April 2, 2026 — SpaceX, under Elon Musk’s leadership, has officially filed a confidential IPO application with the U.S. Securities and Exchange Commission (SEC), targeting a staggering valuation of $1.75 to $2 trillion and aiming to raise approximately $75 billion. If successful, this IPO will surpass the $29 billion record set by Saudi Aramco in 2019, making it the largest initial public offering in the history of global capital markets.
For everyday investors who missed out on early SpaceX opportunities, this is undoubtedly one of the most anticipated events in recent years. Now, Gate’s new Pre-IPOs product is opening the door for retail investors to get involved ahead of the curve.
The Three Pillars of SpaceX’s Core Business
SpaceX’s trillion-dollar valuation is no pipe dream—it’s built on three powerful business engines:
Starlink — The Cash Cow. As of March 2026, Starlink boasts over 10 million active users worldwide and more than 10,000 satellites in orbit, accounting for 66% of all active satellites globally. In 2025, Starlink generated about $10.6 billion in revenue and $5.8 billion in EBITDA, with a profit margin of 54%, making it SpaceX’s most stable revenue stream.
Rocket Launch Services — The Global Dominator. In 2025, SpaceX completed 165 rocket launches, representing 51% of all global launches and over 80% of U.S. commercial rocket launches. Thanks to the reusable Falcon 9 technology, SpaceX has slashed per-launch costs by 90%, creating a formidable cost barrier for competitors.
Starship + xAI — The Future Frontier. In February 2026, SpaceX merged with Musk’s AI company, xAI, bringing the combined entity’s valuation to $1.25 trillion. This move transforms SpaceX’s narrative from a "rocket company" to a "deeply integrated AI and space infrastructure platform." According to media reports, SpaceX’s total revenue for 2025 reached approximately $18.5 billion. Despite a nearly $5 billion net loss due to heavy xAI investments, the market is focused on the long-term growth potential of this "space + AI" synergy.
IPO Update: Roadshow Imminent, Unprecedented Retail Allocation
According to the latest updates, SpaceX is expected to officially release its IPO prospectus in late May. The roadshow is scheduled to kick off the week of June 8, with the offering price to be finalized the week of June 15.
Notably, SpaceX CFO Bret Johnsen told the underwriting syndicate, "Retail investors will be a key part of this IPO, with a larger allocation than any previous IPO in history." Reportedly, Musk aims to allocate up to 30% of new shares to retail investors—far exceeding the typical 5–10% seen in most IPOs.
SpaceX has assembled a top-tier underwriting syndicate, including Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, and Morgan Stanley.
Gate Pre-IPOs: A New Path to Early SpaceX Exposure
Ahead of SpaceX’s official IPO, Gate has launched its first Pre-IPOs project—SpaceX (SPCX)—giving retail investors a chance to participate in SpaceX’s valuation changes before the public listing.
Key Subscription Details (Updated April 20, 2026):
- Subscription Period: April 20, 2026, 10:00 UTC – April 22, 2026, 10:00 UTC
- Subscription Price: 590 USDT / GUSD per SPCX
- Implied Valuation: Approximately $1.4 trillion
- Minimum Entry: 100 USDT
- Asset Distribution: Expected by May 6, 2026, 10:00 UTC, with pre-market trading to follow
Product Nature: SPCX is not a direct SpaceX stock, but a Mirror Note. Holders have economic rights (tracking valuation gains and losses) but do not receive SpaceX shareholder voting or dividend rights. Gate hedges by holding SpaceX equity or derivatives off-exchange, issuing SPCX to mirror its value.
Risk Warning: Key Factors Not to Overlook
While Pre-IPO investing is attractive, it comes with specific risks:
- Regulatory Risk: SpaceX has not officially IPO’d yet, and tokenized Pre-IPO products operate in a regulatory gray area in many regions, with the potential for policy interventions.
- Valuation Risk: SPCX’s implied $1.4 trillion valuation is on the high end compared to the $800 billion to $1.25 trillion range seen in traditional private markets. Pricing is entirely at the exchange’s discretion.
- Liquidity Risk: Although pre-market trading is supported, if market enthusiasm wanes or the IPO is delayed, there may be insufficient liquidity, making it difficult to exit positions.
Conclusion
With a $2 trillion target valuation, SpaceX is on track for the largest IPO in global history. Gate Pre-IPOs offers everyday investors a new way to get early exposure to SpaceX’s valuation story. Whether you believe in Musk’s "space + AI" vision or want to position yourself ahead of this trillion-dollar giant’s IPO, SPCX is worth close attention. However, remember: SPCX does not represent direct equity ownership. Be sure to fully understand the product structure and associated risks before investing. Make informed, prudent decisions.
