Gate Institute: Is Pre-IPO tokens opening up the Bulk Market Age

Summary

In 2026, global capital markets were ushering in an unprecedented “IPO Super Cycle”. The top private technology companies, represented by SpaceX, OpenAI and Anthropic, have successively promoted the first public equity initiative. Of this, SpaceX ' s target valuation was as high as $2 trillion, and planned financing $75 billion, which is expected to be the largest IPO in history. At the same time, OpenAI and Anthropic have both surpassed or approached $1 trillion in private market valuations. This unprecedented gathering of capital will not only reshape the pattern of traditional financial markets, but also have far-reaching implications for encrypted money markets。

This paper explores in depth the multidimensional impact of this macro event on the encryption market. First, we have analysed the potential impact of the huge IPO pumping effect on short-term liquidity in the encrypted market; and second, we have focused on how the encrypted market can provide a chain of access to top technology companies, Pre-IPO investments, through innovative mechanisms such as real world asset monetization and special purpose carriers (SPVs). Finally, we made a systematic comparison of Pre-IPO products launched by Gate and looked at the long-term implications of this trend for future trading patterns。

1.Supercycles in capital markets

Capital markets in 2026 are bound to be recorded in history. After years of high-interest environmental and first-market valuations, three of the most influential private technology enterprises worldwide — SpaceX, OpenAI and Anthropic — are accelerating their IPO programs. This wave of IPOs, known as “super-cyclical”, will not only break historical records in terms of the scale of financing, but will also have a profound impact on large global asset classes, including encrypted currencies, in asset pricing logic。

1.1SpaceX: Challenge: $2 trillion of valued space masters

SpaceX, a commercial space company of the United States founded by Elon Mask, has core operations covering recyclable rocket launches, Starlink satellite Internet and deep space exploration and manned space. On 1 April 2026, SpaceX filed an IPO registration document in secret with the United States SEC, officially launching the listing process. Since then, SpaceX made public disclosure on May 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 26, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20, 20。

This time, SpaceX could be the largest public equity unit in global history, with multiple reports of potential financing of about $75 billion, valuation areas of about 1.75 trillion to $2 trillion, and some market communications even point to over $2 trillion。

If this is achieved, SpaceX’s IPO will overwhelm the US$ 29.4 billion financing record that Saudi Aramco established in 2019. By contrast, SpaceX $750 billion in fund-raising is expected to make it one of the most landmark IPOs in the history of global capital markets。

This alarming valuation is underpinned by strong growth and vertical integration of the three core businesses under SpaceX:

• & nbsp;Starlink:& nbsp; SpaceX ' s global satellite Internet operation provides high-speed broadband connectivity to users worldwide through low-orbit satellite networks。

• & nbsp;Launch Services (Falcon rocket/ starship):The space launch operation of & nbsp; SpaceX, which is responsible for satellite, cargo, manned space and deep space missions, is one of the company ' s core sources of income。

• & nbsp;Starshield:& nbsp; SpaceX provides infrastructure services related to satellite communications, remote sensing and national security for military space operations by the Government and defence clients。

Of these, Starlink, the fastest-growing global satellite Internet service, has surpassed 10 million active users at the beginning of 2026, with revenues projected to exceed $20 billion in 2026 and cash-flow balances achieved in 2023. With regard to launch services, SpaceX completed 165 sub-orbit launches in 2025, deploying approximately 85 per cent of the world ' s spacecraft, and its Falcon 9 rocket reduced launch costs to less than $1,000 per kilogram. In addition to the core operational aspects of AI, the integration of SpaceX and Mask under the flag of XAI was completed in February 2026, integrating space launch, global communications and AI model infrastructure under the same entity. In addition, Mask presented an ambitious vision for the computing capacity of launching 100 Giwa AI annually。

1.2OpenAI and Anthropic: AI with trillion-dollar valuation

While SpaceX pushes IPO, two giants in the field of artificial intelligence, OpenAI and Anthropic, also competed fiercely in capital markets. OpenAI is an AI company focused on General Artificial Intelligence (AGI) development, with core products such as ChatGPT, GPT series models and multi-modular AI platforms. OpenAI ' s commercialization process has been extremely rapid, with annualized revenues soaring from about $200 million in 2022 to over $10 billion in 2025. Based on transaction data for SPV monetized assets in the Jupiter chain, the implicit valuation of OpenAI in April 2026 reached $1 trillion, an increase of 163 per cent over October 2025. Currently, OpenAI plans to conduct IPOs as early as the fourth quarter of 2026。

