1. SPCX Distribution Completed: Assets Now in Spot Accounts
According to the latest announcement regarding the SpaceX Pre-IPOs project, SPCX asset certificates have been fully distributed.
This distribution covers:
- Subscription allocations
- VIP user airdrops
- Super agent airdrops
All related assets have been credited to users’ spot accounts. If you participated in the subscription, you can now view your corresponding balance directly in your account. SPCX was distributed with 100% unlocked delivery, meaning there is no additional lock-up period. Once assets enter the trading phase, they are immediately available for free circulation.
2. Trading Schedule: Official Market Entry on April 24
After SPCX distribution, trading will begin in the Pre-IPOs section with a pre-market phase.
Key details are as follows:
- Trading pair: SPCX / USDT
- Pre-market trading opens: April 24, 2026, 10:00 UTC
- Flash exchange opens: April 24, 2026, 11:00 UTC
Trading formats include:
- Pre-market trading (similar to order matching)
- Flash exchange (instant conversion)
Users can access the relevant trading portals via Web or App.
3. Characteristics of the Pre-Market Trading Phase
Since SpaceX is not yet publicly listed, SPCX trading takes place in the "pre-market."
This phase features several characteristics:
- 24/7 trading supported
- Temporary trading symbol and circulating supply used
- Prices are fully determined by market supply and demand
There is no "anchored price" during this phase. Market prices may experience significant volatility, especially at the start of trading.
4. User Status After Distribution
From a capital and asset perspective, users enter a new stage after distribution:
- Subscription funds have been settled
- SPCX assets are credited
- You can choose to trade immediately or continue holding
At this point, users transition from "subscription participants" to "market trading participants."
Future gains or risks will mainly come from changes in market price. For more details, see the official announcement.
5. Ongoing Mechanisms: More Than Just Trading
Although trading has begun, the full Pre-IPOs mechanism remains in effect:
If SpaceX experiences a major event in the future:
- Successful IPO
- Acquisition or merger
The platform will provide appropriate exit or settlement options, such as:
- Exchange for USDT at market price
- Or conversion to stock tokens
If the company remains unlisted for an extended period:
- Settlement will occur at a reasonable market value on the agreed maturity date
Therefore, SPCX can serve as both a short-term trading asset and a medium- to long-term holding tool.
6. Additional Yield Mechanisms
For users who participated in SPCX subscriptions, the platform offers some extra arrangements:
For example:
- Enhanced returns from USDT financial products (Yubibao)
- Daily minting rewards for subscriptions using GUSD
These are supplementary incentives and do not affect SPCX’s price or value logic.
7. Clarifying Product Attributes
Although SPCX relates to SpaceX, its fundamental nature remains:
- Mirror Note
- Not a stock or equity
- Does not represent any ownership
Additionally:
- SpaceX is not involved in the issuance of this product
- Has not authorized or endorsed its content
- Will not receive any fundraising proceeds
This distinction is crucial for understanding the product’s boundaries.
8. Risk Warning and Current Focus
Now that trading has begun, the risk profile has shifted:
Key risks include:
- Price volatility (driven by market supply and demand)
- Liquidity risk (potentially limited depth at launch)
- Expectation risk (uncertainty related to IPO outcomes)
Furthermore, since the underlying company is not yet listed:
- Timeline remains uncertain
- Valuation may be adjusted
- In extreme cases, there is a risk of value dropping to zero
9. Summary: From "Subscription End" to "Market Start"
SPCX is now at a pivotal transition point:
- Previous phase: Subscription and allocation
- Current phase: Trading and price discovery
Distribution does not mark the end of the process; it signals the start of a new market phase.
Future performance will depend largely on:
- Market participation
- Liquidity conditions
- Evolving expectations for SpaceX
