Gate Pre-IPOs Launches SpaceX: How Has SPCX Been Performing Recently? A Complete Guide

In 2026, the most attention-grabbing narrative in the global capital markets is undoubtedly SpaceX’s epic IPO. On April 2, 2026, Elon Musk’s SpaceX officially submitted a confidential IPO application to the U.S. Securities and Exchange Commission, with a target valuation of up to $1.75 trillion to $2 trillion, planning to raise approximately $75 billion. Once listed successfully, this will surpass Saudi Aramco’s 2019 record of a $29 billion IPO, becoming the largest initial public offering in human capital market history.

Against this backdrop, Gate officially launched its digital Pre-IPO participation mechanism in April 2026, and rolled out the first project SpaceX (SPCX), opening a window for retail investors worldwide to participate early in SpaceX’s valuation changes. As SPCX pre-market trading continues, its price performance naturally becomes a key focus for investors.

Subscription Overview and Implied Valuation

Before discussing SPCX’s pre-market trading performance, it is necessary to review the core parameters of this subscription. The SPCX subscription is open from 18:00 on April 20, 2026, to 18:00 on April 22, 2026 (UTC+8), supporting participation in USDT and GUSD. The total subscription volume is 33,900 SPCX, corresponding to a total value of about $17.5k, with a subscription price of $590 per SPCX, implying an estimated SpaceX valuation of approximately $1.4 trillion.

Regarding the allocation mechanism, Pre-IPO offerings use the “average locked-in amount per hour” as the basis. The earlier users participate and the longer they lock in, the higher their allocation weight. The minimum subscription is as low as 100 USDT, with a maximum of 339 SPCX per person, and the subscription fee is completely free of implied handling and custody fees. After the subscription is completed, SPCX asset certificates are distributed with 100% unlock, and pre-market trading officially begins at 18:00 on April 24, 2026 (UTC+8).

Latest Price Performance of SPCX

After entering pre-market trading, SPCX’s trading price shows a modest premium over the subscription benchmark price. As of May 8, 2026, according to Gate’s latest market data, the SPCX price is approximately $604, slightly higher than the $590 subscription price.

From a broader market perspective, the tokenized pre-market assets of SpaceX show significant differences across various platform ecosystems. Some believe this divergence mainly stems from differing technical mechanisms, pricing models, and market-making strategies on each platform, and that the tokens are not interoperable. For Gate users, SPCX, as the first Pre-IPO project, trading around $600 reflects both market recognition of SpaceX’s current fundamentals and expectations for post-IPO premium potential.

SpaceX IPO Valuation Controversy and Market Bull-Bear Battles

The underlying asset supporting SPCX’s price expectation—SpaceX itself—is currently subject to intense market debate over valuation. Elon Musk completed a full stock acquisition of SpaceX and xAI in February 2026, with the combined entity valued at $1.25 trillion. The company’s narrative has shifted from a single commercial aerospace firm to a comprehensive platform integrating space infrastructure and artificial intelligence. Public data shows SpaceX’s 2025 revenue was about $15 to $16 billion, with a gross margin close to 60%. As of April 2026, Starlink has over 17 million active users globally, with more than 10k satellites in orbit, and is expected to generate over $22 billion in revenue in 2026; its rocket launch business accounts for over 80% of global launch volume.

However, this high valuation has also sparked skepticism. The American Federation of Teachers publicly called on regulators on May 7, 2026, to scrutinize SpaceX’s IPO, claiming its valuation “defies financial logic,” and that it relies more on Musk’s future vision than actual financial fundamentals. Jay Ritter, a scholar at the University of Florida known as the “IPO Gentleman,” explicitly stated that if SpaceX reaches a $2 trillion valuation, he would consider shorting it, mainly due to concerns over Starlink’s long-term profitability. Ritter cited his research indicating that newly listed companies with a price-to-sales ratio exceeding 40 tend to significantly underperform the market within three years of listing.

Significance of Gate Pre-IPO and the Value Logic of SPCX

SPCX is not a direct stock of SpaceX but a “Contingent Payout Note.” Gate hedges by acquiring SpaceX stocks or derivatives in the market, issuing SPCX to reflect its pre- and post-listing market value, providing users with multiple exit options aligned with the company’s reasonable market value. Users can trade SPCX 24/7 on the Gate platform and choose to hold or exit based on market conditions after SpaceX’s official IPO, offering far greater flexibility and liquidity than traditional private secondary markets, which often lock in investments for years.

In terms of participation thresholds, traditional Pre-IPO secondary markets (such as Forge Global, EquityZen) typically require accredited investor status and minimum investments of $50k to $100k, with lock-up periods of 90 to 180 days post-IPO. In contrast, Gate Pre-IPO reduces the minimum threshold to just 100 USDT, breaking down the multi-million dollar capital barriers and accreditation restrictions. This “financial equality” 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 process, SpaceX is expected to officially file its IPO prospectus in late May, with roadshows starting the week of June 8, and plans to set the offering price in mid-June, with listing on Nasdaq anticipated in mid to late June. Notably, SpaceX CFO Bret Johnsen has explicitly stated that retail investors will be a key component of this IPO, with their share exceeding that of any previous IPO. Musk aims to allocate up to 30% of the new shares to retail investors, far above the typical 5% to 10% for most listings. This statement is undoubtedly positive for investors holding SPCX—if retail allocation reaches expectations, the potential value realization of SPCX could further expand.

Summary

Overall, Gate Pre-IPO’s first project SpaceX (SPCX) serves as an innovative product connecting the crypto market with traditional capital markets, opening an unprecedented participation channel for ordinary investors. As of May 7, 2026, SPCX’s pre-market trading price is about $600, a modest premium over the $590 subscription price. With SpaceX’s IPO timeline approaching—roadshows starting the week of June 8—market attention on SPCX is expected to intensify. However, investors should also remain sober about the fundamentals and risks behind SpaceX’s trillion-dollar valuation, making cautious and independent decisions amid the narrative of the “largest IPO in history.”