#GatePreIPOs首发SpaceX #GatePreIPOsLaunchesWithSpaceX: The First-Ever Retail Gateway to the Biggest IPO in History

For the first time in capital markets history, retail investors have a structured, transparent path to SpaceX — before the company goes public.

As Elon Musk’s SpaceX prepares for what is shaping up to be the largest initial public offering ever witnessed, Gate.io has seized the moment. The exchange has officially launched its Pre-IPO platform, with SpaceX as its flagship project — and the timing could not be more immaculate .

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🚀 The Opportunity: Why SpaceX Matters

SpaceX has confidentially filed its IPO paperwork with the U.S. Securities and Exchange Commission (SEC). The company is targeting a valuation between $1.75 trillion and $2 trillion, which would make it the sixth most valuable publicly listed U.S. firm — surpassing Meta Platforms and Berkshire Hathaway in a single stroke .

· Target Valuation: $1.75 – $2 trillion
· Proposed Fundraise: Up to $750 billion (3x the current record held by Saudi Aramco)
· Expected Listing Window: June 2026
· Project Codename: "Project Apex"

The IPO is expected to kick off a wave of "mega-IPOs" in 2026, with OpenAI and Anthropic reportedly lining up for their own public debuts shortly after .

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🏦 The Traditional Barrier: Pre-IPO is Usually for the Elite

Historically, pre-IPO investment has been the exclusive domain of institutions, venture capital funds, family offices, and accredited investors with direct connections to private placement networks .

The barriers were not just financial — they were structural:

· High minimum entry
· Accreditation requirements
· Geographic restrictions
· Lack of price transparency
· Multi-year lockup periods

For the past decade, meaningful retail participation in virtually every major private company issuance was practically impossible. Gate.io has changed that .

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💡 Gate.io’s Solution: $SPCX Tokenized Asset Certificate

Gate.io's Pre-IPO platform introduces $SPCX — a tokenized asset certificate that provides economic exposure to SpaceX's pre-IPO valuation. This is not a direct stock. It does not grant voting rights or dividends. Instead, it offers a structured, crypto-native way to gain exposure to SpaceX's valuation trajectory .

Key Product Features

Feature Detail
Token Symbol $SPCX
Offer Price $590 per token
Total Allocation 33,900 SPCX tokens
Total Pool Value ~$20 million
Implied Valuation at $590 ~$1.4 trillion (significant discount to institutional target of $1.75-2 trillion)
Registration Period April 20, 2026 (10:00 UTC) – April 22, 2026 (10:00 UTC)
Distribution Deadline May 6, 2026 (10:00 UTC)

Registration Mechanics

The allocation uses a time-weighted mechanism — participants who commit earlier and lock for longer receive priority. The registration accepts two stablecoins :

· USDT — 70% of allocation pool
· GUSD — 30% of allocation pool (with additional yield incentives for GUSD holders)

Maximum allocation per user: 339 SPCX

Liquidity and Exit Pathways

Unlike traditional pre-IPO investments that lock capital for years, $SPCX offers multiple exit options from day one :

1. 24/7 Pre-IPO Trading — Trade immediately after distribution
2. IPO Conversion — Convert to stock tokens after the public listing
3. USDT Redemption — Exit at any time by redeeming for USDT

All distributed tokens are fully unlocked — no vesting periods, no cliffs, no multi-month driptape releases .

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📊 The Business Behind the Valuation

Why is SpaceX worth $1.75 trillion? The valuation is grounded in real, profitable operations — not just narrative momentum.

SpaceX's 2025 Financial Performance

Metric Value
Total Revenue $150 – $185 billion
EBITDA ~$80 billion
Starlink Revenue $106 – 114 billion
Starlink EBITDA Margin 54 – 63%
Launch Revenue ~$52 billion
Total Launches (2025) 165 (51% of global total)

Sources vary; revenue figures range from $150B to $185B depending on reporting .

The Three Pillars of SpaceX

1. Starlink (The Cash Cow)

· Over 10 million global active users
· More than 10,000 active satellites in low-Earth orbit (66% of global active satellites)
· Coverage across 150+ countries
· Captured U.S. government BEAD program contracts for 476,000 locations

2. Launch Services (The Moat)

· Falcon 9 completes launches every ~2 days — faster than any space program in history
· Reusable rocket technology reduces launch costs to 1/10th of traditional models
· Secured $5.9 billion U.S. national security launch contract covering 28 missions through 2029

3. xAI Integration (The Optionality)

· SpaceX merged with Musk's AI company xAI in February 2026, valued at $250 billion at the time
· The combined entity positions itself as a "space infrastructure + AI" platform
· Future plans include space-based data centers leveraging orbital solar power and natural cooling

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📈 Valuation Analysis: Does It Make Sense?

Bull Case (Morningstar / PitchBook)

Analysts at Morningstar and PitchBook place SpaceX's fair value between $1.1 trillion and $1.7 trillion — concluding that a $1.5 trillion valuation is "expensive but not irrational" .

The valuation math depends on:

· Successful commercialization of Starship (super-heavy reusable rocket)
· Continued Starlink subscriber growth (currently growing at "crazy levels")
· Direct-to-cell mobile service scaling as projected

As Neuberger's Quality Equity Fund (an existing SpaceX investor with nearly 10% of its $2.6 billion assets allocated to the company) stated: "The launch business and the Starlink business are proven, here and now. xAI is about optionality" .

Bear Case (Valuation Multiples)

Using Reuters' assumptions (100% revenue growth in 2026 from 2025 levels), at a $1.75 trillion market cap SpaceX would trade at :

Metric SpaceX (est.) Tesla Palantir
Price/Revenue 56x 12x 43x
Price/EBITDA 109x 79x 75x

These are eye-popping multiples — even for the fastest-growing companies. The higher the multiple, the harder it is for performance to meet expectations and keep stock appreciating .

The Critical Insight

"Starlink is the only reason this valuation is defensible," said Shay Boloor, chief market strategist at Futurum Equities. "Its subscriber base is just growing at crazy levels" .