Did everyone participate in this SpaceX $20 trillion IPO feast?

In the late night of June 12, Beijing time, as the largest IPO in history, SpaceX (SPCX) officially landed on Nasdaq and started trading, reaching a high of $176 during the day, with a market value exceeding $2.3 trillion at one point.

For MSX Maitong, the successful listing of SpaceX also means that its SpaceX Pre-IPO project launched in March has reached a key realization point.

At the beginning of March this year, MSX opened the participation entry for SpaceX Pre-IPO at a subscription price of 119U (same as the adjusted stock split price), corresponding to an estimated valuation of about $1.38 trillion. With the listing of SpaceX, MSX users were able to complete the full path from participating in high-quality private market assets to welcoming public market pricing in just three months.

Based on the first-day closing price of SPCX.M at $166.85, this represents an increase of about 40% compared to the early subscription price of 119U from MSX; if calculated based on the intra-day high of $176, the increase is nearly 48%.

This also serves as another complete verification of the MSX Pre-IPO product model following Cerebras in May.

1. Three months, from 119U subscription to listing realization

It is well known that for a long time, equity opportunities in top private companies have mainly been concentrated in the hands of institutional investors, private equity funds, and a small number of high-net-worth individuals, while ordinary investors can only participate at market prices after a company completes its IPO.

However, the truly imaginative growth stages often occur before a company goes public, which is also the core value of Pre-IPO products.

For this reason, as early as March 2, MSX Maitong took the lead in introducing a Pre-IPO section aimed at ordinary users, and we subsequently saw an increasing number of similar products appearing in the market, which brought a question to the forefront.

The real value of Pre-IPO is not only to allow users to see a popular target earlier but also whether it can complete a complete closed loop from subscription, holding, listing, trading to realization after the target officially goes public.

The successful delivery of the MSX Maitong SpaceX project is a concentrated embodiment of this mechanism:

• Subscription: On March 2, users could subscribe to Space's Pre-IPO shares at 119U on the MSX platform, with assets recorded on-chain in token form;
• Holding: During the period from subscription to IPO listing, users can view their holding status in real time on the MSX platform, with asset status visible throughout;
• Open Redemption: On June 9, the redemption application for the first phase of Pre-IPO projects SpaceX, ByteDance, and Lambda Labs was officially opened, providing more flexible exit options for users who participated in Pre-IPO product subscriptions;
• Official Listing: On June 12, SpaceX landed on Nasdaq, surging at the opening, with a closing price of 166.85U, approximately 40% higher than the MSX subscription price;
• Spot Trading: MSX simultaneously launched SPCX.M spot trading, allowing tokens held by Pre-IPO users to be converted directly into tradable spot assets, which can be sold at any time without waiting for lockup periods to expire;
• Realization of Funds: Proceeds from sales are settled in stablecoins, completing the funding closure;

Subscription, holding, redemption, listing, spot trading, realization—none of these six links can be omitted.

The value of this chain was precisely validated in this round of listings.

This round of SpaceX listings became a concentrated stress test for the tokenized Pre-IPO track. Due to some platforms relying on third-party tokenization quota delivery links failing to obtain SpaceX quotas during the settlement stage, many platforms refunded part or all of the subscription funds to users before and after the listing.

For this reason, the smooth progress of the SpaceX project means that MSX Pre-IPO does not simply provide a "conceptual share," but has established a complete closed-loop mechanism around subscription, holding, redemption, listing, spot trading, and stablecoin settlement that is actionable and enforceable.

For users, this fact is more important than mere short-term increases, because the core difficulty of Pre-IPO products has never just been whether they can be purchased, but whether they can have a clear asset conversion and exit path after the target goes public.

2. MSX Maitong delivers another "full score answer sheet"

In fact, the successful practice of SpaceX is also the second key answer sheet delivered by MSX Pre-IPO following Cerebras.

To understand the weight of this answer sheet, we need to turn back the clock to one month ago.

On May 14, 2026, "NVIDIA Challenger" Cerebras (CBRS) landed on Nasdaq, with an issue price of $185, doubling at one point during trading, and closing up about 68%. And for MSX users who participated earlier in the private market, the returns were even more eye-catching—a profit of about 300% in two months.

As mentioned earlier, on March 2, MSX Maitong was the first in the industry to launch a Pre-IPO product, including four hot targets: Cerebras, SpaceX, ByteDance, and Lambda Labs, where users participated in the subscription of CBRS Pre-IPO shares at a price of 100.35U.

With Cerebras landing on Nasdaq on May 14, the MSX platform also launched CBRS.M spot trading on the same day, allowing assets held by Pre-IPO users to gain subsequent trading and exit paths, with participants’ comprehensive returns at one point exceeding 300% based on the high price on the first day of listing.

The nearly 300% in May is the first answer sheet for on-chain Pre-IPO; June's SpaceX is the second.

The two consecutive realizations further prove that MSX Pre-IPO does not rely on the occasional performance of a single project but continuously builds a replicable and verifiable on-chain participation mechanism around high-quality global first-tier assets.

3. The real threshold of Pre-IPO: from "entry" to "realization"

From Cerebras to SpaceX, the continuous realization of MSX Pre-IPO products is reshaping the market's understanding of the value of on-chain first-tier asset entry.

In the past three months since MSX Maitong launched its Pre-IPO product at the beginning of March, almost all mainstream trading platforms have begun to布局 around popular unlisted companies, though the product realization logic may vary, they all essentially aim to meet users' demand for "early high-quality asset entry."

However, in practical terms, Pre-IPO is by no means as simple as "providing a subscription entry". The real test of platform capability is whether it can continuously filter quality targets with long-term value and clear IPO expectations, obtain real and effective asset quotas, design clear and transparent participation rules, and complete pricing, conversion, trading, and settlement connections after the target officially goes public.

The successive delivery of Cerebras and SpaceX within two months is a concentrated test of these capabilities.

This is also the key distinction of Pre-IPO products from purely synthetic assets or price guessing— it can provide users with a clear and actionable path during the target listing, conversion, or redemption.

For users, while a low-threshold participation entry is undoubtedly important, the ability to complete a closed loop from subscription to exit truly determines the quality of a Pre-IPO product.

As the global capital market enters a new round of high-quality technology asset listing cycles, Pre-IPO is expected to become one of the important entry points for Web3 users to participate in global growth companies.

Following SpaceX's success again, MSX Maitong's Pre-IPO target reserve continues to expand and will continue to filter high-quality first-tier assets around AI, cutting-edge technology, and other highly certain tracks, while continuously refining the authenticity of assets, transparency of rules, protection of user rights, and post-listing connection mechanisms, allowing on-chain users to participate in the growth of the most imaginative companies globally in advance of the traditional first-tier market.

Helping users enjoy high-quality global assets is the original intention of MSX Maitong to continuously improve its product system of tokenized US stocks, Pre-IPO, and more.

Let us move forward together.

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