In 2026, the global capital markets are entering the most talked-about IPO supercycle since the dot-com bubble of 2000. SpaceX has quietly filed for an IPO, OpenAI’s valuation is nearing $1 trillion, and Cerebras’ chip IPO is drawing intense investor interest—these top-tier unicorns are shattering pre-IPO valuation records. Yet, in the traditional financial system, pre-IPO investing has long been the exclusive domain of elite venture capitalists and ultra-high-net-worth individuals, leaving ordinary investors to buy in at a premium only after public listing.
The crypto market is changing this dynamic. Exchanges like Gate are leveraging tokenization to slash the pre-IPO investment threshold from millions of dollars to just 100 USDT, giving retail investors worldwide their first real opportunity to get in on leading unicorns before they go public.
SpaceX: The Biggest IPO of 2026 Is Coming
SpaceX is undoubtedly the most anticipated IPO of 2026. According to reports, SpaceX plans to list on Nasdaq in June 2026 with a target valuation of $1.75 trillion and a fundraising goal of up to $75 billion. If successful, it could surpass Saudi Aramco as the largest IPO in human history. Founded by Elon Musk in 2002, this commercial spaceflight giant has turned rocket launches into an assembly-line operation, with over 600 Falcon 9 launches to date, accounting for roughly 90% of global payload mass to orbit in recent years. Starlink boasts more than 10 million subscribers across 150+ countries, generating an estimated $11.4–11.8 billion in revenue for 2025.
On the valuation front, SpaceX first broke the $800 billion mark during an internal share sale in December 2025, though nearly all shares went to employees and institutions. In March 2026, SpaceX closed a massive funding round with top investors like SoftBank, a16z, Microsoft, Nvidia, and Amazon, pushing its valuation to $852 billion.
How to participate: In April 2026, Gate launched its first SpaceX pre-IPO product (asset certificate code: SPCX), using a Mirror Note structure to track SpaceX’s market value changes before and after the IPO. The subscription price was set at 1 SPCX = $590, implying a SpaceX valuation of about $1.4 trillion. Within 24 hours of opening, total subscriptions exceeded $353 million.
OpenAI: Pre-IPO Access to the Generative AI Leader
As the undisputed leader of the current AI boom, OpenAI’s IPO plans are also in the spotlight. OpenAI is expected to go public in Q4 2026, with its latest funding round valuing the company at $852 billion and aiming to raise over $60 billion. In March 2026, OpenAI completed a mega-round of financing with SoftBank, a16z, Microsoft, Nvidia, and Amazon all participating. Its valuation has soared 28-fold in just three years—from $30 billion in April 2023 to $852 billion in March 2026.
However, investors should note that pre-IPO token markets carry compliance risks. On May 12, 2026, OpenAI and Anthropic both issued statements clarifying that all equity is subject to transfer restrictions and any share transfers not approved by the board are invalid. Following these announcements, related pre-IPO tokens on the Prestock platform dropped over 20% and 26%, respectively.
How to participate: On April 13, 2026, Gate launched USDT-settled perpetual pre-market contracts for OPENAI in its stock section, supporting 1–10x long and short positions and using $1 billion as the valuation unit for pricing. Once users receive asset allocation, they can trade freely without waiting for the official IPO.
Kling AI by Kuaishou: The $20 Billion Dark Horse in Video AI Models
In the large language model race, Kuaishou’s video generation business, Kling AI, has recently signaled strong intentions to go public independently. According to The Information, Kuaishou plans to spin off Kling AI for an IPO in 2026, targeting a $20 billion valuation and a Q1 2027 listing. Kuaishou is already in talks with potential investors for Kling’s pre-IPO funding.
Since its launch in June 2024, Kling AI has made rapid commercial progress, positioning itself as a formidable competitor to OpenAI Sora in the Chinese-speaking market. Kling generated about RMB 1.04 billion in revenue in 2025, and by January 2026, its annualized recurring revenue had surpassed $300 million. At Kuaishou’s 2025 annual results conference, CEO Cheng Yixiao stated that Kling’s revenue is expected to double in 2026. On May 12, 2026, Kuaishou announced that its board is evaluating plans to restructure Kling AI’s assets and business, which may involve external financing and a spin-off IPO, though discussions are still in early stages.
How to participate: While Kling AI has not yet launched a pre-IPO token on crypto platforms, its high valuation and clear IPO timeline make it one of the top pre-IPO projects to watch in 2026. Investors should keep an eye on updates from Gate and similar platforms.
Step Star: A Pre-IPO Rising Star Targeting the Hong Kong Market
Step Star is another AI model company attracting significant capital attention. On May 8, 2026, news broke that Step Star had completed nearly $2.5 billion in pre-IPO funding and dismantled its red-chip structure. By May 11, Tencent had increased its investment for the third time, deepening their collaboration. The company has restructured as a joint-stock company, moving from its Series B+ to pre-IPO round.
