SpaceX is about to go public—how to get ahead of the game and make an early move on SPCX through Gate Pre-IPOs?

On June 12, 2026, Elon Musk's space exploration company SpaceX will officially go public on the NASDAQ stock exchange, with the stock ticker "SPCX." This capital feast, dubbed by the market as "the largest IPO in history," is priced at $135 per share, valuing the company at up to $1.77 trillion, with plans to raise $75 billion.

However, for many retail investors, a stark reality presents itself: how to seize the opportunity before this commercial space giant officially sets sail?

SpaceX IPO Countdown: The Capital Narrative of the Largest IPO in History

The IPO process for SpaceX has entered its final sprint. On June 3, SpaceX submitted an updated S-1/A registration statement to the U.S. Securities and Exchange Commission (SEC), officially confirming the timing and pricing details.

• Listing date: Officially listed on NASDAQ on June 12, 2026
• Stock ticker: SPCX
• Offering price: $135 per share
• Offering size: approximately 17.7k Class A common shares
• Base fundraising amount: $75 billion (if the overallotment option is fully exercised, up to $86.25 billion)
• Post-IPO valuation: approximately $1.765 trillion to $1.77 trillion

This fundraising scale will surpass the IPO record set by Saudi Aramco in 2019, becoming the largest initial public offering in global capital markets history. After the issuance, Musk will hold over 82% of the voting rights, maintaining tight control over this aerospace giant.

Notably, just 15 trading days after going public, SpaceX's stock will be included in the NASDAQ-100 index. This means passive funds will likely passively buy 10% to 15% of the circulating shares, potentially bringing significant incremental buying to the secondary market.

Retail Investors' Dilemma: Why Is It "Impossible to Buy" SpaceX IPO?

For ordinary investors, access to SpaceX's IPO is extremely limited, almost entirely closed off.

First, under the compliance restrictions of the U.S. International Traffic in Arms Regulations (ITAR), SpaceX has issued clear instructions to its underwriters that investors from mainland China and Hong Kong are excluded from the IPO subscription list. This means that even with overseas securities accounts, investors from these regions will find it difficult to obtain allocations through traditional channels.

Second, even in regions with regulatory exemptions, resource allocation in traditional IPO markets has long favored top-tier venture capital firms, hedge funds, and ultra-high-net-worth individuals. Ordinary investors usually can only enter the secondary market at or after the company's official listing, often at a premium.

It is this structural gap that has given rise to the emergence of pre-IPO digital asset markets.

Gate Pre-IPs: Making Pre-Market Trading No Longer a Privilege of Institutions

In April 2026, Gate officially launched its digital pre-IPO participation mechanism, opening the early investment channel—previously exclusive to institutions—to over 52 million users worldwide. SpaceX was selected as the first underlying asset, with the product listed under the SPCX code within the platform.

Unlike traditional financial markets' pre-IPO investments, Gate Pre-IPs feature the following core characteristics:

Tokenized Asset Structure

Gate’s digital pre-IPO mechanism essentially tokenizes traditional pre-IPO equity or financing rights via SPV (Special Purpose Vehicle) shareholding structures and blockchain technology, creating digital assets that can be subscribed to and traded within the platform. Users do not need to open overseas securities accounts or meet high net worth thresholds; holding stablecoins like USDT is sufficient to participate.

Very Low Participation Threshold

Traditional pre-IPO investments often require minimum investments in the millions of dollars, whereas Gate Pre-IPs have a minimum participation of just 100 USDT, greatly lowering the entry barrier for ordinary investors.

24/7 Pre-Market Continuous Trading

Once SPCX assets are distributed, they immediately enter pre-market trading, supporting round-the-clock trading without interruption. Prices are determined solely by market supply and demand. This breaks the limitations of traditional market trading hours and enables more immediate price discovery.

Flexible Dual Exit Paths

After the target company completes its IPO, investors can choose to convert SPCX into stock tokens or exchange them for USDT at the post-listing market price, providing diversified exit options.

SPCX: Understanding the Underlying Logic of This Pre-IPO Pre-Market Product

Before participating, it is crucial to understand the product’s essence.

SPCX is a digital structured product, essentially a mirror note, with contingent payout features. It reflects market expectations of SpaceX’s valuation and IPO prospects, rather than actual equity ownership. This means:

• Holding SPCX does not confer voting rights or dividends of SpaceX
• SPCX prices mainly fluctuate based on market sentiment and IPO expectations rather than company fundamentals
• The product’s volatility is often faster than mature stock markets, with more pronounced reactions to news

SPCX cannot be directly equated with the official SPCX stock; it is more like a digital price mapping tool based on IPO expectations. For investors, understanding this mechanism is a fundamental prerequisite for participating in pre-market trading.

Summary

SpaceX will officially list on NASDAQ on June 12, 2026, with a valuation of $1.77 trillion and a fundraising target of $75 billion. This capital event is reshaping the global primary market investment landscape.

For ordinary investors, Gate Pre-IPs offer a new channel to bypass traditional high-threshold IPOs and participate in pre-market price speculation with minimal capital. As a digital pre-market product directly reflecting SpaceX’s IPO expectations, SPCX has become an important tool for observing and engaging with this capital event.

But it is crucial to understand: SPCX is not SpaceX’s official equity; its price is based on speculation about the IPO, with high volatility driven by sentiment. Before SpaceX’s official listing, market expectations, news, and emotional swings will continue to influence pre-market prices—this can be an opportunity but also entails risks of far greater volatility than traditional secondary markets.

Before participating in any pre-IPO investment, be sure to fully understand the product mechanism, assess your risk tolerance, and stay updated on the latest developments of SpaceX’s listing process.

FAQ

Q1: What is the difference between SPCX and SpaceX’s official stock?

SPCX is a digital structured product launched by the Gate platform, reflecting market expectations of SpaceX’s valuation and IPO prospects. It is not equivalent to SpaceX’s official stock; holding SPCX does not grant voting rights or dividends.

Q2: How is SPCX’s price formed?

SPCX’s price is mainly influenced by SpaceX’s latest valuation in private funding rounds, private market trading prices, market supply and demand, and on-chain trading activity. It is dynamically formed through order book mechanisms in a 24/7 pre-market trading environment.

Q3: What is the minimum capital requirement to participate in Gate Pre-IPs?

The minimum participation is 100 USDT, supporting USDT and GUSD for subscription.

Q4: What is the exit mechanism for SPCX?

Assets can be sold at any time during pre-market trading after distribution. After SpaceX’s official IPO, investors can choose to convert SPCX into stock tokens or exchange for USDT at the market price.

Q5: What risks should be noted when participating in Gate Pre-IPs?

Main risks include: the product is not actual equity, prices are highly volatile and influenced by market sentiment, pre-market trading lacks the mature price discovery mechanisms of traditional markets, and there are policy and compliance risks. Participants should fully understand the product mechanism before engaging.