Gate SPCX Breaks the High Barrier of Pre-IPOs, Invest in the Commercial Space Leader SpaceX with Just 100 USDT

Gate Pre-IPOs First Project SPCX Coming Soon for Subscription. As a mirror note tracking SpaceX’s early value, SPCX is not a traditional stock purchase but a new digital credential mechanism that tracks the market value of the target company before and after going public. Gate, with an implied market cap of $1.4 trillion and a price of $590 per unit, launches SPCX subscriptions, bringing this opportunity—usually dominated by private equity funds and institutions—to ordinary investors.

Transparency of Cost Structure

Gate Pre-IPOs’ SPCX features a differentiated design in its cost structure. The initial subscription is completely free of implied fees and custody charges, offered at a net price of $590 per SPCX. The minimum participation threshold is 100 USDT, with no hidden fees or profit sharing. For investors optimistic about the commercial space sector but limited by capital size, SPCX provides a highly transparent price discovery tool.

Under the SPCX subscription framework, each investment directly corresponds to the value of the asset credential, minimizing participation costs. The “zero fee” policy in the first phase reflects Gate’s stage-specific concessions for this new product line; future phases’ cost structures will be subject to official announcements.

Flexibility of Pre-Market Trading

After completing the subscription, the asset credentials will be fully unlocked (100%) and enter Gate’s 24/7 pre-market trading platform. Position holders can freely buy and sell SPCX within the platform before the target company’s listing and lock-up period, enabling price speculation and position adjustments.

Investors are no longer bound solely to the “waiting for IPO” exit path. For those seeking short-term trading opportunities, the pre-market provides liquidity premium-based operational space; long-term holders can retain their positions until IPO and exit at market value.

Macro Background of the Commercial Space Sector

Assessing the long-term value anchor of SPCX requires understanding the sector itself.

According to the U.S. Space Foundation, the global space economy reached $613 billion in 2024, with commercial space contributing 78%. It is expected that by 2032, the global space economy will surpass $1 trillion. Multiple research institutions indicate that between 2026 and 2027, the commercial space industry may enter an explosive growth phase, with accelerated technological iteration and engineering progress, further boosting demand for launch services, satellite networking, and other space missions.

Valuations in the commercial space sector are highly sensitive to macroeconomic interest rates and regulatory policies. High-valuation tech sectors often face re-pricing pressures during rising interest rate cycles. This macro context is a variable that investors participating in SPCX with an implied market cap of $1.4 trillion should continuously monitor.

Risk Factors to Consider

Any investment decision should be based on a thorough understanding of risks. Regarding SPCX, the following elements should be clearly recognized by investors:

• Time Uncertainty: Although December 31, 2035, is set as the settlement date, if SpaceX remains unlisted, not acquired, or merged for a long period, capital lock-up may extend accordingly. Before the maturity date, SPCX’s liquidity mainly depends on pre-market trading.

• Non-Shareholder Status: SPCX is a mirror note (Mirror Note), a contingent payout note, not actual stock or equity in SpaceX. Holders have no legal relationship with SpaceX and do not enjoy dividends or voting rights. Its value anchoring depends on Gate’s hedging exposure management and market trading consensus.

• Market Volatility: Early pre-market trading may face risks of widened bid-ask spreads due to insufficient depth. The price of SPCX is driven by market supply and demand and may deviate from the fundamental value of the underlying company.

• Macroeconomic Risks: Valuations in the commercial space sector are highly sensitive to interest rate environments. Sustained high market interest rates could pressure the pricing of high-growth, high-valuation assets.

• Extreme Scenarios: If the target company enters bankruptcy liquidation, causing the common stock value to drop to zero, SPCX’s reference value will also become zero, and investors may lose all principal.

• Equity Dilution Risk: Since the asset credential tracks the value of the company’s common stock based on its share price, future issuance of additional shares could dilute the current per-share value. Stock splits or reverse splits will be adjusted accordingly by Gate based on actual circumstances.

Participation Strategies

Based on the above analysis, different participants can establish tailored participation frameworks:

Conservative Participants may focus on “early participation with high allocation.” According to the Pre-IPOs distribution rules, the system allocates based on the proportion of the user’s average locked-in amount per hour relative to total subscription. The earlier and longer the lock-in, the higher the allocation weight. For example, a user participating in the first hour with $100,000 USDT will have about 48 times the allocation weight of someone participating in the last hour. Conservative users can lock in early, gain more chips, and then selectively exit during pre-market trading to lock in profits.

Long-term Holders can choose to ignore short-term pre-market fluctuations, hold until the IPO lock-up ends, and then decide whether to exchange for stock tokens or convert to USDT at the current market price. This path assumes SpaceX will complete an IPO or acquisition exit in the long term.

High-Net-Worth Users can leverage VIP5 and above tiers’ additional airdrop mechanisms to reduce overall holding costs. VIP5+ users who recharge at least 50,000 USDT after registration can share the SPCX airdrop pool according to their level, with the highest tier receiving up to 188 SPCX. This extra yield acts as a safety cushion for holding costs.

Conclusion

As Gate Pre-IPOs’ first project, the launch of SPCX is not only a new tool for tracking SpaceX’s value but also the first test of Gate’s operational capability for this new product line. To ensure a smooth initial experience, the platform offers phased policies such as fee waivers, high-weight allocations, and VIP-exclusive airdrops, creating unique advantages for early participants.

Participating in Pre-IPOs is a high-risk, non-principle-protected investment; the asset credential’s price may fluctuate sharply, even resulting in principal loss. Investors should fully understand the product mechanism, exit options, and potential risks, and make rational participation decisions based on their own financial planning and risk tolerance.

As crypto platforms continue to evolve towards multi-asset, multi-market integration, Gate Pre-IPOs represents an innovative frontier in product development. Future plans include expanding more high-quality targets, promoting industry openness and efficiency.