Gate Unlocks Third Batch of SpaceX Pre-IPO Shares, 14% of Total

The staggered unlock structure is doing more work here than the headline number. Each tranche dilutes the scarcity narrative around pre-IPO exposure, and the 1:1 distribution to Gate stock accounts means the supply increase lands directly in user hands rather than sitting on an order book. What matters is whether the remaining 73% continues to release on a predictable cadence, since the pace of unlocks — not any single batch — sets the terms for how this tokenized claim trades against its underlying.