Why are Pre-IPO projects no longer out of reach? Taking Gate Pre-IPO as an example

2026 is becoming the most iconic year in the history of global capital markets. The commercial space giant SpaceX has submitted an IPO registration to the U.S. Securities and Exchange Commission, planning to list on NASDAQ in June 2026, with a target valuation of $1.75 trillion and a fundraising scale of over $75 billion, potentially surpassing Saudi Aramco to become the largest initial public offering in human history. Meanwhile, generative AI pioneer OpenAI is scheduled to go public in Q4 2026, with a recent funding round valuing it at $852 billion and plans to raise over $60 billion.

However, for the vast majority of investors, the “main course” of these epic IPOs—the Pre-IPO subscription shares—are almost out of reach. So, what makes Pre-IPO investments no longer so high and mighty?

When Unicorns Go Public: A $3.6 Trillion Super Window

To understand why Pre-IPs are so eagerly watched, we need to first see the broader context of the era. Market analysts point out that the IPO cycle in 2026 is expected to be one of the largest in history, potentially unlocking over $3.6 trillion in value. From the supply side, after infrastructure accumulation from 2024 to 2025, many projects based on AI Agents, specific application chains, and DePIN tracks will reach the issuance stage in early 2026.

Looking ahead to 2026, potential IPO candidates also include leading global crypto exchanges Upbit, FalconX, Chainalysis, and the already submitted listing application Grayscale. Kraken completed an $800 million Pre-IPO funding in November 2025, with a valuation of $20 billion, and among the investors are traditional financial giants like Citadel Securities and Jane Street. These signals clearly indicate that Pre-IPs are entering an unprecedented boom cycle.

But for ordinary investors, the term “high wall” always describes this feast. According to PwC’s “Global Top 100 Unicorns 2025” data, the top 100 unicorns worldwide are valued at about $2.94 trillion, having multiplied several times or even dozens of times in recent years—yet ordinary investors almost have no chance to share in it. Traditional Pre-IPO investments have long been exclusive to top venture capitalists, hedge funds, and high-net-worth individuals, with minimum investments often in the millions of dollars and strict qualified investor requirements.

Tokenization: The Key to Lowering the $3 Million Barrier

Against this backdrop, Gate has provided its answer. In April 2026, Gate officially launched a digital Pre-IPO participation mechanism, opening a channel previously reserved for institutions to over 53 million users worldwide for early-stage investments.

Gate’s digital Pre-IPO mechanism essentially tokenizes traditional Pre-IPO equity or financing rights via blockchain technology, creating digital assets that can be subscribed to and traded within the platform. Users do not need to open overseas securities accounts, nor meet high net worth thresholds; holding stablecoins like USDT is enough to participate in subscriptions and trading.

The platform also introduces a PreToken minting and settlement mechanism: users pledge USDT to mint PreTokens representing future token rights, which can be freely traded on the order book market. When the project officially goes public, the system automatically executes a 1:1 asset conversion, returning the pledged USDT to users.

This mechanism brings two disruptive changes. First, the threshold is eliminated: the minimum investment drops from millions of dollars to a level acceptable to retail investors, with any global user who completes KYC able to participate—no longer requiring qualified investor status. Second, liquidity is liberated: traditional Pre-IPO investments often require locking funds for years, but tokenized assets can enter dedicated pre-market trading markets, supporting 24/7 continuous trading, with prices determined entirely by market supply and demand.

Taking SpaceX (SPCX) as an Example: A Complete Breakdown of the First Project

As Gate’s first Pre-IPO project, the asset certificate for SpaceX is SPCX. SPCX is not actually SpaceX’s stock but a Mirror Note used to map the market value changes of SpaceX before and after IPO.

According to official Gate data, the core subscription parameters for SPCX are as follows:

• Subscription Price: 1 SPCX = $590 (implying SpaceX’s valuation of about $1.4 trillion)
• Total Subscription: 33,900 SPCX (total value approximately $20.01 million)
• Supported Currencies: USDT (70%) and GUSD (30%)
• Per-User Limit: 339 SPCX
• Minimum Participation: 100 USDT or 100 GUSD
• Subscription Period: April 20, 2026, 18:00 to April 22, 2026, 18:00 (UTC+8)
• Distribution Date: Before May 6, 2026, fully unlocked

Within 24 hours of the subscription opening, the total subscription amount exceeded $353 million, showing strong market enthusiasm.

SPCX adopts an “average locked amount distribution” mechanism. The system calculates each user’s share based on their hourly average locked amount during the subscription period, determining their final allocation. The earlier and longer the lock-in, the higher the allocation weight; late or mid-term participants will see their weight significantly reduced.

After asset allocation, SPCX enters a dedicated pre-market trading platform, circulating through the SPCX / USDT trading pair. If SpaceX successfully IPOs, users can choose to exchange SPCX for stock tokens or convert to USDT at the real-time market price.

Industry Impact: From “Crypto Trading” to “Global Asset Gateway”

Gate’s Pre-IPO mechanism has at least three profound impacts on the crypto industry:

First, it expands the asset boundary of crypto exchanges. Competition among crypto exchanges is shifting from trading depth and fee advantages to the breadth of investment access. Platforms that can first offer quality Pre-IPO targets will have significant advantages in user acquisition and retention.

Second, it accelerates the integration of traditional finance and blockchain. Pre-IPO tokenization, as an important branch of RWA (Real-World Asset) narratives, brings the most valuable private equity from traditional finance onto the chain, providing a new high-quality underlying asset for DeFi ecosystems.

Third, it promotes democratization of financial participation. This is not just about launching Pre-IPO products but signals that the crypto industry is reshaping global capital market allocation rules in its own way.

Unavoidable Risks

Before participating, please understand that this is not “IPO subscription” but a high-risk derivative.

First, non-equity attribute: users are purchasing synthetic derivatives (Mirror Notes), which have no voting rights, no dividend rights, and are not directly legally related to the target company. Second, valuation decoupling risk: SPCX prices reflect market speculation sentiment rather than real stock prices. If the final IPO price is below the subscription price, assets will directly shrink. Third, listing failure risk: if the target company fails to IPO, is acquired, or goes bankrupt, the asset certificates may become worthless. Additionally, liquidity risk remains—early projects may lack sufficient trading depth to support large inflows or outflows. Leveraged contracts can amplify gains but also cause liquidation due to market volatility.

Investors are advised to treat this as a short-term speculative tool, strictly controlling positions within their risk tolerance, and closely monitoring the IPO progress of the target company.

Summary

From SpaceX’s $590 to OpenAI’s $852 billion valuation mapping, Gate Pre-IPs, centered on tokenization technology and stablecoin settlement, have dismantled the traditional Pre-IPO investment threshold of millions of dollars down to just 100 USDT. Meanwhile, the PreToken mechanism creates 24/7 pre-market liquidity—an issue that traditional private markets have struggled with for years.

More importantly, the launch of this product marks Gate’s strategic transformation from a single crypto asset trading platform to a multi-asset financial infrastructure. As the 2026 IPO “super cycle” releases over $3.6 trillion in market value, Gate Pre-IPs are not just offering users a chance to “get on board early,” but are participating in a deeper revolution—using blockchain technology to tear down the walls of traditional capital markets, turning early investment from “capital privilege” into “public sharing.”

Of course, every new door opened also comes with unknowns. Pre-IPO investments are high-volatility derivatives, not stable wealth-preserving financial tools. Every investor should carefully assess their risk capacity and view this redefined capital narrative rationally.