Anthropic is an AI company founded by former OpenAI members and focused on developing a large-scale Claude series of language models that emphasize safety, controlability and long-term alignment. Anthropic ' s recent surge in valuations was equally impressive, with the company obtaining after-investment valuations of $380 billion in G-round finance in February 2026. However, only three months later, according to data from secondary market platforms such as Forge Global, the valuation of Anthropic has soared to about $1 trillion, surpassing OpenAI in the secondary market for the first time (the latter ' s trading valuation on Forge is about $880 billion). This surge was largely due to the widespread adoption of its enterprise-level code tool, Claude Code, which pushed its annualized income from $9 billion at the end of 2025 to $30 billion in March 2026, a single-quarter increase of 233 per cent. At present, the market expects Anthropic to launch the IPO at the earliest possible date in October 2026, and the scale of funding may exceed $60 billion。

The centralization of these three giants means that assets of nearly $4 trillion in total size will gradually enter the open market, with the effect of diverting funds bound to pass on to a variety of risky assets, including the encrypted market。

2.far-reaching implications for the liquidity and trading patterns of the encrypted market

When hard-tech assets such as SpaceX, OpenAI and Anthropic, which are highly certain and growing, enter the open market, they inevitably trigger a re-allocation of capital — both creating pressure for short-term financial outflows and providing new catalysts for the pricing logic and infrastructure integration of encrypted assets over the long term。

2.1Short-term pumping effects and transfer mechanisms

IN TERMS OF SHORT-TERM PUMPING EFFECTS, INSTITUTIONAL INVESTORS AND HIGH NET WORTH INDIVIDUALS ARE OFTEN REQUIRED TO RAISE LARGE AMOUNTS OF CASH IN ORDER TO OBTAIN SHARE OF DISTRIBUTION DURING THE SUBSCRIPTION PERIOD AND AT THE BEGINNING OF THE LISTING OF THESE GIANT IPOS (EXPECTED FOR THE SECOND HALF OF 2026). THIS LIQUIDITY DEMAND MAY RESULT IN THE OUTFLOW OF SOME OF THE FUNDS FROM HIGH-RISK ASSETS SUCH AS THE ENCRYPTION MARKET, ESPECIALLY THOSE ENCRYPTED FUNDS AND FAMILY OFFICES THAT PROFITED FROM THE PREVIOUS ROUND OF CATTLE MARKETS, AND MAY CHOOSE TO PROFIT FROM PART OF THE ENCRYPTED ASSETS AND INVEST IN THE TECHNOLOGICAL UNICORNS THAT HAVE BEEN ENCOUNTERED FOR CENTURIES。

However, in order to judge the specific potential magnitude of the iris effect, it is necessary first to anchor the three IPO financing bodies. Based on the current secondary market valuation: SpaceX ' s latest round of financing was valued at approximately $2 trillion, OpenAI about $1 trillion and Anthropic about $1 trillion. Even with a conservative public circulation ratio of 10-15 per cent for all three, the total size of the new stock distribution can be as much as $400-600 billion, and the actual demand for funds will be further amplified if shareholders are reduced。

INSTITUTIONAL INVESTORS ' INVOLVEMENT IN LARGE IPO OPERATING PATHS IS NOT A DIRECT USE OF IDLE CASH, BUT A SYSTEMATIC LIQUIDITY MANAGEMENT LOGIC. FIRST, THE REQUISITION-AND-SALE SYSTEM REQUIRES AGENCIES TO PAY BONDS OR FULL MONEY TO THE UNDERWRITERS DURING THE COMMITMENT PERIOD, AND THE LOCK-IN WINDOW USUALLY RANGES FROM T-5 TO T+1; SECOND, FOR A POPULAR IPO WITH A HIGH PROBABILITY OF OVER-SUBSCRIPTION, AGENCIES TEND TO OVERSTATE AND FURTHER EXPAND SHORT-TERM CASH REQUIREMENTS; AND THIRD, FAMILY OFFICES AND HEDGE FUNDS GENERALLY USE RISK ASSETS (INCLUDING ENCRYPTED ASSETS) AS LIQUIDITY RESERVES, WHICH ARE OFTEN THE FIRST POSITIONS TO BE REDUCED WHEN CASH DEMAND IS CONCENTRATED. THIS CHAIN OF TRANSMISSION CAN BE SIMPLIFIED AS FOLLOWS: IPO SUBSCRIPTION DEMAND SURGES – AGENCIES RAISE CASH – NET SALES OF ENCRYPTED ASSETS – EXCHANGE CURRENCY GOLD INCREASES, STABLE CURRENCY MARKET VALUE PRESSURES – AND LIQUIDITY FLOWS ONE-WAY TO STOCK MARKETS。

