On May 22, 2026, Gate officially completed the share split for SpaceX (SPCX) asset certificates, strictly following SpaceX’s official 1:5 split plan. Users’ holdings were automatically expanded to five times their original quantity. This landmark event not only marks a pivotal moment in SpaceX’s path to going public, but also signals that Gate Pre-IPOs’ pre-market pricing logic and liquidity structure are entering a new phase. As of May 29, SPCX’s pre-market quote stood at $198.60, with a 24-hour trading volume reaching $35.58 million. Market enthusiasm continues to climb.
Key Events in the SPCX Share Split
Background and Execution Details
In mid-May, SpaceX sent an internal email to shareholders announcing formal approval of the 1-for-5 stock split plan. The fair value per share was adjusted from approximately $526.59 to about $105.32. The main goal of this decision was to lower the participation threshold—before the split, the price per share was around $526, which was relatively high and discouraged broader market participation.
After receiving official confirmation from SpaceX, Gate promptly implemented the share split at the asset certificate level. According to the announcement published by Gate’s Chinese official X platform on May 22, the SPCX share split was executed strictly according to the 1:5 plan. Users’ holdings were automatically expanded fivefold, and both pre-market spot and pre-market contracts began trading simultaneously.
Market Significance of the Split
It’s important to emphasize that the SPCX share split is fundamentally not a "stock dividend" or "distribution of new assets." Instead, it lowers the pricing unit per asset while keeping the total asset quantity unchanged. This mechanism draws on the mature logic of stock splits in traditional capital markets—by increasing liquidity per unit, pricing becomes more granular, attracting a wider range of market participants to pre-market trading.
From the perspective of Gate Pre-IPOs’ product structure, SPCX is a Mirror Note-type asset, whose core function is to track SpaceX’s value changes before and after the IPO, rather than representing SpaceX stock itself. Therefore, the share split aligns SPCX’s price discovery mechanism more closely with SpaceX’s official valuation adjustments.
Post-Split Market Price Performance and Latest IPO Developments
SPCX Pre-Market Price Trends
Since SPCX launched pre-market trading on April 24, its price has followed a clear upward cycle. Gate data shows that since SPCX Pre-IPOs began, cumulative gains have reached 60.93%. After the split, SPCX entered a new price range, and as of May 29, it was quoted at $198.60.
On the same day, Binance’s Pre-IPO data showed OpenAI’s pre-market price fell by 3.45%, temporarily quoted at $1,387.87 with a 24-hour trading volume of $12.84 million. In comparison, SPCX’s trading volume was higher, reflecting the market’s overall optimism about SpaceX-related assets.
SpaceX IPO Valuation Target Adjustment
According to Bloomberg’s May 29 report, citing sources familiar with the matter, SpaceX has lowered its IPO valuation target from over $2 trillion to "not less than $1.8 trillion." The company is expected to begin its IPO roadshow as early as June 4, finalize pricing on June 11, with the stock symbol SPCX. The expected fundraising scale remains as high as $75 billion, potentially setting a new global IPO fundraising record.
Valuation adjustments are common in the IPO pricing process, typically reflecting feedback collected by underwriters during investor roadshows. For the Pre-IPOs market, such adjustments are not simply "positive" or "negative," but are a normal part of the price discovery process as the IPO progresses.
The Industry’s Super Cycle Is Unfolding
Gate Research Institute’s report released on May 28 highlighted that 2026 is ushering in an "epic IPO super cycle" in global capital markets. Leading private tech companies such as SpaceX, OpenAI, and Anthropic are advancing IPO plans, with total valuations approaching $4 trillion. Through on-chain innovations like RWA and SPV, Pre-IPO tokens are breaking traditional primary market barriers, allowing ordinary investors to participate in pre-IPO investment opportunities for top tech companies with lower capital thresholds for the first time.
Comprehensive Analysis of Gate Pre-IPOs Pre-Market
What Is Gate Pre-IPOs
Gate Pre-IPOs is a platform-based, digital participation mechanism that streamlines the traditional pre-IPO investment process, allowing users to engage in value changes before companies officially enter the public market. The core of this mechanism is "asset mapping"—the platform uses Mirror Notes or other mapping-type asset mechanisms to convert enterprise value changes into tradable digital tools.
