SpaceX IPO timetable continues to advance, and the digital Pre-IPOs market begins to heat up

SpaceX's valuation has entered the super IPO range

This time, SpaceX is being revalued by the market, not just because "it will go public," but because "its valuation has been pushed to a higher level."

Both Reuters reports in mid-May and on May 20 point to the same main line: SpaceX aims to go public as early as June 12, planning to raise about $75 billion, with a target valuation of approximately $1.75 trillion. This is about 40% higher than the $1.25 trillion combined valuation at the time of merging with xAI in February, indicating the market has begun to redefine it from a "high-growth unicorn" to a true super IPO.

If this valuation is ultimately confirmed, SpaceX will not only be one of the most valuable private companies globally but also one of the largest IPO projects in recent capital market history.

Why SpaceX's valuation can still continue to rise

The continued increase in SpaceX's market cap is not just because of "hotness."

What truly drives the market re-pricing is that it is forming an increasingly strong commercial closed-loop.

Currently, the market's main focus includes:

• Global subscription growth of Starlink
• Continuous expansion of commercial space orders
• Long-term commercialization expectations for Starship
• Space for AI and satellite communication integration
• Military and government order capabilities

Especially after Starlink has gradually formed real cash flow, the market is no longer viewing SpaceX merely as a "money-burning space company," but is beginning to revalue it based on the logic of a global infrastructure platform.

This is also why, after recent IPO timing advances, institutional capital responses have become significantly stronger.

The market is now discussing not just going public, but how to price it after listing

In recent years, the market's focus on SpaceX has always been:

Will it go public or not?

But now, the question has shifted to:

If it does go public, what valuation will the public market assign?

These two are completely different.

Because once the IPO window becomes clear, the market will preemptively enter:

• Recalculating valuation
• Capital deployment
• Liquidity expectations
• Index inclusion expectations

Reuters also recently mentioned that some large funds have started reserving funds for SpaceX-related IPOs, and after FTSE rule adjustments, SpaceX may enter major indices more quickly in the future.

In other words, the market is no longer waiting for the story but is preparing the price in advance.

Why the final stage before listing is becoming a new trading market

In traditional capital markets, the price changes of many private companies mainly stay within the financing stage.

But now, the situation is beginning to change.

As large tech companies remain private for the long term, more and more capital is focusing on:

The final stage before listing.

Because this stage usually means:

• The timing of going public is becoming clear
• Market attention is rapidly increasing
• Valuation expectations are shifting collectively
• Liquidity begins to form in advance

And digital Pre-IPOs, in essence, are market structures built around this stage.

The logic of Gate Pre-IPOs will become easier to understand at this stage

Gate Pre-IPOs can be understood as a digital participation mechanism before going public.

The platform achieves this by:

• Stablecoin subscriptions
• Asset certificate distribution
• Pre-market trading
• Online liquidity markets

Transforming the originally institutionalized pre-listing participation process into a unified platform entry.

As SpaceX's IPO pace becomes clearer, the market will also find it easier to understand why such products appear.

Because the final stage before IPO itself has already begun to form independent trading demand.

Why SPCX will become a typical case

Choosing SpaceX for the first phase of Gate Pre-IPOs and launching the corresponding SPCX is highly representative.

The reason is:

SpaceX possesses:

• Super unicorn attributes
• Global technological influence
• Long-term IPO expectations
• High-growth narrative
• Strong market attention

And the structure of SPCX is a Mirror Note type asset, whose core is to map the value changes before and after SpaceX's IPO.

Therefore, it is more like a digital asset structure built around IPO expectations.

SPCX is not SpaceX stock

This is very important.

Even if the IPO timing continues to be advanced, SPCX still does not belong to SpaceX stock itself.

According to Gate's explanation:

• SPCX does not represent equity
• It does not have voting rights
• It is not an official stock issuance
• It is closer to a structured mapping asset

Therefore, it essentially remains an asset certificate based on the company's value changes, not traditional shareholder equity.

Understanding this is key to understanding Gate Pre-IPOs.

Why pre-market trading is becoming increasingly important

In the Gate Pre-IPOs mechanism, after SPCX is distributed, it will enter the pre-market trading phase and support continuous trading.

This means:

The market does not need to wait until the official IPO; prices can already start changing.

And as SpaceX's IPO timing is moved forward, the importance of pre-market trading will be further amplified.

Because the market will begin trading in advance:

• IPO timing expectations
• IPO enthusiasm
• Valuation changes
• Liquidity sentiment

Therefore, Pre-IPOs are more like an "early pricing layer" before the public market.

Why market volatility of this kind is usually more pronounced

Compared to mature stock markets, Pre-IPOs are more susceptible to expectations changes.

Especially in the lead-up to an IPO, the market often lacks stable valuation anchors.

Any changes regarding:

• Listing timing
• Underwriting arrangements
• Roadshow news
• Market environment

can quickly impact prices.

Therefore, these markets often trade on expectations themselves, rather than confirmed outcomes.

Gate Pre-IPOs are more like a transitional layer connecting two markets

From an overall structure, Gate Pre-IPOs simultaneously feature characteristics of traditional capital markets and digital asset markets.

On one hand, they revolve around company valuation and IPO logic; on the other, they involve stablecoin participation, digital assets, and online pre-market trading in crypto markets.

Thus, they serve as a digital transition layer connecting:

• The pre-listing stage
• The pre-IPO market
• The post-listing public market

between the two.

Summary

As SpaceX's IPO timing continues to be advanced, the market has already entered a genuine pre-listing price discovery phase.

And Gate Pre-IPOs and SPCX represent a new attempt at digital pre-market trading. They enable the pre-listing stage to have trading, liquidity, and market pricing capabilities, and for the first time, the final pre-IPO stage has truly formed a public digital asset market structure.

However, regardless of market enthusiasm, SPCX remains fundamentally a mapping asset of company valuation changes, not SpaceX stock itself. This remains the key to understanding the entire market logic.

Risk warning

This article is for informational purposes only and does not constitute any investment advice. Pre-IPO related products carry high risks and uncertainties. Please participate cautiously after fully understanding the product mechanisms and potential risks.