Gate Pre-IPO Project SPCX for the First Batch has been distributed and the trading countdown is now live: key time points and details participants should watch

Part 1: The Subscription Phase Is No Longer Ongoing

With SPCX distribution completed, the entire Pre-IPO project has entered a new stage.

This means:

• Subscription has ended
• Allocation results have been finalized
• The market is about to start pricing

For participants, the focus should shift from “how much can I get” to “how to manage my holdings.”

Part 2: Timeline Overview: Three Key Milestones

The most important timeline points can be summarized into three:

First, distribution completion: asset tokens have been issued to spot accounts and are fully unlocked.

Second, pre-market trading begins: April 24, 2026, 18:00 (UTC+8), SPCX / USDT trading pair goes live.

Third, instant swap feature launches: April 24, 2026, 19:00 (UTC+8), supporting direct exchanges.

These three time points determine the transition from “holding status” to “trading readiness.”

Part 3: Changes at the Account Level: What You Actually Hold Now

After distribution, the changes in user accounts can be summarized as:

• SPCX has entered the spot account
• Original subscription funds have been settled
• Unused funds have been returned

At this point, SPCX:

• Can be viewed
• But cannot be traded before trading opens

Once pre-market trading begins, these assets will become liquid.

Part 4: A Practical Issue Before Trading Starts: Where Does the Price Come From?

Before SpaceX is listed, there is no “official anchor” for SPCX’s initial price.

After trading begins, the price formation path is:

• The first trade price
• Order book depth
• Market participants’ expectations

In other words: the opening price is essentially determined collectively by the market, not preset.

This also means:

• Early trades may be volatile
• Bid-ask spreads could be wide

Part 5: Differences Between the Two Trading Methods

SPCX offers two trading paths:

One is pre-market trading:

• Similar to regular matching trading
• Requires placing orders and executing trades
• Price is determined by the market

The other is instant swap:

• Similar to immediate exchange
• More convenient but may have price differences
• Suitable for quick entry and exit

Part 6: Why Emphasize the “Pre-Market” Stage

SPCX is currently in a special phase:

It’s neither the subscription period nor the official listing trading phase, but an intermediate transitional state.

Features of this stage include:

• The target company is not listed
• Price lacks a public market reference
• Trading depends entirely on participants

Price volatility is usually more pronounced than in mature markets.

Part 7: Divergence Between Holding and Trading Choices

At this point, participants generally face two options:

One is short-term trading:

• Focus on opening liquidity
• Use price fluctuations for buying and selling

The other is to continue holding:

• Wait for subsequent events (like IPO)
• Focus on long-term value changes

These two paths involve entirely different risk structures.

Part 8: An Overlooked Fact: No “Guaranteed Exit Price,” Trading Requires Caution

Although SPCX is associated with SpaceX, during the pre-market trading phase:

• There is no price protection mechanism
• No floor price or buyback arrangement
• No minimum transaction price

All trades are based on market supply and demand. Whether a trade occurs and at what price depends on current market conditions.

Part 9: Summary: From “Result Confirmation” to “Market Testing”

After distribution, the project enters a more critical phase: the market begins to price it genuinely.

For participants:

• Allocation results are finalized
• Future performance depends on market behavior

Expectations around SpaceX will gradually manifest as price fluctuations during trading. The core of this stage is no longer rules but the market itself.

For more details, please refer to the official announcement.