Following a 300% return on Cerebras in May, MSX delivered its second 'perfect score' on SpaceX's listing night.
Did you partake in this $2 trillion IPO feast for SpaceX?
In the late hours of June 12th, Beijing time, as the largest IPO in history, SpaceX (SPCX) officially debuted on the NASDAQ and began trading. Its stock price touched a high of $176 intraday, with its market cap once surpassing $2.3 trillion.
For MSX Maiton, SpaceX's market listing also signified a crucial fulfillment point for its SpaceX Pre-IPO project launched in March.
In early March this year, MSX opened access to participate in the SpaceX Pre-IPO, with a subscription price of 119 U (post-stock split adjustment, same below), corresponding to an offering valuation of approximately $1.38 trillion. With SpaceX's listing, MSX users were able to complete the full journey—from participating in a high-quality private market asset to welcoming public market pricing—in just 3 months.
Calculated based on SPCX.M's closing price of $166.85 after the first day of trading, this represents an increase of about 40% compared to MSX's early subscription price of 119 U; if calculated based on the intraday high of $176, the gain approaches 48%.
This marks another complete validation of the MSX Pre-IPO product model, following Cerebras in May.
I. Three Months: From Subscription at 119 U to Listing Liquidation
As is well known, for a long time, equity opportunities in top-tier unlisted companies have primarily been concentrated in the hands of institutional investors, private equity funds, and a small number of high-net-worth individuals. Ordinary investors could only participate at secondary market prices after a company completed its IPO.
However, the truly imaginative growth phase often occurs before a company goes public, which is the core value proposition of Pre-IPO products.
Precisely because of this, as early as March 2nd, MSX Maiton pioneered the launch of a Pre-IPO section for ordinary users. Subsequently, we've seen an increasing number of similar products emerge in the market, bringing one question to the forefront.
The true value of Pre-IPO is not merely about allowing users to see a hot target earlier, but rather whether it can complete the full closed loop from subscription, holding, listing, trading, to liquidation after the target officially lists.
The execution of MSX Maiton's SpaceX project is a concentrated embodiment of this mechanism:
- Subscription: On March 2nd, users could subscribe to SpaceX's Pre-IPO shares on the MSX platform at 119 U, with assets recorded on-chain in token form;
- Holding: From subscription until the IPO listing, users could view their holding status in real-time on the MSX platform, with asset visibility throughout the process;
- Redemption Opening: On June 9th, redemption applications officially opened for the first phase of Pre-IPO projects—SpaceX, ByteDance, and Lambda Labs—providing more flexible exit options for users who participated in the Pre-IPO product subscription;
- Official Listing: On June 12th, SpaceX listed on NASDAQ, opening with a significant surge and closing after-hours at 166.85 U, approximately 40% higher than MSX's subscription price;
- Spot Trading: MSX simultaneously launched SPCX.M spot trading. Tokens held by Pre-IPO users were directly converted into tradable spot assets, allowing immediate order placement and sale without waiting for lock-up period expiration;
- Liquidation Settlement: Proceeds from sales were settled in stablecoin, completing the capital closed loop;
Subscription, holding, redemption, listing, spot trading, liquidation—six interconnected steps, none can be omitted.
The value of this linkage was precisely validated in reverse during this listing round.
This SpaceX listing served as a concentrated stress test for the tokenized Pre-IPO sector. As some platforms' dependent third-party tokenized quota delivery channels failed to obtain SpaceX quotas during the settlement phase, multiple platforms refunded part or all of the subscription funds to users around the time of the listing.
Therefore, the smooth progression of the SpaceX project signifies that MSX Pre-IPO is not simply offering a 'conceptual share'. Instead, it has established a complete, executable closed-loop mechanism around subscription, holding, redemption, listing, spot trading, and stablecoin settlement.
For users, this point is more critical than short-term price appreciation alone, because the core challenge of Pre-IPO products has never been just about accessibility to purchase, but rather about having a clear path for asset conversion and exit after the target company lists.
II. Another 'Perfect Score' Delivered by MSX Maiton
In fact, the successful execution of SpaceX is also the second key report card handed in by MSX Pre-IPO, following Cerebras.
To understand the weight of this report card, we need to rewind time by one month.
On May 14th, 2026, the 'NVIDIA challenger' Cerebras (CBRS) listed on NASDAQ with an issue price of $185. It opened with its price nearly doubling and closed up about 68%. Beyond the public market, MSX users who participated earlier reaped an even more striking result—approximately 300% in two months.
As mentioned earlier, as early as March 2nd, MSX Maiton pioneered the launch of Pre-IPO products within the industry. The first phase included four hot targets: Cerebras, SpaceX, ByteDance, and Lambda Labs. Among them, users participated in the subscription of CBRS Pre-IPO shares at a price of 100.35 U.
Following Cerebras' NASDAQ listing on May 14th, the MSX platform also launched CBRS.M spot trading on the same day. Assets held by Pre-IPO users thus gained a subsequent trading and exit path. Calculated based on the first-day listing high, the comprehensive return rate for participating users once exceeded 300%.
The nearly 300% in May was the first report card for on-chain Pre-IPO; SpaceX in June is the second.
These two consecutive fulfillments further demonstrate that MSX Pre-IPO is not reliant on the occasional performance of a single project. Instead, it is consistently building a replicable and verifiable on-chain participation mechanism around global, high-quality primary assets.
III. The Real Threshold for Pre-IPO: From 'Entry' to 'Fulfillment'
From Cerebras to SpaceX, the consecutive fulfillment of MSX's Pre-IPO products is reshaping the market's understanding of the value of on-chain primary asset entry points.
Over the past three months, since MSX Maiton launched its Pre-IPO product in early March, almost all major trading platforms have begun to lay out plans around hot non-listed companies. While the implementation logic of these products varies, they essentially aim to meet user demand for an 'early entry point to quality assets'.
However, judging from actual execution, Pre-IPO is far from being as simple as 'providing a subscription entry point'. What truly tests a platform's capability is whether it can continuously screen high-quality targets with long-term value and clear listing prospects, obtain genuine and effective asset quotas, design clear and transparent participation rules, and, after the target officially lists, complete the衔接 (connection) of pricing, conversion, trading, and settlement.
The successive execution of Cerebras and SpaceX within two months is a concentrated test of this series of capabilities.
This is also a key distinction between Pre-IPO products and mere synthetic assets or price speculation—they can provide users with a clear, executable path when the target lists, converts, or is redeemed.
For users, while a low-barrier entry point is undoubtedly important, the ability to complete the closed loop from subscription to exit is what truly determines the quality of a Pre-IPO product.
As the global capital market enters a new cycle of listings for quality tech assets, Pre-IPO is poised to become one of the important entry points for Web3 users to participate in the growth of global companies.
Following another success with SpaceX, MSX Maiton's Pre-IPO target pipeline continues to expand, focusing on screening high-quality primary assets in high-certainty sectors such as AI and frontier technology. Simultaneously, it will continue to refine aspects like asset authenticity, rule transparency, user rights protection, and post-listing衔接 mechanisms. This enables on-chain users to participate early in the growth of the world's most imaginative companies, beyond the traditional primary market.
Empowering users to access global quality assets is precisely the初衷 (original intention) behind MSX Maiton's continuous improvement of product systems like tokenized US stocks and Pre-IPO.