Unlike traditional unlisted markets, Gate Pre-IPOs uses stablecoins like USDT and GUSD for subscription, locking funds without requiring users to open overseas brokerage accounts or meet high net worth thresholds. After subscription, asset certificates enter a dedicated pre-market trading environment, supporting 24/7 trading. Prices are determined by market supply and demand, fundamentally solving the liquidity shortage of traditional private markets.
Key SPCX Project Data
As the inaugural project for Gate Pre-IPOs, SPCX showed impressive market enthusiasm during the subscription phase. Within 24 hours of opening, total subscription funds exceeded $353 million, with overall fundraising close to $395 million.
Since SPCX entered the pre-market on April 24, market activity has remained high. As of May 29, SPCX’s 24-hour pre-market trading volume reached $35.58 million. Looking at price differences across major global pre-market platforms, there are notable differences in pricing logic and liquidity levels, reflecting that the pre-market is still in the early stages of price discovery.
FAQ—SPCX Share Split & Gate Pre-IPOs Common Questions
Q1: After the SPCX share split, my holdings increased. Will the total asset value change?
A: The SPCX share split is essentially a 1:5 division. Your holdings are automatically expanded to five times their original amount, but the price per unit is adjusted to one-fifth of the original, so your total holding value remains unchanged. This mechanism is purely an adjustment of the asset’s pricing unit and does not alter the total market value of your assets.
Q2: Is SPCX SpaceX stock?
A: SPCX is not official SpaceX stock. It is a Mirror Note-type digital asset, whose core function is to track SpaceX’s market value changes before and after the IPO. It does not involve traditional equity, voting rights, or direct IPO subscription rights.
Q3: How does Gate Pre-IPOs differ from traditional IPOs?
A: Traditional IPOs occur after a company goes public, while Gate Pre-IPOs open participation during the pre-listing phase. Traditional pre-IPO markets have high entry barriers and low liquidity, but Gate Pre-IPOs leverages stablecoin subscriptions, asset mapping, and pre-market trading mechanisms to significantly lower participation thresholds and provide instant liquidity.
Q4: Why is SPCX’s pre-market price so volatile?
A: SPCX, as a Pre-IPOs asset, is mainly influenced by factors like SpaceX IPO timing, valuation target adjustments, market sentiment shifts, macroeconomic conditions, and comparative pricing of similar pre-IPO assets. Because information about companies in the pre-listing phase is relatively limited, market expectations tend to be reflected more strongly in price movements, resulting in higher volatility than mature stock markets.
Q5: If SpaceX’s IPO is delayed or fails to go public, what happens to SPCX?
A: According to Gate Pre-IPOs’ product design, if SpaceX fails to go public, is acquired, or goes bankrupt, SPCX will be settled at "reasonable market value." SPCX’s maturity date is set for December 31, 2035, providing users with a long holding window.
How Gate Is Driving Inclusive Crypto Investment Amid the IPO Boom
The IPO super cycle of 2026 is reshaping the global capital market landscape. As of May 2026, Gate has opened early-stage investment channels—once exclusive to institutions—to more than 53 million users worldwide.
From the SPCX share split to ongoing pre-market activity, Gate Pre-IPOs has established a comprehensive digital pre-IPO ecosystem—covering stablecoin subscription, asset mapping, pre-market trading, and settlement. For ordinary investors, Gate Pre-IPOs offers a digital pathway to participate in the growth stories of top tech companies with lower capital requirements.
Conclusion
SPCX’s 1:5 share split is not only a clear signal of SpaceX’s accelerating IPO process, but also a strong example of Gate Pre-IPOs’ steady product advancement. As SpaceX’s IPO roadshow approaches, trading activity for SPCX and other pre-IPO assets is expected to rise further.
Gate will continue to monitor the market progress of SPCX and other Pre-IPOs projects, providing global users with compliant access to investment opportunities in leading unlisted companies through transparent, secure digital mechanisms. The market is always full of variables, and understanding product structure and pricing logic is key to participating in this emerging market.
