如何把握 SpaceX IPO 红利？Gate Pre-IPOs 零门槛入场

In early April 2026, SpaceX officially submitted a confidential IPO application to the U.S. SEC, planning to list on NASDAQ in June 2026, with a target valuation of up to 1.75 trillion to 2 trillion USD, and an estimated fundraising scale of 750 billion USD—this will be the largest IPO in financial history, far surpassing Saudi Aramco’s 29 billion USD record set in 2019.

For a long time, top unicorns like SpaceX have been exclusive to private equity funds, top-tier venture capitalists, and high-net-worth individuals, while ordinary investors could only look on from the sidelines. Now, Gate officially launches a digital participation mechanism for Pre-IPOs, and the first offering project is SpaceX (SPCX). With a subscription price of 590 USDT per token and a minimum participation threshold of 100 USDT, it opens the door to users worldwide.

Why Pay Attention to SpaceX?

SpaceX was founded by Elon Musk in 2002 and is the world’s most influential commercial space company. Its core businesses cover rocket launches (the Falcon series and the Starship series) and Starlink satellite internet services.

Key data at a glance:

• Dominant position in the launch market: In 2025, SpaceX accounted for nearly 90% of global payloads reaching orbit, with commercial launch market share exceeding half, and launch costs of about 1/5 to 1/10 of the industry average;
• Starlink user surge: As of April 2026, Starlink’s global active users have exceeded 17 million, and 2026 revenue is expected to surpass 22 billion USD;
• Business model has already been proven: In 2024, full-year net profit and free cash flow turned positive. In fiscal year 2025, revenue reached 15.5 billion USD, gross margin was close to 60%, far above the 15% to 30% range of traditional defense/aerospace companies;
• xAI consolidation boosts momentum: In early 2026, SpaceX completed a merger with xAI, an artificial intelligence company owned by Musk, integrating the Grok AI model directly into the Starlink satellite network, creating a new paradigm of “on-orbit edge computing.” Just this alone is said to contribute nearly 500 billion USD to internal valuation.

From a “rocket company” to a composite powerhouse of “space infrastructure + AI subscriptions,” SpaceX’s valuation logic is being redefined by global capital.

Traditional Pre-IPO Investment: A High Wall

Before Gate launched Pre-IPOs, it was almost impossible for ordinary investors to “get on board” before SpaceX goes public.

Traditional Pre-IPO investments mainly take place through private secondary markets. You need to meet the following conditions: qualified investor status (annual income above 200,000 USD or net assets exceeding 1,000,000 USD), a minimum investment of 50,000 to 100,000 USD, and a lock-up period (typically 90 to 180 days after the IPO during which you cannot sell).

Even if you meet the above conditions, the supply is extremely limited—demand has long far outstripped supply, and in the secondary market prices have risen to the 600 to 800 USD per share range as of April 2026.

For the vast majority of ordinary investors, this door has never truly opened.

Gate Pre-IPOs: A Breakthrough Plan for Ordinary Investors

In April 2026, Gate officially launched a digital participation mechanism for Pre-IPOs. The first offering project is SpaceX (SPCX). This is the first time in Gate’s 13-year history that it has launched a Pre-IPO product, signaling that the access channel of the traditional private market is being broken.

What are Pre-IPOs?

Gate Pre-IPOs are a digital participation mechanism centered on the “pre-company listing stage.” Unlike a traditional IPO, it does not directly provide company equity. Instead, through a “Mirror Note” structure, it maps the company’s potential market value to on-chain assets. What users hold are economic rights—tracking the value changes of SpaceX before and after its listing—but they do not have shareholder voting rights or dividend rights.

Simply put, what you buy is not SPCX as SpaceX stock, but a tokenized asset certificate. It uses Gate’s off-exchange holdings of SpaceX equity or derivatives to achieve a 1:1 value-hedging mapping.

Core parameters at a glance:

• Subscription price: 590 USDT/GUSD per SPCX token
• Total issuance: 33,900 SPCX
• Implied valuation: approximately 1.4 trillion USD (based on a total scale of about 20 million USD)
• Per-person cap: 339 SPCX
• Minimum participation threshold: only requires 100 USDT or 100 GUSD

Schedule:

• Subscription period: from 18:00 on April 20, 2026 to 18:00 on April 22, 2026 (UTC+8)
• Asset distribution: expected to be issued and trading before the market opens will be available by May 6, 2026

Step-by-Step Tutorial: How to Participate in SPCX Subscriptions on Gate

The participation process is very simple and consists of the following steps:

Step 1: Log in to your Gate account

Visit the Gate official website or open the Gate App and log in to your account. If you do not yet have a Gate account, please complete registration first.

Step 2: Complete identity verification (KYC)

Go to “Account Settings” to complete identity verification. This is a prerequisite for subscribing to Pre-IPOs.

Step 3: Go to the Pre-IPOs page

Find the entry to the “Pre-IPOs” or “PreMarket” section on the platform homepage or in the navigation bar.

Step 4: Choose the SpaceX (SPCX) project

Select SpaceX (SPCX) from the Pre-IPOs project list to enter the details page.

Step 5: Select the currency and enter the subscription amount

Subscriptions support both USDT and GUSD, with an allocation ratio of 70% USDT and 30% GUSD. Enter the amount you want to invest (minimum 100 USDT or 100 GUSD).

Step 6: Confirm and submit

After confirming that your subscription information is correct, submit your request, and your assets will enter a locked state.

Important note: Allocation rules

Pre-IPOs use an “average locked amount” mechanism— the earlier you participate and the longer your lock-up period, the higher the weight you receive in the allocation. The subscription window lasts 48 hours. The system will calculate the final allocation weight by accumulating your locked amount hour by hour. In simple terms: early participation + continuous lock-up = higher allocation probability.

Exit mechanism

SPCX certificates will be unlocked 100% after distribution, with no lock-up period. Once you receive the asset certificates, you can participate in pre-market trading on the Gate platform. You can choose to sell in the pre-market for profit or hold until after SpaceX’s official IPO and then track its price changes to take further action.

Risk Reminder: Please Stay Rational

Before participating, make sure you fully understand the following risks:

1. Not real stock: SPCX is a tokenized asset certificate. Holders have no legal rights as SpaceX shareholders, including voting rights and dividend rights.
2. Valuation risk: SPCX’s implied valuation is approximately 1.4 trillion USD, while traditional private secondary market prices are about 600 billion to 800 billion USD. Therefore, SPCX has a certain premium.
3. Regulatory risk: SpaceX has not yet officially conducted an IPO. In many regions worldwide (including China), such tokenized products exist in a regulatory gray area, with a possibility of being determined to be illegal securities or being shut down by policy.
4. Liquidity risk: While pre-market trading is supported, if market enthusiasm cools down or the IPO is postponed, there may be insufficient trading depth and difficulty exiting positions.

Summary

From April 20 to 22, 2026, Gate Pre-IPOs will open the subscription window for SpaceX (SPCX). The subscription price is 590 USDT per token, with a minimum requirement of only 100 USDT. For investors who are bullish on SpaceX’s pre-IPO prospects, this is an early opportunity you shouldn’t miss—opening up the private market opportunity that was previously only available to top institutions to ordinary users with a very low entry threshold.

However, an important reminder: SPCX is a tokenized asset certificate, not SpaceX stock. It does not provide shareholder rights, and it carries multiple risks including a valuation premium, regulatory risk, and liquidity risk. Please make rational decisions based on your own risk tolerance, and do not blindly chase the price upward.