Gate Pre-IPOs First Launch SpaceX (SPCX): Overview of Mechanisms, Parameters, and Risk Highlights

Project Background and Product Positioning

Gate’s launched Pre-IPOs product provides users with a tool to participate in tracking the valuation of private companies. The current offering is SpaceX, with the asset certificate corresponding to SPCX.

It should be clarified that:

SPCX is not a stock or equity, but a structured product (Mirror Note) used to map the market value changes of the target company before and after going public. By holding this asset certificate, users can to some extent track SpaceX’s valuation performance.

Basic Subscription Information

Image source: Subscription page

The core parameters for this SPCX subscription are as follows:

• Project Name: SpaceX
• Asset Certificate: SPCX
• Implied Valuation: approximately $1.4 trillion
• Unit Price: $590 / SPCX

Subscription scale and allocation:

• Total: 33,900 SPCX
• Total Value: approximately $20 million
• USDT proportion: 70%
• GUSD proportion: 30%

Participation thresholds and restrictions:

• Minimum per transaction: 100 USDT or GUSD
• Per person limit: 339 SPCX
• No fees or custody charges for this subscription

Subscription schedule:

• Start Time: April 20, 2026, 18:00 (UTC+8)
• End Time: April 22, 2026, 18:00 (UTC+8)

Subscription Process Explanation

Users can participate via Web or App:

Path: Homepage → Wealth Management → Pre-IPOs → Select SPCX → Use USDT or GUSD to subscribe

After completing the subscription, funds will enter a lock-up state and cannot be redeemed during the subscription period. The system will deduct the actual used funds based on the allocation results and return the remaining balance.

Allocation Mechanism and Calculation Logic

SPCX uses an allocation mechanism based on “average locked amount,” rather than first-come, first-served.

Calculation method:

Average locked amount per hour = Total locked amount snapshot in each hour ÷ Total hours of the subscription period

Key influencing factors include:

• Participation time (the earlier, the better)
• Duration of lock-up
• User’s share of total funds

An example logic can be understood as:

• Full participation → Highest average locked amount
• Midway participation → Reduced weight
• Near-end participation → Lower weight

Final allocation depends on the user’s proportion among all participants, also constrained by the total project amount and individual cap.

Distribution and Trading Arrangements

Asset certificate distribution time:

• Originally scheduled: before May 6, 2026
• Actually advanced to: April 22, 2026, 22:00 (UTC+8)

Trading mechanism:

• Start Time: April 24, 2026, 18:00 (UTC+8)
• Trading format: Pre-market trading
• Supports 24/7 trading

Unlock method:

• 100% unlock upon distribution, no additional lock-up

Note that before the company officially goes public, SPCX will circulate under a temporary trading symbol and total amount.

Exit and Settlement Mechanism

After holding SPCX, users can exit via:

Pre-market trading: sell the asset certificate directly on the market before IPO.

Post-list handling: if SpaceX successfully goes public:

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

Lock-up period arrangement: if listed, assets will have approximately a 6-month lock-up period, after which further exchanges or exits are possible.

Special cases:

• Not listed
• Acquired or merged
• Entered bankruptcy proceedings

will be settled based on:

• Fair market value of common stock
• Or, in extreme cases, zero value

Maturity date: December 31, 2035. If not listed by then, settlement will be at a fair market price in USDT.

Valuation and Structural Adjustment Explanation

SPCX’s current implied valuation is based on:

• Subscription price
• Estimated total share capital of approximately 2.37 to 2.38 billion shares

If future events occur such as:

• Capital increases
• Share buybacks
• Stock splits or consolidations

they may impact:

• Asset unit value
• Corresponding valuation levels

The platform will adjust accordingly based on actual circumstances and publish announcements.

Risk Warning

Participation in SPCX subscription involves the following risks:

• Non-equity nature: this product does not represent SpaceX stock, does not confer shareholder rights, and does not establish a legal relationship with the company.
• Listing uncertainty: the target company is not listed currently, and the timing is uncertain, with long-term unpredictability.
• Price fluctuation risk: pre-market trading prices are market-determined and may fluctuate significantly.
• Liquidity risk: during early trading or with low market participation, liquidity may be insufficient.
• Extreme risk: if the company fails or goes bankrupt, asset value may drop to zero.

Additionally, this product does not offer any capital protection or return guarantees.

Additional Notes

• This product has no direct relation to SpaceX
• SpaceX did not participate in issuance, is not authorized, and has not provided any endorsement
• All raised funds do not go to SpaceX

Participants should fully understand the product structure and risk characteristics before engaging.