#GatePreIPOsLaunchesWithSpaceX

GATE PRE-IPO FIRST PHASE PROJECT: SPACEX (SPCX) COMPREHENSIVE SUBSCRIPTION GUIDE

---

PROJECT OVERVIEW AND INTRODUCTION

SpaceX (Space Exploration Technologies Corp.), founded by visionary entrepreneur Elon Musk in 2002, stands as the world's largest and most disruptive commercial aerospace company today. The company has revolutionized the space industry through its groundbreaking achievements in reusable rocket technology, satellite deployment, and ambitious plans for interplanetary travel. SpaceX has successfully developed and operated the Falcon 9, Falcon Heavy, and Starship launch vehicles, alongside the Dragon spacecraft and the Starlink satellite constellation program.

Gate.com, a leading global digital asset trading platform, is proud to announce the official launch of its first Pre-IPO project featuring SpaceX (SPCX). This marks a historic milestone as Gate becomes one of the first cryptocurrency exchanges to offer retail investors access to pre-IPO equity of a world-class unicorn company. The SPCX token represents a Mirror Note issued prior to SpaceX's anticipated initial public offering, designed to reflect the company's valuation both before and after its potential listing on public markets.

The SPCX is structured as a Contingent Payout Note (CPN), providing investors with exposure to SpaceX's valuation growth. 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 innovative financial instrument bridges the gap between traditional equity markets and the cryptocurrency ecosystem, allowing digital asset holders to participate in the growth of one of the most valuable private companies in history.

---

SUBSCRIPTION DETAILS AND KEY METRICS

The SpaceX (SPCX) Pre-IPO subscription event commenced on April 20, 2026, at 18:00 (UTC+8) and will conclude on April 22, 2026, at 18:00 (UTC+8). This 48-hour subscription window provides eligible participants with a limited-time opportunity to secure allocation in this landmark investment opportunity.

The total subscription volume available for this first phase is 33,900 SPCX tokens, with each unit priced at 590 USDT or GUSD. This represents a total implied valuation of approximately 1.4 trillion for SpaceX, reflecting the company's extraordinary growth trajectory and market position as the dominant player in the commercial space industry.

The subscription supports two primary payment methods: USDT (Tether) and GUSD (Gate USD). Participants can choose their preferred stablecoin for subscription based on their portfolio composition and preferences. The minimum subscription amount is set at 100 USDT or 100 GUSD, making this opportunity accessible to a broad range of investors while maintaining meaningful position sizes.

As of the latest update, the subscription has demonstrated extraordinary demand with an oversubscription rate exceeding 1,972% for USDT subscriptions and 1,000% for GUSD subscriptions. The total subscription commitments have reached 276,150,409.47 USDT and 60,019,015.92 GUSD respectively, highlighting the immense investor interest in gaining exposure to SpaceX prior to its potential public listing.

---

ALLOCATION MECHANISM AND WEIGHTING SYSTEM

Gate has implemented a sophisticated allocation mechanism designed to reward early participants and loyal platform users. The core principle governing the allocation is simple yet powerful: the earlier you subscribe, the higher your allocation weight. This time-weighted allocation system incentivizes prompt participation and ensures fair distribution among committed investors.

The allocation algorithm considers multiple factors including subscription timing, amount committed, and user tier status. Early subscribers receive preferential weighting in the allocation calculation, meaning those who participate in the first hours of the subscription window have a significantly higher probability of receiving their requested allocation compared to those who wait until the final moments.

This mechanism serves dual purposes: it rewards proactive investors who demonstrate conviction in the project, and it helps Gate manage the overwhelming demand by smoothing subscription inflows across the entire subscription period rather than creating a last-minute rush that could strain platform infrastructure.

---

VIP AND SUPER AGENT EXCLUSIVE BENEFITS

Gate has designed an exclusive airdrop program to reward its most valuable users and community contributors. VIP 5+ users and Super Agents are eligible to receive additional free SPCX airdrops on top of their regular subscription allocations.

