Can ordinary investors participate in Pre-IPOs through the crypto market? Taking Gate as an example

In 2026, the hottest topic in the crypto world is none other than Pre-IPOs. As super unicorns like SpaceX, OpenAI, and Anthropic stand on the eve of going public, the question ordinary investors care about most is: Does this opportunity really come to me? Taking Gate as an example, the answer is becoming clearer.

From the “Million Dollar Club” to a Starting Investment of 100 USDT

In the traditional financial world, Pre-IPO investments have long been the exclusive playground of top-tier venture capital firms, hedge funds, and ultra-high-net-worth individuals—where the minimum investment threshold is often in the millions of dollars, and ordinary investors can only wait until the company officially lists and enter at high prices.

On April 9, 2026, Gate launched a digital Pre-IPOs participation mechanism, opening this channel that was originally reserved for institutions to more than 51 million users worldwide. The core logic is simple: tokenize traditional Pre-IPO equity or financing rights using blockchain technology to form digital assets that can be subscribed to and traded within the platform. Users don’t need to open an overseas securities account; after completing KYC verification, they can participate, with a minimum of 100 USDT per person.

In other words, “Can you buy SpaceX stock at the bank counter?”—that’s something traditional channels can’t do, but on Gate, the answer is fundamentally changing.

Gate Pre-IPOs First Round Case: Full Walkthrough of SPCX

In late April 2026, the launch of Gate Pre-IPOs sparked a subscription frenzy. To help readers understand more intuitively whether “ordinary investors can participate,” below is the complete participation path for the first project, SpaceX (asset certificate code: SPCX).

Subscription phase (April 20–22):

Gate’s first Pre-IPOs subscription runs from 18:00 on April 20, 2026 to 18:00 on April 22, 2026 (UTC+8). It supports subscription in both USDT and GUSD. The key parameters are as follows:

• Subscription price: 590 USDT / SPCX, implying a SpaceX valuation of approximately 1.4 trillion US dollars
• Total subscription amount: 33,900 SPCX, worth approximately 20.001 million US dollars
• Minimum participation threshold: 100 USDT or 100 GUSD
• Per-person limit: 339 SPCX
• Allocation mechanism: uses an “hourly average locked-in amount” algorithm— the earlier you subscribe and the longer your lock-up time, the higher your allocation weight
• Fees: zero fees and zero custody fees for the first round; 100% unlocked distribution

Within 24 hours of the subscription opening, the total subscription amount exceeded 353 million US dollars. After the subscription ends, SPCX begins pre-market trading at 10:00 UTC on April 24, 2026.

Pre-market trading phase (starting April 24):

After distribution (expected no later than May 6), SPCX enters the pre-market trading phase, supporting 24/7 continuous trading. Users can freely buy and sell SPCX within the platform. Holders may choose to sell in the pre-market market, or after the 6-month lock-up period, exchange for stock tokens or exchange at the market price for USDT.

Please note: although the subscription has ended, Gate’s Pre-IPOs section continues to expand with more high-quality underlying assets. In the future, new subscription windows and more popular projects will be launched. Investors who are interested in participating can monitor the updates in Gate’s “Pre-IPOs” section in advance.

Summary

The core value of Gate Pre-IPOs is that, through digitalization, it opens the previously out-of-reach Pre-IPO market to ordinary investors. But that does not mean “no risk.” This is a high-risk derivative product, suitable for mature investors who clearly understand the underlying mechanisms, have their capital size under control, and can accept significant price volatility.

It’s recommended to take a small-position “try it” approach—treat Pre-IPOs products as a complementary allocation within an investment portfolio rather than a heavy-weight position. Closely track the project’s IPO progress and take profits and cut losses in a timely manner. While pursuing potential returns, establishing a clear risk management strategy is the key to participating prudently.

FAQ

1. Are there eligibility limits for the user group? Unlike traditional Pre-IPO requirements for qualified investors, Gate Pre-IPOs is open to all global users who complete KYC verification. There is no net worth threshold and no need for high-net-worth proof. However, users in some countries or regions may be subject to local regulations, so they should confirm in advance whether the service is available in their area before participating.

2. If I put money in, can I withdraw it at any time? One of the biggest innovations of Gate Pre-IPOs is that it addresses the pain point of traditional private placements—“lock 5 years.” After SPCX subscription is completed, assets are 100% unlocked. The asset certificates are directly transferred to the pre-market trading venue, which supports 24/7 buying and selling, so they are no longer tied to a single exit path of “waiting for the IPO.”

3. Is SPCX the same thing as SpaceX stock? No. This must be clearly distinguished. SPCX is a mirror note–type synthetic derivative, not actual SpaceX stock or equity. Users have no voting rights and no dividend rights, and there is no direct legal relationship with the SpaceX company. The platform provides users with economic exposure to the company’s valuation by hedging its exposure through SpaceX stock holdings obtained in the market.

4. What are the main risks?

• Valuation decoupling risk: The SPCX price reflects market speculation and trading sentiment, not the actual share price. If SpaceX’s final IPO price is lower than 590 US dollars, the asset will directly drop in value.
• Counterparty risk: Investors rely on Gate’s solvency and execution of the redemption logic
• Liquidity risk: Unlike publicly traded stocks, exiting depends on demand in the internal market
• Listing uncertainty: If SpaceX fails to list or is acquired, SPCX value could become zero

5. What are the exit methods? SPCX provides two main exit paths: (1) after participating in the subscription, you can buy and sell at any time in the pre-market to exit; and (2) after the asset lock-up period (6 months), you can exchange via Gate’s dedicated page for stock tokens or exit by converting at the market price into USDT. The lock-up duration varies by project—please refer to the corresponding announcements for the specific details.