Gate Pre-IPOs In-Depth Analysis: A Detailed Explanation of the IPO Subscription Mechanism and Participation Guide Using SpaceX ( SPCX ) as an Example

What is Gate Pre-IPOs

Gate Pre-IPOs is a digital subscription mechanism centered around the “pre-listing stage” of companies, allowing users to participate in potential valuation changes of target companies before they enter the public market through on-chain assets.

Unlike traditional IPOs, Pre-IPOs do not directly provide company equity but instead realize value mapping through a structured product. These products are more akin to “market price tracking tools” rather than equity investments.

Key features include:

• Early participation in valuation changes before IPO
• Support for on-chain liquidity (pre-market trading)
• Multiple exit pathways

Understanding the product structure with SpaceX ( SPCX )

Image source: Participation page

The first project of Gate Pre-IPOs is SpaceX, with the asset certificate called SPCX. Essentially, SPCX is a Mirror Note used to map the market value changes of SpaceX before and after the IPO.

SpaceX Company Background

Founded by Elon Musk in 2002, SpaceX is one of the world’s leading commercial aerospace companies, with core businesses including rocket launches, satellite internet (Starlink), and deep space exploration.

In recent years, SpaceX has gained a significant position in the global aerospace market through reusable rocket technology and commercial launch capabilities. Its valuation has continued to grow, making it one of the key companies in primary markets’ attention.

However, note:

• SpaceX is not yet publicly listed
• Market valuation is mainly based on financing and estimations
• IPO timing remains uncertain

Therefore, SPCX reflects an “implied valuation,” not a price formed by the public market.

SPCX Core Parameters

• Subscription price: 1 SPCX = $590
• Implied valuation: approximately $1.4 trillion
• Total amount: 33,900 SPCX
• Total value: approximately $20,001,000
• Supported currencies: USDT (70%) and GUSD (30%)
• Individual cap: 339 SPCX
• Minimum subscription: 100 USDT or 100 GUSD

Schedule:

• Subscription period: April 20, 2026, 18:00 to April 22, 2026, 18:00 (UTC+8)
• Distribution date: before May 6, 2026
• Unlock method: 100% unlock

Detailed SPCX Subscription Rules and Allocation Mechanism

SPCX adopts an “average lock-up proportion allocation” mechanism, which is key to understanding the profit distribution.

Core Logic

The system calculates each user’s proportion of the total funds based on their average hourly locked amount during the subscription period, determining their allocation.

Example Explanation

Suppose three users each invest 100,000 USDT:

• User A: participates in the first hour → highest weight
• User B: participates midway → medium weight
• User C: participates last → lowest weight

The earlier the participation, the higher the average locked amount, and the more advantageous the allocation.

Precautions

• Final allocation depends on overall participation
• Invested amount ≠ actual received quantity
• Personal cap limits apply

How to Participate in SPCX Subscription

Web Platform Process

• Log in to Gate account
• Complete identity verification (KYC)
• Enter the “Pre-IPOs” page
• Select the SPCX project
• Choose USDT or GUSD
• Enter subscription amount
• Confirm and submit

App Process

• Update the app to the latest version
• Log in and complete verification
• Enter “Wealth Management” → “Pre-IPOs”
• Select SPCX
• Enter amount and confirm

Additional Notes

• GUSD can be obtained via minting, buying, or recharge
• Funds are locked during subscription and cannot be redeemed early
• Unallocated portions will be automatically refunded

Trading Mechanism and Exit Path Analysis

SPCX offers multi-stage liquidity, which distinguishes it from traditional primary markets.

Pre-market Trading

• Supports 24/7 trading
• Can buy and sell before IPO
• Uses temporary trading symbols

Post-Listing Exit

After the company’s IPO, users can choose to:

• Convert to stock tokens (if applicable)
• Exchange for USDT at real-time market prices

Lock-up Period Mechanism

• About 6 months lock-up after listing
• Final exit channel provided after lock-up ends

Special Cases Handling

If the company is not listed or undergoes mergers, acquisitions, or bankruptcy:

• Settlement will be based on “reasonable market value”
• In extreme cases, may be worth zero

SPCX Valuation Logic and Potential Risks

The current implied valuation of SPCX is about $1.4 trillion, derived from the subscription price and share capital estimates.

However, this valuation carries uncertainties, with main risks including:

Equity Dilution Risk

• Additional share issuance → dilution of value
• Stock splits or reverse splits → price adjustments

Market Expectation Risk

• Primary market valuation is opaque
• IPO pricing may deviate from current expectations

Liquidity Risk

• Limited depth in pre-market trading
• Prices may fluctuate significantly

Risk Alerts and Compliance Notice

Please pay close attention to the following risks before participating in SPCX subscription:

• SpaceX is not yet listed; IPO timing and results are highly uncertain.
• If the company fails to list, is not acquired, or its operations deteriorate, investment may face losses or principal loss.
• If the company enters bankruptcy liquidation, its value may be zero.
• SPCX is a Mirror Note, not actual stock or equity; no legal relationship exists between investors and SpaceX.
• This product has no affiliation with SpaceX and is not authorized or endorsed by it.
• Cryptocurrency markets are highly volatile, with potential for sharp price swings and liquidity issues.
• The platform does not guarantee returns, nor does it have a capital protection mechanism.
• Funds are locked during subscription, limiting liquidity.
• This document is for informational purposes only and does not constitute investment advice. Users should assess their own risk tolerance and consult licensed professionals if needed.