As SpaceX prepares for its highly anticipated IPO, the crypto world has already delivered a "dress rehearsal" for this historic capital event. In April 2026, Gate officially launched its digital Pre-IPO participation mechanism, debuting with SpaceX (SPCX) and achieving unprecedented demand in both subscription and distribution. From the opening of subscriptions to the stabilization of pre-market trading, what kind of market performance did SPCX deliver?
Subscription Frenzy: Nearly $395 Million Total, 1,881.5% Oversubscription
As the inaugural project for Gate’s digital Pre-IPO platform, SPCX demonstrated remarkable market appeal from the moment the subscription window opened. The subscription period ran from April 20, 2026, 10:00 UTC to April 22, 2026, 10:00 UTC, supporting participation with both USDT and GUSD. The total offering was 33,900 SPCX, representing a value of approximately $20,001,000, with each SPCX priced at $590—implying a SpaceX valuation of roughly $1.4 trillion.
The subscription figures clearly illustrate the market’s enthusiasm for SpaceX. According to official data, within the first 24 hours, total subscriptions exceeded $353 million. By the end of the subscription period, total funds raised approached $395 million, resulting in an oversubscription rate of 1,881.5%.
This impressive result was driven by innovative features in Gate’s Pre-IPO product design:
- Ultra-low participation threshold: Entry required as little as 100 USDT, dramatically lowering the traditional Pre-IPO investment barrier, which often demands millions.
- Fair allocation mechanism: Distribution was based on "average hourly locked amount," rewarding early and longer participation with higher allocation weight.
- 100% unlocked distribution: SPCX asset vouchers were distributed in full on April 22, 2026, immediately entering the pre-market trading phase. Users could exit at any time before the IPO.
Users who subscribed with GUSD enjoyed an additional minting yield of about 2.90%. New participants in Gate’s Earn program could receive up to 200% annualized returns, further expanding overall profit potential.
Pre-Market Price Performance: From $590 to Over $600, Steady Premium Signals Market Confidence
Unlike many Pre-IPO tokens that experience sharp volatility after listing, SPCX maintained a steady premium in pre-market trading. Trading began on April 24, 2026, at 10:00 UTC. Shortly after the subscription ended, SPCX was quoted at $600.99, up moderately from the $590 subscription price.
As of May 11, 2026, SPCX traded steadily around $675 on the Gate platform, with a 24-hour trading volume of approximately $1.9 million. This price level represents a stable premium of about 14.5% over the subscription price, avoiding the typical "high open, low close" seen in other Pre-IPO assets.
It’s important to note that SPCX is a synthetic derivative classified as a "mirror note." Holders gain economic exposure linked to SpaceX’s valuation changes, not direct equity. SPCX does not confer voting rights or dividends and has no direct legal relationship with SpaceX.
SpaceX Valuation Dynamics: Institutional Repricing and Rising IPO Expectations
The foundation supporting SPCX’s price is SpaceX’s rising valuation over recent months. On May 8, 2026, Blue Owl Capital disclosed that it had increased its SpaceX holdings valuation by 36% in Q1. As of March 31, 2026, per-share valuation rose from about $387 the previous year to over $526. This sustained internal repricing provides strong fundamentals for secondary market premium trading.
On April 2, 2026, SpaceX confidentially filed for an IPO with the US SEC, targeting a valuation between $1.75 trillion and $2 trillion and seeking to raise about $75 billion. If successful, this would mark the largest IPO in human history. Should SpaceX’s IPO pricing approach the institutional target of $1.75 trillion, SPCX could see substantial further upside.
Industry Spotlight: Why Is Pre-IPO Tokenization Heating Up?
SPCX’s success is not an isolated case. The performance of Gate’s first Pre-IPO project reflects the broader crypto industry’s rush into the Pre-IPO space. Other high-profile assets like OpenAI and Anthropic have also attracted significant attention in crypto pre-market trading. Crypto exchanges are evolving from "crypto asset trading" to "multi-asset financial infrastructure," and early access to top private assets is a crucial differentiator.
At the same time, investors should remain rational and vigilant. Pre-IPO tokenized assets, as an emerging market, face challenges such as valuation disconnects and liquidity risks. As highlighted by the VCX incident, secondary market prices for Pre-IPO assets can diverge sharply from underlying net asset values. SPCX’s relatively stable premium underscores the advantage of Gate’s "value anchoring" design.
Conclusion
SPCX has opened a window for global retail investors to participate early in SpaceX’s valuation growth, while laying a solid foundation for Gate Pre-IPOs to introduce more high-quality assets in the future. As IPOs for super unicorns like OpenAI and Anthropic approach, the convergence of crypto and capital markets is set to create even more compelling opportunities.
