Gate Pre-IPOs: SpaceX (SPCX) has completed distribution and has initiated pre-market trading arrangements

1. SPCX Distribution Completed: Assets Have Entered Spot Account

According to the latest announcement, regarding SpaceX’s Pre-IPO project, the SPCX asset certificates have been uniformly distributed.

This distribution includes:

• Subscription allocation
• VIP user airdrop
• Super agent airdrop

Related assets have been credited to users’ spot accounts, and participants can view the corresponding balances directly in their accounts. This SPCX distribution adopts 100% unlock release, with no additional lock-up period, meaning assets can be freely circulated once they enter the trading phase.

2. Trading Time Clarified: Market Opening on April 24

After the SPCX distribution, trading will enter the pre-market trading phase in the Pre-IPO zone.

The specific schedule is as follows:

• Trading pair: SPCX / USDT
• Pre-market trading opens: April 24, 2026, 18:00 (UTC+8)
• Flash exchange opens: April 24, 2026, 19:00 (UTC+8)

Trading formats include:

• Pre-market market trading (similar to matching trading)
• Flash exchange (instant conversion)

Users can access the respective trading portals via Web or App to operate.

3. Features of the Pre-market Trading Phase

While SpaceX is not yet listed, SPCX trading during this phase is considered “pre-market.”

This stage has several characteristics:

• Supports 24/7 trading
• Uses temporary trading symbols and circulating supply
• Prices are entirely determined by market supply and demand

There is no “pegged price” in this phase; market prices may fluctuate significantly, especially at the beginning of trading.

4. After Distribution, What Is the Actual Status of Users

From a fund and asset structure perspective, after distribution, users enter a new stage:

• Subscription funds have been settled
• SPCX assets have been credited
• Users can choose to trade immediately or hold further

In other words, users have shifted from “subscribers” to “market traders.”

Future gains or risks will mainly depend on market price movements. For more details, please refer to the official announcement.

5. The Subsequent Mechanism Remains Valid: More Than Just Trading

Although the current phase is trading, the full Pre-IPO mechanism still stands:

If SpaceX experiences key events in the future:

• Successful IPO
• Acquisition or merger

The platform will provide corresponding exit or settlement paths, such as:

• Converting to USDT at market price
• Or converting into stock tokens

If it remains unlisted long-term:

• Settlement will be based on a reasonable market value at the agreed maturity date

Therefore, SPCX can serve both as a short-term trading asset and as a medium- to long-term holding tool.

6. Additional Yield Mechanism Explanation

For users participating in SPCX subscription, the platform also offers some additional arrangements:

For example:

• USDT wealth management (YuBiBao) yield enhancement
• Using GUSD to subscribe can earn daily minting yields

These are supplementary incentives and do not affect SPCX’s price or value logic.

7. Clarification of Product Attributes

Although SPCX is related to SpaceX, its core nature remains:

• Mirror Note (Mirror Note)
• Not a stock or equity
• Does not represent any ownership

Additionally:

• SpaceX did not participate in the issuance of this product
• No authorization or endorsement related to it
• Will not raise funds or receive any proceeds

This is crucial for understanding the product’s boundaries.

8. Risk Reminder and Current Focus

Once in the trading phase, the key risks also change:

Mainly include:

• Price volatility risk (driven by market supply and demand)
• Liquidity risk (initial depth may be insufficient)
• Expectation change risk (uncertainty related to IPO)

Furthermore, since the underlying company is not yet listed:

• Time cycle is uncertain
• Valuation may be adjusted
• In extreme cases, there is a risk of zero value

9. Summary: From “Subscription End” to “Market Start”

The current status of SPCX can be understood as a critical transition point:

• Previous stage: subscription and distribution
• Current stage: trading and price discovery

Distribution completion does not mean the process ends but marks the beginning of a new market phase.

Future performance will depend more on:

• Market participation
• Liquidity conditions
• Changes in expectations for SpaceX’s future