#GatePreIPOs首发SpaceX Gate.io's Pre-IPO first project SpaceX (SPCX) will officially open subscriptions on April 20th. This is not a direct listing of SpaceX, but a tokenized pre-IPO asset certificate aimed at retail investors, allowing ordinary users to "get on board early" before its official IPO.

🚀 Key subscription information (Beijing Time UTC+8)

Subscription period: April 20, 2026, 18:00 – April 22, 18:00

Subscription price: 590 USDT/GUSD per SPCX

Implied valuation: approximately $1.4 trillion (total scale about $20 million)

Minimum threshold: 100 USDT

Asset distribution: expected to be issued before 18:00 on May 6 and open for pre-market trading

📝 Product essence: What are you buying?

SPCX is not SpaceX stock but a Mirror Note.

Rights difference: You hold economic benefit rights (tracking value fluctuations), without voting rights or dividend rights as a SpaceX shareholder, nor can you directly exchange for Nasdaq stocks.

Operational logic: Gate hedges by holding SpaceX equity or derivatives off-exchange, issuing SPCX to mirror its value. Essentially, this is an "Pre-IPO secondary market" built by the exchange.

⚠️ Key risk warnings

Regulatory gray area: SpaceX has not yet gone public, and such tokenized products are in regulatory ambiguity in many regions (including China), with risks of being deemed illegal securities or policy bans.

Valuation bubble: The $1.4 trillion valuation far exceeds traditional private equity markets (about $800 billion to $1.25 trillion), with pricing power entirely in the hands of the exchange, risking overvaluation.

Liquidity risk: Although pre-market trading is supported, if market enthusiasm wanes or the listing is delayed, there may be insufficient depth and difficulty in closing positions.

💡 Decision recommendations

Suitable for: Aggressive investors who understand the high risks of the crypto market and are extremely optimistic about SpaceX's listing performance.