From 119 to 176: Behind SpaceX's IPO, MSX once again successfully completed the pre-IPO closed loop.

Did you participate in SpaceX's $2 trillion IPO extravaganza?

Late on June 12, Beijing time, SpaceX (SPCX), the largest IPO in history, officially listed on Nasdaq and began trading. During the day, it reached a high of $176, and its market value once exceeded $2.3 trillion.

For MSX, SpaceX's listing also signifies that its SpaceX Pre-IPO project, launched in March, has reached a critical milestone.

In early March of this year, MSX opened the pre-IPO participation channel for SpaceX, with a subscription price of 119 USDT (after stock split conversion, the same below), corresponding to an offering valuation of approximately $1.38 trillion USD. With SpaceX's listing, MSX users were able to complete the entire path from participating in high-quality private market assets to experiencing public market pricing within 3 months.

Based on SPCX.M's closing price of $166.85 after the market closed on its first day of trading, this represents an increase of approximately 40% compared to the MSX early subscription price of $119. If calculated based on the intraday high of $176, the increase would be close to 48%.

This is another complete validation of MSX's pre-IPO product model, following Cerebras in May.

I. Three months, from subscribing to 119U to cashing out upon listing.

As is well known, for a long time, equity opportunities in top unlisted companies have been mainly concentrated in the hands of institutional investors, private equity funds, and a small number of high-net-worth individuals. Ordinary investors can only participate at secondary market prices after the company completes its IPO.

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

For this reason, as early as March 2, MSX launched the Pre-IPO section for ordinary users. Subsequently, we have seen more and more similar products appearing on the market, which has brought a question to the forefront.

The true value of pre-IPO is not just about letting users see a hot stock earlier, but about whether they can complete the entire closed loop from subscription, holding, listing, trading to monetization after the stock is officially listed.

The successful launch of the MSX-McDonnell SpaceX project is a prime example of this mechanism:

Subscription: On March 2, users were able to subscribe to Space's Pre-IPO shares for 119U on the MSX platform, with the assets recorded on the blockchain in the form of tokens;
Holdings: From subscription to IPO listing, users can view their holdings in real time on the MSX platform, and their asset status is visible throughout the entire process;
Redemption Open: On June 9th, redemption applications for the first phase of the Pre-IPO projects SpaceX, ByteDance, and Lambda Labs will be officially opened, providing users who participated in the Pre-IPO product subscription with a more flexible exit option;
Official listing: On June 12, SpaceX debuted on Nasdaq, opening sharply higher and closing at $166.85, approximately 40% higher than its MSX IPO price.
Spot Trading: MSX will simultaneously launch spot trading for SPCX.M. Pre-IPO users' tokens will be directly converted into tradable spot assets, and they can place sell orders at any time without waiting for the lock-up period to expire.
Cash out: Proceeds from the sale are settled in stablecoins, completing the cash flow loop;

Subscription, holding, redemption, listing, spot trading, and monetization—six steps in total, none of which can be omitted.

The value of this link was precisely confirmed in this round of IPOs.

This round of SpaceX's IPO served as a concentrated stress test for the tokenized pre-IPO sector. As some platforms relied on third-party tokenized quota delivery links that failed to obtain SpaceX quotas during the settlement process, several platforms refunded part or all of their subscription payments to users before and after the IPO.

Therefore, the smooth progress of the SpaceX project means that the MSX Pre-IPO is not simply about providing a "concept share", but rather about establishing a complete and implementable closed-loop mechanism around subscription, holding, redemption, listing, spot trading and stablecoin settlement.

For users, this is more important than short-term price increases, because the core challenge of Pre-IPO products is never just whether they can buy them, but whether they can have a clear asset conversion and exit path after the target company goes public.

II. MSX, another "perfect score" report card from Maiton.

In fact, SpaceX's successful practice is the second key report card that MSX Pre-IPO has delivered after Cerebras.

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

On May 14, 2026, Nvidia's challenger Cerebras (CBRS) debuted on Nasdaq with an offering price of $185. The stock initially doubled in price and closed up approximately 68%. Outside the public market, MSX users who participated earlier reaped even more remarkable results—a return of approximately 300% in two months.

As mentioned earlier, MSX was the first in the industry to launch a Pre-IPO product on March 2nd, with the first phase including four popular stocks: Cerebras, SpaceX, ByteDance, and Lambda Labs. Users participated in the CBRS Pre-IPO share subscription at a price of 100.35U.

With Cerebras' listing on Nasdaq on May 14, the MSX platform also launched spot trading of CBRS.M on the same day . The assets held by pre-IPO users thus gained subsequent trading and exit paths. Based on the high point of the first day of listing, the overall return rate of participating users once exceeded 300%.

The nearly 300% growth in May was the first report card for on-chain pre-IPO; SpaceX in June was the second.

The two consecutive successful deliveries further demonstrate that MSX Pre-IPO does not rely on the accidental performance of a single project, but rather on continuously building a replicable and verifiable on-chain participation mechanism around high-quality primary assets globally.

III. The Real Threshold of Pre-IPO: From "Entry" to "Realization"

From Cerebras to SpaceX, the continuous delivery of MSX's pre-IPO products is making the market re-understand the value of on-chain primary asset entry points.

In the past three months, since MSX launched its Pre-IPO product in early March, almost all major trading platforms have started to focus on popular unlisted companies. Although the implementation logic of the products is not exactly the same, they are all essentially to meet users' demand for "entry points to high-quality early-stage assets".

However, in practice, Pre-IPO is far more complex than simply "providing a subscription portal." The real test of a platform's capabilities lies in its ability to continuously screen high-quality targets with long-term value and clear listing expectations, to obtain real and effective asset quotas, to design clear and transparent participation rules, and to complete the pricing, conversion, trading, and settlement process after the target is officially listed.

The successive launches of Cerebras and SpaceX within two months serve as a concentrated test of these capabilities.

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

For users, a low barrier to entry is certainly important, but whether a pre-IPO product can complete the closed loop from subscription to exit is what truly determines its quality.

As the global capital market enters a new cycle of listing high-quality technology assets, pre-IPO is expected to become one of the important entry points for Web3 users to participate in global growth companies.

Following SpaceX 's renewed success, MSX continues to expand its pre-IPO portfolio and will continue to select high-quality primary assets in high-certainty sectors such as AI and cutting-edge technologies. At the same time, it will continue to refine its asset authenticity, rule transparency, user rights protection, and post-listing transition mechanisms, allowing on-chain users to participate in the growth of the world's most imaginative companies in advance, outside of the traditional primary market.

Helping users access high-quality global assets is the original intention behind MSX's continuous improvement of its product system, including tokenized US stocks and Pre-IPO offerings.

Let's walk together.