Why do Pre-IPO valuations continue to rise in 2026? Super unicorns usher in an epic IPO year

In 2026, the U.S. stock market is becoming the most intense IPO year in history. From SpaceX and OpenAI to Anthropic, a batch of super unicorns are collectively heading for the public markets. The combined valuation of the world’s top ten private companies that have not yet gone public has swelled to more than $4.5 trillion. At the same time, the IPO window in the crypto space has also opened fully—multiple crypto-native companies, including Kraken, Consensys, Ledger, CertiK, and others, have densely announced plans to list. The market is undergoing an unprecedented revaluation of Pre-IPOs.

Expansion of the Trillion-Dollar Club: The Core Drivers of Valuation Inflation

As of May 2026, the valuation ceiling for Pre-IPOs has been completely broken through. In April 2026, OpenAI’s implied Pre-IPO valuation reached $1 trillion, up 163% from October 2025. Anthropic’s implied valuation on Jupiter Prestocks even once exceeded $1 trillion; since October 2025, its valuation has surged by 733%. SpaceX secretly filed IPO registration documents with the SEC in early April, targeting a valuation of more than $1.7 trillion. Just these three—SpaceX, OpenAI, and Anthropic—could together push valuation beyond $2.5 trillion.

Behind these figures lies the market’s extremely optimistic expectations for the growth of AI and technology giants. JP Morgan’s analysis notes that in 2026, capital inflows into the digital asset market are expected to rise further, driven more by institutional investors than retail. The average holding period for institutions holding Bitcoin via ETFs is extending, and allocation strategies are shifting from trading to strategic positioning.

The “Invisible IPO Wave” in Crypto: A Comprehensive Surge from Infrastructure to the Application Layer

While market attention is being pulled toward AI giants with trillion-dollar valuations, the crypto “infrastructure layer” is quietly and firmly moving toward the public markets. In January 2026, BitGo rang the bell on the NYSE; it rose 24.6% on its first day, with a market value of $260 million. Circle completed its IPO by raising $1.1 billion at $31 per share.

The IPO pipeline in 2026 is even richer. Kraken is valued at $20 billion; its 2024 revenue reached $1.5 billion, and it has already secured investments from top market makers such as Citadel Securities. Consensys, the parent company of MetaMask, is valued at $7 billion and is working with JPMorgan and Goldman Sachs to prepare for an IPO. Ledger plans to list on the NYSE at a valuation of over $4 billion; CertiK is valued at $200 million and plans to IPO by late 2026 or early 2027.

JPMorgan and Goldman Sachs have fully stepped into underwriting crypto IPOs, signaling formal recognition by traditional finance giants of the legitimacy of crypto assets. Participation from these top-tier investment banks significantly boosts valuation anchors for crypto companies in the public markets.

The Secondary Market Premium Phenomenon: An Amplifier for Pre-IPO Valuations

Another notable feature of 2026 is that aggressive pricing in the secondary market is pushing Pre-IPO valuations higher in return. On April 14, 2026, the tokenized shares of Anthropic on Jupiter implied a market cap of $851 billion—more than double the valuation of its latest round of financing in February ($380 billion). This huge price gap reflects investors’ aggressive positioning as they enter ahead of expected IPOs.

Cerebras is an even more typical example. On May 3, the ultra-large-scale AI chip design company launched trading of Pre-IPO perpetual contracts on Hyperliquid; the price corresponded to an implied valuation of about $85 billion, doubling the $40 billion IPO target valuation disclosed by Bloomberg. On-chain pricing logic is clearly deviating from traditional investment-banking models, and the market is more willing to pay a premium for expectations around technological scarcity and network effects.

The Flood of Institutional Capital: The Underlying Fuel for Rising Valuations

Macro capital conditions provide solid support for the ongoing rise in Pre-IPO valuations. In the last week of April 2026, crypto investment products recorded $1.2 billion in inflows, maintaining positive inflows for the fourth consecutive week; the U.S. contributed $1.1 billion of that. U.S. Bitcoin ETFs have recorded net inflows for nine consecutive days, pulling in about $2.7 billion over three weeks, and their total assets under management have surpassed $100 billion.

Although there is a 98.4% probability that the Federal Reserve will keep interest rates unchanged in April, and rate-cut expectations have missed the mark, the crypto market has not fallen into panic selling. Instead, it has entered a new phase led by institutions, differentiated on-chain, and with sentiment being reshaped. The market is accelerating its evolution from a “macro policy reaction” model to a “fundamentals-based pricing” model.

The total market capitalization of stablecoins has reached approximately $320.7 billion, providing ample liquidity reserves for corporate valuations.

How Does Gate Let Ordinary Users Participate in Pre-IPOs?

In response to the continuing rise in Pre-IPO valuations and higher entry thresholds, Gate officially launched a digital Pre-IPO participation mechanism in April 2026, opening early investment channels that were originally reserved for top institutions to more than 52 million users worldwide.

Through tokenized equity and stablecoin subscriptions, Gate reduces the minimum investment threshold from millions of dollars to 100 USDT. Users do not need to open an overseas securities account, nor do they need to meet accredited investor requirements—only holding USDT is required to participate in subscriptions and trading. The system uses a PreToken minting and settlement mechanism: staking USDT mints PreTokens representing future token entitlements, enabling free trading 24/7 in order book markets. This addresses the pain points of insufficient liquidity in traditional private placements and long lock-up periods.

Within 24 hours of the initial SpaceX (SPCX) subscription opening, the total subscription amount exceeded $353 million, fully reflecting the market’s strong enthusiasm. In addition, Gate’s stock section launched on April 13, offering five Pre-IPO perpetual contract products for OpenAI, Anthropic, Anduril, Kalshi, and Polymarket, supporting two-way long/short trading with 1x to 10x leverage.

Summary

In 2026, the continuous rise in Pre-IPO valuations is the result of the convergence and resonance of multiple forces. The concentration of super unicorns going public creates a trillion-dollar valuation benchmark effect. The collective listing of crypto-native companies in the public markets expands the pool of investable targets. Aggressive secondary market pricing, exceeding expectations, pulls the valuation center of gravity upward in reverse, while ongoing institutional capital inflows provide abundant liquidity support for this trend. At the intersection of the two hot tracks—AI and crypto—Pre-IPOs are no longer just the privilege of a few institutions. Through innovative mechanisms such as Gate, ordinary users also gain the opportunity to participate in early investments in unicorns.