What Is Gate Pre-IPOs?
Gate Pre-IPOs is a digital subscription mechanism centered around the "pre-IPO stage" of a company, allowing users to participate in the potential valuation changes of a target company through on-chain assets before it enters the public market.
Unlike traditional IPOs, Pre-IPOs do not directly offer company equity. Instead, they use a structured product to map value. These products function more as "market price tracking tools" rather than equity investments.
Key features include:
- Early participation in pre-IPO valuation changes
- On-chain liquidity support (pre-market trading)
- Multiple exit options
Understanding the Product Structure Using SpaceX (SPCX) as an Example
Image source: Participation Page
The first project in the Gate Pre-IPOs series is SpaceX, with the corresponding asset certificate SPCX. SPCX is essentially a Mirror Note, designed to reflect SpaceX’s market value changes before and after its IPO.
SpaceX Company Background
Founded by Elon Musk in 2002, SpaceX is one of the world’s leading commercial aerospace companies. Its core businesses include rocket launches, satellite internet (Starlink), and deep space exploration.
In recent years, SpaceX has established a significant presence in the global aerospace market thanks to its reusable rocket technology and commercial launch capabilities. Its valuation has continued to grow, making it a focal point in the primary market.
However, please note:
- SpaceX is not yet publicly listed
- Market valuation is mainly based on funding rounds and projections
- IPO timing remains uncertain
Therefore, the value reflected by SPCX is an "implied valuation," not a price formed by the public market.
SPCX Key Parameters
- Subscription price: 1 SPCX = $590
- Implied valuation: approximately $140 billion
- Total supply: 33,900 SPCX
- Total value: approximately $20,001,000
- Supported currencies: USDT (70%) and GUSD (30%)
- Individual cap: 339 SPCX
- Minimum subscription: 100 USDT or 100 GUSD
Schedule:
- Subscription period: April 20, 2026, 10:00 UTC to April 22, 2026, 10:00 UTC
- Distribution date: by May 6, 2026
- Unlock method: 100% unlocked
Detailed SPCX Subscription Rules and Allocation Mechanism
SPCX uses an "average locked position allocation" mechanism, which is key to understanding the distribution of returns.
Core Logic
The system calculates each user’s share of the total funds based on their hourly average locked amount during the subscription period, which determines their allocation.
Example
Suppose three users each invest 100,000 USDT:
- User A: Participates in the first hour → highest weighting
- User B: Joins midway → medium weighting
- User C: Joins at the end → lowest weighting
The earlier you participate, the higher your average locked amount, and the greater your allocation advantage.
Important Notes
- Final allocation depends on overall participation
- Invested amount ≠ actual amount received
- There is an individual cap
How to Participate in SPCX Subscription
Web Process
- Log in to your Gate account
- Complete identity verification (KYC)
- Go to the "Pre-IPOs" page
- Select the SPCX project
- Choose USDT or GUSD
- Enter the subscription amount
- Confirm and submit
App Process
- Update the app to the latest version
- Log in and complete verification
- Go to "Finance" → "Pre-IPOs"
- Select SPCX
- Enter the amount and confirm
Additional Notes
- You can obtain GUSD by minting, purchasing, or depositing
- Funds are locked during the subscription period and cannot be redeemed early
- Any unallocated portion will be automatically refunded
Trading Mechanism and Exit Paths Explained
SPCX offers multi-stage liquidity, setting it apart from traditional primary market products.
Pre-Market Trading
- Supports 24/7 trading
- Buy and sell before the IPO
- Uses a temporary trading symbol
Post-IPO Exit
After the company goes public, users can choose to:
- Convert to stock tokens (if applicable)
- Redeem for USDT at the real-time market price
Lock-Up Period Mechanism
- There is an approximately 6-month lock-up period after listing
- Final exit channels are available after the lock-up ends
Special Circumstances
If the company does not go public, is acquired, or goes bankrupt:
- Settlement will be based on "fair market value"
- In extreme cases, value may go to zero
SPCX Valuation Logic and Potential Risks
The current implied valuation of SPCX is about $140 billion, calculated based on the subscription price and share capital.
However, this valuation is subject to uncertainty, with key risks including:
Share Capital Change Risk
- Additional share issuance → value dilution
- Stock splits or reverse splits → price adjustments
Market Expectation Risk
- Primary market valuations are not transparent
- IPO pricing may differ from current expectations
Liquidity Risk
- Limited depth in the pre-market
- Prices may be highly volatile
Risk Warnings and Compliance Statement
Before participating in the SPCX subscription, please pay close attention to the following risks:
- SpaceX is not yet publicly listed; IPO timing and outcome are highly uncertain.
- If the company does not go public, is not acquired, or its business deteriorates, your investment may incur losses or even a total loss of principal.
- If the company enters bankruptcy liquidation, its corresponding value may become zero.
- SPCX is a Mirror Note and does not represent actual shares or equity. There is no legal relationship between investors and SpaceX.
- This product is not affiliated with SpaceX and has not been authorized or endorsed by SpaceX.
- The crypto asset market is highly volatile, and sharp price fluctuations or insufficient liquidity may occur.
- The platform does not guarantee returns, nor is there a principal protection mechanism.
- Funds are locked during the subscription period, resulting in liquidity restrictions.
- This article is for informational purposes only and does not constitute any investment advice. Users should make independent judgments based on their own risk tolerance and consult licensed professionals when necessary.
