What Are Gate Pre-IPOs?
Gate Pre-IPOs are designed to let users engage with a company's value changes before it officially goes public. By offering digital subscriptions, investors can position themselves and monitor potential market performance ahead of a company's public listing. These products utilize specially crafted asset certificates to simulate a company's value trends before and after its IPO, enabling users to capture market opportunities surrounding the IPO event.
Sign up now to secure your share of leading global IPOs: https://www.gate.com/ipos/waitlist
What Is SPCX?
The first asset available is SpaceX, represented by the SPCX asset certificate. This product is a Mirror Note with the characteristics of a Contingent Payout Note.
SPCX is designed to track changes in SpaceX’s market valuation before and after its IPO. The platform uses market hedging to establish price references tied to the target company, allowing investors to choose when to hold or exit at different stages.
Asset Flow and Exit Options After Subscription
Once SPCX subscription concludes, the asset certificate will enter the Pre-Market trading phase with 100% unlocking (actual opening time will be announced separately).
After the target company's IPO lock-up period ends, users can exit through the Exclusive Page using the following options:
- Convert to tokenized stocks
- Swap for USDT based on the post-IPO Market Price
This structure offers multiple exit paths, allowing investors to adjust their strategies flexibly based on market conditions.
Subscription Methods and Participation Requirements
This SPCX subscription supports participation with both USDT and GUSD. All eligible users may participate. Additionally, some participants may receive extra incentives, including: VIP 5 and above users, and eligible Affiliate Ultra, who have the opportunity to receive additional free airdrops during the subscription.
Subscription Process Guide (Web / App)
Web Process
- Log in to your Gate account and complete identity verification
- Go to the Pre-IPOs page
- Select USDT or GUSD as your subscription asset
- Obtain GUSD via minting, purchase, or deposit (if needed)
- Select SPCX and enter your subscription quantity
- Confirm and complete your subscription
App Process
- Update your app to version 7.31.0 or above
- Log in and complete verification
- Prepare USDT or GUSD
- Go to [Earn] → [Pre-IPOs]
- Select SPCX and complete your subscription
The Earlier You Participate, the Higher Your Allocation
SPCX uses the average locked Percentage as the allocation basis. The system continuously records each user's locked amount during the 48-hour subscription period to calculate the final allocation ratio.
Core Calculation Method
Average locked amount per hour = total locked snapshot sum ÷ total hours (48)
Key Points
- Earlier fund commitment → longer lock-up period → higher allocation weight
- Later entry → lower allocation ratio
Allocation Example
Suppose three users each commit 100,000 USDT:
User A: Commits in the 1st hour and holds until the end → average locked 100,000
User B: Commits in the 24th hour → average locked 50,000
User C: Commits in the final hour → average locked about 2,083
The final allocation ratio is determined by the average locked Percentage, not simply the committed amount.
Asset Distribution and Fund Return Policy
During the subscription period, committed funds are locked and cannot be redeemed. After the event ends, the system will deduct the corresponding funds based on the final allocation. Any unused funds will be automatically returned to the Spot account. If the allocated amount is extremely small (below the minimum unit), no certificate will be issued and a full refund will be provided.
SpaceX Company Background
Founded by Elon Musk in 2002, SpaceX is one of the world’s most influential commercial aerospace companies. The company is dedicated to reducing space transportation costs and advancing the possibilities of human space exploration, holding a leading position for innovation in the aerospace industry.
Risk Reminder: High Volatility and Uncertainty
Participation in Pre-IPOs involves the following risks:
- The company has not yet gone public, and both timing and outcome are uncertain
- If the company fails to go public or its value declines, losses may occur
- Market liquidity and price volatility can impact investment results
- Regulatory, technical, and market environments may affect outcomes
Additionally, this product does not support leveraged funds, and is not available to institutional or sub-accounts.
Important Notice and Product Nature
SPCX is a Mirror Note, not an actual stock or equity, and has no legal relationship with SpaceX. This issuance is not authorized or endorsed by SpaceX, and no funds raised will be directed to the company.
This article is for informational purposes only and does not constitute investment advice. Investors should independently assess risks and consider seeking professional guidance before participating.
For more information on the launch of Gate Pre-IPOs SpaceX (SPCX): https://www.gate.com/announcements/article/50724
Summary
Gate Pre-IPOs offer investors a way to participate in market value changes before a company goes public. As the first product, SPCX combines a Mirror Note with a lock-up allocation model, enabling users to engage with SpaceX’s potential growth in multiple ways. Given the high uncertainty and risk of these products, investors should carefully evaluate their risk tolerance and market conditions before investing.