While historical samples of the same magnitude are scarce, a number of local cases are available for reference. For example, in April 2021, when Coinbase was listed, it returned to more than 50 per cent when it touched a historical high of about $64,000, a classic case that was partially analysed as “best-interested”, i.e., institutions tend to focus on paying after an event, rather than buying on a continuous basis. Similarly, during the 2014 Ali Baba IPO, there was a marked temporary outflow of global emerging market finance. Before Facebook IPO 2012, the NASDAQ Index, represented by the Science and Technology Growth Unit, had a structural reversal of about 5 per cent two weeks before the subscription window, which the market attributed to the agency's rush to move cash。

2.2Long-term wealth effects separate from encryption plates

Long-term wealth effects and spillovers are the opposite of short-term liquidity constraints. The listing of SpaceX and AI giants will translate the non-liquid equity of early investors, founding teams and employees into readily available wealth, which, according to historical experience, tends to have a significant spillover effect when the lock-out ends. Some of the funds will look for new high-growth targets, while blue chips, AI infrastructure and high-performance networks in the encrypted market are expected to become their assets。

In terms of SpaceX, for example, the total number of employees is over 13,000, and according to publicly available information, the employee options and restricted shares (RSU) account for about 8-10 per cent of the total equity stock; in terms of $2 trillion, the corresponding market value of staff holdings alone is over $160-2000 billion. After the release period (usually 180 days after listing), this part of the wealth will be converted from non-liquid assets to cash readily available. Together with the partial reduction of early institutional investors (Funders Fund, Google, Fidelity, etc.), the expected total wealth realization is in the order of hundreds of billions of dollars. In the light of historical experience, Google ' s wealth effects in 2004 led directly to an angel investment boom in the San Francisco Bay region; after Facebook ' s release in 2012, the risk trade in Silicon Valley increased by more than 40 per cent in the following year。

NOT ALL ENCRYPTED ASSETS, HOWEVER, BENEFIT IN THE SAME PROPORTION FROM THIS WAVE OF WEALTH, AND THE FLOW OF FUNDS USUALLY FOLLOWS THE PRINCIPLE OF COGNITIVE ANCHORS, FOR EXAMPLE, INVESTORS WHO PROFIT FROM THE AI TRACK TEND TO DEPLOY NEW WEALTH TO AREAS THAT ARE FAMILIAR AND LOGICAL. THUS, THERE ARE THREE TYPES OF ENCRYPTED ASSETS:

• & nbsp;AlphaAI infrastructure tokens are directly linked to large model computing narratives, with the strongest cognitive migration path; high performance public chain is responsible for a large number of AI applications and DePIN projects, which will be incorporated into the configuration as an infrastructure premium; and decentrization storage benefits from the AI data infrastructure narrative。

• & nbsp;Blue chip(B) MAINSTREAM CURRENCY (BTC, ETH) MAY BE PASSIVELY ALLOCATED FOR NEW WEALTH AND SERVE AS A TICKET TO ACCESS THE ENCRYPTED MARKET。

• & nbsp;Damaged or unrelated: TOKENS UNRELATED TO AI AND HARD-TECH NARRATIVES, WHICH MAY INSTEAD BE UNDER PRESSURE AS A RESULT OF LIQUIDITY MIGRATION DURING THE REBALANCING PROCESS。

Once the above-mentioned fragmentation has resulted in higher prices, it will further strengthen market narratives, attract follow-up from the diaspora and constitute a positive reverse cycle. For example, there has been an empirically high correlation between the AI tokens and the Technology Unit, and if OpenAI and Anthropic once they are on the market rekindled the market's enthusiasm for the AI calculus cycle, the margin of the relevant tokens may be significantly higher than the basics can support。

