How can ordinary people participate in the 2026 Pre-IPOs? Five popular projects and Gate practical guide

In 2026, the global capital markets are ushering in the most talked-about IPO supercycle since the internet bubble of 2000. SpaceX has secretly filed for an IPO, OpenAI’s valuation approaches one trillion dollars, and Cerebras’ new chip stock is highly sought after by investors—these top unicorns’ pre-IPO valuations keep breaking new ground. But in traditional finance, Pre-IPO investments have always been exclusive to top-tier venture capitalists and ultra-high-net-worth individuals, with ordinary investors only able to enter at high prices after the company officially goes public.

The involvement of the crypto market is rewriting this pattern. Exchanges like Gate, through tokenization technology, have drastically lowered the investment threshold for Pre-IPs from millions of dollars to just 100 USDT, giving retail investors worldwide the first chance to get ahead of top unicorns before their IPOs.

SpaceX: The Biggest IPO Coming in 2026

SpaceX is undoubtedly the most anticipated IPO project of 2026. Reports indicate that SpaceX plans to list on NASDAQ in June 2026, with a target valuation of up to $1.75 trillion and a fundraising scale of around $75 billion, potentially surpassing Saudi Aramco to become the largest IPO in human history. Founded by Elon Musk in 2002, this commercial aerospace giant has turned rocket launches into assembly line operations, with over 600 Falcon 9 launches, accounting for about 90% of global orbital launches in recent years; Starlink has over 10 million subscribers in more than 150 countries, with revenue around $11.4–11.8 billion in 2025.

In terms of valuation, SpaceX’s internal share sale in December 2025 first broke the $800 billion mark, though nearly all shares were held by insiders and institutions. In March 2026, SpaceX completed a super financing round involving top institutions like SoftBank, a16z, Microsoft, Nvidia, Amazon, with its valuation soaring to $852 billion.

Participation method: Gate launched its first SpaceX Pre-IPO product (asset voucher code: SPCX) in April 2026, mapping SpaceX’s market value changes before and after IPO via Mirror Note (mirror notes). The subscription price is 1 SPCX = $590, corresponding to an implied valuation of about $1.4 trillion. Within 24 hours of opening, total subscriptions exceeded $353 million.

OpenAI: Pre-IPO Layout of the Generative AI Leader

As the absolute leader in the current AI boom, OpenAI’s IPO plans are also highly watched. It is expected to go public in Q4 2026, with a recent valuation of $852 billion after its latest funding round, aiming to raise over $60 billion. In March 2026, OpenAI completed a super financing round with participation from giants like SoftBank, a16z, Microsoft, Nvidia, Amazon, with its valuation increasing 28-fold in three years (from $30 billion in April 2023 to $852 billion in March 2026).

However, investors should be aware of regulatory risks in the Pre-IPO token market. On May 12, 2026, OpenAI and Anthropic issued statements clarifying that all equity is subject to transfer restrictions, and unauthorized stock transfers are invalid. After this announcement, related Pre-IPO tokens on Prestock platform fell over 20% and 26%, respectively.

Participation method: Gate launched USDT-settled perpetual pre-market trading for OPENAI on April 13, 2026, supporting 1–10x long and short positions, with valuation units of $1 billion. After acquiring asset allocation, users can trade freely without waiting for the official IPO.

Kuaishou KeLing AI: A $20 Billion Video Model Dark Horse

In the large model track, Kuaishou’s video generation business “KeLing AI (Kling)” recently signaled a strong intention to go public independently. According to The Information, Kuaishou plans to launch an independent IPO for KeLing AI’s video generation model in 2026, with a valuation of up to $200 billion, aiming for a Q1 2027 listing. Kuaishou has already held talks with potential investors regarding Pre-IPO financing for KeLing.

Since its launch in June 2024, KeLing AI has made rapid commercial progress, once seen as a strong competitor to OpenAI Sora in the Chinese-speaking market. In 2025, its total revenue reached about 1.04 billion RMB, and by January 2026, its annualized recurring revenue exceeded $300 million. Kuaishou CEO Cheng Yixiao explicitly stated at the 2025 earnings conference that KeLing’s revenue is expected to double in 2026. On May 12, 2026, Kuaishou announced that the board is evaluating plans to restructure KeLing AI assets and business, possibly involving external financing and a spin-off listing, though it remains in early stages.

Participation method: Although KeLing AI has not yet launched a token product on crypto platforms, its high valuation and clear listing timetable make it one of the key Pre-IPO targets in 2026. Investors should closely monitor related product updates on platforms like Gate.

Leap Star: A New Star in Hong Kong Stock’s Pre-IPO Race

Leap Star is another AI company attracting capital attention. On May 8, 2026, news broke that Leap Star completed nearly $2.5 billion in Pre-IPO financing and that its red-chip structure has been dismantled; on May 11, Tencent reportedly increased its investment for the third time, deepening cooperation. The company has completed shareholding restructuring, advancing from Series B+ to Pre-IPO rounds.

