#GatePreIPOsLaunchesWithSpaceX

Gate Pre-IPOs Debut: SpaceX (SPCX) A Breakdown of What This Is and How to Participate
Today marks a genuinely rare moment in the crypto space. Gate Pre-IPOs has launched its debut project, and the choice of first offering is SpaceX — not a startup, not a mid-tier name, but arguably the most commercially consequential private aerospace company on the planet. Whether you are here for the mechanics of the subscription or trying to understand the broader picture, here is everything you need to know, laid out clearly.

Point 1 Introducing the Pre-IPO Project: SpaceX and SPCX

SpaceX, formally Space Exploration Technologies Corp., was founded by Elon Musk in 2002. Over the past two decades it has gone from an ambitious private rocket venture to the dominant force in global commercial spaceflight. It operates the Starlink satellite internet constellation, runs the Falcon 9 rocket program that handles the majority of orbital launches worldwide, and is developing the Starship system which is widely expected to define the next generation of deep space transport. As of this offering, SpaceX carries an implied valuation of 1.4 trillion dollars, placing it among the most valuable private companies in existence.

SPCX is what Gate refers to as a Mirror Note — specifically a Contingent Payout Note (CPN). It is not a direct equity stake in SpaceX. What it does is provide exposure to SpaceX's valuation trajectory, both before and after any eventual IPO. Gate obtains hedging exposure to SpaceX shares in the secondary market and uses that to back the note. The asset is designed to track the fair market value of the company, and Gate provides multiple exit or long-term holding options aligned with that value.

This matters because SpaceX has not gone public. Traditional retail investors have had essentially no mechanism to get in front of the valuation. Gate Pre-IPOs is the bridge that changes that.

Total supply for this round is 33,900 SPCX, with a total value of 20,001,000 USDT. The subscription price is fixed at 590 USDT per SPCX. Of the total supply, 70 percent is allocated to USDT subscribers (23,730 SPCX) and 30 percent to GUSD subscribers (10,170 SPCX).

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Point 2 — Subscription Details and Rules

The subscription period runs from April 20, 2026 at 10:00 UTC through April 22, 2026 at 10:00 UTC. That is a 48-hour window.

Supported coins: USDT and GUSD. If you do not hold GUSD, you can mint it on Gate before subscribing.

Minimum subscription: 100 USDT or 100 GUSD depending on which pool you use.

Per-user allocation cap: 339 SPCX. At a subscription price of 590 USDT per token, hitting the full cap would require up to approximately 200,000 USDT committed, though the actual deduction depends on your final allocation.

Subscription fee: Waived. Implied trading and custody fees are not charged for this round.

Distribution: SPCX notes will be distributed by May 6, 2026 at 10:00 UTC, though the announcement notes this has already been advanced to April 22, 2026 at 14:00 UTC.

Pre-market trading opens on April 24, 2026 at 10:00 UTC.

Unlock method: 100 percent unlocked at distribution, meaning no vesting cliff, no gradual release. You receive your full allocation at once.

How allocation is calculated — this is the part most people miss. The system does not simply divide the pool equally among all subscribers. It uses a time-weighted average locked amount. Concretely:

Your hourly average locked amount equals the sum of your hourly locked snapshots divided by 48 (the total subscription hours). A person who locks funds in hour one holds a full 48-hour weight. Someone who enters at hour 24 holds half that. Someone who enters in the final hour holds roughly 2 percent of the weight that an hour-one subscriber has. The practical implication is straightforward: early entry gives significantly more allocation weight than late entry at the same committed amount. If you are planning to participate, waiting until the final hours dramatically reduces your proportional share.

Your final allocation is then your share of the total weighted pool, subject to the 339 SPCX cap per user. After the subscription closes, Gate deducts only the funds corresponding to your actual allocated tokens and refunds the rest. Funds are locked for the entire subscription period and cannot be redeemed mid-round.

How to access: On web or app, navigate to Home, then Earn, then Pre-IPOs. Select SPCX and subscribe with USDT or GUSD.

Additional benefit: VIP5 and above users who participate, as well as qualifying super affiliates, are eligible for additional SPCX airdrop rewards beyond the standard subscription allocation. Details are available at the campaign page linked in the official announcement.

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Today's Market Context — April 17, 2026

Bitcoin is currently trading at 75,852 USDT, up 1.28 percent over the past 24 hours. The 24-hour range has been 73,308 to 75,957, and the 7-day performance stands at roughly plus 3.8 percent. On a 30-day basis BTC is up approximately 8.5 percent, though the 90-day picture shows the asset is still down about 19 percent from its level three months ago — a reminder that the broader recovery is real but incomplete.

Ethereum is at 2,355 USDT at the moment, with a 24-hour gain of 0.34 percent. The 30-day performance is slightly stronger than Bitcoin on a percentage basis at about plus 10.2 percent, while the 90-day figure sits around minus 28 percent — reflecting the steeper drawdown ETH experienced earlier in the cycle.

The broader market tone today is cautiously constructive. Volume on BTC over the past 24 hours is approximately 503 million USDT, which is moderate and consistent with a market that is consolidating rather than aggressively trending in either direction. Against that backdrop, the launch of a Pre-IPO product tied to a real-world trillion-dollar valuation is a meaningful signal about where product development in this space is heading — bridging traditional private equity exposure with on-chain infrastructure.

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Bottom line: if you have been watching SpaceX from the sidelines and wondering whether there would ever be a retail-accessible entry point before an IPO, this is it. The time-weighted allocation model rewards early movers, the unlock is immediate and full, and the subscription window is short. Review the official announcement, confirm your USDT or GUSD balance, and factor in the timing mechanics before you decide how and when to enter.