COMBINING THE TWO-STAGE EFFECT, WITH THE SHORT-TERM (ABOUT 4-6 WEEKS BEFORE AND AFTER THE REQUISITION PERIOD) HAVING A NET OUTFLOW PRESSURE, THE ENCRYPTION MARKET AS A WHOLE UNDER PRESSURE, BUT THE FRAGMENTATION OF THE PLATE HAS BEGUN AT THIS STAGE; THE MEDIUM-TERM (BEFORE THE RELEASE PERIOD, ABOUT 3-6 MONTHS AFTER IPO) HAS ENTERED THE DIGESTION PERIOD, THE MARKET HAS RE-SEARCHED THE NARRATIVE ANCHOR; THE LONG-TERM (AFTER THE RELEASE) WEALTH SPILLOVER HAS DOMINATED, AND AI ' S RELATED ENCRYPTED ASSETS HAVE RECEIVED STRUCTURAL INCREMENTAL FUNDING. THIS TIME-SERIES STRUCTURE PROVIDES INVESTORS WITH A CLEAR STRATEGIC WINDOW TO AVOID LIQUIDITY SHOCKS IN THE SHORT TERM, USING BACK-TO-BACK, LOW-SORTING, HIGH-LEVEL AI INFRASTRUCTURE TOKENS, AND COMPLETING THE SILO LAYOUT BEFORE THE TIDE COMES TO AN END, WITH OPTIMAL ROUTES。

3.Encryption currency and Pre-IPO mechanism to recreate the bulk investment threshold

Traditionally, the investment opportunities of super-unicorns like SpaceX and OpenAI before IPO have been monopolized almost entirely by top-risk investment agencies (VCs), sovereign wealth funds and a very small number of super-netized individuals. Ordinary investors and bulkers can only buy at very high premiums in secondary markets after the company is listed. However, the encryption market in 2026 is completely breaking this barrier through the Pre-IPO tokenization. In the case of Gate, the minimum investment threshold for its SpaceX tokens is only $0.01, while traditional Pre-IPO investments involving institutions such as VC/PE usually require a minimum of $1 million。

3.1RWA, THE EXPLOSION OF THE MONETIZATION TRACK

The rise of Pre-IPO tokens is the natural emergence of the entire RWA monetization infrastructure. According to a April 2026 study by Chainalysis, after removing the stabilization currency, the chain-based RWA market grew by about 30 per cent in the first quarter of 2026, reaching a total of $30 billion, and the Pre-IPO token was the fastest-growing and strongest segment of the growth round。

Of these, institutional-level assets, such as asset support credit and dollarization, are the main drivers of growth, but pre-IPO equity monetization is becoming one of the fastest growing subdivisions. The Chainalysis study also found that an institutional-level RWA asset had exceeded its market value by $1 billion from the first chain for only 6.1 months, up from 36.2 months for commodity-based assets in the diaspora, suggesting that large financial institutions were incorporating RWA monetization into their asset allocation frameworks at an unprecedented rate。

In the case of bulkers, a sharp drop in the investment threshold from the traditional $1 million to $100 and an immediate settlement of 7 x 24 hours on a global basis is an unmatched advantage of the traditional financial system。

3.2OPERATIONAL MECHANISMS: SPV INTEGRATION WITH MONETIZATION

Pre-IPO tokens are digital assets based on block chains and are designed to provide bulk investors with economic exposure to pre-IPO valuations of private companies. Its core operating mechanisms typically include the following steps:

1. & nbsp; Asset acquisition: the Platform acquires real ownership of target companies (e.g. SpaceX) through private secondary markets or existing shareholders。

2. & nbsp; Establishment of SPV: These shares are deposited in a regulated special purpose entity (SPV) and held in their place。

3. & nbsp; chain casting: the platform is on a block chain (usually Solana or the Taipei L2), where the token representing the SPV share is made at 1:1 ratio。

4. & nbsp; exchange transactions: investors can buy and sell these coins on exchange。

It is important to emphasize that these tokens do not give the holder company real ownership, voting rights or dividends, but are purely economic documents that track changes in the company ' s valuation。

With the rapid development of markets, four pre-IPO participation models have evolved, each with its own unique risk-benefit characteristics:

I'm sorry.Evolution of trading patterns: the new battlefield of the encryption exchange

IN THIS BATTLE FOR THE “IPO SUPERCYCLE” DIVIDEND, THE MAINSTREAM GLOBAL ENCRYPTED CURRENCY EXCHANGE IS BEING SEEN AS A CENTRAL BATTLEFIELD FOR ATTRACTING TRADITIONAL INCREMENTAL FINANCE AND BULK USERS。

