Did you participate in the $2 trillion SpaceX IPO extravaganza?

In the late night of June 12th, Beijing time, as the largest IPO in history, SpaceX (SPCX) officially landed on the Nasdaq and began trading, reaching a peak of 176 dollars during the session, with a market value surpassing $2.3 trillion at one point.

For MSX Maixing, SpaceX's listing also meant that its SpaceX Pre-IPO project launched in March had reached a key realization point.

In early March this year, MSX opened the entrance for SpaceX Pre-IPO participation, with a subscription price of 119U (post-stock split, the same below), corresponding to an estimated valuation of about $1.38 trillion. With SpaceX's listing, MSX users were able to complete the entire path from participating in high-quality private market assets to welcoming public market pricing in three months.

Based on the post-trading close price of 166.85 dollars for SPCX.M on the first day, the increase from MSX's early subscription price of 119 U was approximately 40%; if calculated based on the peak of 176 dollars during the session, the increase was close to 48%.

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

1. Three Months: From 119U Subscription to Listing and Cash Out

It is well known that for a long time, equity opportunities of top pre-IPO companies have been mainly in the hands of institutional investors, private equity funds, and a few high-net-worth individuals, while ordinary investors can only participate at secondary market prices after the company completes an IPO.

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

It is for this reason that as early as March 2nd, MSX Maixing took the lead in introducing the Pre-IPO section to ordinary users. Subsequently, we have also seen more and more similar products on the market, raising a question.

The real value of Pre-IPO is not just to allow users to see a popular target earlier but whether they can complete a full cycle from subscription, holding, listing, trading to cashing out after the target officially goes public.

The landing of the MSX Meitong SpaceX project is a concentrated embodiment of this mechanism:

• Subscription: On March 2nd, users were able to subscribe to Space's Pre-IPO shares on the MSX platform with 119U, and the assets were recorded on-chain in token form;

• Holding: From subscription to IPO listing, users could view their holdings in real-time on the MSX platform, with the asset status visible throughout the process;

• Open Redemption: On June 9th, the redemption application for the first phase of Pre-IPO projects SpaceX, ByteDance, and Lambda Labs was officially opened, providing users who participated in the Pre-IPO product subscription with a more flexible exit option;

• Official Listing: On June 12th, SpaceX landed on Nasdaq, opened with a sharp increase, closed after hours at 166.85U, about 40% higher than the MSX subscription price;

• Spot Trading: MSX simultaneously launched SPCX.M spot trading, with the tokens held by Pre-IPO users directly converted into tradable spot assets, ready to be sold at any time without waiting for the lock-up period to be lifted;

• Realization Settlement: The proceeds from the sale were settled in stablecoin form, completing the fund's closed-loop;

Subscription, Holding, Redemption, Listing, Spot, Realization—six links, none of which can be missing.

The value of this chain was precisely confirmed in this round of listing.

This round of SpaceX's listing has become a concentrated stress test for tokenized Pre-IPO, as some platforms failed to obtain SpaceX's quota in the settlement stage through the third-party tokenization quota delivery chain, leading several platforms to refund part/all of the subscription funds to users before and after the listing.

Therefore, the smooth progress of the SpaceX project means that MSX's Pre-IPO does not simply provide a "conceptual share" but has established a complete and executable closed-loop mechanism around subscription, holding, redemption, listing, spot trading, and stablecoin settlement.

For users, this is more important than just a short-term price increase because the core difficulty of Pre-IPO products has never been just about buying in but about whether there is a clear asset conversion and exit path after the target is listed.

II. Another "Perfect Score" Answer Sheet Handed Over by MSX Meitong

In fact, SpaceX's successful practice is also the second key answer sheet submitted by MSX Pre-IPO after Cerebras.

To understand the significance of this answer sheet, we need to turn the clock back one month.

On May 14, 2026, the "NVIDIA Challenger" Cerebras (CBRS) landed on the NASDAQ with an IPO price of $185. The opening price doubled at one point, and the closing price surged by about 68%. For MSX users who participated even earlier outside the public market, their performance was even more outstanding—a gain of approximately 300% in two months.

As mentioned earlier, as early as March 2, MSX MaiTong took the lead in the industry to launch the Pre-IPO product, with the first phase including 4 popular targets: Cerebras, SpaceX, ByteDance, Lambda Labs. Users participated in the CBRS Pre-IPO share purchase at a price of 100.35U.

Along with Cerebras landing on the NASDAQ on May 14, the MSX platform also launched CBRS.M spot trading on the same day. Pre-IPO users holding assets thus obtained a follow-up trading and exit path. Calculated based on the highest point on the listing day, the comprehensive yield of participating users once exceeded 300%.

The nearly 300% return in May was the first answer sheet of on-chain Pre-IPO; SpaceX in June was the second.

The two consecutive cash-outs further prove that MSX Pre-IPO does not rely on the occasional performance of a single project but is building a replicable, verifiable on-chain participation mechanism around high-quality global Tier 1 assets.

III. The Real Threshold of Pre-IPO: From "Access" to "Cash-Out"

From Cerebras to SpaceX, the consecutive cash-outs of MSX Pre-IPO products are helping the market rethink the value of on-chain Tier 1 asset access.

Over the past three months, since MSX MaiTong launched the Pre-IPO product in early March, almost all mainstream trading platforms have begun to layout around popular private companies. Although the product implementation logics vary, they are essentially aimed at meeting users' demand for "early access to quality assets."

However, in practical implementation, Pre-IPO is by no means as simple as "providing a subscription entrance." What truly tests a platform's capability is whether it can continuously select high-quality targets with long-term value and clear listing expectations, obtain real and effective asset quotas, design clear and transparent participation rules, and complete pricing, conversion, trading, and settlement connections after the targets are officially listed.

Within two months, the successive landings of Cerebras and SpaceX were a concentrated test of this series of capabilities.

This is also the key difference of Pre-IPO products from mere synthetic assets or price speculation—it can provide users with a clear and executable path when the underlying asset is listed, converted, or redeemed.

For users, while a low-threshold entry is important, the true test of a Pre-IPO product lies in whether it can complete the closed loop from subscription to exit.

As the global capital market enters a new cycle of quality tech asset listings, Pre-IPO is expected to become one of the key gateways for Web3 users to participate in global growth-stage companies.

Following SpaceX's success, MSX Macro's Pre-IPO asset reserve continues to expand, focusing on selecting high-quality primary assets in high-certainty tracks such as AI and cutting-edge technology. Meanwhile, it continues to refine asset authenticity, rule transparency, user rights protection, and post-listing connectivity mechanisms, enabling on-chain users to participate early in the growth of the world's most imaginative companies beyond the traditional primary market.

Empowering users to enjoy global quality assets is the continuous improvement of MSX Macro's tokenized U.S. stocks, Pre-IPO, and other product systems.

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