The most significant IPO event in the global capital markets for 2026 is entering its final stretch. SpaceX has officially submitted its S-1 registration statement to the US SEC, planning to list on Nasdaq on June 12 under the ticker SPCX. However, with more than two weeks to go before the official listing, Gate’s Pre-IPOs section has already launched SPCX subscriptions ahead of schedule, and just completed a 1:5 share split on May 22.
SpaceX isn’t even publicly listed yet—so how is Gate able to offer early subscriptions? Why did the split occur, and what impact does it have on investors? These questions tie into SpaceX’s official stock split plan and the Gate Pre-IPO Mirror Note mechanism. This article will break down the details.
Why Is SpaceX So "Hot"? The Largest IPO in History Nears Launch
SpaceX’s upcoming IPO will set a new global record for scale. According to its prospectus, the company aims to raise $70–80 billion, targeting a valuation between $1.75 trillion and $2 trillion.
The listing entity has completed its merger with xAI, and its business is divided into three segments: Space, Connectivity, and Artificial Intelligence (AI). In 2025, Starlink contributed approximately $11.4 billion in revenue, accounting for about 61% of total income. Launch services generated around $4.4 billion. The AI segment is showing robust growth, with xAI posting $818 million in revenue in Q1 2026.
Financially, SpaceX has evolved from a pure rocket company into a strategic platform integrating rockets, satellite internet, and AI infrastructure. This transformation is the core reason capital markets are willing to grant it a trillion-dollar premium valuation.
What Is Gate’s Pre-IPOs Mechanism?
Gate Pre-IPOs is a digital subscription framework that allows eligible retail investors to gain exposure to high-value private companies before their official public listing. This breaks the traditional Pre-IPO market’s multimillion-dollar minimum investment threshold and qualified investor restrictions.
SPCX Key Parameters (Post-Split)
- Token Symbol: SPCX
- Subscription Price (pre-split): $590
- Subscription Price (post-split): $118
- Total Subscription Units: 33,900 SPCX
- Implied Market Cap: Approx. $1.4 trillion
- Minimum Participation: 100 USDT
- Subscription Period: April 20–22, 2026
- Pre-market Spot High (as of May 26): $189.90
With a minimum investment of just 100 USDT, participants can subscribe to roughly 0.17 SPCX units (pre-split) or about 0.85 units post-split, offering retail investors an exceptionally low entry barrier to a top unicorn.
Product Essence: Mirror Note
SPCX is not SpaceX stock. When users subscribe to SPCX on Gate, they are essentially purchasing a Mirror Note—Gate holds SpaceX equity or derivatives off-exchange for hedging, then issues SPCX tokens that reflect its value. Holders have economic exposure, tracking SpaceX’s valuation fluctuations, but do not have voting or dividend rights.
SpaceX Official 1:5 Stock Split: Lowering the Retail Entry Barrier
In mid-May 2026, SpaceX’s shareholder meeting approved the board’s 1:5 stock split proposal. Sources indicate that after the split, SpaceX’s fair value per share dropped from $526.59 to about $105.32. The move aims to reduce the per-share entry cost in the IPO, enabling more small and medium investors to participate in this historic listing.
Gate Executes SPCX Share Split in Sync
Gate strictly followed SpaceX’s official 1:5 stock split plan, completing the SPCX asset certificate split on May 22 and resuming pre-market trading at 14:00 (UTC+8) that day. Key execution points:
- Automatic Position Expansion: SPCX asset certificates in user accounts were split 1:5, automatically increasing holdings fivefold.
- Price Adjustment: The opening price after trading resumed was set at one-fifth of the pre-split price. Assuming no market volatility, users’ net SPCX asset value remains unchanged before and after the split.
- Split Only: This change affects only the split of SPCX asset certificates, not blockchain asset swaps or migrations. User asset security is unaffected.
Post-Split Market Performance
After the split, pre-market spot prices quickly surged. As of May 27, 2026, the post-split 24-hour pre-market spot high reached $189.90, marking a cumulative increase of 60.93%.
The split has a dual impact: On one hand, the lower unit price significantly reduces the entry barrier for new participants, helping attract broader liquidity to the pre-market. On the other, the pre-market is experiencing a resonance of sentiment and liquidity, while SpaceX’s official IPO is still two weeks away, giving investors ample time to observe.
