The Market’s Real Focus Isn’t the Listing—It’s the Pricing
SpaceX has entered a much more sensitive phase. Recent reports put its IPO target valuation at a minimum of $1.8 trillion, while Reuters previously noted the company is aiming for about $1.75 trillion and could debut on Nasdaq as early as June 12, with pricing possibly starting on June 11. For the market, this marks a shift in discussion—from whether SpaceX will go public, to how the final pre-IPO price will be determined.
Why SpaceX’s Valuation Keeps Climbing
This round of valuation adjustment isn’t just driven by sentiment. Reuters reported on May 27 that SpaceX’s revenue for the last fiscal year reached $18.674 billion, up 33% year-over-year, mainly fueled by Starlink. At the same time, the company recorded nearly $5 billion in operating losses. In other words, the market is watching two lines move in tandem: revenue expansion on one side, and ongoing losses and execution risks on the other.
The fact that the valuation continues to rise shows investors are no longer viewing SpaceX simply as a commercial space company. Instead, they’re pricing it as a global infrastructure and high-barrier network platform. Reuters also noted that SpaceX’s IPO price-to-sales ratio could approach 100x, which underscores that the market is buying into the future—not just the present.
Pricing Isn’t Just About Revenue—Control and Liquidity Structure Matter
According to IPO filings disclosed by Reuters on May 20, Elon Musk will retain 85.1% of voting rights in the merged company. This means that even after SpaceX enters the public market, control remains highly concentrated. External investors are buying liquidity and exposure to valuation, not open governance rights.
Meanwhile, the market is closely watching post-listing liquidity structure. Reuters reported on May 26 that new FTSE rules could allow SpaceX to enter major index systems faster. Recent discussions around IPO timing and index inclusion are reinforcing one message: pricing for these mega-IPOs isn’t just about the company itself, but also about how much passive and institutional capital they can attract in the future.
Why Gate Pre-IPOs Are Back in the Spotlight
On April 9, Gate opened its Pre-IPOs reservation portal, clearly stating that users can participate directly using stablecoins on the platform, aiming to lower barriers related to geography, identity, and capital. Gate isn’t turning unlisted companies into stocks. Instead, it’s transforming the traditionally closed pre-listing phase into a digital gateway for early subscription, distribution, and trading.
If you view SpaceX’s current IPO timeline through this lens, the significance of Gate Pre-IPOs becomes clearer. Gate isn’t facilitating post-listing stock trading, but rather providing access to the final window of price discovery before the listing. As the IPO approaches, the market needs a venue to express expectations and generate liquidity ahead of time. That’s exactly why Pre-IPOs are being revisited.
SPCX Is a Prototype for This Process—Not a Stock Substitute
Gate’s definition of SPCX is straightforward: it’s a Mirror Note structure that reflects SpaceX’s value changes before and after listing, but it’s not actual SpaceX stock or equity. According to the April 22 announcement, SPCX has completed unified distribution and entered the pre-market trading phase with 100% unlocking, supporting 24/7 trading. Its price is determined by market supply and demand.
SPCX essentially lets the market test how SpaceX’s valuation might be priced in advance. The closer SpaceX gets to its IPO, the more important this early pricing becomes. However, SPCX is not equity, nor does it establish any legal relationship between investors and SpaceX. Gate’s help and documentation make this distinction very clear.
Putting It All Together—The Logic Is Clear
The progress of SpaceX’s IPO shows the market is already in countdown mode ahead of the listing. The emergence of Gate Pre-IPOs signals that digital platforms are turning this countdown phase into a product. On one hand, a mega asset is starting to be priced by the public market; on the other, platforms are facilitating this early pricing process. Viewed together, Pre-IPOs aren’t just a new feature—they’re a sample of how the pre-listing market is becoming platform-driven.
Conclusion
The real question now isn’t whether SpaceX will go public, but how the market plans to handle its valuation, liquidity pace, and capital structure. The roles of Gate Pre-IPOs and SPCX have evolved beyond simple product introductions. They now pose a more concrete question: as a mega IPO enters its pricing phase, how should the pre-listing market be organized?