Multiple sources report that Step Star plans to file for a Hong Kong IPO by June 30, 2026, with a cornerstone pricing target of about $10 billion and an expected listing by the end of 2026. Financially, Step Star generated nearly RMB 500 million in revenue in 2025, with an estimated RMB 1.2 billion for 2026. Its technical focus is "multimodal + heavy engineering," following a differentiated "AI + edge device" strategy, and it has open-sourced its flagship base model Step 3.5 Flash for agent scenarios.
How to participate: Step Star’s pre-IPO funding is ongoing, and its Hong Kong listing plan is clear. As a key AI stock in Hong Kong, its IPO could pave the way for related tokenized products.
Circle Arc: Blockchain Token Presale Led by a Public Company
In May 2026, USDC issuer Circle Internet Group completed a private presale for its upcoming Arc blockchain’s ARC token, raising $222 million at a fully diluted valuation of $3 billion. a16z led with a $75 million investment, joined by BlackRock, Apollo Funds, Intercontinental Exchange (ICE), and Janus Henderson Investors.
This marks the first time a public company has conducted a token presale before its blockchain’s official launch. ARC will have a total supply of 10 billion tokens, with 25% allocated to Circle and the remaining 75% reserved for ecosystem growth and reserves. The market is closely watching Circle’s strategy to diversify revenue beyond stablecoin issuance—especially after the company’s Q1 2026 results fell short of expectations, prompting a search for new differentiation.
How to participate: The ARC token presale concluded in early May 2026, and ARC is not yet trading on public markets. Once the Arc blockchain launches and ARC tokens become tradable, Gate may list related products, making this a project for investors to watch.
Gate Pre-IPOs: Lowering the Bar for Access to Top Private Companies
For retail investors, participating in pre-IPOs via crypto platforms is now a reality. On April 9, 2026, Gate officially launched its digital pre-IPO participation mechanism, opening what was once an institutional-only early investment channel to over 53 million users worldwide.
Core mechanism: Gate Pre-IPOs tokenizes traditional pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded on the platform. Users don’t need overseas brokerage accounts or high net worth—they only need USDT or other stablecoins to participate.
Participation process: Log in to Gate, navigate to the "Pre-IPOs" or "PreMarket" section, complete KYC identity verification, and ensure you have enough USDT or GUSD. Make your payment during the subscription window. The minimum entry is just 100 USDT.
Allocation and exit: Gate uses an "hourly average locked amount" algorithm—the earlier and longer you commit funds, the greater your final allocation weight. Once assets are distributed, certificates are unlocked 100% for pre-market trading, allowing 24/7 trading. After the lock-up period (typically six months post-IPO), users can redeem for stock tokens or convert to USDT at the prevailing market price.
Latest product lineup: As of May 2026, Gate’s pre-IPO offering includes perpetual pre-market contracts for OpenAI, Anthropic, Anduril Industries, Kalshi, Polymarket, and other trending projects, supporting up to 10x leverage.
Key Risks You Can’t Ignore
Before getting involved in crypto pre-IPOs, investors must be aware of the following risks:
Not direct equity: Most crypto pre-IPO tokens are debt certificates or mirror notes, not direct equity in the underlying company. Users do not gain shareholder rights or voting power. OpenAI and Anthropic have explicitly stated that unauthorized share transfers are not recognized, highlighting the importance of compliant structures.
IPO failure risk: If a pre-IPO project fails to go public or the listing is delayed, tokens may experience significant price volatility or even become worthless.
Valuation discrepancies: Some crypto pre-IPO products have implied valuations that differ significantly from the company’s actual valuation. For example, certain SpaceX products imply a $1.5 trillion valuation—far above its $800 billion internal transaction value in December 2025.
Regulatory uncertainty: Product structures vary widely across platforms, and some products relying on offshore SPV structures face compliance scrutiny. In March 2026, the SEC and CFTC issued interpretive guidance on digital assets, but the regulatory framework continues to evolve.
Conclusion
2026 is undoubtedly a golden window for pre-IPO investing. From SpaceX’s dominance in commercial space, to OpenAI’s leadership in AI, to the rise of China’s AI powerhouses Kling AI and Step Star, and Circle’s pioneering public company blockchain token presale—these five hot projects span high-growth tracks in AI, commercial space, video models, and blockchain infrastructure.
For everyday investors, tokenized pre-IPO participation mechanisms on exchanges like Gate are bringing opportunities once reserved for top institutions to the public, with a minimum entry of just 100 USDT—making "financial inclusion" a reality. However, pre-IPO tokens are not underlying company equity, and risks such as IPO failure, valuation disputes, and regulatory uncertainty cannot be ignored. As you pursue high-growth opportunities, make sure you understand the product structure, allocate assets wisely, and make investment decisions with caution.
