Going public is just one of the endpoints; the value discovery of super unicorns is happening ahead of schedule.

After SpaceX went public, the market didn't just remain in celebration as many expected. Instead, as the stock price surged rapidly in the initial trading period, with valuations once breaking through $2 trillion, the market quickly entered a new phase of discussion. By June 18, SpaceX's stock price retreated from its highs, as investors began reassessing whether it truly deserved such a high valuation, especially given that the company continued to invest heavily in AI, rockets, and infrastructure development. By June 22, after a week of frenzy, the market started to cool down, but SpaceX remained one of the most watched tech assets worldwide.

What the Latest Market Movements After SpaceX's IPO Tell Us

The most interesting part of this rally isn't how much SpaceX rose, but how it brought a long-ignored issue back to the forefront. Many investors initially thought that an IPO was the starting point for a company's valuation being officially set, but SpaceX's performance shows that the real price is often determined by the long-term accumulation before listing. It priced at $135 per share, raising $75 billion, and then, due to over-allotments and other factors, increased the total fundraising to $85.7 billion. This itself indicates strong market demand for it.

More importantly, the volatility after going public makes it clearer that the public market is absorbing an asset that has been refined over a long period in the private market. SpaceX's last fiscal year revenue was about $20k, up 33% year-over-year, but it also recorded nearly $5 billion in operating losses. This suggests that the current valuation is more a prepayment for future income, the scaling of Starlink, and the imagination of space infrastructure, rather than a simple discounting of current profits.

Why the Value of Super Unicorns Is More Deposited Before Listing

SpaceX isn't the only company that has made this transition to the forefront, but it is one of the most typical examples. Increasingly, large tech firms are staying longer in the private market, completing business expansion, funding rounds, and valuation increases before choosing to go public. As a result, the most critical phase of value growth often occurs before the IPO. For investors, the hardest part to access is precisely this period of dense value release.

The old logic was that companies go public first, and then the market begins large-scale valuation. The newer logic is that companies grow in the private market first, and once their valuation is high enough and their business model clear, they then go public for formal confirmation. SpaceX's example is especially clear: its Starlink, commercial launches, and long-term infrastructure narratives have almost all been market-educated before listing. Because of this, looking back, the market will see that the moment of listing is just a node, not the starting point of value creation.

What Exactly Does the Pre-IPO Market Fill in Capital Markets?

The emergence of Pre-IPOs is precisely to address this gap. Traditional primary markets mainly involve institutions and high-net-worth individuals, making it difficult for ordinary investors to participate; meanwhile, public markets only open after a company officially IPOs. Between these two, there's been a long-standing lack of an intermediate layer that allows broader participation while also reflecting price discovery. Gate's Pre-IPO mechanism enters at this point, digitizing the participation process before listing.

From a market function perspective, Pre-IPOs don't fill the stock issuance itself but the first half of price discovery. They enable users to participate in subscription, observe allocations, access asset tokens, and continue trading in subsequent markets before the company enters the public market. In other words, they turn the pre-listing phase—once only accessible to a few institutions—into a more open, transparent, and early market window for price expectations.

How Gate's Pre-IPOs Turn This Gap Into a Product

Gate's Pre-IPOs are not just simple reservation pages but a complete process. Users can participate in subscriptions using stablecoins within the platform, which calculates allocations based on predefined rules, then issues corresponding asset tokens, entering a pre-market trading phase. For example, the first SpaceX-related token, SPCX, is structured as a Mirror Note, with a subscription price of $590, a total of 33,900 units, and a minimum subscription of 100 USDT or GUSD, with a personal cap of 339 units.

The key point of this design isn't to let users "buy stock," but to participate in a digital market built around the pre-listing value changes. Gate explicitly states that Pre-IPOs provide an early participation portal for the target company's entry into the public market, with asset tokens unlocking fully after 100% release and prices determined by supply and demand. In essence, it transforms the vague pre-listing phase into a complete structure with an entry point, distribution, and trading.

Using SPCX to Understand How Digital Pre-IPOs Work

The significance of SPCX lies in its suitability for understanding what this mechanism actually does. It isn't SpaceX stock or company shares but a value-mapping asset that primarily reflects market expectations before and after the company's listing. Gate explicitly defines it as a Mirror Note, not equity, so holders do not have voting, dividend, or governance rights.

From a market logic perspective, SPCX is more like a rehearsal device. It allows investors to pre-assess SpaceX's future valuation and also lets the market reflect disagreements early in the price. After listing, SpaceX quickly entered a high-volatility state, indicating that the market's valuation of this super unicorn isn't just "end at listing," but has already begun before the IPO. The value of products like SPCX is in visualizing this early price discovery.

How Will the Latest Market Movements Change the Meaning of Pre-IPOs?

The cooling of SpaceX's post-IPO enthusiasm doesn't mean the market has lost interest; rather, it indicates that capital markets are shifting from emotional chasing to valuation validation. For Pre-IPOs, this underscores their rationality: the earlier the market pays attention to a super unicorn, the more it needs an intermediate layer to carry pre-listing expectations. For future AI, robotics, biotech super unicorns, this middle layer will only become more important.

Recently, Gate has continued expanding services related to Pre-IPO and IPO Access, showing that the platform is making pre-listing participation and post-listing trading more integrated. If this trend continues, Pre-IPOs may no longer be just isolated products but could evolve into a more standardized transitional layer in capital markets.

FAQ

Are Pre-IPOs the same as traditional IPO allocations?

No. Traditional IPO allocations target stocks already in the public offering stage, while Pre-IPOs focus more on value participation and pre-market trading before the company officially lists.

Is SPCX a stock?

No. SPCX is a Mirror Note structure, a value-mapping asset, and does not represent actual equity.

Why is SpaceX's Pre-IPO more worth watching after going public?

Because the volatility after listing shows that the market's real concern is the value accumulation before listing, and Pre-IPOs serve as the mechanism to carry this process.

Who are Gate's Pre-IPOs suitable for?

More suitable for users who understand high volatility and pre-listing risks and want to engage earlier in the value discovery phase.

What should I look at first before participating?

First examine the asset attributes, allocation rules, trading methods, and exit paths before deciding whether to participate.

Risk Warning

This article is for informational sharing only and does not constitute any investment advice. Products related to Pre-IPOs carry high risks and uncertainties; target companies may face valuation fluctuations, changes in listing schedules, and market liquidity risks. Please fully understand the mechanisms involved and exercise caution before participating.