Less than a month remains until the birth of the largest IPO in history.

SpaceX, set to ring the bell at Nasdaq, could go public as early as June 12, under the ticker symbol SPCX. The offering is led by Morgan Stanley, Bank of America, Citigroup, JPMorgan, and Goldman Sachs, with another 16 banks handling institutional, retail, and international channels.

SpaceX aims to raise $750 billion, with a valuation of $1.75 trillion. The $294 billion record set by Saudi Aramco in 2019 will be completely overshadowed. Even with the most conservative estimates, this will be the largest stock issuance in history.

On May 15, SpaceX's private shareholders approved a 5-for-1 stock split, reducing the fair value per share from $526.59 to around $105.32. The outstanding shares increased by 400%. This is a clear signal that the company is making room for retail investors. Bloomberg reported last week that Brookfield has already staked $20 billion in pre-market shares.

At the moment of ringing the bell, Musk himself will officially become the world's first trillionaire.

However, apart from Musk, the IPO's true biggest winner may not be on Wall Street or in Silicon Valley.

It is an on-chain trading platform that has been online for less than six months, trade.xyz.

A Glimpse of On-Chain Nasdaq

Price discovery is the most fundamental power in the financial market.

When a new stock goes public, who has the right to determine the price? In the past, this power was clearly concentrated in several positions. The primary market belongs to the underwriting syndicate, who roadshow, inquire, and bookbuild, eventually internally agreeing on an offering price. The transition from primary to secondary markets belongs to market makers and designated market makers, responsible for opening matchings. Only after the secondary market does the power truly transfer to all buying and selling parties.

What trade.xyz is doing is precisely rewriting this power hierarchy.

And this capability, trade.xyz had already demonstrated during the recent Cerebras IPO a few days ago.

On May 14, 10 p.m. New York time.

It's three hours until Cerebras Systems officially opens on Nasdaq. The company, known as the "Nvidia challenger," offers a dinner plate-sized AI chip with OpenAI among its customers. The IPO price is $185, double the market's expectations.

Nasdaq's pre-market matching is still ongoing, and retail investors won't be able to trade this stock until after 1 a.m. the next day.

However, the CBRS contract on trade.xyz has already started trading heavily.

The price surged from $290 to $380, with a trading volume of nearly $100 million in one hour. When Cerebras officially opened on Nasdaq the next day, the opening price was $350, 89% higher than the IPO price. The intraday peak reached $386.

Related Reading: "Cerebras IPO Soars 68%, On-chain Market Set Price Hours Before Listing".

For a more intuitive comparison, let's look at trade.xyz and traditional Pre-IPO platforms side by side.

Forge Global is one of the world's largest private equity secondary markets, serving institutional investors, VCs, and accredited individual investors with a minimum threshold of $200,000 in annual income or $1 million in net worth. On May 12, the day before the IPO price, Forge Price gave a final reading for Cerebras at $113.50, corresponding to a valuation of $292.6 billion. This was 174% lower than Nasdaq's opening price.

Hiive has a similar positioning but with more active trading, with a final transaction price of $224.93. It was much lower than Forge but still had a 56% deviation from Nasdaq's opening price.

trade.xyz quoted a price range of $290 to $380.

The higher the threshold of the platform, the worse the pricing. The more open the platform, the more accurate the pricing.

This is not a coincidence but a structural difference.

Essentially, Forge and Hiive operate as one-way markets. Sellers are employees and early investors looking to cash out, while buyers are qualified investors who believe in the company. No one can openly bet that "this company is overvalued" because a shorting channel simply does not exist. This leads to systematic bias, where prices in one-way markets can only be driven by upward pressure, and the bearish forces have no way to express themselves.

The Forge Price is updated daily and is the output of an algorithmic model, not real-time market transactions. Trading on Hiive is sporadic, with sometimes days between trades. During the roadshow, the investment bank releases a price signal to the market every few days, with each release being a selective disclosure.

In contrast, trade.xyz is a 24/7 continuous matching market that updates the price every 3 seconds. It allows anyone globally holding a USDC wallet to participate, both long and short. Each transaction, each order placed, represents participants openly expressing their judgment on the company with real skin in the game.

The on-chain market is leading Nasdaq in price discovery.

This trend has naturally been noticed by top traders.

"Today, I received calls from 4 different funds, all observing CBRS trading on trade.xyz for price discovery. This is surreal." On the day CBRS rang the bell at Nasdaq, macro blogger Citrini tweeted.

On the same day, he followed up with a second tweet, just one sentence, accompanied by a picture of Wall Street traders staring at screens.