“$119 to $176”: Following the SpaceX IPO, MSX Completes Another Pre-IPO Closed Loop

Following Cerebras' 300% gain in May, MSX delivered its second "perfect score" on SpaceX's listing night.

Did everyone participate in the $2 trillion IPO feast of SpaceX?

Late on the night of June 12, Beijing time, as the largest IPO in history, SpaceX (SPCX) officially landed on Nasdaq and began trading, reaching an intraday high of $176 and a market value briefly exceeding $2.3 trillion.

For MSX, SpaceX's listing also marked a key realization moment for its SpaceX Pre-IPO project launched in March.

In early March this year, MSX opened the SpaceX Pre-IPO participation portal at a subscription price of 119 U (after stock split conversion, same below), corresponding to an offering valuation of approximately $1.38 trillion. With SpaceX's listing, MSX users were able to complete, within three months, the full journey from participating in high-quality private market assets to welcoming public market pricing.

Based on SPCX.M's first-day after-hours closing price of $166.85, this represents an increase of about 40% from the MSX early subscription price of 119 U; calculated at the intraday high of $176, the gain approaches 48%.

This marks another complete validation of the MSX Pre-IPO product model, following Cerebras in May.

1. Three Months: From 119 U Subscription to Listing Monetization

As is well known, for a long time, equity opportunities in top private companies have been primarily accessible to institutional investors, private equity funds, and a small number of high-net-worth individuals. Ordinary investors could only participate at secondary market prices after the company completed its IPO.

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

It is precisely for this reason that, as early as March 2, MSX was among the first to launch a Pre-IPO section for ordinary users. Subsequently, we have seen more similar products appear in the market, raising a crucial question.

The true value of Pre-IPO is not just allowing users earlier access to a hot target, but rather completing the entire closed loop from subscription, holding, listing, trading, to monetization after the target officially lists.

The implementation of the MSX SpaceX project this time is a concentrated embodiment of this mechanism:

- Subscription: On March 2, users on the MSX platform could subscribe to SpaceX Pre-IPO shares at 119 U, with assets recorded on-chain in token form.

- Holding: From the subscription period to the IPO listing, users can view their holding status on the MSX platform in real time, with asset status fully visible throughout the process.

- Redemption Open: On June 9, redemption requests officially opened for the first batch of Pre-IPO projects, including SpaceX, ByteDance, and Lambda Labs, providing more flexible exit options for users who subscribed to Pre-IPO products.

- Official Listing: On June 12, SpaceX landed on Nasdaq, surging at the open, with an after-hours closing price of $166.85, about 40% higher than the MSX subscription price.

- Spot Trading: MSX simultaneously launched SPCX.M spot trading. Tokens held by Pre-IPO users are directly converted into tradable spot assets, which can be sold via order placement anytime without waiting for lock-up periods to expire.

- Monetization & Settlement: Proceeds from sales are settled in stablecoins, completing the capital closed loop.

Subscription, holding, redemption, listing, spot trading, and monetization – each of the six links is indispensable.

The value of this entire chain was precisely validated in reverse during this listing round.

This SpaceX listing served as a concentrated stress test for the tokenized Pre-IPO track. As the third-party tokenized quota delivery pipelines relied upon by some platforms failed to secure SpaceX quotas during the settlement phase, several platforms refunded part or all of the subscription fees to users around the time of the listing.

Precisely because of this, the smooth progress of the SpaceX project means that the MSX Pre-IPO is not simply providing a "concept quota," but has established an implementable and executable closed-loop mechanism encompassing subscription, holding, redemption, listing, spot trading, and stablecoin settlement.

For users, this point is more important than mere short-term price increases, because the core difficulty of Pre-IPO products has never been just whether you can buy in, but whether you have a clear path for asset conversion and exit after the target company lists.

2. Another "Perfect Score" Delivered by MSX

In fact, the successful practice of SpaceX represents the second key deliverable for MSX Pre-IPO, following Cerebras.

To understand the weight of this deliverable, we need to turn back the clock a month.

On May 14, 2026, the "Nvidia challenger" Cerebras (CBRS) landed on Nasdaq at an issuance price of $185, doubling at the open and closing up about 68%. Meanwhile, outside the public market, MSX users who participated earlier reaped a more striking result – about 300% in just two months.

As mentioned earlier, on March 2, MSX pioneered the launch of Pre-IPO products in the industry. The initial batch included four hot targets: Cerebras, SpaceX, ByteDance, and Lambda Labs. Users subscribed to CBRS Pre-IPO shares at a price of $100.35.

With Cerebras listing on Nasdaq on May 14, the MSX platform also launched CBRS.M spot trading the same day. Assets held by Pre-IPO users thus gained a subsequent trading and exit path. Calculated at the first-day high, the comprehensive yield for participating users exceeded 300%.

The nearly 300% in May was the first scorecard for on-chain Pre-IPO; the SpaceX in June was the second.

These two consecutive realizations further prove that MSX Pre-IPO does not rely on the occasional performance of a single project, but continuously builds a reproducible and verifiable on-chain participation mechanism centered on global high-quality primary assets.

3. The True Threshold of Pre-IPO: From "Entry" to "Realization"

From Cerebras to SpaceX, the consecutive realizations of MSX Pre-IPO products are making the market re-evaluate the value of on-chain primary asset access points.

Over the past three months, since MSX launched its Pre-IPO product in early March, almost all major trading platforms have started to position themselves around popular private companies. While the product implementation logic varies, the essence is to meet users' demand for "early access to high-quality assets."

However, from a practical standpoint, Pre-IPO is far more complex than simply "providing a subscription portal." The true test of a platform's capability lies in whether it can consistently select high-quality targets with long-term value and clear listing prospects, secure real and effective asset quotas, design clear and transparent participation rules, and ensure the seamless connection of pricing, conversion, trading, and settlement after the target officially lists.

The successive implementation of Cerebras and SpaceX within two months serves as a concentrated test of this set of capabilities.

This is also where Pre-IPO products differ from mere synthetic assets or price guessing games – they provide users with clear, executable paths when the target company lists, converts, or redeems.

For users, while a low-barrier entry point is important, it is the ability to complete the closed loop from subscription to exit that truly determines the quality of a Pre-IPO product.

As the global capital market enters a new cycle of high-quality tech asset listings, Pre-IPO is poised to become a key gateway for Web3 users to participate in global growth-stage enterprises.

Following the success of SpaceX, MSX's Pre-IPO target reserve continues to expand, focusing on screening high-quality primary assets in high-conviction tracks such as AI and cutting-edge technology. Simultaneously, MSX will continue to refine its processes in asset authenticity, rule transparency, user rights protection, and post-listing integration mechanisms, allowing on-chain users to participate in the growth of the world's most imaginative companies ahead of traditional primary markets.

Empowering users to access global high-quality assets is precisely the original intention behind MSX's continuous improvement of its product ecosystem, including tokenized US stocks and Pre-IPO offerings.