[Gate Research Institute: The Era of Retail Primary Markets Begins with Pre-IPO Tokens Amid an Epic IPO Wave] According to official sources, Gate Research Institute recently released a report titled 'Can Pre-IPO Tokens Usher in the Era of Retail Primary Markets Amid an Epic IPO Wave?' The report highlights that in 2026, the global capital markets will enter a 'super IPO cycle.' SpaceX, OpenAI, and Anthropic, three of the world's most influential tech unicorns, are accelerating their plans for public listings, with a combined valuation approaching $4 trillion. This super IPO wave will also have a profound impact on the liquidity of the crypto market. In the short term, institutions and high-net-worth investors participating in IPO allocations may place temporary pressure on crypto market liquidity. However, as IPO lock-up periods expire, sectors like AI, high-performance public blockchains, and blue-chip assets such as $BTC and $ETH are expected to attract new capital inflows and benefit from the wealth spillover effect.