The VIP-exclusive airdrop event distributes SPCX asset certificates to qualifying high-tier users as a token of appreciation for their continued loyalty and platform engagement. Additionally, eligible Super Agents receive a fixed amount of SPCX airdrop, recognizing their contribution to platform growth through referral activities and community building.

This tiered benefit structure aligns with Gate's broader strategy of incentivizing platform participation and rewarding users who contribute to ecosystem development. VIP users benefit from enhanced allocation weights, priority access to future Pre-IPO projects, and exclusive airdrop distributions that amplify their investment returns.

To qualify for VIP benefits, users must maintain the required VIP level at the time of subscription and meet any additional criteria specified in the promotion terms. Super Agent status is determined based on referral performance and community engagement metrics tracked by the platform.

---

YUBIBAO INTEGRATION FOR NEW USERS

Gate has introduced an innovative incentive for new users participating in the SpaceX Pre-IPO subscription. New users who subscribe to SPCX are automatically enrolled in YuBiBao, Gate's flagship flexible savings product, with the opportunity to earn maximum annualized returns of up to 200%.

This dual-benefit structure allows newcomers to the platform to simultaneously gain exposure to SpaceX's pre-IPO growth potential while earning attractive yields on their idle assets. The YuBiBao integration demonstrates Gate's commitment to maximizing value for users across multiple product verticals.

YuBiBao operates as an automated yield-generating mechanism that puts users' assets to work through various DeFi strategies, lending protocols, and institutional partnerships. The 200% annualized return represents a promotional rate for new users during the subscription period, providing an additional incentive for platform onboarding and participation.

---

POST-SUBSCRIPTION TIMELINE AND TRADING SCHEDULE

Following the conclusion of the subscription period on April 22, 2026, at 18:00 (UTC+8), Gate has established a clear timeline for asset distribution and trading activation.

Asset Distribution Phase: SPCX asset certificates are scheduled for distribution ahead of schedule before 22:00 on April 22, 2026 (UTC+8).

100% Unlock Mechanism: SPCX tokens will be 100% unlocked immediately upon distribution.

Pre-Market Trading Launch: Pre-market trading for SPCX will commence at 18:00 on April 24, 2026 (UTC+8).

---

FINANCIAL DATA AND VALUATION HISTORY

SpaceX valuation trajectory:

Corporate Round (February 2026): 1.25 trillion
Tender Offer 2 (December 2025): 800 billion
Tender Offer 1 (December 2024): 350 billion
Secondary Transaction 3 (July 2023): 150 billion
Private Equity Round 2 (January 2023): 137 billion
Secondary Transaction 2 (June 2022): 125 billion
Secondary Transaction 1 (October 2021): 100 billion
Private Equity Round 1 (April 2021): 74.15 billion

This reflects nearly 19x growth from 2021 to 2026 driven by Starlink, launch contracts, and expansion.

---

MANAGEMENT TEAM AND LEADERSHIP

Elon Musk – Chief Executive Officer
Bret Johnsen – Chief Financial Officer
Gwynne Shotwell – Chief Operating Officer

---

RISK FACTORS AND INVESTMENT CONSIDERATIONS

IPO timeline uncertainty, valuation risk, liquidity constraints, regulatory risks, technology execution risk, cryptocurrency volatility, and platform disclaimers apply. No borrowed funds allowed. Institutional accounts excluded.

---

SUBSCRIPTION PROCESS AND PARTICIPATION GUIDE

1 Account verification
2 Fund preparation
3 Access subscription page
4 Select currency
5 Enter amount
6 Confirm submission
7 Monitor allocation
8 Prepare for trading

---

IMPORTANT DATES SUMMARY

Subscription Opens: April 20, 2026, 18:00 (UTC+8)
Subscription Closes: April 22, 2026, 18:00 (UTC+8)
Asset Distribution: Before April 22, 2026, 22:00 (UTC+8)
Pre-Market Trading: April 24, 2026, 18:00 (UTC+8)

---

Time remaining and subscription progress remain as per latest platform update.