#GatePreIPOs首发SpaceX Gate.io has officially launched the Pre-IPOs mechanism, with the first project being SpaceX (asset credential code: SPCX). This initiative is designed to open up private-market opportunities—originally reserved for top-tier venture capital firms—to retail investors around the world.

The following are the core information and risk warnings regarding subscription and trading of this project:

1. Core Subscription Parameters

· Asset Credential: SPCX (not direct equity in SpaceX, but a synthetic derivative mapping its valuation).
· Subscription Price: 590 USD/SPCX (implied valuation of approximately 1.4 trillion USD).
· Total Subscription Quantity: 33,900 SPCX (total value of approximately 20 million USD).
· Minimum Threshold: 100 USDT/GUSD (greatly lowers the traditional Pre-IPO threshold of several million USD).
· Subscription Time: 2026-04-20 10:00 to 2026-04-22 10:00 (UTC) (only a 48-hour window).
· Unlock Method: 100% unlock. After distribution, the asset credential can be directly traded in pre-market trading, with no lock-up period.

2. How to Participate and the Allocation Mechanism

· Participation Path: Log in to Gate.io -> go to the “Pre-IPOs” section -> subscribe using USDT or GUSD.
· Allocation Logic: Uses an “average locked amount per hour” mechanism. The earlier you subscribe, the longer you lock, and the higher your allocation weight is (for example, users subscribing with 100,000 USDT in the first hour have a much greater weight than users who only participate in the last hour).
· VIP Benefits: VIP 5 and above users, as well as alliance super-chain users, can receive additional airdrops.

3. Trading and Exit Paths

· Pre-market Trading: After SPCX is distributed (expected no later than May 6), 24/7 pre-market trading will be supported to provide liquidity.
· Perpetual Contracts: The platform has listed the SPACEXUSDT perpetual contract, supporting 1-10x leverage, suitable for speculating on valuation fluctuations.
· Final Exit: In the future, it can be exchanged for stock tokens or redeemed for USDT.

4. Four Key Risks You Must Be Aware Of

Before participating, you must understand that this is not “subscribing to new shares,” but a high-risk derivative:

· Not an Equity Attribute: What you purchase is a synthetic derivative (Mirror Note). It has no voting rights, no dividend rights, and no direct legal relationship with the company SpaceX.
· Valuation Decoupling Risk: The SPCX price reflects market hype and sentiment, not the actual stock price. If SpaceX’s final IPO pricing is lower than 590 USD, the assets will directly shrink in value.
· Liquidity Risk: If SpaceX fails to list or is acquired, SPCX’s value may become zero.
· Leverage Amplification: Contract trading amplifies gains, but it also makes it very easy to get liquidated due to market volatility.

Recommendation: Treat this as a short-term speculative tool, keep your position within a loss range you can bear, and closely monitor SpaceX’s IPO progress.