Gate Pre-IPOs announces its debut project: SpaceX (SPCX) subscription will open shortly. Pre-IPOs is a digital subscription mechanism launched by Gate, focusing on early-stage exposure to high-quality projects before public listing. Users can position early and track the valuation of target companies before and after IPO to capture market opportunities.
Both USDT and GUSD subscriptions are supported in this phase, and all eligible users may participate. In addition, VIP5+ users who participate in the SPCX subscription, as well as super affiliates who meet the basic requirements, are eligible for additional free airdrops.Explore Pre-IPOs today and secure early access to high-potential projects.Explore Pre-IPOs today and secure early access to high-potential projects.
(SPCX Subscription Page Coming Soon)
Pre-IPOs Subscription Details
SpaceX (Space Exploration Technologies Corp.), founded by Elon Musk in 2002, is currently the world's largest and most disruptive commercial aerospace company.
SPCX is a Mirror Note issued prior to SpaceX's IPO, designed to reflect the company's valuation both before and after listing. It is a Ccontingent Payout Note (CPN) that provides exposure to SpaceX's valuation. Gate provides users with multiple exit or long-term holding options aligned with the fair market value of the target company by obtaining hedging exposure to SpaceX shares in the market.
- Project Name: SpaceX
- Asset Symbol: SPCX
- Implied Valuation: $1.4 trillion
- Total Supply: 33,900 SPCX
- Total Value: $20,001,000
- USDT Allocation (70%): 23,730 SPCX
- GUSD Allocation (30%): 10,170 SPCX
- Subscription Price: 1 SPCX = $590
- Coin Supported: USDT or GUSD (GUSD not available yet? Mint Now )
- Minimum Subscription: 100 USDT and 100 GUSD
- Per-User Allocation Cap: 339 SPCX
- Subscription Fee: Implied trading and custody fees are waived for this subscription
- Subscription Period: April 20, 2026, 10:00 (UTC) – April 22, 2026, 10:00 (UTC)
- Distribution Time: SPCX asset notes will be distributed by 10:00 on May 6, 2026 (UTC)
- Trading Mode: Pre-market trading
- Trading Window: Within 30 days after subscription (refer to the distribution announcement for the exact opening time)
- Unlock Method: Unlock 100%
Subscription Benefits: VIP Exclusive: SpaceX (SPCX) Airdrop
To celebrate the launch of SpaceX (SPCX) on Gate Pre-IPOs, an exclusive airdrop campaign for VIP users and Affiliate Ultras
is being introduced. Eligible participants can join according to the event rules and have the opportunity to receive SPCX airdrop rewards. Details link: https://www.gate.com/campaigns/4573
How to Participate
Web/App:
- [Home] - [Earn] - [Pre-IPOs] (SPCX Subscription Page Coming Soon)
- Select SPCX, subscribe with USDT or GUSD, click [Subscribe Now]
Earlier participation results in a higher allocation weight.
Pre-IPOs Distribution Rules
The system will calculate and allocate asset notes based on each user's hourly average locked amount during the subscription period, relative to the project's total average subscription amount. Earlier participation results in a higher allocation weight.
Calculation Formula
Hourly Average Locked Amount = Sum of Hourly Locked Amount Snapshots / Total Subscription Hours (48 hours)
Example
Assuming a 48-hour subscription period, and users A, B, and C each plan to invest 100,000 USDT.
- User A: Subscribes in the 1st hour and keeps funds locked throughout
Average Locked Amount = 100,000 × 48 / 48 = 100,000 USDT
- User B: Subscribes after 24 hours and holds until the end
Average Locked Amount = 100,000 × 24 / 48 = 50,000 USDT
- User C: Subscribes in the final hour
Average Locked Amount = 100,000 × 1 / 48 ≈ 2,083 USDT
Allocation Explanation
- The actual number of asset notes received depends on the user's proportion of the average locked amount among all participating users, and is also subject to constraints such as the total subscription amount of the project and the maximum allocation per user.
- Examples are for illustration only and do not represent final results.
- The invested amount does not equal the final value or quantity of asset notes received. The final allocation results are subject to system calculations.
- The funds used for subscription will be locked during the subscription period and cannot be redeemed. After the subscription ends, the system will deduct the corresponding participation funds based on the actual number of asset notes allocated, and refund any remaining funds. If the actual value of asset note received is less than the invested amount, the remaining funds will be unlocked after distribution and automatically returned to your spot account.
- If the actual number of asset notes received is less than 0.00000001, no asset note will be distributed, and the full subscription amount will be refunded.
