Gate Pre-IPOs First Phase Project Update: SpaceX (SPCX) has completed distribution and announced trading arrangements

1. SPCX Distribution Completed: Assets Have Been Disbursed to Spot Accounts

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

This distribution includes three parts:

• Subscription allocation
• VIP exclusive airdrop
• Super agent airdrop

All related assets have been credited to users’ spot accounts. Users who successfully participated in the subscription can directly view their holdings.

It should be noted that this distribution is a one-time event and does not involve phased releases.

2. 100% Unlock: Assets Are Now Circulatable

SPCX adopted a 100% unlock mechanism during distribution, which means:

• No additional lock-up periods
• No linear release schedule
• Users can participate in the market immediately after trading opens

This design ensures that the completion of distribution and liquidity release are almost instantaneous.

3. Pre-Market Trading Schedule

SPCX will enter the pre-IPO trading phase in the Pre-IPO zone, with the following schedule:

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

After trading opens:

• 24/7 trading support
• Users can freely buy and sell asset certificates

Pre-market trading can be accessed via Web or App.

4. Trading Methods Explanation

Users can participate in SPCX circulation through two methods:

Pre-market trading:

• Similar to spot trading matching
• Users place orders and execute trades independently
• Prices determined by market supply and demand

Flash swap trading:

• Provides quick exchange functionality
• No order placement needed
• Suitable for immediate transaction needs

These two methods differ in operational experience and price mechanisms; users can choose based on their needs.

5. Current Price Formation Mechanism

Since SpaceX has not yet gone public, SPCX does not have a reference market price during the pre-market phase.

Therefore:

• Initial price is determined by market trading
• Large fluctuations may occur
• Bid-ask spreads could be wide

Price formation will mainly depend on:

• Market participation
• Order book depth
• Expectations of future listing

6. Additional Arrangements for Subscription Users

For users participating in SPCX subscription, the platform offers extra incentives:

First, USDT wealth management benefits:

• Participation in residual coin treasure
• Some activities offer higher annualized yields (subject to activity rules)

Second, GUSD minting earnings:

• Users who subscribe with GUSD
• Can earn daily minting rewards

These arrangements are additional incentives and are not directly related to SPCX’s price fluctuations.

7. Subsequent Mechanisms Remain Valid

Although SPCX has entered the trading phase, the subsequent mechanisms of Pre-IPO remain applicable:

In the future, if SpaceX experiences key events:

• Successful IPO
• Acquisition or merger

The platform will provide corresponding exit options, such as:

• Redeeming for USDT at market price
• Or converting into stock tokens

If the company does not go public, settlement will be based on a reasonable market value under agreed conditions.

8. Product Attribute Explanation

It is important to reiterate that SPCX’s nature is:

• Mirror Note
• Not representing stocks or shares
• No shareholder rights

Additionally:

• SpaceX did not participate in the issuance of this product
• No authorization or endorsement related to it
• No fundraising involved

This product essentially reflects the enterprise’s value rather than being a direct investment in the underlying company.

9. Risk Reminder

Participating in SPCX-related transactions involves the following risks:

• The target company is not yet listed, with inherent uncertainties
• Pre-market trading prices can be highly volatile
• Market liquidity may be insufficient
• Asset prices could surge or plummet significantly

In extreme cases:

• If the company faces major operational issues
• Asset value could decline sharply or become zero

Furthermore, this product does not offer any yield guarantees or capital protection mechanisms.

10. Summary

This announcement confirms two key points:

• SPCX has completed distribution and entered the circulation preparation stage
• Pre-market trading will officially commence on April 24

From a process perspective, the project has moved from the “Subscription and Allocation” phase to the “Market Trading and Price Discovery” phase.

Future performance will mainly depend on market supply and demand, as well as expectations regarding SpaceX’s future development.