SpaceX世紀IPOカウントダウン、個人投資家が「プレ上場」に参加できるプラットフォームは？

Author: Golem (@web3_golem)

On June 12, SpaceX will ring the bell for its IPO on the Nasdaq under the ticker SPCX. The company is expected to raise between $75 billion and $80 billion, with a target valuation of approximately $1.75 trillion to $2 trillion. This would make it the largest IPO in human history.

How staggering is this figure? If successful, it will single-handedly break the record of $29.4 billion set by Saudi Aramco in its 2019 IPO. It also means SpaceX will become the first mega-cap company in history to directly enter the capital market with a valuation of over a trillion dollars.

Goldman Sachs has described this IPO as a once-in-a-generation opportunity. In the past, however, this capital extravaganza was almost entirely out of reach for ordinary people. Not only are the barriers to participating in US IPOs extremely high, but a target like SpaceX, which commands global capital attention, has typically been fully priced and "carved up" well before its official listing. Retail investors chasing highs after the opening are highly likely to get stuck at temporary peaks. Moreover, only institutions, family offices, and high-net-worth individuals can participate in pre-IPO pricing.

But now, thanks to the rise of the Pre-IPO market, ordinary people finally have a chance to get in on the SPCX action early. This time, we can not only witness history but also hop on the biggest wealth express train in the history of the US stock market.

However, the current Pre-IPO platforms on the market are a mixed bag. The structures, valuation methods, and funding rates for pre-listing SPCX vary, and the pre-market prices also differ across platforms, leaving investors confused about how to choose. To facilitate comparison and analysis for investors, Odaily Planet Daily will review seven Pre-IPO platforms currently offering pre-listing SPCX in this article.

Binance: SPCX/USDT Perpetual Contract

On May 21, Binance announced the listing of the SPCX/USDT perpetual contract with up to 5x leverage. It has also created a dedicated Pre-IPO section within its futures market, currently housing only SPCX. The SPCX listed on Binance uses a perpetual contract structure, making it purely a price speculation play with no connection to SpaceX's actual equity. The advantage of this structure is that users can not only go long on SPCX but also choose to short, offering investors a wider range of strategies.

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

• Barrier to Entry: Pass Binance KYC requirements
• Valuation Method: Binance estimates SpaceX's total fully diluted shares at 11.87 billion. Therefore, the valuation formula is SPCX Price * Estimated Share Count = SpaceX Current Valuation. For example, if the current SPCX price is $205, the valuation would be 205 * 11.87 ≈ $2,433 Billion. However, it's important to note that the actual number of shares for SpaceX's IPO is uncertain. If the actual share count significantly differs from the estimate, the price of the SPCX contract on Binance could be highly volatile.
• Funding Rate: 0.005% (variable)

Hyperliquid: SPCX/USDC Perpetual Contract

Hyperliquid is currently the largest Prepetual DEX on the market, and its HIP-3 market is also the largest market for RWA perpetual contract trading. Commodity and US stock contracts issued by Trade.xzy hold the dominant share. On May 18, Trade.xzy announced the launch of the SPCX/USDC perpetual contract with an initial price of $150 and up to 5x leverage.

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

• Barrier to Entry: None
• Valuation Method: Trade.xzy also estimates SpaceX's total fully diluted shares at 11.87 billion. Its valuation formula is SPCX Price * Estimated Share Count = SpaceX Current Valuation. Since the valuation method is the same as Binance's, there is theoretically an arbitrage opportunity between the two platforms.
• Funding Rate: Hourly variable rate, typically below 0.0001%

OKX: SPACEX/USDT Perpetual Contract

On May 7, OKX also announced the listing of the SPACEX/USDT pre-market perpetual contract with up to 20x leverage. Although OKX listed the SPACEX/USDT contract earlier, its total OI currently stands at less than $10 million.

OKX uses a different valuation method compared to Binance and Trade.xzy. Before SpaceX discloses its actual share count, the price of SPACEX equals one billionth of SpaceX's market cap. For example, if the SPACEX/USDT pre-market perpetual contract is at $2,400, then SpaceX's market cap on OKX is $2.4 trillion. After SpaceX discloses its actual share count, OKX will perform a Rebase (proportional adjustment) on the SPACEX contract price, so that it equals SpaceX's market cap divided by the total number of shares.

• Barrier to Entry: Pass OKX KYC requirements
• Valuation Method: Pre-Rebase: SPACEX Price * 1 Billion = SpaceX Market Cap; Post-Rebase: SPACEX Price * Actual Share Count = SpaceX Market Cap
• Funding Rate: 0

Bitget: Stock Token preSPAX (preSPCX)

Bitget was the earliest among exchanges to list a pre-market SpaceX token. On April 18, Bitget opened subscriptions for preSPAX at a fixed price of $650 per token. The subscription phase has ended, and users can now trade PreSPAX/USDT on Bitget's spot market.

