retail investors worldwide to participate in the value growth of super-unicorns in an unprecedented way.
Latest IPO Timeline
Regarding the highly anticipated IPO timeline, SpaceX is expected to publicly release its IPO prospectus in late May. The roadshow is scheduled to begin the week of June 8, with the offering price to be determined in mid-June. The company is then expected to list on Nasdaq in the latter half of June. Notably, SpaceX CFO Bret Johnsen has stated that retail investors will be a key component of this IPO, with allocations set to exceed those of any previous offering. Musk aims to allocate up to 30% of new shares to retail investors, far surpassing the typical 5–10% seen in most IPOs. For SPCX holders and watchers, this is a strong positive signal—if the anticipated retail allocation materializes, SPCX’s potential value could expand even further.
Conclusion
In summary, Gate’s inaugural Pre-IPOs project, SpaceX (SPCX), is pioneering a new pathway for everyday investors to access both crypto and traditional capital markets. As of May 7, 2026, SPCX was trading at around $600 in pre-market trading, a modest premium over its $590 subscription price. With the SpaceX IPO timeline approaching—the roadshow set to start the week of June 8—market attention on SPCX is likely to intensify. However, investors should remain clear-eyed about the fundamentals and potential risks behind SpaceX’s trillion-dollar valuation, making prudent and independent decisions amid the excitement of what may become the largest IPO in history.
