Project Background and Product Positioning
Gate’s Pre-IPOs product offers users a tool to track the value of private companies before they go public. This round features SpaceX, with the corresponding asset certificate named SPCX.
Please note:
SPCX is not a stock or equity. It is a structured product (Mirror Note) designed to reflect the market value changes of the target company before and after its IPO. By holding this asset certificate, users can track SpaceX’s valuation performance to a certain extent.
Subscription Details
Image source: Subscription Page
Key parameters for this SPCX subscription:
- Project Name: SpaceX
- Asset Certificate: SPCX
- Implied Valuation: Approximately $1.4 trillion
- Unit Price: $590 per SPCX
Subscription size and allocation:
- Total Supply: 33,900 SPCX
- Total Value: Approximately $20 million
- USDT Allocation: 70%
- GUSD Allocation: 30%
Participation requirements and limits:
- Minimum subscription per transaction: 100 USDT or GUSD
- Maximum per user: 339 SPCX
- No subscription or custody fees for this round
Subscription timeline:
- Start: April 20, 2026, 10:00 UTC
- End: April 22, 2026, 10:00 UTC
Subscription Process
Users can participate via Web or App:
Path: Home → Finance → Pre-IPOs → Select SPCX → Subscribe using USDT or GUSD
Once the subscription is completed, funds will be locked and cannot be redeemed during the subscription period. The system will deduct the actual amount used based on allocation results and return any remaining funds.
Allocation Mechanism and Calculation Logic
SPCX uses an allocation mechanism based on "average locked amount," rather than a simple first-come, first-served approach.
Calculation method:
Hourly average locked amount = Total locked amount from hourly snapshots ÷ Total hours in the subscription period
Key influencing factors include:
- Participation time (earlier is more advantageous)
- Duration of locked funds
- User’s share of total funds
Illustrative logic:
- Full participation → Highest average locked amount
- Partial participation → Lower weighting
- Late participation → Lowest weighting
Final allocation depends on the user’s proportion among all participants, subject to project total and individual cap.
Distribution and Trading Arrangements
Asset certificate distribution timing:
- Originally scheduled: Before May 6, 2026
- Actual: Advanced to April 22, 2026, 14:00 UTC
Trading mechanism:
- Start: April 24, 2026, 10:00 UTC
- Trading format: Pre-market trading
- 24/7 trading supported
Unlocking method:
- 100% unlocked upon distribution, no additional lock-up
Note: Before the company officially goes public, SPCX will circulate using a temporary trading symbol and total supply.
Exit and Settlement Mechanism
After acquiring SPCX, users can exit in the following ways:
Pre-market exit: Sell asset certificates directly via market trading before the IPO.
Post-IPO handling: If SpaceX successfully goes public:
- Can be exchanged for stock tokens
- Or redeemed for USDT at market price
Lock-up arrangement: If listed, assets are subject to an approximately 6-month lock-up period. After the lock-up ends, further exchange or exit is possible.
Special situations: If any of the following occur:
- No IPO
- Acquisition or merger
- Bankruptcy proceedings
Settlement will be based on:
- Fair market value of common stock
- Or, in extreme cases, asset value may be zero
Maturity date: December 31, 2035. If not listed by maturity, settlement will be based on fair market price in USDT.
Valuation and Structural Adjustment
SPCX’s current implied valuation is based on:
- Subscription price
- Estimated total shares outstanding of about 2.37–2.38 billion
If any of the following occur in the future:
- Additional share issuance
- Share buybacks
- Stock splits or consolidations
This may affect:
- Per-unit asset value
- Corresponding valuation level
The platform will adjust accordingly and issue an announcement.
Risk Disclosure
Participating in SPCX subscription involves the following risks:
- Non-equity nature: This product does not represent SpaceX stock, confers no shareholder rights, and does not establish a legal relationship with the company.
- IPO uncertainty: The target company is currently private, and the IPO timeline is uncertain, with potential for prolonged uncertainty.
- Price volatility: Pre-market trading prices are determined by the market and may fluctuate significantly.
- Liquidity risk: Early trading or low market participation may result in insufficient liquidity.
- Extreme risk: If the company fails or goes bankrupt, asset value may become zero.
Additionally, this product does not offer any principal or return guarantees.
Additional Notes
- This product has no affiliation with SpaceX
- SpaceX is not involved in issuance, authorization, or endorsement
- All funds raised do not go to SpaceX
Users should fully understand the product structure and risk characteristics before participating.
