Countdown to SpaceX's century IPO: Which platforms support retail investors for pre-market entry?

Original | Odaily Planet Daily (@OdailyChina)

On June 12, SpaceX will ring the bell for its IPO on Nasdaq, with the stock code SPCX; SpaceX expects to raise between $75 billion and $80 billion, with a target valuation of approximately $1.75 trillion to $2 trillion, marking the largest IPO in human history.

How exaggerated is this number? If successful, the historical record of $29.4 billion set by Saudi Aramco during its IPO in 2019 will be shattered in one go, also meaning SpaceX will become the first mega giant in human history to directly enter the capital market with a "trillion-dollar valuation."

Goldman Sachs calls this IPO a once-in-a-generation opportunity, but in the past, this capital carnival had little to do with ordinary people. Not to mention how high the threshold is for participating in US stock IPOs, targets like SpaceX that attract global capital have already been fully priced and "divided up" well before the IPO. Retail investors easily end up at a high point after the market opens, and this pre-pricing market can only be participated in by institutions, family offices, and high-net-worth individuals.

However, now, thanks to the rise of the Pre-IPO market, ordinary people finally have the opportunity to get in on SPCX early. This time we can not only witness history but also catch a ride on the biggest wealth express train in the history of US stocks.

However, currently, the Pre-IPO platforms on the market are mixed, with different structures, valuation methods, and funding rates for SPCX pre-IPO across platforms, leading to investors being confused about how to choose. To facilitate investor comparison and analysis, Odaily Planet Daily will review 7 Pre-IPO platforms currently offering SPCX pre-IPO.

Binance: SPCX/USDT Perpetual Contract

On May 21, Binance announced the launch of the SPCX/USDT perpetual contract, with a maximum leverage of 5 times, and has opened a Pre-IPO section specifically in the contract market, currently only involving SPCX. The SPCX launched on Binance uses a perpetual contract structure, so it is purely a price speculation mechanism, unrelated to the actual equity of SpaceX. However, the advantage of this structure is that users can not only go long on SPCX but also choose to go short, giving investors more strategic options.

Currently, the open interest (OI) for SPCX on Binance exceeds $27 million, making it the largest SPCX pre-IPO contract platform excluding Hypeliquid.

Threshold: Must pass Binance KYC requirements
Valuation method: Binance estimates the total number of fully diluted shares of SpaceX to be 11.87 billion, so the valuation calculation formula is SPCX price * estimated number of shares = SpaceX current valuation. If the current price of SPCX is $205, then the valuation of SpaceX would be 205*11.87≈2433 (Units: Billion). However, it is worth noting that the actual number of shares for the SpaceX IPO is uncertain; if there is a significant discrepancy between the actual and estimated number of shares, the SPCX contract price on Binance will also fluctuate drastically.
Funding rate: 0.005% (subject to real-time changes)

Hyperliquid: SPCX/USDC Perpetual Contract

Hyperliquid is currently the largest Prep DEX on the market, and its HIP-3 market is also the largest RWA perpetual contract trading market, with commodities and US stock contracts issued by Trade.xzy taking a major share. On May 18, Trade.xzy announced the launch of the SPCX/USDC perpetual contract, with an initial price of $150 and a maximum leverage of 5 times.

Currently, the open interest (OI) for SPCX issued by Trade.xzy exceeds $45 million, making it the largest SPCX pre-IPO contract in terms of market trading volume and contract open interest.

Threshold: None
Valuation method: Trade.xzy also estimates the total number of fully diluted shares of SpaceX to be 11.87 billion, so the valuation calculation formula is the same as Binance’s SPCX valuation calculation, meaning theoretically there is arbitrage space between the two platforms.
Funding rate: Hourly floating, usually below 0.0001%

OKX: SPACEX/USDT Perpetual Contract

On May 7, OKX also announced the launch of the SPACEX/USDT pre-IPO perpetual contract, with a maximum leverage of 20 times. Although OKX launched the SPACEX/USDT pre-IPO perpetual contract earlier, the overall OI currently fails to exceed $10 million.

OKX’s valuation method is different from Binance and Trade.xzy; before SpaceX discloses its actual capital, the price of SPACEX equals one billionth of SpaceX's market cap. If the SPACEX/USDT pre-IPO perpetual contract is $2400, then the market cap of SpaceX on the OKX platform would be $2.4 trillion; after SpaceX discloses its actual capital, OKX will execute a Rebase (proportional adjustment) on the SPACEX contract price, and the price of SPACEX will correspond to SpaceX's market cap / total equity.