Pre-IPOs Trading and Settlement Mechanism
Exit Methods
- After the subscription is completed, the asset notes will enter the pre-market trading phase with full unlock (exact opening time will be announced in the distribution announcement). Following the target company's IPO lock-up period, holders may exchange their certificates for tokenized tokens via a dedicated page or exit their investment by converting to USDT based on the real-time market price post-listing.
- Users holding positions may choose to exit before the lock-up period via a dedicated page based on the real-time stock market value, or exit through the pre-market at an appropriate price. Before the IPO and lock-up period, Gate will provide pre-market trading, allowing users to freely trade their holdings 24/7.
- After the lock-up period (for this event, the lock-up period is 6 months after listing), Gate will provide a dedicated exit page, where users can convert their holdings into tokenized stocks or redeem them into USDT based on the real-time market price after listing.
- Since the target company has not yet officially gone public, pre-market trading will use temporary trading symbols and corresponding supply for circulation. Adjustments will be made after the company is officially listed.
Bankruptcy Handling
- In the event that the Reference Company commences a bankruptcy reorganization proceeding, the reference value of this product shall be adjusted based on the actual treatment of the Reference Company's common stock under the applicable reorganization plan.
- In the event that the Reference Company enters into liquidation proceedings resulting in the common stock being extinguished or reduced to zero value, the reference value of this product shall correspondingly be reduced to zero, and investors may lose their entire principal investment. Investors shall have no right of recourse against the Reference Company in respect of any such losses.
Settlement Rules on Maturity Date
The maturity date is December 31, 2035. If, after the maturity date, the underlying company has not gone public, or is acquired, merged, or enters bankruptcy, Gate will settle the position in USDT based on the fair market value (FMV) of the underlying company's common stock (i.e., SpaceX's common stock), and credit the proceeds to the user's account.
Rules for Valuation and Additional Issuance
The implied valuation of $1.4 trillion for SpaceX is derived from the current subscription price and an estimated total share count of approximately 2.37–2.38 billion shares . If the company issues additional shares or conducts share buybacks in the future, the total number of shares may change, which could affect the implied valuation.
This product is a Mirror Note, designed to track the value of the company's common stock based on its price performance. If the company issues new shares in the future, the value per share may be diluted. In the event of a stock split, reverse stock split, or other reclassification of common stock, user positions will be adjusted accordingly based on the actual corporate action. Further details will be announced separately.
Risk Disclosure
- As the underlying company is currently not publicly listed and its IPO timeline remains uncertain, this investment involves significant uncertainty and high risk. If the company successfully goes public, is acquired, or merged, Gate will provide an exit mechanism based on the corresponding fair market value.
- If the company's value declines due to operational issues or other factors, or if it fails to go public and no alternative exit (such as acquisition or merger) is available, or in the event of bankruptcy resulting in a total loss of value, this investment may incur losses. Please fully understand the risks and make prudent decisions before participating.
- Cryptocurrency investments carry high risks. Although this sale adopts a public and fair launch model, there may still be significant price volatility or limited market liquidity. Please ensure you fully understand the project and associated risks before participating.
- Borrowed funds are not supported for participation in Gate Pre-IPOs subscriptions. Institutional accounts and subaccounts are also not eligible.
- Evaluating blockchain startup projects and their inherent risks requires advanced technical and financial knowledge.
- Project prices may fluctuate significantly due to technical, regulatory, market, or other factors.
- Cryptocurrency projects involve high risk, and prices are highly volatile. The project team has not set any margin requirements and does not provide any price commitments or guarantees against price drops. You should participate only after fully understanding the risks and ensuring that you are able to bear them. The platform strongly reminds you of these risks but cannot provide any guarantee, compensation, or similar liability for your investment activities.
- In case of any discrepancies between the translated versions and the English version, the English version shall prevail.
- Gate reserves the right of final interpretation for this event.
- Users in restricted regions cannot access all or part of the services. For details, please refer to the User Agreement .
Disclaimer
This product is a Mirror Note and does not represent actual stocks or shares of SpaceX, nor does it establish any legal relationship between investors and SpaceX. This offering is not affiliated with SpaceX in any way. SpaceX has not participated in, authorized, or endorsed this product or any related marketing materials. SpaceX will not receive any proceeds from this offering and has not provided any information to Gate.
Disclaimer: This content does not constitute any invitation, solicitation, or advice. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services for users from restricted regions. Please refer to the User Agreement for more details.
Gate Team
April 15, 2026
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