Gate Pre IPOs First Launch: SpaceX (SPCX), Supports USDT and GUSD Subscription, 100% Unlocked Distribution The first phase of Gate Pre IPO launch: SpaceX (SPCX) subscription is about to begin. After the subscription is completed, the asset certificate will enter the pre-market trading stage in a 100% unlocked form (specific opening time can be found in the distribution announcement). After the IPO lock up period of the target company, any holding user can exchange it for stock tokens through a dedicated page or convert it into USDT based on the real-time market price of the actual listed stock to achieve investment exit. This issue supports dual currency subscription of USDT and GUSD, and eligible users can participate. At the same time, VIP 5 and above users who participate in SPCX subscription and super agents who meet basic conditions can enjoy additional free airdrops. Get to know Pre IPOs immediately and plan high-quality project opportunities in advance. Get to know Pre IPOs immediately and plan high-quality project opportunities in advance. Go to Pre IPO The subscription page is about to open Basic Information for Pre IPO Subscription SPCX asset certificates are mirror notes used before SpaceX's IPO to mirror the market value before and after SpaceX's IPO. They are a type of 'contingent payout note'. Gate provides users with multiple exit or long-term holding options that are in line with the reasonable market value of the target company by obtaining SpaceX stock hedging exposure in the market. Pre IPO is a digital subscription mechanism launched by Gate, focusing on the early value of high-quality projects before they go public and following participation opportunities. Users can layout and track the value of target companies in advance before they enter the public market, and seize market opportunities brought by the performance of companies before and after IPO. Project Name: SpaceX Asset voucher symbol: SPCX SpaceX's implied market value: $1.4 trillion Total subscription amount: 33900 SPCX Total subscription value: $20001000 USDT subscription total (70%): 23730 SPCX GUSD subscription total (30%): 10170 SPCX Subscription price: 1 SPCX=$590 Subscription currency: USDT or GUSD (currently GUSD?)? Immediately cast) Minimum single subscription: 100 USDT and 100 GUSD Maximum number of tokens that a single person can obtain: 339 SPCX Subscription fee: This subscription is exempt from implicit handling fees and custody fees Subscription period: 18:00 on April 20, 2026 to 18:00 on April 22, 2026 (UTC+8) Distribution time: SPCX asset vouchers will be uniformly distributed before 18:00 (UTC+8) on May 6, 2026 Trading method: Pre market trading Trading time: Within 30 days after subscription (specific opening time can be found in the distribution announcement) Unlock method: 100% unlock Subscription participation process Web: Log in to the Gate account, complete identity authentication - enter the [Re IPOs] page - select USDT or GUSD subscription - you can cast, buy or recharge GUSD - select SPCX, click [subscribe now] - enter the subscription quantity - confirm and complete the subscription. The total SPCX subscription will be divided according to the average hourly lock up ratio of individuals. The earlier the subscription is made, the higher the weight will be allocated. App: Please upgrade to version 7.31.0 or above, log in to your Gate account, complete identity authentication - select USDT or GUSD subscription - you can cast, buy or recharge GUSD - click [Finance], select Pre IPOs - select SPCX, click [subscribe now] - enter the subscription quantity - confirm and complete the subscription. The total SPCX subscription will be divided according to the average hourly lock up ratio of individuals. The earlier the subscription, the higher the allocation weight. Subscription Benefit: VIP Exclusive SpaceX (SPCX) Airdrop Program To celebrate the launch of Gate Pre IPOs by SpaceX (SPCX), Gate also launched a VIP exclusive airdrop event at the same time. Eligible users can participate and receive SPCX airdrop rewards according to the activity rules. Details link: https://www. (gate.com)/zh/campaigns/4573 Pre IPO distribution rules The system will calculate and allocate asset vouchers based on the user's average lock up amount per hour during the subscription period, as a percentage of the overall average total subscription amount of the project. The earlier the subscription, the higher the allocation weight. calculation method Average lock up amount per hour=sum of lock up snapshot amounts per hour/total hours of subscription period (48 hours) Example Description Assuming a subscription period of 48 hours, users A, B, and C all plan to invest 100000 USDT to participate in the subscription: User A: Completed the investment within the first hour of subscription and maintained lock up throughout the entire cycle Average lock up amount=100000 × 48 ÷ 48=100000 USDT User B: Complete the investment 24 hours after the start of the subscription and maintain it until the end of the subscription Average lock up amount=100000 × 24 ÷ 48=50000 USDT User C: Completed investment within the last hour of subscription Average lock up amount=100000 × 1 ÷ 48 ≈ 2083 USDT Allocation Explanation The actual number of asset certificates obtained depends on the proportion of the average lock up amount of users among all participating users, and is limited by rules such as the total amount of project subscriptions and the upper limit of individual asset certificates that can be obtained. The example is only used to illustrate the allocation logic and does not represent the final number of asset vouchers that can be obtained. The amount invested is not equal to the final value or quantity of the asset certificate obtained, and the final distribution result is subject to system calculation. Issuance of asset vouchers Participating in the subscription of asset certificates will result in lock up and cannot be redeemed during the subscription period. After the subscription is completed, the user's participation funds will be deducted based on the actual number of project asset certificates obtained, and the remaining funds will be