Gate Pre-IPOs First Launch SpaceX (SPCX): How to Participate in Trillion-Dollar Company Opportunities Before the IPO?

What is Gate Pre-IPOs?

In traditional financial markets, ordinary investors almost cannot participate in early opportunities of unlisted companies, but Gate’s Pre-IPOs mechanism is trying to change that.

Simply put, Pre-IPOs are a digital subscription mechanism that allows users to track and participate in potential value in advance through on-chain asset certificates before a company’s IPO.

The first project is none other than the most talked-about commercial space company worldwide—SpaceX.

What is SPCX? Core Mechanism Breakdown

The SPCX launched this time is not the stock itself but a structured financial product:

• Type: Mirror Note
• Nature: Contingent Payout Note
• Core Logic: Tracks valuation changes before and after SpaceX’s listing

This means:

• SPCX does not represent equity
• Does not own company rights
• Does not form a legal relationship with SpaceX

But it uses market hedging mechanisms to make the price as close as possible to the target company’s valuation changes. It can be understood as a “mapped value” on-chain financial derivative.

Key Subscription Information at a Glance

Image source: Gate Pre-IPOs subscription page

The core parameters for this SpaceX (SPCX) subscription are as follows:

• Implied valuation: approximately $1.4 trillion
• Unit price: $590 / SPCX
• Total subscription scale: about $20 million
• Supported currencies: USDT (70%), GUSD (30%)

Subscription Rules

• Minimum participation: 100 USDT / GUSD
• Per person limit: 339 SPCX
• Subscription period: April 20 - April 22, 2026

Notably:

• 100% unlock distribution
• No implicit fees or custody fees

Distribution Mechanism: Why is “the earlier, the more important”?

Pre-IPOs are not simply “first come, first served,” but adopt a more precise calculation method:

Core metric: Average locked-in amount

Formula logic: The average amount locked per hour, proportion of all users → determines the allocation share

This leads to a key conclusion:

• Early participation → longer lock-in time → higher weight
• Late participation → significantly lower weight

An intuitive example:

• User A: participates in the first hour → highest weight
• User B: joins midway → about half the weight
• User C: joins last → almost no allocation

Essentially, this is a time-weighted capital competition model.

Exit Mechanism: Not just “waiting for IPO”

Many are concerned: what if SpaceX doesn’t go public?

Pre-IPOs offer multiple exit paths:

Pre-market trading (core liquidity)

• Starts: April 24, 2026
• Supports 24/7 trading
• Free trading of SPCX

Exit after listing

If SpaceX successfully IPOs:

• Can be exchanged for stock tokens
• Or exchanged at market price for USDT

Special cases

If any of the following occur:

• Not listed
• Acquired / merged
• Bankruptcy

Then:

• Settled at “reasonable market value”
• Or, in extreme cases, zero

Additionally, the maturity date is December 31, 2035.

Why SpaceX?

Choosing SpaceX is not accidental; it has several key features:

• Leader in commercial space industry
• Starlink building a global communication network
• Rocket reusability significantly reducing costs
• Long-term IPO expectations

More importantly, SpaceX remains in a scarce state of “high valuation + unlisted,”

which makes it an ideal target for Pre-IPOs products.

Investment Perspective: Who is more suitable to participate?

Structurally, SPCX is more suitable for:

• Crypto users wanting to participate in Pre-IPO opportunities
• Those optimistic about SpaceX’s long-term value
• Investors familiar with derivative structures

But one point must be clarified: this is not a low-risk product; it’s closer to structured derivatives + early pricing games.

Key Risk Warnings

Although the product design offers multiple exit paths, risks still need attention:

Non-equity risks

• Does not represent stock
• No shareholder rights

Valuation fluctuation risks

• $1.4 trillion is an implied valuation
• May be adjusted in the future due to financing or market changes

Liquidity risks

• Pre-market may have limited depth
• Price volatility could be amplified

Extreme risks

• Company not listed
• Or even bankruptcy → assets zeroed out

Summary: What is the essence of Pre-IPOs?

Gate’s Pre-IPOs are fundamentally about transforming a traditional “institution-exclusive pre-IPO opportunity” into an on-chain participatory asset.

SPCX is the first large-scale implementation of this model. Its significance is not just as a product but as a trend:

• TradFi assets → on-chain mapping
• IPO opportunities → early trading
• Equity value → derivative expression

But it also raises new questions:

• Is the pricing reasonable?
• How to price risks?
• Is liquidity sustainable?

These questions are the real key to whether Pre-IPOs can sustain long-term viability.