According to multiple sources, Leap Star plans to submit a listing application to HKEX before June 30, 2026, with a cornerstone valuation target of about $10 billion, expecting to go public by the end of 2026. Financially, Leap Star’s 2025 revenue was nearly 500 million RMB, projected to reach about 1.2 billion RMB in 2026. Its technical focus is “multimodal + heavy engineering,” emphasizing a differentiated “AI + terminal” route, and has open-sourced its flagship agent scenario model Step 3.5 Flash.

Participation method: Leap Star’s Pre-IPO financing is ongoing, with a clear expectation of listing on HKEX. As an important target in the Hong Kong AI track, its listing could drive the launch of related tokenized products.

Circle Arc: Blockchain Token Presale Led by a Listed Company

In May 2026, USDC issuer Circle Internet Group completed a private pre-sale of ARC tokens for its upcoming Arc blockchain, raising $222 million, with a fully diluted valuation of $3 billion. a16z led the investment with $75 million, with participation from BlackRock, Apollo Funds, Intercontinental Exchange (ICE), and Janus Henderson Investors.

This is the first case of a listed company conducting a token presale on its blockchain before the blockchain is officially launched. The ARC token has a total supply of 10 billion, with 25% allocated to Circle and the remaining 75% for ecosystem growth and reserves. Market attention is on Circle’s strategic expansion beyond stablecoin issuance—its Q1 2026 performance fell short of expectations, possibly seeking differentiation.

Participation method: The ARC token presale was completed in early May 2026. Currently, ARC tokens are not yet tradable on public markets. After the Arc blockchain launches and ARC tokens are publicly circulated, platforms like Gate may list related trading products, so investors should stay tuned.

Gate Pre-IPs: A Low-Barrier Channel to Top Private Companies

For ordinary investors, participating in Pre-IPs via crypto platforms has become a reality. On April 9, 2026, Gate officially launched its digital Pre-IPO participation mechanism, opening a channel previously exclusive to institutions for over 53 million users worldwide.

Core mechanism: Gate Pre-IPs tokenizes traditional Pre-IPO equity or financing rights via blockchain, creating tradable digital assets within the platform. Users do not need to open overseas securities accounts or meet high net worth thresholds; holding stablecoins like USDT is sufficient.

Participation process: Log into Gate, go to the “Pre-IPs” or “PreMarket” section, ensure KYC verification is complete and USDT or GUSD balance is sufficient, then complete payment during the subscription window. The minimum participation is just 100 USDT.

Allocation and exit: Gate uses an “hourly average lock-up amount” algorithm—earlier investments and longer lock-up periods result in higher allocation weights. After allocation, the assets are unlocked 100% and enter pre-market trading, supporting 24/7 trading. After the lock-up period (usually 6 months post-listing), users can exchange for stock tokens or convert to USDT at the current market price.

Latest product line: As of May 2026, Gate’s Pre-IPO products include perpetual contracts for OpenAI, Anthropic, Anduril Industries, Kalshi, Polymarket, among others, supporting 1–10x leverage.

Core Risks Not to Be Ignored

Before participating in crypto Pre-IPs, investors must be aware of the following risks:

Not direct equity: Most crypto Pre-IPO tokens are debt certificates or mirror notes, not direct shares of the underlying company, so users do not have shareholder rights or voting rights. Previously, OpenAI and Anthropic explicitly stated they do not recognize unauthorized stock transfers, highlighting the importance of compliant structures.

IPO failure risk: If a Pre-IPO project ultimately fails to go public or is delayed, tokens may experience significant value fluctuations or become worthless.

Valuation disputes: The implied valuations of some crypto Pre-IPs may differ greatly from the company’s actual valuation. For example, some products’ implied valuation of SpaceX reaches $1.5 trillion, far above its internal December 2025 valuation of $800 billion.

Regulatory and compliance uncertainty: Different platforms have varying product structures; some rely on offshore SPV structures, which face compliance review risks. Although SEC and CFTC issued interpretive guidance on digital assets in March 2026, the regulatory framework is still evolving.

Summary

2026 is undoubtedly a golden window for Pre-IPO investments. From SpaceX’s dominance in commercial aerospace, to OpenAI’s AI revolution, to Kuaishou KeLing AI and Leap Star’s rise in China’s AI scene, and Circle’s pioneering blockchain token presale for a listed company—these five hot projects span high-growth sectors like AI, commercial aerospace, large video models, and blockchain infrastructure.

For ordinary investors, tokenized Pre-IPs on platforms like Gate bring top-tier institutional opportunities to the masses, with a minimum threshold of just 100 USDT turning “financial equality” from a vision into reality. However, since Pre-IPO tokens are not underlying company shares, risks such as IPO failure, valuation disputes, and regulatory uncertainties should not be overlooked. Investors chasing high growth should fully understand product structures, allocate assets reasonably, and make cautious investment decisions.