refunded. If the actual asset voucher amount obtained by the user is less than the investment amount, the remaining investment funds will be unlocked and automatically returned to your spot account after the distribution is completed. If the actual number of asset certificates obtained by the user is less than 0.00000001 asset certificates, the asset certificates will not be issued and the user's subscription funds will be fully refunded. Explanation of Pre IPO Trading Mechanism and Delivery Mechanism Regarding the Exit Method Holding users can choose to exit based on real-time stock market value through a dedicated page before the lock up period, or choose to exit through the pre-market at an appropriate price. Before the listing and lock up period, Gate will provide pre-market trading, allowing open users to freely buy and sell their held assets 7 x 24. After the lock up period (the asset lock up period for this event is 6 months after listing), Gate will provide users with a dedicated exit page. Holding users can exchange it for stock tokens or refer to the actual real-time market price of the listed stock to exchange it for USDT. Due to the fact that the target company has not yet been officially listed, temporary trading symbols and corresponding total amounts will be used for pre-market trading. After the target company goes public, adjustments will be made according to the actual situation. Measures for Handling Enterprise Bankruptcy If the target enterprise enters bankruptcy reorganization proceedings, the reference value of this product will be adjusted based on the actual disposal results of the target enterprise's common stock in the reorganization proceedings and settled for users according to the actual value. If the target company enters bankruptcy liquidation proceedings, resulting in the value of the common stock being reset to zero, the reference value of this product will also be reset to zero, and investors may lose all principal and cannot claim any rights against the target company regarding the loss. Maturity date settlement rules The maturity date is December 31, 2035. If the target company is not listed, acquired, merged, or bankrupt after the due date, Gate will settle it in USDT into the account based on the Fair Market Value of SpaceX's common stock of the target company. Regarding Valuation and Issuance Processing Rules SpaceX's implied market value of $1.4 trillion is based on the current subscription price and the corresponding total number of shares between 2.37-2.38b. If the company issues or destroys shares in the future, the total number of shares may change, which may affect the estimation of the implied market value. This asset is a mirror note that tracks the value of a company's common stock based on its stock price. If the company issues additional shares in the future, it may dilute the current value per share. If there is a stock split, reverse stock split or other reclassification of its common stock in the future, we will calculate and adjust the user's holdings accordingly based on the actual situation, and will issue an announcement to provide details. Company Profile SpaceX, founded by Elon Musk in 2002, is currently the world's largest and most disruptive commercial space company. Risk statement Due to the fact that the target company is not currently listed and the listing time has not been determined, this investment has strong uncertainty and high risk. If the company successfully goes public in the future, or is acquired or merged, Gate will provide an exit channel at a corresponding reasonable market price. If a company's value shrinks due to poor management or other factors, or if it cannot go public, is not acquired, merged, or has other exit channels, or if its bankruptcy value returns to zero, this investment may face the risk of loss. Please make sure to understand clearly and consider carefully before participating. Cryptocurrency asset investment carries high risks, and this subscription activity is an open and fair launch model. However, there may still be price fluctuations and insufficient market liquidity. Please be cautious in participating after understanding the project background and risks. We currently do not support borrowing funds to participate in Gate Pre IPO subscription; Currently, institutional accounts and sub accounts are not supported to participate in Gate Pre IPO subscription. Understanding blockchain startups and assessing their inherent risks requires advanced technical and financial knowledge. Due to the influence of technology, laws and regulations, market and other factors, the price of the project you are involved in may fluctuate sharply, and the price may significantly decrease or increase. Cryptocurrency projects have high risks and high price volatility. The project party has not set up a security deposit and does not provide any price commitment or breach guarantee. Please be sure to participate with a complete understanding of the risks and the ability to bear them. The platform strongly reminds you of the risks, but cannot assume responsibility for investment behavior such as guarantee compensation. If there are any differences between the translated version and the original English text, the English version shall prevail. Gate reserves the right of final interpretation. Users in restricted areas are unable to use all or part of the services. For detailed information on restricted areas, please refer to the User Agreement. Disclaimers This product is a Mirror Note and does not represent actual stocks or shares of SpaceX, nor does it imply any legal relationship between investors and SpaceX. This release event has nothing to do with SpaceX. SpaceX has not participated in, authorized, or memorized any content related to products or marketing materials. SpaceX will not receive any fundraising and has not provided any information to Gate. This content does not constitute any invitation, solicitation, or recommendation. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services from restricted areas. Please read the user agreement for more information. Stay tuned for the next Pre IPOs Gate team April 15th, 2026