Gate Pre-IPOs Operational Framework Analysis: Observing the Entire Process Logic Using SpaceX (SPCX) as an Example

Using SPCX as an Observation Sample

To better understand how Gate Pre-IPOs operate, this article selects the first project, SpaceX, with its corresponding SPCX as a reference sample.

It should be noted that the focus here is on the mechanism itself, not on the performance of a single project. SPCX is simply a concrete example used to restore the complete process.

From the Timeline Perspective: How a Project Progresses

From a temporal perspective, a Pre-IPO project typically goes through several key milestones:

• Subscription window opens: users submit subscription funds within a limited time
• Subscription ends and calculation phase: the system calculates allocation results based on rules
• Uniform distribution: asset certificates are issued to user accounts
• Trading phase: assets begin circulating in the pre-market

Taking SPCX as an example, its path clearly demonstrates this “time-driven structure.”

From the Fund Flow Perspective: How Funds Move

In this mechanism, the fund flow is relatively clear:

• Subscription phase: funds enter a locked state
• Allocation phase: deduct the corresponding amount based on actual distribution results
• Remaining funds: returned to accounts after distribution

This process means:

Funds submitted by users are not fully converted into assets but are settled according to the final allocation results.

Therefore, “Invested amount ≠ Final asset value received.”

From the Asset Form Perspective: How Assets Are Recorded and Held

After distribution, users hold asset certificates rather than traditional stocks.

These assets have several characteristics:

• Recorded in platform accounts
• Can participate in subsequent trading
• Quantity is directly related to the distribution result

Taking SPCX as an example, its distribution adopts a one-time issuance, and it is tradable immediately upon issuance.

From the Price Formation Perspective: How the Market Provides Valuation

Price formation in Pre-IPOs can be understood as coming from two sources:

1. Initial pricing: used to determine reference costs during the subscription phase
2. Trading pricing: after entering the pre-market, prices are decided by buyers and sellers

In the SPCX trading phase:

• No official pricing exists
• No mandatory anchoring mechanism exists
• Prices are formed entirely through market bidding

This results in high price volatility.

From the Trading Structure Perspective: How Circulation Is Achieved

Pre-market trading is an important component of Pre-IPOs.

In SPCX’s design, we observe:

• Use of independent trading pairs for matching
• Support for continuous trading (7×24)
• Provision of both matching and quick exchange pathways

This structure allows assets to have a certain degree of liquidity before listing.

From the Settlement Logic Perspective: How Future Settlements Are Handled

The key to Pre-IPOs is “how the final settlement is conducted.”

Taking SPCX’s rules as an example, it can be summarized into several scenarios:

• Successful listing of the company: assets will be settled based on the market price after listing
• Mergers or other capital events: settlement will be based on transaction outcomes
• Long-term non-listing: valuation will be settled according to agreed rules
• Extreme cases: assets may lose all value

Therefore, its settlement logic is “conditional trigger-based,” not a single pathway.

From the User Perspective: What Participation Means

Under this mechanism, users are not simply “buying stocks” in the traditional sense, but are involved in:

• Participating in a phased value range
• Bearing the volatility during price discovery
• Making decisions at different time points

Taking SPCX as an example, users can choose to:

• Hold and wait for subsequent events
• Trade in the pre-market
• Adjust strategies based on price changes

Participation is more flexible but also more reliant on judgment.

From the Overall Structure: What Has Changed

In summary, the SPCX case shows that the main changes brought by Pre-IPOs are:

• Moving the timeline forward: introducing the pre-listing phase into the market
• Abstracting the structure: replacing equity participation with asset certificates
• Pre-empting liquidity: allowing trading before listing

What remains unchanged is that its value still depends on the real development path of the enterprise.