Gate has officially entered a new era of financial products. On April 20, 2026, Gate launched its first-ever Pre-IPOs offering, with SpaceX selected as the debut underlying asset. The product, listed under the ticker SPCX, marks a structural expansion of Gate's platform from a pure digital asset exchange into a bridge connecting crypto markets with traditional capital markets and it arrives at precisely the right moment.

WHAT IS GATE PRE-IPOs:

Gate Pre-IPOs is a new digital subscription framework designed to give retail users early access to high-value companies before they enter public markets. The mechanism eliminates the two traditional barriers that have historically locked ordinary investors out of pre-IPO deals: the requirement of cumbersome brokerage account setups and the extremely high minimum capital thresholds demanded by venture capital and private equity structures. Through Gate's infrastructure, any eligible user with a minimum of 100 USDT can participate in a Pre-IPOs subscription and gain economic exposure to the target company's valuation trajectory both before and after its public listing.

The SPCX asset note is structured as a Mirror Note and legally classified as a Contingent Payout Note. It is not a direct equity stake in SpaceX. Instead, Gate acquires SpaceX stock exposure in the open market to hedge its position and then issues SPCX notes to users that track and mirror the fair market value of SpaceX on both a pre-IPO and post-IPO basis. Users receive economic exposure to SpaceX's valuation movement through this structured instrument, with full exit flexibility built into the product design.

SUBSCRIPTION DETAILS AND MECHANICS:

The SPCX subscription window ran from April 20, 2026, at 10:00 UTC to April 22, 2026, at 10:00 UTC, accepting both USDT and GUSD as subscription currencies. The total allocation for this first offering was 33,900 SPCX tokens, representing an approximate aggregate value of $20.001 million. The subscription price per SPCX was set at $590, implying a SpaceX valuation of approximately $1.4 trillion at the time of issuance.

Allocation is determined through an hourly average locked amount model, meaning users who participate earlier in the subscription period and maintain their position for longer durations receive a proportionally higher allocation weighting. This structure rewards conviction and early participation over last-minute entries. After the subscription period closes, SPCX asset notes are expected to be distributed to users by May 6, 2026, at 10:00 UTC. Once distributed, SPCX will immediately support 7x24 pre-market trading on Gate's platform with 100 percent unlock meaning no vesting restrictions apply from the distribution date. Users have two exit pathways: they can exit at real-time market value through the dedicated Pre-IPOs page before SpaceX's IPO, or they can hold through the listing and exit post-IPO at prevailing market prices.

In parallel, Gate is running a VIP-exclusive airdrop campaign. Users holding VIP Level 5 or above status, as well as Affiliate Ultras, are eligible to receive SPCX rewards and additional free airdrops as part of the 13th anniversary celebration ecosystem.

WHY SPACEX AND WHY NOW:

The timing of Gate's Pre-IPOs debut with SpaceX as the underlying asset is not coincidental. SpaceX is currently in the final preparation stages for what is expected to be the largest initial public offering in United States history. SpaceX merged with Elon Musk's artificial intelligence company xAI in February 2026, creating a combined entity that includes the world's dominant commercial rocket launch business, the Starlink global satellite internet network, and xAI's large language model infrastructure. The combined entity is targeting an IPO valuation of up to $1.75 trillion and is seeking to raise $75 billion from the offering. The IPO roadshow is scheduled to launch the week of June 8, 2026, with the prospectus expected to become public in late May. SpaceX's CFO Bret Johnsen has stated that retail investors will represent a larger portion of the IPO allocation than any offering in history and Gate's Pre-IPOs product gives users structured access to that opportunity weeks before the roadshow even begins.

For context on valuation trajectory: SpaceX was valued at $800 billion in December 2025 before the xAI merger. The Gate Pre-IPOs subscription price of $590 per SPCX implies a $1.4 trillion valuation, already reflecting significant pre-IPO premium buildup driven by institutional interest and the combined entity's expanded business model.

GATE'S STRATEGIC POSITIONING:

Gate was founded in 2013 by Dr. Han and currently serves over 51 million users across more than 4,500 digital assets. The platform pioneered the industry's first 100 percent proof-of-reserves mechanism and has consistently expanded its product suite beyond spot trading. The Pre-IPOs launch is the latest in a series of strategic moves that also include TradFi copy trading, Gate Ventures, Gate Wallet, Gate for AI, and the existing spot ETF and derivatives infrastructure. The decision to launch Pre-IPOs with SpaceX as the first product signals Gate's intent to systematically capture the growing intersection between institutional-grade traditional finance assets and the accessibility, liquidity, and infrastructure of digital asset markets. Gate has indicated that the Pre-IPOs framework will expand to include additional companies and product formats following the SpaceX debut.

MARKET SIGNIFICANCE:

The Pre-IPOs structure directly addresses a market reality that has long frustrated retail participants: access to the most valuable private companies in the world has historically been restricted to institutions, sovereign wealth funds, and high-net-worth accredited investors. By tokenizing pre-IPO exposure through a regulated note structure and distributing it through a crypto exchange's existing user base of 51 million accounts, Gate is redefining what retail access to capital formation looks like. The product does not promise equity returns or direct ownership, but it does deliver what retail users have consistently demanded the ability to be positioned in high-conviction assets before the liquidity event, with transparent pricing, on-chain distribution, and a secondary market for exit at any point.

For a platform marking its 13th anniversary with a Formula 1 activation at K11 MUSEA and a gala at the Rosewood Hong Kong, the Pre-IPOs SpaceX launch is the product announcement that defines Gate's ambition for the next decade.

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