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. The intraday high reached $176, with a market value briefly exceeding $2.3 trillion.
For MSX Maitong, SpaceX’s IPO not only marked the listing but also signified a key realization point for its SpaceX Pre-IPO project launched in March. In early March of this year, MSX opened the SpaceX Pre-IPO participation portal at a subscription price of 119U, corresponding to an estimated valuation of about $1.38 trillion. With SpaceX’s listing, MSX users were able to complete the full path from participating in high-quality private market assets to embracing public market pricing in three months.
Based on the calculation using the closing price of $166.85 for SPCX.M on the first day after listing, it rose by about 40% from MSX’s early subscription price of 119U. If calculated based on the intraday high of $176, the increase would be close to 48%. Following Cerebras in May, this is another complete validation of the MSX Pre-IPO product model.
It is well known that for a long time, opportunities to hold equity in top unlisted companies have mainly been concentrated in the hands of institutional investors, private equity funds, and a few high-net-worth individuals, with ordinary investors only able to 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 Maitong took the lead in launching the Pre-IPO section for ordinary users. 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 liquidation after the target is officially listed.
The landing of the MSX Metaverse SpaceX project is a concentrated embodiment of this mechanism: Subscription (on-chain recording), Holding (real-time visibility), Open Redemption (flexible exit), Official Listing, Spot Trading (immediate conversion), and Liquidation Settlement. This round of SpaceX’s listing has become a concentrated stress test for tokenized Pre-IPO, as some platforms failed to obtain SpaceX quotas in the settlement stage, leading many to refund users. Therefore, the smooth progress of the SpaceX project signifies that MSX Pre-IPO has established a complete and executable closed-loop mechanism.
In fact, SpaceX’s successful practice is also the second key answer sheet handed in by MSX Pre-IPO after Cerebras. On May 14, 2026, the “NVIDIA Challenger” Cerebras (CBRS) landed on Nasdaq. For MSX users who participated in the Pre-IPO share purchase at 100.35U, they achieved a performance of about 300% in two months.
From Cerebras to SpaceX, the continuous cash-outs of MSX Pre-IPO products are reshaping the market’s understanding of the value of on-chain tier-one asset access. As the global capital markets enter a new cycle of high-quality tech asset listings, Pre-IPO is expected to become one of the key gateways for Web3 users to participate in the growth of global enterprises. MSX will continue to select high-quality tier-one assets, refining the authenticity of assets, rule transparency, and user rights protection to allow on-chain users to participate early in the growth of the world’s most imaginative companies.
[MSX]
The recent Nasdaq debut of SpaceX (SPCX) — priced at $119 per share, surging to $176 intraday (~$2.3T market cap) — has been packaged by MSX Maitong as a “validation” of its tokenized Pre-IPO product. According to their narrative, users who subscribed at $119U in March realized ~48% gains on day one, following a similar 300% return on Cerebras (CBRS) earlier this year. Yet beneath the triumphant tone lies a high-risk proposition masquerading as financial empowerment.
First, the fundamental issue: MSX does not appear to offer actual equity. The structure — “on-chain recording,” “open redemption,” and “spot trading” — strongly suggests a synthetic, derivative-like token (e.g., performance-linked note or revenue-share instrument), not ownership of SpaceX shares. This evades SEC registration requirements for public offerings while exploits regulatory gray zones in Web3. For context, the SEC has consistently treated tokenized pre-IPO offerings targeting retail as unregistered securities offerings (see actions against Polygon, Kraken, and others). MSX’s ability to “obtain SpaceX quotas” for non-accredited users contradicts established private placement rules under Rule 506(c), which restrict such sales to verified accredited investors.
Second, the valuation stretch is alarming. SpaceX’s pre-IPO implied valuation of ~$1.38T (at $119 per share) already exceeded Tesla’s market cap at the time. The post-listing $2.3T valuation — briefly surpassing Microsoft — is economically implausible given SpaceX’s ~$15B annual revenue and modest profitability. Starlink’s path to sustained cash flow, Starship’s capital intensity, and AI investments (e.g., with OpenAI) remain uncertain. This looks less like “early access to growth” and more like retail selling a volatility play to institutions via retail tokenization.
Third,MSX’s “closed-loop” argument is misleading. The claim that “some platforms failed to settle” implies MSX has superior execution. In truth, the real differentiator should be regulatory compliance — not operational reliability of a non-compliant model. If MSX had executed a lawful PIPE or SPV structure, it would disclose its custodian, legal framework, and investor protections. Instead, the absence of these underscores a “too good to be true” product design.
That said, the concept of tokenized pre-IPO access holds long-term merit — if structured properly. On-chain provenance, atomic settlement, and fractionalization can democratize tier-one access — but only when anchored to real custodied assets and jurisdictional compliance (e.g., tokenized STOs via licensed brokers). MSX, by reframing speculative token sales as “Web3 equity participation,” risks fueling mistrust in the broader asset tokenization space.
For experienced investors: This is not investment advice — it’s risk disclosure by other names. The Cerebras and SpaceX cases were outlier moments in tech IPO history, not repeatable alpha engines. MSX’s real beta is regulatory risk, and the current pricing may already reflect extreme hype. Wait for lockup expirations, quarterly earnings, and SEC scrutiny to validate the model — not initial pops.