In early April 2026, SpaceX officially filed a confidential IPO application with the US SEC, aiming to list on Nasdaq in June 2026. The company is targeting a valuation between $1.75 trillion and $2 trillion, with an anticipated fundraising size of $75 billion—set to become the largest initial public offering in financial history, far surpassing the $29 billion record set by Saudi Aramco in 2019.
For years, top unicorns like SpaceX have been the exclusive domain of private equity funds, elite venture capitalists, and high-net-worth individuals. Ordinary investors could only watch from the sidelines. Now, Gate is officially launching its digital Pre-IPOs participation mechanism, with SpaceX (SPCX) as the inaugural project. With a subscription price of 590 USDT per unit and a minimum entry threshold of just 100 USDT, the opportunity is open to users worldwide.
Why Is SpaceX Worth Your Attention?
Founded by Elon Musk in 2002, SpaceX stands as the world’s most influential commercial space company. Its core businesses include rocket launches (the Falcon and Starship series) and Starlink satellite internet services.
Key data highlights:
- Market dominance: In 2025, SpaceX accounted for nearly 90% of the world’s orbital payload mass and over half of all commercial launches, with launch costs at just 1/5 to 1/10 of the industry average.
- Explosive Starlink growth: As of April 2026, Starlink’s global active user base has surpassed 17 million, with projected 2026 revenue exceeding $22 billion.
- Proven business model: SpaceX achieved positive net profit and free cash flow for the full year of 2024. Fiscal 2025 revenue reached $15.5 billion, with a gross margin close to 60%—far outpacing the 15%–30% range typical of traditional defense and aerospace companies.
- xAI merger synergy: In early 2026, SpaceX merged with Musk’s AI company xAI, directly integrating the Grok AI model into the Starlink satellite network. This move pioneered a new paradigm in "orbital edge computing," contributing nearly $500 billion to SpaceX’s internal valuation.
Transitioning from a "rocket company" to a "space infrastructure + AI subscription" conglomerate, SpaceX’s valuation logic is being redefined by global capital.
Traditional Pre-IPO Investment: A High Barrier
Before Gate launched Pre-IPOs, it was nearly impossible for regular investors to "get in" on SpaceX before its public debut.
Traditional pre-IPO investments are mainly conducted through the private secondary market, requiring you to meet several criteria: accredited investor status (annual income above $200,000 or net assets over $1 million), a minimum investment of $50,000 to $100,000, and a lock-up period (typically 90 to 180 days post-IPO during which you cannot sell).
Even if you meet these requirements, supply remains extremely limited—demand has long outstripped supply, and by April 2026, secondary market prices have climbed to $600–$800 per share.
For most ordinary investors, this door has never truly been open.
Gate Pre-IPOs: A Breakthrough for Everyday Investors
In April 2026, Gate officially launched its digital Pre-IPOs participation mechanism, with SpaceX (SPCX) as the first project. This marks Gate’s first-ever Pre-IPO offering in its 13-year history, signaling a significant shift in access to the traditional private equity market.
What are Pre-IPOs?
Gate Pre-IPOs are a digital participation mechanism centered around the "pre-IPO stage" of companies. Unlike traditional IPOs, they do not directly offer company equity. Instead, through a "Mirror Note" structure, the potential market value of the company is mapped onto on-chain assets—users hold economic rights that track SpaceX’s value changes before and after its IPO, but do not receive shareholder voting or dividend rights.
Put simply, the SPCX you purchase is not SpaceX stock, but a tokenized asset certificate. Gate holds SpaceX equity or derivatives off-exchange to achieve a 1:1 value hedge and mapping.
Key parameters at a glance:
- Subscription price: 590 USDT/GUSD per SPCX
- Total issuance: 33,900 SPCX
- Implied valuation: approximately $1.4 trillion (based on a total size of about $20 million)
- Individual cap: 339 SPCX
- Minimum participation: only 100 USDT or 100 GUSD
Schedule:
- Subscription period: April 20, 2026, 10:00 UTC to April 22, 2026, 10:00 UTC
- Asset distribution: Expected by May 6, 2026, with pre-market trading enabled
Step-by-Step Guide: How to Subscribe to SPCX on Gate
Participation is straightforward and involves the following steps:
Step 1: Log in to your Gate account
Visit the official Gate website or open the Gate App and log in. If you don’t have a Gate account, please register first.
Step 2: Complete identity verification (KYC)
Go to "Account Settings" to complete identity verification. This is a prerequisite for participating in Pre-IPOs.
Step 3: Access the Pre-IPOs page
Find the "Pre-IPOs" or "PreMarket" section on the platform’s homepage or navigation bar.
Step 4: Select the SpaceX (SPCX) project
Choose SpaceX (SPCX) from the list of Pre-IPOs projects and enter the details page.
Step 5: Choose your currency and enter the subscription amount
Subscriptions support both USDT and GUSD, with allocations of 70% USDT and 30% GUSD. Enter your desired investment amount (minimum 100 USDT or 100 GUSD).
Step 6: Confirm and submit
After verifying your subscription details, submit your order. Your assets will then be locked.
Important note: Allocation rules
Pre-IPOs use an "average locked amount" allocation mechanism—the earlier you invest and the longer your assets remain locked, the higher your allocation weight. The subscription window lasts 48 hours, and the system calculates your final allocation weight by adding up your locked amount hourly. In short: early participation plus sustained locking equals a higher allocation probability.
Exit mechanism
SPCX certificates are 100% unlocked upon distribution, with no lock-up period. Once you receive your asset certificate, you can participate in pre-market trading on the Gate platform. You may choose to sell in the pre-market for a profit or hold until SpaceX’s official IPO to track further price movements.
Risk Warning: Please Stay Rational
Before participating, make sure you fully understand the following risks:
- Not actual stock: SPCX is a tokenized asset certificate. Holders do not have any legal rights as SpaceX shareholders, including voting or dividend rights.
- Valuation risk: SPCX’s implied valuation is about $1.4 trillion, while the traditional private secondary market price is in the $600–$800 billion range. SPCX carries a certain premium.
- Regulatory risk: SpaceX has not yet officially gone public. Such tokenized products are in a regulatory gray area in many regions (including China) and may be deemed illegal securities or face policy bans.
- Liquidity risk: While pre-market trading is supported, if market enthusiasm wanes or the IPO is delayed, there may be insufficient trading depth, making it difficult to exit positions.
Summary
From April 20 to 22, 2026, Gate Pre-IPOs will open the subscription window for SpaceX (SPCX), with a subscription price of 590 USDT per unit and a minimum entry of just 100 USDT. For investors optimistic about SpaceX’s IPO prospects, this is a rare early-stage opportunity—making what was once an exclusive private market for top institutions accessible to everyday users at a very low threshold.
However, a special reminder: SPCX is a tokenized asset certificate, not SpaceX stock. It does not confer shareholder rights and carries valuation premiums, as well as regulatory and liquidity risks. Please make investment decisions rationally according to your own risk tolerance and avoid blindly chasing the market.
