Gate Research has released a report titled "Can Pre-IPO Tokens Usher in a Retail Primary Market Era Amid an Epic IPO Wave?" The report highlights that 2026 marks a "super IPO cycle" with major tech unicorns like SpaceX, OpenAI, and Anthropic accelerating their IPO plans, collectively valued at nearly $4 trillion. This IPO surge is expected to significantly impact crypto market liquidity. In the short term, institutional and high-net-worth investors may strain crypto liquidity as they participate in IPO allocations. However, post-IPO, sectors like AI, high-performance blockchains, and blue-chip assets such as BTC and ETH could benefit from new capital inflows and wealth spillover effects. The crypto industry is lowering traditional primary market barriers through Pre-IPO products. SpaceX (SPCX), the first project under Gate's Pre-IPOs, offers a trading path closely aligned with the real market value of target companies via stock hedging and mirror note mechanisms. With low entry barriers, no hidden fees, and 24/7 pre-market trading, SPCX has raised nearly $395 million, indicating strong market interest in quality Pre-IPO assets. Gate plans to expand its offerings with more innovative products to drive market efficiency and diversity.