Threshold: Must pass OKX KYC requirements
Valuation method: Before Rebase: SPACEX price * 1 billion = SpaceX market cap; After Rebase: SPACEX price * actual number of shares = SpaceX market cap
Funding rate: 0

Bitget: Stock Token preSPAX (preSPCX)

Bitget was the first exchange to launch SpaceX pre-IPO stock, opening preSPAX subscription on April 18 at a fixed subscription price of $650; the subscription has now ended, and users can trade PreSPAX/USDT in the Bitget spot market.

Bitget's preSPAX uses a synthetic note structure, with preSPAX being a digital token issued by a regulated issuing entity, Republic. Its price will track SpaceX's performance after the listing, and users buying preSPAX essentially acquire a debt certificate rather than purely speculating like perpetual contracts, thus having higher compliance thresholds.

Threshold: Subscription has ended; users who meet the Bitget KYC requirements can trade in the spot market
Valuation method: The implied valuation of preSPAX subscription is $1.5 trillion, therefore the pre-IPO valuation formula on Bitget for SpaceX is preSPAX price * initial implied valuation / 650 = SpaceX current valuation. If the current preSPAX price is $900, then the current valuation of SpaceX on Bitget is 900*1500 (B)/650≈2076 (Units: Billion). If we use Hyperliquid, which has the largest pre-IPO trading volume and OI, as the valuation benchmark, the SpaceX valuation on Bitget differs significantly at the same time.
Trading fee: 0.1%

It should be noted that on May 27, Bitget announced that it would split preSPAX and change the code to preSPCX, with a split ratio of 1:5 (each preSPAX token can be split into 5 preSPCX tokens). After the split, the market price of each preSPCX token will be adjusted to one-fifth of the pre-split preSPAX price, and the total assets held by users remain unchanged. The valuation formula will also change to preSPCX price * initial implied valuation / 130 = SpaceX current valuation.

Gate: Stock Token SPCX

The SpaceX pre-IPO stock on the Gate platform also uses a synthetic note structure. On April 20, Gate opened SPCX subscription, with a fixed subscription price of $590 and an initial implied market cap of $1.4 trillion; the subscription has now ended, and users can trade SPCX/USDT in the Gate spot market. Also, on May 22, Gate launched the SPCX/USDT perpetual contract trading pair, with a maximum leverage of 10 times, but there is a significant price difference between the spot and the contract; the overall OI for the SPCX contract is currently less than $2 million.

Threshold: Must pass Gate KYC requirements
Valuation method: Since Gate also conducted a 1 for 5 split on SPCX on May 22, the formula for the pre-IPO valuation on Gate for SpaceX is SPCX price * initial implied market cap / 118 = SpaceX current valuation. If the current price of SPCX is $180, then the current valuation of SpaceX on Gate would be 180*1400 (B)/118≈2135 (Units: Billion).
Contract funding rate: 0

Lighter: SPACEX Perpetual Contract

Lighter is a prep DEX. On May 9, Lighter also announced the launch of the SpaceX pre-IPO perpetual contract SPACEX, with a maximum leverage of 3 times. However, Lighter’s liquidity and trading depth are far inferior to Hyperliquid, with its issued SPACEX open interest (OI) below $1 million.

Threshold: None
Valuation method: Consistent with OKX’s valuation method, SPACEX price * 1 billion = SpaceX market cap
Funding rate: Floating, but the volatility is larger than Hyperliquid

PreStocks: Stock Token SPACEX

PreStocks is a Pre-IPO platform built on Solana, incubated by Alliance. PreStocks launched the pre-IPO token SPACEX in August 2025, allowing users to trade freely on-chain, or purchase through Web3 platforms like Jupiter and Binance Wallet. PreStocks uses an SPV mapping structure, meaning real shares are held through an offshore SPV (special purpose vehicle) and then mapped 1:1 to on-chain tokens, with the tokens purchased by users corresponding to real economic rights of shares. PreStocks maintains price stability through a mint/redemption mechanism.

Currently, there are 8,220 addresses holding SPACEX on-chain, with a supply of 8,740.

Threshold: Free trading on-chain; large amounts require contacting the team
Valuation method: The pre-IPO valuation of SpaceX on PreStocks needs to look at the secondary market price of the anchored pre-IPO target for SpaceX, so the valuation formula is SPACEX price * secondary markup market cap / secondary markup price. The anchored pre-IPO target price and market cap for SpaceX can be viewed on the official website. If the current secondary target price for SpaceX is $965.58, and the marked market cap is $2.38 trillion, if the SPACEX price is $825, then the pre-IPO valuation for SpaceX on PreStocks would be 825*2380/965.58≈2033 (Units: Billion).
Fees: None, but third-party wallets and DEX may charge different trading fees.

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