SpaceX世纪IPO倒计时，哪些平台支持散户“盘前上车”？

Original by Odaily (@OdailyChina)

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 would single-handedly shatter the record of $29.4 billion set by Saudi Aramco during its 2019 IPO. It would also mean that SpaceX is set to become the first mega-conglomerate in history to directly enter the capital markets with a "trillion-dollar valuation."

Goldman Sachs has called this IPO a once-in-a-generation opportunity. In the past, however, this capital market frenzy had little to do with the average person. Not only are the barriers to participating in US IPOs high, but a globally coveted target like SpaceX is typically fully priced and "carved up" well before its IPO. Retail investors who chase price surges after the opening bell risk getting caught at peak levels. Historically, only institutions, family offices, and high-net-worth individuals had access to the markets where such pre-emptive pricing occurred.

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

However, the quality of Pre-IPO platforms on the market varies greatly. The structure, valuation methods, and funding rates for pre-IPO SPCX differ across platforms, leading to different pre-market prices for SPCX. This has left investors confused about how to choose. To facilitate comparison and analysis, Odaily will review seven Pre-IPO platforms that currently offer pre-market SPCX trading.

Binance: SPCX/USDT Perpetual Contract

On May 21, Binance announced the listing of the SPCX/USDT perpetual contract with up to 5x leverage, creating a dedicated Pre-IPO section in its contract market, currently containing only the SPCX asset. The SPCX on Binance uses a perpetual contract structure, meaning it is purely a price speculation instrument and has no connection to the actual equity of SpaceX. The advantage of this structure is that users can not only go long on SPCX but also choose to go short, offering investors more strategic flexibility.

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

• Entry Barrier: Requires passing Binance KYC.
• 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 instance, if the current SPCX price is $205, SpaceX's valuation would be 205 * 11.87 ≈ $2,433 billion. However, note that the actual number of SpaceX IPO shares is uncertain. If the actual share count differs significantly from the estimate, the SPCX contract price on Binance could experience sharp volatility.
• Funding Rate: 0.005% (varying in real-time).

Hyperliquid: SPCX/USDC Perpetual Contract

Hyperliquid is currently the largest PreP DEX on the market, and its HIP-3 market is the largest marketplace for RWA perpetual contracts, with commodity and US stock contracts issued by Trade.xzy dominating the volume. On May 18, Trade.xzy announced the launch of the SPCX/USDC perpetual contract at an initial price of $150, with up to 5x leverage.

The Open Interest (OI) for the SPCX issued by Trade.xzy currently exceeds $45 million, making it the pre-market SPCX contract with the highest trading volume and open interest in the market.

• Entry Barrier: None.
• Valuation Method: Trade.xzy also estimates SpaceX's total fully diluted shares at 11.87 billion. Thus, the valuation formula is SPCX Price * Estimated Share Count = SpaceX Current Valuation. Since the valuation calculation method is the same as Binance's, there is theoretically an arbitrage opportunity between the two platforms.
• Funding Rate: Hourly floating 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 pre-market perpetual contract earlier, its total OI currently stands at less than $10 million.

OKX's valuation method also differs from Binance and Trade.xzy. Before SpaceX discloses its actual share count, the price of SPACEX equals one-billionth of SpaceX's market cap. For instance, if the SPACEX/USDT pre-market perpetual contract is trading at $2,400, SpaceX's market cap on OKX would be $2.4 trillion. After SpaceX discloses its actual share count, OKX will execute a Rebase (proportional adjustment) on the SPACEX contract price, so that the price of SPACEX equals SpaceX's market cap divided by the total number of shares.

• Entry Barrier: Requires passing OKX KYC.
• 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 exchange 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 has now ended, and users can trade PreSPAX/USDT on Bitget's spot market.

Bitget's preSPAX uses a synthetic note structure. preSPAX is a digital token issued by Republic, a regulated issuer. Its price tracks the post-IPO performance of SpaceX. Users purchasing preSPAX essentially acquire a debt instrument, unlike perpetual contracts which are purely speculative. This structure carries a higher compliance threshold.

• Entry Barrier: Subscriptions have ended. Any user who has passed Bitget KYC can trade on the spot market.
• Valuation Method: The implied valuation for 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. If the preSPAX price is currently $900, SpaceX's current valuation on Bitget would be 900 * 1,500 (B) / 650 ≈ $2,076 billion. Using Hyperliquid, which has the largest pre-market SPCX trading volume and OI, as the benchmark, the valuation of SpaceX on Bitget shows a significant deviation at the same time.
• Trading Fee: 0.1%.

It is 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 adjusted to one-fifth of the preSPAX price before the split. Users' total asset value remains unchanged, and the valuation formula will become preSPCX Price * Initial Implied Valuation / 130 = SpaceX Current Valuation.

Gate: Stock Token SPCX

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

• Entry Barrier: Requires passing Gate KYC.
• Valuation Method: Since Gate also implemented a 1-for-5 split of SPCX shares on May 22, the pre-market valuation formula for SpaceX on Gate is SPCX Price * Initial Implied Market Cap / 118 = SpaceX Current Valuation. If the current SPCX price is $180, SpaceX's current valuation on Gate would be 180 * 1,400 (B) / 118 ≈ $2,135 billion.
• Contract Funding Rate: 0.

Lighter: SPACEX Perpetual Contract

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

• Entry Barrier: None.
• Valuation Method: Consistent with OKX's method: SPACEX Price * 1 billion = SpaceX Market Cap.
• Funding Rate: Floating system, 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 pre-market token SPACEX for SpaceX in August 2025, allowing users to trade it freely on-chain or purchase it through Web3 platforms like Jupiter and the Binance Wallet. PreStocks uses an SPV mapping structure. It holds actual shares through an offshore Special Purpose Vehicle (SPV) and maps them 1:1 into on-chain tokens. The tokens users buy represent the economic rights to the actual shares. PreStocks maintains price stability through a minting/redeeming mechanism.

Currently, there are 8,220 on-chain holders of SPACEX, with a total supply of 8,740 tokens.

• Entry Barrier: Free on-chain trading; large transactions require contacting the team.
• Valuation Method: The pre-market valuation of SpaceX on PreStocks depends on the reference price of the SpaceX pre-market token in the secondary market it is pegged to. Therefore, the valuation formula is SPACEX Price * Secondary Market Reference Market Cap / Secondary Market Reference Price. The reference price and market cap for the SpaceX pre-market token on PreStocks can be viewed on the official website. For example, if the current secondary market reference price is $965.58, with a reference market cap of $2.38 trillion, and the SPACEX price is $825, then the pre-market valuation of SpaceX on PreStocks would be 825 * 2,380 / 965.58 ≈ $2,033 billion.
• Fees: None, but third-party wallets and DEXs may charge different transaction fees.