SpaceX is reportedly lining up four major Wall Street banks for a potential 2026 IPO — a move that could signal the long-awaited reopening of the public markets after a years-long IPO drought. In the meantime, late-stage private companies like SpaceX are finding other ways to create liquidity for employees and early shareholders, largely through a fast-growing secondary market. To unpack what SpaceX’s IPO chatter means, how private liquidity works before a debut, and what investors are looking