How can ordinary people participate in SpaceX investment through Gate Pre-IPOs?

In April 2026, the cryptocurrency exchange Gate officially launched its digital Pre-IPOs participation mechanism, opening early investment channels that were previously exclusive to institutions and ultra-high-net-worth individuals to more than 51 million users worldwide. As the inaugural project, tokenized shares of SpaceX (SPCX) drew immediate and intense market attention as soon as they were unveiled. SpaceX is expected to complete its IPO in June 2026, with a fundraising target as high as $75 billion, and could become the largest initial public offering in history.

SpaceX: The Absolute Dominator in Commercial Spaceflight

SpaceX (Space Exploration Technologies Corp.), founded by Elon Musk in 2002, is one of the most influential private aerospace companies in the world. With breakthroughs in reusable rocket technology, SpaceX has grown from a launch-services provider into a multi-layered infrastructure platform covering orbital logistics, Starlink global satellite internet, defense aerospace operations, and deep-space exploration.

SpaceX’s core business has formed three major revenue pillars: commercial and government launch services, Starlink satellite internet subscription, and collaborations in space transportation and deep-space exploration. Among them, Starlink generated approximately $11.4 billion in revenue in 2025, a year-over-year increase of 50%, making it SpaceX’s most commercially valuable core asset.

The SpaceX IPO process is accelerating. As of April 17, 2026, SpaceX has informed employees that the equity vesting date will be moved forward from May to April, paving the way for the listing. Market reports show that SpaceX is expected to officially submit its prospectus in late May, begin roadshows on June 8, and complete pricing on June 15. Its IPO fundraising target is as high as $75 billion, with a target valuation range of between $1.75 trillion and $2 trillion.

SPCX Subscription Details: Key Parameters at a Glance

SPCX is the asset certificate for the first Gate Pre-IPOs project, and it is a type of mirror note, designed to reflect changes in SpaceX’s market valuation before and after listing.

The implied valuation corresponding to the $590 subscription price is approximately $1.4 trillion, while market rumors suggest SpaceX’s IPO target valuation is close to $1.75 trillion. This means SPCX may currently be in a relatively discounted entry window. Meanwhile, this subscription waives all trading fees and custody fees, greatly lowering participation costs.

Allocation Mechanism: Time-Weighted—The Earlier You Put In, the Higher the Weight

SPCX’s allocation logic is fundamentally different from the traditional “first-come, first-served” model. Gate uses the average locked position ratio as the basis for allocation. During the entire 48-hour subscription period, the system continuously records users’ locked amounts and uses them to calculate the final allocation proportion.

The core calculation formula is: Average locked amount per hour = the total of locked-position snapshots ÷ 48 hours.

Simply put, the allocation result depends not only on how much you invest, but also on when you invest and how long you keep your positions locked. Suppose three users each invest 100,000 USDT: User A invests in the 1st hour and locks throughout, with an average locked amount of 100,000, receiving the highest weight; User B invests in the 24th hour, with an average locked amount of 50,000, receiving half the weight; User C invests in the last hour, with an average locked amount of about 2,083, receiving a very low weight.

In addition, VIP users above level 5, as well as qualifying super agents, will also receive extra free airdrop rewards.

Exit Path: 100% Unlock—Flexible Exit Options

Unlike traditional Pre-IPO shares that often have lock-up periods lasting for years, SPCX will be unlocked 100% after distribution, and within about 30 days it will open Gate pre-market trading (Pre-market), supporting free buying and selling 24/7.

After the target company’s IPO lock-up period ends, users can also exit in the following ways:

• Convert to stock tokens
• Redeem for USDT based on the post-listing market price

This design provides multiple exit paths, allowing investors to flexibly adjust their strategies based on market conditions.

Core Advantages of Gate Pre-IPOs

Gate’s digital Pre-IPOs mechanism essentially tokenizes traditional Pre-IPO equity or financing rights into a blockchain-based encapsulated form, creating digital assets that can be subscribed to and traded within the platform.

Compared with the traditional model, its advantages are reflected in:

• Very low threshold: you can participate with a minimum of 100 USDT, whereas traditional Pre-IPO offerings often require initial investment of several million dollars;
• No need for overseas securities accounts: simply hold USDT or GUSD to complete the subscription;
• 7×24 trading: not restricted by traditional stock market trading hours;
• Flexible exit: no long-term lock-up period; you can trade anytime in the pre-market.

Against the backdrop of multiple leading crypto exchanges racing to deploy in the Pre-IPO track, Gate—backed by its inaugural SpaceX, a project at a historical-level scale—has been the first to establish a leading mindshare for users in this track.

Risk Warning

While SPCX offers an opportunity to participate in changes to SpaceX’s valuation, investors still need to be aware of the following risks:

• SPCX is not SpaceX stock; it is a synthetic mirror exposure certificate, and it does not grant holders any company equity, voting rights, or dividend rights;
• SpaceX has not yet officially gone public, and there is uncertainty in the timing of the IPO; valuation references still remain market speculation;
• The aerospace industry involves multiple risks including policy, technology, operations, and competition, and prices may experience significant volatility;
• Tokenized private placement exposure faces regulatory uncertainties, and high volatility may occur in the early trading stage.

Summary

The launch of Gate Pre-IPOs’ first project, SpaceX (SPCX), marks a structural shift in the way private market access is granted. By using blockchain technology to open up a trillion-dollar unicorn like SpaceX to ordinary investors in a tokenized format, Gate not only breaks the institutional monopoly on Pre-IPO investment in the traditional financial system, but also injects an entirely new asset class into the crypto industry.

The subscription window will open at 10:00 (UTC) on April 20, 2026, and lasts only 48 hours. Investors who are interested are advised to complete account verification in advance, prepare USDT or GUSD funds, and invest as early as possible after the window opens to obtain a higher allocation weight. No matter what the final allocation result is, the launch of SPCX itself already signifies that the wave of “democratized Pre-IPO investing” has officially arrived.