After SpaceX was valued by the market as a "pre-IPO company," the true significance of Pre-IPOs became apparent.

The market has already started discussing how much SpaceX should be worth

In the past few years, most discussions about SpaceX revolved around one question: when will it go public? But after entering 2026, market focus is shifting. As the IPO process becomes clearer, the timing window narrows, and issuance plans are gradually revealed, investors are beginning to turn their attention to a more realistic question — if SpaceX truly enters the public market, what valuation should it receive? Based on current public information, market expectations have reached the range of $1.75 trillion to $1.8 trillion. This means SpaceX is no longer just one of the most watched private companies globally, but is approaching a level of a historic-scale IPO.

For the capital markets, this change is very significant. Because when a company approaches the listing stage, market attention often shifts from the company's story itself to future liquidity, capital absorption capacity, and price discovery processes. The market has already begun preparing for SpaceX’s valuation.

$1.75 trillion to $1.8 trillion indicates the capital market is recalculating its upper limit

In the context of traditional tech companies, $1.8 trillion is already an extremely large number. But SpaceX’s uniqueness lies in the fact that its valuation is not solely based on its space business. Today’s SpaceX has developed a multi-business model supporting its growth. Among them, Starlink is gradually becoming the most important source of commercial revenue, while rocket launches, government contracts, and the future Starship commercialization plan provide the company with long-term growth potential.

Such valuations are not simply about “expensiveness,” but about the market pricing its future cash flows and strategic position. SpaceX’s revenue growth, expansion of Starlink, and its position in commercial aerospace make it increasingly resemble a conglomerate spanning communications, space infrastructure, and long-term technological platforms, rather than just a single aerospace company. In the last fiscal year, SpaceX’s revenue reached $17.5k, a 33% increase year-over-year, but it still posted nearly $5 billion in operating losses, indicating that the market is mainly betting on future growth, not current profits.

SpaceX’s IPO structure also signals to the market that it’s not an ordinary listing

If we only look at valuation, SpaceX is already quite special; if we consider its issuance structure, it’s even more unusual. According to reports from June 1, SpaceX plans to allocate 5% of its IPO shares to select employees and insiders, while relaxing traditional lock-up periods, allowing some participants to access liquidity earlier. Meanwhile, documents disclosed on May 20 show that Musk will still control about 85.1% of voting rights, indicating that even after going public, control remains highly concentrated.

This structure means that the market is buying into the liquidity and valuation exposure post-listing, rather than governance rights. For the public market, this “high valuation, high control concentration, rapid circulation” combination makes the pre-listing phase more worth pricing in advance.

This is why Pre-IPOs are being re-evaluated

When a company’s listing pace is clear, valuation is rising, and issuance structure is unique, the market naturally wants an early participation gateway. When Gate opened the Pre-IPO reservation on April 9, it explicitly defined it as a digital subscription mechanism, aiming to allow users to participate in early value tracking before the target company enters the public market, lowering barriers related to geography, identity, and capital. Gate’s help page also states that users can complete subscriptions directly on the platform using stablecoins.

This is exactly the role of Pre-IPOs. It’s not a stock substitute, but a way to make the “last period before listing” into an accessible, distributable, and tradable digital structure. For an IPO of SpaceX’s scale, the stronger the expectations, the more important the price discovery before listing. Gate Pre-IPOs provides precisely this early entry point into the pricing stage.

SPCX is not a stock, but it allows the market to practice pricing SpaceX in advance

Gate’s initial project, SPCX, is clearly described as a Mirror Note structure, used to reflect the value changes of SpaceX before and after listing, and does not represent actual stocks or shares. On April 22, SPCX completed unified distribution and entered pre-market trading with 100% unlock, supporting 24-hour trading, with prices determined by supply and demand.

This means that SPCX’s significance is not just “buy SpaceX early,” but that the market is first trying to answer a question in a relatively closed but tradable environment: if SpaceX truly lists at a valuation between $1.75 trillion and $1.8 trillion, how should its pre-IPO value be priced? It’s a market rehearsal and a price discovery tool.

The real change in the market is the increased weight of the “pre-listing” period

In the past, most company valuations occurred after listing. Now, for super targets like SpaceX, more and more value changes happen before listing, and the pre-listing market is starting to be taken seriously. The earlier IPO schedule, higher valuation, and changes in circulation arrangements for SpaceX are all pushing the same thing — the marketization of the pre-listing phase.

Gate Pre-IPOs is easier to understand at this point because it directly connects to this “not yet officially listed, but already being priced by the market” period. For users, it’s not risk-free; for the platform, it’s not an equity issuance; but for the market, it indeed provides an earlier space to express expectations.

Summary

The current changes in SpaceX are no longer just rumors of an IPO, but ongoing shifts in listing timing, valuation, and circulation structure reported publicly. The valuation range of $1.75 trillion to $1.8 trillion, the accelerated IPO process, and the unusual lock-up design all indicate that the market is treating it as a “quasi-public company” being priced.

Against this backdrop, the significance of Gate Pre-IPOs and SPCX becomes clearer. They are not about selling stocks early to users, but about transforming the originally more closed pre-listing market into a digital structure that can be subscribed to, distributed, and traded. As SpaceX gets closer to going public, the market’s recognition of this structure’s value will become more apparent.

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, exit strategies, and potential risks.