SpaceX's biggest IPO in history is about to launch. How can ordinary investors get ahead and position themselves for SPCX?

The global capital markets are holding their breath. On May 20 local time, SpaceX officially filed its S-1 registration statement (prospectus) with the U.S. Securities and Exchange Commission, initiating its initial public offering process, with the stock ticker "SPCX," planning to list on Nasdaq and Nasdaq Texas.

According to multiple sources, SpaceX's target valuation is as high as $1.75 trillion to $2 trillion, with plans to raise $70 billion to $75 billion, significantly surpassing Saudi Aramco's 2019 record of $29.4 billion, making it the largest IPO in human history. Regarding the timetable, SpaceX plans to start roadshows on June 4, finalize the offering price on June 11, and potentially list as early as June 12. Founder Elon Musk publicly promised on X platform that he "will not sell a single share" in the IPO.

To lower the participation barrier for retail investors, SpaceX has implemented a "1-for-5" stock split, reducing the per-share fair market value from approximately $526.59 to about $105.32. This adjustment was completed before May 22.

Where does SpaceX's trillion-dollar valuation come from?

Supporting this record-breaking valuation are SpaceX’s strong fundamentals and highly imaginative growth narratives.

Financially, SpaceX has captured over 80% of the global rocket launch market share; Starlink has over 10k satellites in orbit, with over 17.5k global users, and in 2025, the satellite connectivity segment will generate $20k in revenue and $10k in operating profit, making it the company's only profitable sector. The prospectus shows that in 2025, the company's consolidated revenue will reach $11.39B, with an adjusted EBITDA of $4.42B.

Meanwhile, the merger with xAI injects a new growth narrative of "AI + space computing power" into the company. The aerospace segment centers on the Starship development, with over $15 billion invested so far, planning to deploy AI data centers in low Earth orbit using Starship. On May 23 Beijing time, Starship V3 successfully completed its 12th test flight, verifying critical payload deployment.

In simple terms, SpaceX’s story consists of three puzzle pieces: Starlink provides stable cash flow, Starship opens the possibility for humans to venture into deep space, and xAI injects the future imagination of artificial intelligence. The combination of these three elements forms the market’s expectation of a $2 trillion valuation.

How retail investors can participate in SpaceX’s IPO

SpaceX has made unprecedented arrangements for retail participation in this IPO. The company plans to directly sell some shares to retail investors at the same IPO price through platforms like Robinhood, Fidelity, and Charles Schwab, alongside institutional investors. Additionally, the company will expand its global retail allocation efforts, planning to offer shares to retail investors in the UK, EU, Australia, Canada, Japan, and South Korea.

However, there are some restrictions to note:

• Regional restrictions: Mainly targeted at the U.S. and certain overseas markets; most users in other regions cannot participate directly through these platforms;
• Uncertain allocation: The proportion of shares allocated to retail investors has not been announced, and the actual chance of winning is uncertain;
• Participation requirements: Some channels require users to open accounts with designated brokers and meet certain asset thresholds.

So, are there easier ways 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 already provided a unique SpaceX Pre-IPO participation pathway — Gate Pre-IPO Products.

The core mechanism of Gate’s pre-listing trading is: before the target company’s official IPO, it tokenizes the unlisted company’s equity into digital certificates, allowing ordinary users to gain early exposure to the asset’s price and participate in trading. Gate has successfully launched SpaceX’s pre-listing product before, enabling users to trade SPCX Pre-IPO tokens directly on the platform. These tokens are 1:1 pegged to SpaceX’s equity value, with prices fluctuating in real-time according to market expectations, allowing users to establish positions before the IPO and potentially benefit from asset appreciation.

Compared to traditional Pre-IPO investment channels that often require minimum investments of tens of thousands of dollars, qualification as an accredited investor, and long lock-up periods, Gate’s pre-listing trading offers notable advantages:

• Very low threshold: No accreditation required, small amounts can participate, truly inclusive;
• Excellent liquidity: Can buy or sell at any time during trading hours, no worries about lock-up periods;
• Global coverage: Not restricted by region, accessible to users worldwide via Gate;
• Transparent pricing: Real-time quotes and transactions, fully market-driven pricing, no hidden fees.

Risks of participating in Pre-IPO

It must be clearly stated that Pre-IPO trading is a high-risk investment activity. Participants should fully understand the following risks before engaging:

Price volatility risk: SPCX Pre-IPO tokens’ prices are determined solely by secondary market supply and demand, which may significantly exceed or fall below SpaceX’s final IPO price. Historical trends of similar Pre-IPO assets show that their price swings often far surpass those of listed assets.

Liquidity risk: In extreme market conditions or sentiment reversals, Pre-IPO tokens may experience shallow order books and wider spreads, affecting trading execution.

Information asymmetry risk: The IPO timetable, final offering price, and post-listing performance are subject to considerable uncertainty, and any adjustments can cause sharp impacts on Pre-IPO token prices.

The above analysis is for reference only and does not constitute investment advice. Users should assess their own risk tolerance and, if necessary, consult professional investment advisors before participating in Pre-IPO trading. Crypto asset trading involves high risks; please trade cautiously.

Summary

The listing of SpaceX is undoubtedly one of the most anticipated events in the global capital markets in 2026. With an estimated valuation of $1.75 trillion to $2 trillion, SPCX is poised to become one of the most iconic IPO projects of this century.

For ordinary users, participating through SpaceX’s official designated retail channels is relatively complicated and regionally limited, whereas Gate’s pre-IPO trading product offers a more flexible and convenient alternative. Users can trade SPCX in advance on the Gate platform without waiting for the official IPO or meeting accredited investor requirements, gaining early exposure to SpaceX’s listing process.

Less than a month remains before SpaceX’s expected listing date of June 12. As the prospectus is officially disclosed and roadshows commence, market attention on SPCX is rapidly heating up. Ordinary users are encouraged to log into the Gate platform, visit the 【Startup & Pre-IPO】 section, and check the latest SPCX market quotes and trading details.

Act now, get ahead of the global largest IPO, and seize the space economy’s era of dividends.