2026 Latest Developments: Key Event Timeline
Here are the core milestones in SpaceX’s IPO process:
- Early May: SpaceX shareholder meeting approves 1:5 stock split
- May 20: Prospectus officially disclosed
- May 22: Gate completes SPCX 1:5 split, resumes pre-market trading, and launches SPCX USDT perpetual contracts with 1–10x leverage
- June 4: IPO roadshow expected to begin
- June 11: Issuing price expected to be finalized
- June 12: SpaceX plans to officially list on Nasdaq
Polymarket prediction data shows a 71% probability that SpaceX’s market cap will exceed $2 trillion on its first day, with the valuation possibly reaching as high as $2.5 trillion.
Crypto Markets Are Already Pricing SpaceX
Beyond Gate, several crypto platforms have launched SpaceX-related Pre-IPO derivatives. Hyperliquid was first, rolling out SPCX synthetic perpetual contracts on May 18 at a reference price of $150, corresponding to a $1.78 trillion valuation and $33 million in first-day trading volume. Bitget launched SpaceX Pre-IPO perpetual contracts on May 22. OKX and Binance have also introduced similar products.
Multiple platforms deploying products around the same asset at nearly the same time signals that the crypto world’s approach to pricing top-tier traditional Pre-IPO projects is shifting from exploratory to institutional.
Common Misconceptions and Risk Warnings
When considering Pre-IPO investments, pay attention to these three core risks:
- SPCX ≠ SpaceX Stock: Mirror Notes provide economic exposure, not equity. Lack of voting and dividend rights is a structural difference.
- Valuation Premium Requires Rational Perspective: The post-split subscription price is about $118, while the current pre-market price has risen to around $190. This price implies a valuation far above SpaceX’s official target range of $1.75–2 trillion.
- Liquidity Risk Is Real: SPCX can be traded anytime in the Pre-IPOs section, but if market enthusiasm fades or the listing is delayed, liquidity may dry up.
Conclusion
SpaceX is not yet listed, but Gate has already opened SPCX subscriptions and just completed a 1:5 share split in sync with SpaceX’s official plan. This phenomenon reflects the accelerating convergence of crypto and traditional capital markets.
From a product perspective, Pre-IPOs democratize access to the valuation of high-value companies via Mirror Notes, breaking the multimillion-dollar barrier of traditional private placements. As the first implementation, SpaceX’s pre-split price of $590 and post-split price of $118, combined with a minimum participation of 100 USDT, provide an unprecedented pathway for ordinary investors. In terms of market momentum, since May 2026, multiple crypto platforms have launched SPCX derivatives, signaling that the crypto market is becoming a major force in traditional Pre-IPO pricing—with on-chain prices often leading traditional investment banks’ target ranges.
Of course, there are risks along this path. SPCX is not equivalent to SpaceX stock, and the current pre-market price of $189.90 implies a valuation well above the official upper limit. Investors need to independently assess valuation premiums and liquidity issues.
Looking back from May 27, 2026, there are just two weeks left before SpaceX officially lists on Nasdaq, while the crypto market’s "early pricing" battle is already underway. With the successful execution of the 1:5 split, SPCX has entered a new phase of "low unit price, high liquidity." Whether Gate Pre-IPOs can withstand the ultimate test—the answer is approaching.
FAQ
Q1: Can I still subscribe to SPCX now?
The first SPCX subscription window closed on April 22. However, users can buy and sell SPCX in Gate’s Pre-IPOs pre-market trading section. Pre-market trading is available 24/7, offering flexible entry and exit.
Q2: What happens to SPCX after SpaceX’s official listing?
SPCX asset certificates will be redeemable or tradable at real-time market prices via a dedicated page after the IPO lock-up period ends, enabling users to exit.
Q3: What was the subscription price before the split, and what changed after?
The pre-split subscription price was $590. After the 1:5 split, the price was adjusted to $118, and users’ holdings automatically increased fivefold, with net asset value unchanged.
Q4: Is SPCX the same as SpaceX’s official stock?
No. SPCX is a Mirror Note—a digital market tool built around IPO expectations. It is not formal equity, does not confer voting rights, and is not equivalent to IPO stock subscriptions.
Q5: Does SPCX have leverage?
SPCX itself does not offer leverage and is a spot asset certificate. However, Gate has also launched SPCX USDT perpetual contracts with 1–10x leverage. These are separate products with different risk profiles.
