Why are “super” unicorns going public later and later? Pre-IPOs are filling the market gap.

Over the past twenty years, something interesting has happened in the capital markets: companies are going public later and later. In the 1990s, a rapidly growing tech company would typically go public a few years after its founding; an IPO was seen as a significant milestone in a company's growth. But today, more and more star companies choose to stay in the private market, maintaining rapid growth through multiple rounds of financing until their valuation reaches hundreds of billions or even trillions of dollars before considering a formal listing.

Recently, SpaceX has been a highly watched example. Since its founding, SpaceX has developed into one of the most influential commercial space companies globally, with market valuation expectations reaching as high as $1.75 trillion to $1.8 trillion. In other words, most of the company's value growth has already occurred before entering the public markets. This has led investors to reconsider a question: if more and more value is created before going public, does the market need new ways to participate? The emergence of Pre-IPO markets has gradually gained attention against this backdrop.

Why Super Unicorns Are Going Public Later and Later

Companies delay IPOs primarily because they already have access to abundant financing channels. In the past, companies often needed to raise funds through public markets to scale up. Now, venture capital funds, sovereign funds, private equity firms, and large asset management companies are willing to provide long-term support to high-quality enterprises.

This means that even without going public, companies can still secure ample capital. On the other hand, remaining private allows companies greater operational freedom.

Public companies face quarterly performance pressures, shareholder oversight, and strict disclosure requirements, whereas private firms can focus more on long-term strategies. Therefore, many tech companies prefer to stay longer in the private market rather than rushing into public markets. From market performance, this trend is becoming increasingly evident. Besides SpaceX, AI companies like OpenAI, data analytics firms like Databricks, and design software companies like Canva have all accumulated high valuations before listing. IPOs are no longer the start of growth but rather a phase within the growth cycle.

Why Private Markets Are Becoming More Important

The delay in companies going public has also increased the importance of private markets. The fastest-growing and most valuable phases of a company's development often occur before the IPO. Take SpaceX as an example: in recent years, the number of Starlink users has continued to grow, commercial launch services have expanded, and market valuation has steadily increased. When the IPO finally approaches, the focus shifts from whether the company can grow to what valuation it should receive.

Similar situations are seen with other super unicorns. After completing financing, expansion, and business model validation in the private market, these companies enter the public market with mature business systems and large user bases. As a result, the pre-IPO market is gradually becoming an essential part of the capital markets. However, for most ordinary investors, this market has long maintained high barriers to entry.

Why Pre-IPO Markets Are Gaining Attention

Traditional Pre-IPO markets mainly target institutional investors and high-net-worth individuals. Participants usually need large capital and long investment horizons. Even if retail investors are optimistic about a company, they often have to wait until it officially goes public. But with the development of digital assets and fintech, new participation models are being explored. More platforms are trying to enable more transparent and open participation mechanisms during the pre-listing phase through digital means.

Pre-IPO is a gradually emerging new model under this trend. It does not involve directly selling company shares nor is it the same as traditional primary market investments. Instead, it builds a new value tracking and market participation system around the pre-listing stage. Simply put, users can follow the company's development before listing and participate in the value change process through digital assets. This mechanism makes the pre-IPO market no longer exclusive to institutions but a new market where observation and participation are possible.

How Gate Pre-IPs Connect the Pre-Listing and Public Markets

In the digital Pre-IPO space, Gate has launched an independent Pre-IPO product system. Its core idea is to establish an entry point into the pre-listing market through digital means, allowing users to access quality projects earlier and continuously track their value changes.

The process generally includes several steps:

• Users participate in project subscriptions;
• The system allocates according to rules;
• Corresponding asset certificates are issued;
• Follow-up trading or holding phases.

Compared to traditional OTC markets, this model offers clearer participation processes and greater transparency of information, providing a new price discovery mechanism for the pre-listing market. As more companies delay IPOs, the importance of such mechanisms is gradually increasing. For investors, their focus is no longer just on the listing day but on the value changes over the years or even longer before the company goes public.

Using SPCX as an Example to See How Digital Pre-IPs Work

To understand the specific logic of digital Pre-IPs, SPCX is a good case. SPCX originates from Gate's first Pre-IPO project; it is not actual SpaceX stock nor does it represent company equity. It is a type of value-mapping asset mainly used to reflect market expectations of the target company's value changes. This means investors are not participating in ownership but in the pre-market value discovery process.

When the market believes SpaceX's valuation might continue to rise, the price expectations will change; if the market's view shifts, the related asset prices will also be affected. Therefore, SPCX functions more like an observation window. Through this digital mechanism, the market can form early judgments about the company's future value without waiting for the official IPO to start trading.

Will Pre-IPs Become a New Market Trend?

Looking at current market development, more and more factors are driving the growth of Pre-IPs. The number of super unicorns is increasing, companies are going public later, and investor attention to the pre-listing phase continues to grow, hoping to participate earlier in company growth. The development of digital assets also enables higher efficiency and better liquidity in the pre-market.

In the future, whether Pre-IPs will mature to the same level as public markets remains to be seen. But one thing is increasingly clear: the discovery of company value is extending into the pre-listing phase, and markets are seeking new ways to participate.

For capital markets, this may mean that IPOs are no longer the starting point of value discovery but just a stage in the company's growth story.

FAQs

• What is Pre-IPO? Pre-IPO refers to a digital subscription and value participation mechanism established around a company's formal IPO, allowing users to follow the pre-market development.

• Why are more companies delaying IPOs? Because private market financing channels are becoming more abundant, enabling companies to obtain long-term support while maintaining greater operational flexibility.

• How does Gate Pre-IPO differ from traditional IPO? Traditional IPO involves issuing shares to the public market, while Gate Pre-IPO focuses on the pre-listing stage, allowing participation in company value changes through digital assets.

• Is SPCX SpaceX stock? No. SPCX does not represent SpaceX's actual equity; it is a mapping asset reflecting the company's value changes, without shareholder rights.

• What are the risks of Pre-IPs? Pre-market valuation fluctuations, timing changes for listing, and liquidity risks exist. Investors need to understand the product mechanisms thoroughly and participate cautiously according to their risk tolerance.