SpaceX offers a window into how pre-IPO secondary markets behave over time. In May 2026, monthly secondary market ask reached $12.8 billion, well above $1.3 billion in bid volume that same month. Two distinct spikes, in January and May 2026, underscore how supply has surged in concentrated bursts, with sellers consistently and significantly outnumbering buyers.

What's driving it? SpaceX has increasingly relied on tender offers rather than traditional equity raises to manage liquidity, which has kept supply constrained even as investor demand has grown. This illustrates how secondary market data can offer insight into demand conditions and liquidity dynamics in private markets, one lens among many for understanding how private assets are priced.