In April 2026, Gate officially launched the Pre-IPO mechanism, with the initial project being SpaceX (SPCX), offering a subscription price of $590, totaling 33,900 units, with an implied market value of approximately $1.4 trillion, and participation requiring only 100 USDT. The subscription window opened on April 20, supporting both USDT and GUSD as dual currencies. After completion, SPCX asset tokens are unlocked 100% and enter the platform's pre-market trading. Meanwhile, Gate also launched the SPCEXUSDT perpetual contract, supporting 1-10x leverage.

Gate's Pre-IPO mechanism is essentially not a traditional equity issuance but tokenizes pre-IPO equity or financing rights via blockchain technology. Users purchase synthetic derivatives with stablecoins, not actual SpaceX shares. SPCX tokens are more like a "forward option" or "call option" tracking SpaceX's future listing price, without voting rights or dividend rights.

The significance of this move is that it opens the private market channel, previously exclusive to top venture capital firms, to over 51 million retail investors worldwide, breaking the previous minimum threshold of several million dollars and the qualification requirements for accredited investors, reducing the investment barrier from millions of dollars to just 100 USDT. In 2026, dubbed the "Super IPO Year" and with SpaceX's largest IPO in history, this product provides retail investors with an unprecedented early access window.

However, it is crucial to recognize the high risks involved: users do not have actual equity protection nor shareholder rights, and the token value entirely depends on SpaceX's final IPO pricing and market sentiment. If SpaceX's final listing price falls below the $590 subscription price, the asset value will directly shrink. Additionally, the current Pre-IPO market valuation has already severely overestimated expectations. Coupled with liquidity risks and leverage amplification, investors must remain rational.