Gate Pre-IPOs Debut: Analysis of SpaceX Investment Opportunities and SPCX Subscription Mechanism

What are Gate Pre-IPOs?

Gate’s launched Pre-IPOs mechanism focuses on allowing users to participate in the value changes of a company before it officially goes public. Through digital subscription methods, investors can pre-position and track the company’s potential market performance before it enters the public market. These products are designed as specific asset certificates that simulate the company’s value trends before and after listing, enabling users to engage with market opportunities surrounding IPOs.

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What is SPCX?

The first offering features SpaceX, with the corresponding asset certificate called SPCX. This product is essentially a mirror note, also possessing or contingent payout characteristics (Contingent Payout Note).

SPCX is a tool to reflect SpaceX’s market valuation changes before and after going public. The platform uses market hedging to establish a price reference related to the target company, allowing investors to choose to hold or exit at different stages.

Asset flow and exit methods after subscription completion

After SPCX subscription ends, the asset certificates will enter the pre-market trading phase with 100% unlocking (actual opening time subject to subsequent announcements).

Once the company’s IPO lock-up period ends, users can exit via a dedicated page by choosing:

• Convert to stock tokens
• Exchange for USDT based on post-listing market prices

This design offers multiple exit options, allowing investors to adjust their strategies flexibly according to market conditions.

Subscription methods and participation thresholds

This round of SPCX subscriptions supports dual currencies, including USDT and GUSD. Eligible users can participate. Additionally, some users may receive extra incentives, including VIP 5 and above, and qualifying super agents, who will have the chance to receive additional free airdrops during subscription.

Subscription process (Web / App)

Web platform operation steps

1. Log in to your Gate account and complete identity verification
2. Go to the Pre-IPOs page
3. Select USDT or GUSD as the subscription asset
4. Obtain GUSD via minting, purchasing, or depositing (if needed)
5. Choose SPCX and enter the subscription amount
6. Confirm to complete the subscription

App operation steps

1. Update the app to version 7.31.0 or above
2. Log in and complete verification
3. Prepare USDT or GUSD
4. Navigate to Wealth → Pre-IPOs
5. Select SPCX and complete the subscription

Early participation yields higher allocation weight

SPCX uses an average locked position ratio for distribution. The system continuously records users’ locked amounts during the entire 48-hour subscription period and calculates the final allocation ratio based on this.

Core calculation method

Average locked amount per hour = total snapshot of locked positions ÷ total hours (48 hours)

Key points of the mechanism

• Invest early → longer lock-up time → higher weight
• Enter later → relatively lower allocation ratio

Allocation example

Suppose three users each invest 100,000 USDT:

User A: Invests in the first hour and continues until the end → average lock-up 100,000

User B: Invests at hour 24 → average lock-up 50,000

User C: Invests in the last hour → average lock-up approximately 2,083

The final allocation ratio will be determined by these average lock-up ratios, not just the invested amount.

Asset distribution and fund return rules

During the subscription period, invested funds will be locked and cannot be redeemed. After the event ends, the system will deduct the corresponding funds based on actual distribution results. Unused funds will be automatically returned to the spot account. If the distributed amount is very small (below the minimum unit), no certificate will be issued, and the full amount will be refunded.

About SpaceX

SpaceX was founded by Elon Musk in 2002 and is currently one of the most influential commercial aerospace companies worldwide. The company aims to reduce space transportation costs and promote human space exploration, holding a high level of innovation in the aerospace industry.

Risk warning: high volatility and uncertainty

Participation in such Pre-IPOs products requires careful attention to the following risks:

• The company is not yet listed; timing and outcomes are uncertain
• If the company fails to go public successfully or its value declines, losses may occur
• Market liquidity and price fluctuations may impact investment results
• Regulations, technology, and market environments may also influence outcomes

Additionally, this product does not support participation with borrowed funds and does not open to institutional or sub-accounts.

Important statements and product nature explanation

SPCX is a mirror note and not actual stock or equity, with no legal relationship to SpaceX itself. The issuance is not authorized or involved by SpaceX, and the raised funds will not flow to the company.

This article is for informational purposes only and does not constitute investment advice. Investors should assess risks independently and consider seeking professional guidance before participating.

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Summary

Gate Pre-IPOs provides investors with a tool to participate in market value changes before a company’s listing. The SPCX product, as the first offering, combines mirror notes with a lock-up distribution mechanism, allowing users to engage with SpaceX’s potential growth in various ways. Due to the high uncertainty and risks involved, investors should carefully evaluate their risk tolerance and market conditions before participating.