#GatePreIPOsLaunchesWithSpaceX

Gate Pre-IPO First Phase Project: SpaceX (SPCX) Subscription Update

The SpaceX Pre-IPO subscription on Gate continues to attract significant attention from the crypto community. As of today, the subscription has reached extraordinary participation levels, with both USDT and GUSD pools showing strong demand from investors seeking early exposure to Elon Musk's aerospace giant.

SpaceX, founded by Elon Musk in 2002, stands as the world's largest and most disruptive commercial aerospace company. The company has revolutionized space technology with its reusable rocket systems and has secured contracts with NASA, commercial satellite operators, and is actively developing the Starlink satellite constellation for global internet coverage. With an implied valuation of 1.4 trillion dollars, SpaceX represents one of the most valuable private companies globally, making this Pre-IPO opportunity particularly compelling for investors who have historically been unable to access private equity in such high-growth ventures.

The SPCX Mirror Note serves as a Contingent Payout Note designed to reflect SpaceX's valuation both before and after its potential public listing. Gate provides users with multiple exit or long-term holding options aligned with the fair market value of the target company by obtaining hedging exposure to SpaceX shares in the secondary market. This structure allows crypto investors to gain exposure to traditional equity value through a digital asset format.

Current subscription statistics reveal overwhelming demand. The USDT pool has reached 260.6 million USDT in committed funds against a total allocation of 23,730 SPCX tokens, representing approximately 1861.53 percent subscription progress. The GUSD pool shows 58.1 million GUSD committed against 10,170 SPCX tokens available, reflecting about 969.42 percent subscription progress. These figures indicate that allocation will be highly competitive, with early subscribers receiving preferential weighting in the distribution calculation.

The distribution mechanism operates on an hourly average locked amount basis over the 48-hour subscription period. Participants who commit funds earlier receive significantly higher allocation weights. For example, a subscriber committing 100,000 USDT in the first hour maintains that full weight throughout the period, while someone subscribing in the final hour receives only a fraction of that allocation weight. This structure rewards early conviction and participation.

Each SPCX unit is priced at 590 dollars, with a minimum subscription of 100 USDT or 100 GUSD per user. The per-user allocation cap is set at 339 SPCX tokens. The subscription period runs until April 22, 2026, at 10:00 UTC, with distribution scheduled for May 6, 2026, at 10:00 UTC, though this has been advanced to April 22, 2026, at 14:00 UTC for earlier access. Pre-market trading is expected to commence on April 24, 2026, at 10:00 UTC, with 100 percent unlock at distribution.

Additional benefits are available for specific user categories. VIP level 5 and above users who participate in the SPCX subscription are eligible for exclusive airdrop rewards. Super affiliates who meet the basic requirements also qualify for additional free airdrops. These incentives add extra value for loyal Gate users and active community participants.

New users subscribing to SPCX also have the opportunity to participate in YuBiBao, with potential returns of up to 200 percent annualized. This creates a dual benefit structure where subscribers not only gain exposure to SpaceX's potential upside but can also earn yield on their committed capital during the subscription period.

Investors should carefully consider the risk factors associated with this offering. As SpaceX remains a private company with an uncertain IPO timeline, this investment carries significant uncertainty. The company's valuation has grown substantially through various funding rounds, from 74.15 billion dollars in 2021 to the current 1.4 trillion dollar implied valuation, representing remarkable growth but also highlighting the premium being paid for access. If SpaceX successfully goes public, is acquired, or merges, Gate will provide exit mechanisms based on fair market value. However, if the company's value declines or it fails to achieve a liquidity event, investors may face losses.

The subscription deadline approaches rapidly, with less than two days remaining for participation. Interested investors must complete their subscriptions before April 22, 2026, at 18:00 UTC plus 8. Given the current oversubscription levels and the early-bird weighting mechanism, immediate action is recommended for those seeking meaningful allocations in this historic Pre-IPO opportunity.