Global capital markets are holding their breath. On May 20 local time, SpaceX officially filed an S-1 registration statement (prospectus) with the U.S. Securities and Exchange Commission, kicking off its initial public offering (IPO) process. The stock ticker will be "SPCX," and the company plans to list on both Nasdaq and the Nasdaq Texas Exchange.
Multiple sources report that SpaceX is targeting a valuation of $1.75 trillion to $2 trillion, aiming to raise $70–75 billion. This would shatter the previous record set by Saudi Aramco’s $29.4 billion IPO in 2019, making it the largest IPO in human history. According to the timeline, SpaceX will launch its roadshow on June 4, finalize the offering price on June 11, and could begin official trading as early as June 12. Founder Elon Musk has publicly pledged on X that he "won’t sell a single share" during the IPO.
To lower the barrier for retail investors, SpaceX has implemented a 5-for-1 stock split, adjusting the fair market value per share from approximately $526.59 to about $105.32. This adjustment was completed before May 22.
Where Does SpaceX’s Trillion-Dollar Valuation Come From?
This record-breaking valuation is backed by SpaceX’s robust fundamentals and a compelling growth narrative.
Financially, SpaceX commands over 80% of the global rocket launch market. Starlink boasts more than 10,000 satellites in orbit and over 10 million users worldwide. In 2025, its connectivity segment is projected to generate $11.387 billion in revenue and $4.423 billion in operating profit, making it the company’s only profitable division. According to the prospectus, SpaceX’s consolidated revenue for 2025 is expected to reach $18.674 billion, with adjusted EBITDA at $6.584 billion.
Meanwhile, SpaceX’s merger with xAI injects a new "AI + space computing power" growth story. The aerospace segment centers on Starship development, with the company investing more than $15 billion in the project. SpaceX plans to use Starship to deploy AI data centers in low Earth orbit. On May 23 Beijing time, the Starship V3 completed its 12th test flight, successfully validating key payload deployment.
In short, SpaceX’s story is built on three pillars: Starlink delivers stable cash flow, Starship opens the door to deep space exploration, and xAI brings the promise of artificial intelligence. Together, these elements underpin the capital market’s $2 trillion valuation expectation.
Detailed Channels for Retail Participation in the SpaceX IPO
SpaceX’s IPO features unprecedented arrangements for retail investors. The company plans to offer a portion of shares directly to retail investors via platforms like Robinhood, Fidelity, and Charles Schwab, at the same IPO price as institutional investors. Additionally, SpaceX will expand global retail allocations, planning to offer shares in the UK, EU, Australia, Canada, Japan, and South Korea.
However, these allocation channels come with certain limitations:
- Regional restrictions: Primarily available to the U.S. and select overseas markets; most global users cannot participate directly through these platforms.
- Uncertain allocation: The proportion of shares allocated to retail investors has not been disclosed, and actual allotment rates remain highly uncertain.
- Participation requirements: Some channels require users to open accounts with designated brokers and meet specific asset thresholds.
So, is there a simpler way for ordinary users in other regions to participate?
Gate’s Innovative Solution: SPCX Pre-IPO Trading
The answer is yes. As a leading crypto asset trading platform, Gate has introduced a unique SpaceX Pre-IPO participation path for global users—Gate Pre-IPOs products.
The core mechanism of Gate’s pre-listing trading is to leverage tokenization technology to map the equity of unlisted companies into digital certificates before the official IPO, allowing ordinary users to gain early price exposure and participate in trading. Gate previously launched SpaceX’s pre-listing product, enabling users to trade SPCX Pre-IPO tokens directly on the Gate platform. Each token is pegged 1:1 to SpaceX’s equity value, with prices fluctuating in real time based on public market expectations. Users can build positions ahead of the IPO and potentially benefit from price appreciation.
Compared to traditional Pre-IPO investment channels—which often require minimum investments of tens of thousands of dollars, accredited investor certification, and lengthy lock-up periods—Gate’s pre-listing trading offers several distinct advantages:
- Extremely low barriers: No accredited investor requirements; small amounts of capital can participate, making it truly inclusive.
- Superior liquidity: Buy or sell at any time during trading hours, with no lock-up period concerns.
- Global access: No geographic restrictions; users worldwide can participate directly via Gate.
- Transparent pricing: Real-time quotes and transactions, fully market-driven pricing, and no hidden fees.
Risk Disclosure for Pre-IPO Participation
It’s important to note that Pre-IPO trading is a high-risk investment activity. Users should fully understand the following risks before participating:
Price volatility risk: SPCX Pre-IPO token prices are entirely determined by secondary market supply and demand, and may be significantly higher or lower than SpaceX’s final IPO price. Historically, similar Pre-IPO assets have exhibited much greater volatility than listed assets.
Liquidity risk: In extreme market conditions or during sentiment reversals, Pre-IPO tokens may experience insufficient order depth or widened spreads, impacting the execution of trades.
Information asymmetry risk: The IPO timeline, final offering price, and post-listing performance of the underlying company are highly uncertain. Any changes to these milestones can cause sharp fluctuations in Pre-IPO token prices.
The above analysis is for reference only and does not constitute investment advice. Users should make independent decisions based on their own risk tolerance, and consult professional investment advisors when necessary. Crypto asset trading carries high risks; please exercise caution.
Conclusion
SpaceX’s public listing is undoubtedly one of the most anticipated events in global capital markets for 2026. With a valuation target of $1.75–2 trillion, SPCX is poised to become one of the most iconic IPOs of the century.
For ordinary users, participating through SpaceX’s official retail allocation channels is relatively complex and geographically limited. In contrast, Gate’s pre-listing trading product offers a more flexible and convenient alternative. Users can trade SPCX on Gate ahead of the official IPO, without needing to meet accredited investor requirements, and gain direct price exposure throughout SpaceX’s listing process.
With less than a month to go before SpaceX’s expected June 12 listing date, the official prospectus release and upcoming roadshow are rapidly boosting market attention for SPCX. Ordinary users are encouraged to log in to Gate, visit the [Startup & Pre-IPO] section, and check the latest SPCX market data and trading details.
Act now to secure your position in the world’s largest IPO and seize the rewards of the new space economy era.
