1. The Current Phase: No Longer the "Subscription Period"
With the distribution of SPCX now complete, the entire Pre-IPOs project has entered a new stage.
This means:
- The subscription period has ended
- Allocation results are finalized
- The market is about to begin price discovery
For participants, the focus should now shift from "how much can I get" to "how should I manage my holdings."
2. Timeline Overview: Three Key Milestones
The most important milestones in this process can be summarized as follows:
First, distribution completion: Asset vouchers have been issued to spot accounts and are fully unlocked.
Second, pre-market trading begins: On April 24, 2026, at 10:00 UTC, the SPCX/USDT trading pair will go live.
Third, instant swap feature launches: On April 24, 2026, at 11:00 UTC, direct swap functionality becomes available.
These three time points set the pace for transitioning from "holding status" to "tradable status."
3. Account-Level Changes: What You Actually Hold Now
After distribution, the changes in user accounts can be summarized as:
- SPCX has been credited to your spot account
- Original subscription funds have been settled
- Unused funds have been refunded
At this point, your SPCX:
- Is visible in your account
- But cannot be traded until trading opens
Once the pre-market opens, these assets will become liquid.
4. A Practical Question Before Trading Starts: Where Does the Price Come From?
Since SpaceX is not yet publicly listed, SPCX does not have an "official anchor price."
After trading begins, the price will be determined by:
- The first executed trade
- Order book depth
- Market participants’ expectations
In other words, the opening price is set collectively by the market, not by any preset value.
This also means:
- Early trades may see significant volatility
- The bid-ask spread could be wide
5. Two Trading Methods: Key Differences
SPCX offers two trading paths:
One is pre-market trading:
- Similar to standard order book trading
- Requires placing and matching orders
- Prices are set by the market
The other is instant swap:
- Functions like an immediate exchange
- More convenient but may involve a spread
- Suitable for quick entry or exit
6. Why Emphasize the "Pre-Market" Phase
SPCX is currently in a unique phase:
It’s neither the subscription period nor the official listing stage, but a transitional period in between.
Key features of this stage:
- The underlying company is not yet listed
- There is no public market price reference
- Trading relies entirely on participant activity
Price swings are typically more pronounced than in mature markets.
7. Diverging Choices: Hold or Trade
At this point, participants generally face two options:
Some prefer short-term trading:
- Focused on opening liquidity
- Seeking to capitalize on price volatility
Others choose to hold:
- Waiting for future events (such as the IPO)
- Focusing on long-term value changes
These two paths involve completely different risk profiles.
8. An Overlooked Fact: No "Guaranteed Exit Price"—Trade With Caution
Although SPCX is linked to SpaceX, during the pre-market phase:
- There is no price protection mechanism
- No guaranteed floor or buyback arrangement
- No minimum transaction price
All trades are driven by market supply and demand. Whether you can trade, and at what price, depends entirely on current market conditions.
9. Summary: From "Result Confirmation" to "Market Test"
With SPCX distribution complete, the project has entered a more critical stage: real price discovery by the market.
For participants:
- Allocation results are set
- Future performance depends on market dynamics
Expectations around SpaceX will gradually be reflected in price movements during trading. At this stage, the focus shifts from rules to the market itself.
For more details, see the official announcement.