4.1Industry Pre-IPO Product Exploration and Gate Pre-IPOs Path

Since April 2026, Pre-IPO assets have gradually moved from the concept of small crowds to the commercialization of the trading platform and the Web3 portal. Various types of models have emerged in the market: one group, through compliance investment platforms, structured instruments or SPV structures, has packaged equity convertibles of private companies of high interest, such as SpaceX, as tradable assets; and another group, through chain-based tokens or wallet aggregations, has lowered the technical threshold for the participation of ordinary users in Pre-IPO asset transactions。

Under this trend, Gate ' s Pre-IPOs provide another more transactional and efficient engagement path. Its bottom-up mechanisms are different from asset-supporting tokens and futures for renewal, and are self-contained in four types of models through a “subscription plus pre-marketing” mechanism, which is essentially the closest to structured instruments。

Gate does not issue SPV tokens in the chain, but maps the market value of the enterprise before and after IPO into a tradable digital voucher through a structure called Mirror Note. In the case of the initial project SpaceX, for example, SPCX tracks changes in the market valuation of SpaceX rather than the real equity of SpaceX. Gate held spaceX or related derivatives outside the scene as hedge reserves, but did not constitute the 1:1 anchored SPV holding structure — the value mapping tool in which investors participated rather than directly holding stocks。

IN TERMS OF PARTICIPATION MECHANISMS, THE PRODUCT IS DESIGNED IN TWO STAGES, BETWEEN SUBSCRIPTION AND PRE-MARKET CIRCULATION: USERS SUBSCRIBE TO 7 X 24 HOUR PRE-MARKET TRANSACTIONS WITH USDT OR GUSD (MINIMUM THRESHOLD 100 USDT, SUBSCRIPTION PRICE $590/SPCX). THE LACK OF LEVERAGE FOR PRODUCTS AND THE NON-COLLECTION OF FINANCIAL RATES MAKE CLEAR THE DISTINCTION BETWEEN PRODUCTS AND FUTURES。

The advantage of this model, compared to asset-supported tokens, is that the range of assets that are faster to respond online and can be covered is broader, allowing timely coverage of the market ' s demand for transactions by high-heat unlisted companies; at the same time, the paper form, while providing stock-price openings, retains the high liquidity and ease of operation of encrypted assets and better aligns them with the transaction habits of users of encrypted derivatives。

4.2Gate Pre-IPOs Core Characteristics

• & nbsp; low threshold: traditional Pre-IPO single transactions usually exceed $10 million, while Gate Pre-IPOs has a minimum of 100 USDT to participate

• & nbsp; 100 per cent unlocked distribution: upon the completion of the requisition, the asset certificate is issued in the form of a full unlocked account to the spot, with no lockout period

• & nbsp; 7 x 24-hour pre-discretion transactions: free trade is supported around the clock after distribution and users can withdraw or adjust their positions at real time value before the enterprise is officially listed

• & nbsp; Double Currency Subscription: Support USDT and GUSD Subscription

• & nbsp; risk characteristic: deleveraging, 1:1, hold, no blast risk

• & nbsp; holding cost: no funds rate

• & nbsp; participation path: subscription → asset certificate distributed to spot account → entry to pre-discretion trading market → free trade or holding pending formal listing of business

4.3Three main dimensions of trading patterns

This pre-IPO monetization wave is deeply reshaping the trading pattern of the encrypted market from three dimensions:

• & nbsp;Mobility competition:The exchange has attempted to block bulk funds that might otherwise have flowed to NASDAQ or to United States equity dealers, keeping them in encrypted ecology. Traditionally, there have been very limited channels for bulk participation in popular IPOs, which are often bought at high premiums only after listing. The emergence of Pre-IPO tokens has made the encryption exchange a one-stop investment platform for these scattered households。

• & nbsp;Cross-border integrationThe boundaries between encrypted markets and traditional stock markets are being blurred. Investors can sew bitcoin to SpaceX in the same wallet, using USDT. The integration of such asset classes will facilitate the entry of more traditional financial investors into encrypted ecology, while at the same time giving encrypted primary users access to high-quality traditional assets。

• & nbsp;Compliance stress testing:These innovative products are testing the bottom line for global regulators. As most products are not open to United States users, encryption exchanges in non-United States areas are benefiting from this dividend. This window period may not be long, however, as regulatory review of companies such as SpaceX becomes more stringent after IPO。

5.Risk tips and future outlook

5.1Risk tip

WHILE THE CONVERGENCE OF THE SUPER IPO WAVE WITH THE ENCRYPTED MARKET PAINTS AN EXCITING BLUEPRINT, IT IS IMPORTANT FOR THE PARTICIPATING DIASPORA AND INSTITUTIONAL INVESTORS TO BE ALERT TO THE FOLLOWING CORE RISKS。

