In April 2026, cryptocurrency exchange Gate officially launched its digital Pre-IPOs participation mechanism, opening early-stage investment opportunities—once reserved for institutions and ultra-high-net-worth individuals—to over 51 million users worldwide. As the debut project, SpaceX (SPCX) tokenized equity immediately captured significant market attention. SpaceX is expected to complete its IPO in June 2026, targeting a massive $75 billion capital raise, which could make it the largest initial public offering in history.
SpaceX: The Undisputed Leader in Commercial Spaceflight
SpaceX (Space Exploration Technologies Corp.), founded by Elon Musk in 2002, stands as the world’s most influential private aerospace company. Thanks to breakthroughs in reusable rocket technology, SpaceX has evolved from a pure launch service provider into a multi-layered infrastructure platform spanning orbital logistics, Starlink global satellite internet, national defense space operations, and deep space exploration.
SpaceX’s core business now rests on three main pillars: commercial and government launch services, Starlink satellite internet subscriptions, and space transportation and deep space exploration partnerships. In 2025, Starlink generated approximately $11.4 billion in revenue—a 50% year-over-year increase—making it SpaceX’s most commercially valuable asset.
The SpaceX IPO process is accelerating. As of April 17, 2026, SpaceX notified employees that the equity vesting date would move up from May to April, paving the way for the listing. Market sources indicate that SpaceX plans to file its prospectus in late May, kick off its roadshow on June 8, and finalize pricing by June 15. The IPO aims to raise $75 billion, with a target valuation between $1.75 trillion and $2 trillion.
SPCX Subscription Details: Key Parameters at a Glance
SPCX is the asset token for Gate’s inaugural Pre-IPOs project, functioning as a Mirror Note designed to reflect SpaceX’s market valuation changes before and after its IPO.
| Parameter | Details |
|---|---|
| Asset Token | SPCX |
| Subscription Price | 590 USDT / SPCX |
| Total Supply | 33,900 SPCX (70% USDT pool, 30% GUSD pool) |
| Implied Valuation | Approximately $1.4 trillion |
| Total Value | Approximately $20 million |
| Supported Tokens | USDT, GUSD |
| Minimum Subscription | 100 USDT / 100 GUSD |
| Individual Cap | 339 SPCX |
| Subscription Period | April 20, 2026, 10:00 – April 22, 2026, 10:00 (UTC) (48 hours only) |
| Distribution Date | By May 6, 2026 |
At a subscription price of $590, the implied valuation is around $1.4 trillion, while market rumors suggest SpaceX’s IPO target valuation is nearing $1.75 trillion. This indicates that SPCX may currently offer a relatively discounted entry point. Additionally, all transaction and custody fees are waived for this subscription, significantly lowering participation costs.
Allocation Mechanism: Time-Weighted—The Earlier You Commit, the Greater Your Weight
SPCX’s allocation logic stands in stark contrast to the traditional "first-come, first-served" model. Gate uses average locked-in participation as the allocation basis, with the system continuously tracking users’ locked amounts throughout the 48-hour subscription window to calculate final allocation ratios.
The core calculation formula is: Hourly Average Locked Amount = Total Locking Snapshots ÷ 48 hours.
In simple terms, your allocation depends not only on how much you commit, but also when and for how long you commit. For example, if three users each commit 100,000 USDT: User A locks in at hour 1 and keeps it locked the entire time, achieving an average of 100,000 and the highest weight; User B locks in at hour 24, averaging 50,000 and receiving half the weight; User C joins in the final hour, averaging about 2,083 and receiving minimal weight.
Additionally, users with VIP 5 status or higher, as well as eligible super agents, will receive extra free airdrop rewards.
Exit Options: 100% Unlock, Flexible Redemption
Unlike traditional Pre-IPO shares, which often come with multi-year lock-up periods, SPCX will be 100% unlocked upon distribution and will enable pre-market trading on Gate within about 30 days, supporting 24/7 trading.
After the IPO lock-up period ends for the target company, users can also exit via:
- Converting to stock tokens
- Redeeming for USDT based on post-IPO market price
This design offers multiple exit strategies, allowing investors to adjust flexibly according to market conditions.
Core Advantages of Gate Pre-IPOs
Gate’s digital Pre-IPOs mechanism essentially tokenizes traditional Pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded on the platform.
Compared to traditional models, the advantages include:
- Extremely low entry barrier: Participate with as little as 100 USDT, whereas traditional Pre-IPOs often require millions of dollars
- No need for overseas brokerage accounts: Simply hold USDT or GUSD to subscribe
- 24/7 trading: Not restricted by traditional stock market hours
- Flexible exits: No long-term lock-ups; trade anytime in the pre-market
Amidst fierce competition among leading crypto exchanges to capture the Pre-IPO market, Gate has established early leadership in users’ minds by debuting with the historic SpaceX project.
Risk Disclosure
While SPCX offers exposure to SpaceX’s valuation changes, investors should be aware of the following risks:
- SPCX is not SpaceX stock; it is a synthetic mirror exposure note and does not grant holders equity, voting rights, or dividends
- SpaceX has not yet gone public; IPO timing is uncertain, and valuation references remain speculative
- The aerospace sector faces policy, technical, operational, and competitive risks, which may lead to significant price volatility
- Tokenized private placements face regulatory uncertainty, and early-stage trading may experience high volatility
Conclusion
The launch of SpaceX (SPCX) as Gate Pre-IPOs’ first project marks a structural shift in private market access. By leveraging blockchain to open up trillion-dollar unicorns like SpaceX to ordinary investors in tokenized form, Gate is breaking the institutional monopoly of Pre-IPO investing in traditional finance and injecting a new asset class into the crypto industry.
The subscription window opens at 10:00 (UTC) on April 20, 2026, and lasts just 48 hours. Interested investors are advised to complete account verification, prepare USDT or GUSD funds in advance, and commit early once the window opens to maximize allocation weight. Regardless of the final allocation, the launch of SPCX itself signals the arrival of a new wave of "Pre-IPO investment democratization."