Bitget's preSPAX token uses a synthetic note structure. Issued by the regulated entity Republic, preSPAX is a digital token whose price tracks the post-IPO performance of SpaceX. Users purchasing preSPAX are essentially acquiring a debt instrument, not just "trading air" like perpetual contracts, which gives it a higher compliance threshold.

• Barrier to Entry: Subscription ended. Users who pass Bitget's KYC can trade on the spot market.
• Valuation Method: The implied valuation at the time of the preSPAX subscription was $1.5 trillion. Therefore, the pre-market valuation formula for SpaceX on Bitget is: preSPAX Price * Initial Implied Valuation / 650 = SpaceX Current Valuation. For instance, if preSPAX is currently trading at $900, the current valuation on Bitget would be 900 * 1500(B) / 650 ≈ $2,076 Billion. Using Hyperliquid, the platform with the highest pre-market trading volume and OI, as a valuation benchmark, the valuation on Bitget shows a significant deviation at the same time.
• Trading Fee: 0.1%

It's important to note that on May 27, Bitget announced a split of preSPAX and a code change 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 one-fifth of the preSPAX price before the split. Users' total asset value remains unchanged, and the valuation formula will change to preSPCX Price * Initial Implied Valuation / 130 = SpaceX Current Valuation.

Gate: Stock Token SPCX

The SpaceX pre-market stock on Gate.io also uses a synthetic note structure. Gate.io opened subscriptions for SPCX on April 20 at a fixed price of $590 per token, with an initial implied market cap of $1.4 trillion. The subscription phase has ended, and users can trade SPCX/USDT on Gate's spot market. Additionally, on May 22, Gate.io also launched the SPCX/USDT perpetual contract trading pair with up to 10x leverage, but there is a significant price difference between the spot and contract markets. The total OI for the SPCX contract on Gate.io is currently below $2 million.

• Barrier to Entry: Pass Gate.io KYC requirements
• Valuation Method: Since Gate.io also performed a 1:5 split of SPCX shares on May 22, the pre-market valuation formula for SpaceX on Gate.io is: SPCX Price * Initial Implied Market Cap / 118 = SpaceX Current Valuation. For example, if the current SPCX price is $180, the current valuation of SpaceX on Gate.io would be 180 * 1400(B) / 118 ≈ $2,135 Billion.
• Contract Funding Rate: 0

Lighter: SPACEX Perpetual Contract

Lighter is a Prepetual DEX. On May 9, Lighter also announced the listing of the SpaceX pre-market perpetual contract SPACEX with up to 3x leverage. However, Lighter's liquidity and trading depth are far inferior to Hyperliquid's. The open interest (OI) for its SPACEX contract is less than $1 million.

• Barrier to Entry: None
• Valuation Method: Same as OKX: SPACEX Price * 1 Billion = SpaceX Market Cap
• Funding Rate: Variable rate, but more volatile than Hyperliquid's.

PreStocks: Stock Token SPACEX

PreStocks is a Pre-IPO platform built on Solana, incubated by Alliance. PreStocks listed the SpaceX pre-market token SPACEX as early as August 2025. Users can trade it freely on-chain or purchase it via Web3 platforms like Jupiter and the Binance Wallet. PreStocks uses an SPV mapping structure, meaning it holds actual shares via an offshore SPV (Special Purpose Vehicle) and maps them 1:1 to on-chain tokens. The tokens purchased by users represent the economic rights of actual shares, and PreStocks maintains price stability through a minting/redeeming mechanism.

Currently, the SPACEX token has 8,220 on-chain holders and a supply of 8,740.

• Barrier to Entry: Free on-chain trading, large OTC trades require contacting the team.
• Valuation Method: The pre-market valuation of SpaceX on PreStocks depends on its anchor to a secondary market's pre-IPO SpaceX token price. Therefore, the valuation formula is: SPACEX Price * Secondary Market Marked Cap / Secondary Market Marked Price. The anchored secondary market price and market cap for the SpaceX pre-IPO token can be viewed on the official website. For example, if the current secondary market price is $965.58 with a marked market cap of $2.38 trillion, and the SPACEX price is $825, then the pre-market valuation of SpaceX on PreStocks would be 825 * 2380 / 965.58 ≈ $2,033 Billion.
• Fees: None, but third-party wallets and DEXs may charge varying transaction fees.