1. SPCX Distribution Complete: Assets Credited to Spot Accounts
According to the latest announcement, the SPCX asset vouchers for the first phase of SpaceX Pre-IPOs have been fully distributed.
This distribution includes three components:
- Subscription allocation
- VIP exclusive airdrop
- Super agent airdrop
All related assets have been credited to users’ spot accounts. Users who successfully participated in the subscription can now directly view their holdings.
Please note that this distribution was completed in a single batch and does not involve phased releases.
2. 100% Unlocked: Assets Are Now Tradable
SPCX was distributed with a 100% unlocking mechanism, which means:
- No additional lock-up period
- No linear release schedule
- Users can participate in the market as soon as trading opens
This design ensures there is virtually no gap between distribution and liquidity availability.
3. Pre-Market Trading Schedule
SPCX will enter the Pre-IPOs section for pre-market trading at the following times:
- Trading pair: SPCX / USDT
- Pre-market trading starts: April 24, 2026, 10:00 UTC
- Flash exchange starts: April 24, 2026, 11:00 UTC
Once trading opens:
- 24/7 trading is supported
- Users can freely buy and sell asset vouchers
Pre-market trading is accessible via both Web and App.
4. Trading Methods Explained
Users can participate in SPCX trading through two methods:
Pre-market trading:
- Functions similarly to spot trading with order matching
- Users place and fulfill orders themselves
- Prices are determined by market supply and demand
Flash exchange:
- Offers instant conversion functionality
- No need to place orders
- Suitable for immediate transaction needs
These two methods differ in user experience and pricing mechanisms. Users can choose based on their preferences.
5. Price Formation Mechanism at This Stage
Since SpaceX is not yet publicly listed, there is no official market reference price for SPCX during the pre-market phase.
As a result:
- The initial price is determined by market trading
- Significant price volatility may occur
- The bid-ask spread may be wide
Price formation will mainly depend on:
- Market participation
- Order book depth
- Expectations regarding the future IPO
6. Additional Arrangements for Subscription Users
For users who subscribed to SPCX, the platform offers extra incentives:
First, USDT savings benefits:
- Eligible for Earn products
- Some promotions offer higher annualized returns (subject to event rules)
Second, GUSD minting rewards:
- Users who subscribed with GUSD
- Can receive daily minting rewards
These are additional incentives and are independent of SPCX price fluctuations.
7. Ongoing Mechanisms Remain Effective
Although SPCX has entered the trading phase, the subsequent Pre-IPOs mechanisms remain in effect.
If SpaceX experiences key events in the future, such as:
- Successful IPO
- Acquisition or merger
The platform will provide corresponding exit options, for example:
- Redemption at market price for USDT
- Or conversion to stock tokens
If the company does not go public, settlement will be made at a reasonable market value under agreed conditions.
8. Product Attributes Explained
It is important to reiterate the nature of SPCX:
- Mirror Note
- Does not represent shares or equity
- Does not confer shareholder rights
Additionally:
- SpaceX is not involved in the issuance of this product
- Has not authorized or endorsed any related content
- No fundraising is involved
Essentially, this product reflects the value of the company, rather than serving as a direct investment in the underlying company.
9. Risk Disclosure
Participation in SPCX trading involves the following risks:
- The underlying company is not yet listed, creating uncertainty
- Pre-market prices may be highly volatile
- Market liquidity may be limited
- Asset prices may rise or fall significantly
In extreme cases:
- If the company faces major operational issues
- Asset value may drop sharply or even become worthless
Additionally, this product does not offer any guaranteed returns or principal protection.
10. Summary
This announcement confirms two key points:
- SPCX distribution is complete and the asset is ready for trading
- Pre-market trading will officially begin on April 24
From a process perspective, the project has moved from the "subscription and allocation" phase to the "market trading and price discovery" phase.
Future performance will primarily depend on market supply and demand, as well as evolving expectations for SpaceX’s development.