Regulatory and delegation uncertainties are the greatest systemic risk and regulators such as SEC may identify certain Pre-IPO tokens as unregistered securities. In addition, the target company may legally challenge this unauthorized act of equity monetization. BeInCrypto ' s analysis indicates that the SEC, in a statement issued in January 2026, has made it clear that it will pay close attention to the compliance of RWA monetization products。

As price deviations are no less important than the risks of prophecies, private companies are lagging behind in the updating of their valuations and, therefore, in the absence of marketers and adequate arbitrage mechanisms, chain-based currency prices may deviate significantly from the actual fundamentals of the company due to scattered sentiment. Anthropic, for example, had an implicit valuation of up to $1 trillion in the chain, while its official IPO target valuation area was only $400 billion to $500 billion, with a significant price gap between the two, and the deviation itself was a source of risk。

LIQUIDITY AND EXIT RISK ARE ALSO FACTORS THAT INVESTORS HAVE TO CONSIDER AFTER A FORMAL IPO, AND THERE ARE DIFFERENT MECHANISMS FOR CONVERTING TOKENS INTO ACTUAL STOCKS OR CASH. IN EXTREME MARKET CONDITIONS, THE SPV MODEL MAY FACE A DRYING UP OF LIQUIDITY, WHICH PREVENTS INVESTORS FROM SUCCESSFULLY WITHDRAWING。

5.2Concluding remarks

SpaceX, OpenAI and Anthropic are not only landmarks in the history of science and technology, but also a profound reshaping of global capital markets. For the encrypted market, it was both a liquidity test and an excellent opportunity to penetrate the mainstream financial system. Through the Pre-IPO monetization mechanism, the encryption industry is using technical means to achieve the long-failed “financial democratization” of Wall Street. In this supercycle, investors who are able to manage risks effectively and embrace innovation are expected to have substantial returns。

Traditional IPO investments are usually directed at institutional or high net value groups, require the opening of accounts through voucher dealers, complex processes, high thresholds, and private equity is often locked up for years. Gate Pre-IPOs reduced the funding threshold by digitization and provided liquidity support to enable ordinary users to participate in level-I market opportunities。

From a longer historical perspective, the real value of pre-IPO monetization may not be the profit or loss of any single product at the moment, but rather the direction it opens: freeing the pricing power of private markets from a few institutions, allowing ordinary investors around the globe to participate in the key nodes of technological wealth creation in a transparent and tradable manner。

SpaceX, OpenAI, Anthropic will be the most symbolic node in this integration process. Their valuation games, defunct or premium, and released wealth flows will be the first real data to validate the validity of Pre-IPO monetization logic。

References

• & nbsp; CNBC, https://www.cnbc.com/2026/04/01/spacex-confidant-files-for-ipo.html

• & nbsp; Bloomberg/ ARK Invest, https://www.ark-invest.com/articles/analyst-research/spacex-ipo-guide

• & nbsp; ARK Invest, https://www.ark-invest.com/articles/analyst-research/spacex-starlink-revenue-analysis

• & nbsp; Decrypt, https://decrypt.co/antropic-openai-second-market-valuation

• & nbsp; TechCrunch, https://techcrunch.com/2026/04/14/antropic-rise-openai-investors-second-thoughts/

• & nbsp; Reuters, https://www.reuters.com/markets/reals/biggest-ipo-wave-histoory-promises-3-trillotion-value-no-profits-2026-04-23/

• & nbsp; Investing.com, https://www.investing.com/news/cryptocurrence-news/bitcoin-short-squeeze-supports-price-but-trend-remains-unconfird-2026

• & nbsp; Forbes, https://www.formes.com/sites/2026/04/06/bitcoin-price-prevention-globalberg-warns-10k-crash/

• & nbsp; BeInCrypto, https://beincrypto.com/learn/pre-ipo-tokens-tokenize/

• & nbsp; Chainalysis, https://www.chainalysis.com/blog/tokenize-rwa-instigational-capital-2026/

• & nbsp; Yahoo Finance, https://finance.yahoo.com/news/binance-launches-pre-ipo-token-training-2026.html

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Disclaimer

The investments in encrypted money markets involve high risks, and users are advised to conduct independent research before making any investment decisions and to fully understand the nature of the assets and products purchased。Kate& nbsp; is not liable for any loss or damage caused by such investment decisions。