June 9, 2026, marks the official launch of Gate’s "IPO Access" service, opening up IPO subscription channels—long dominated by top brokers and institutions—to digital asset platform users for the very first time. The inaugural project spotlighted global commercial space giant SpaceX, and within just a few days, Gate completed a full-scale, real-world test of the entire process, from subscription opening to stock listing, distribution, and trading.
So, how did Gate’s IPO Access perform in terms of subscriptions? What was the actual experience for ordinary investors?
IPO Access: Breaking Down Barriers to Traditional IPO Participation
Initial Public Offerings (IPOs) have always been among the most anticipated events in capital markets. When a company transitions from private to public, it typically triggers intense market attention and a fresh valuation reset. However, for the vast majority of everyday investors worldwide, participating in IPOs of high-profile companies has long been fraught with obstacles—foreign brokerage accounts, qualified investor requirements, complex fiat currency conversions, and cross-border capital flows all create nearly insurmountable barriers.
Gate’s IPO Access fundamentally changes this landscape by opening these previously exclusive channels to a broader user base. Users can submit subscription requests before the company is officially listed. Once the IPO allocation is complete, the corresponding shares are directly distributed to users’ Gate stock accounts, delivering a seamless "allocation at listing, shares delivered instantly" investment experience.
Compared to traditional IPO participation methods, Gate’s IPO Access significantly lowers entry barriers in several ways: no need for overseas brokerage accounts—users simply need a Gate account with completed identity verification; the entire subscription process is conducted in USDT, eliminating the hassle of fiat conversions and cross-border transfers; the minimum participation threshold is extremely low, starting at just 100 USDT; and allocated shares can be traded on Gate’s stock section on the day of listing, with no lock-up period.
These features collectively point to one fact: Gate’s IPO Access has digitized IPO opportunities previously reserved for institutional investors and high-net-worth individuals, making them accessible to a much wider audience.
SpaceX Inaugural Subscription Data: $143 Million and 13,400 Participants
The subscription window for Gate’s first IPO Access project, SpaceX, opened on June 9, 2026, at 10:00 UTC and closed on June 12, 2026, at 04:00 UTC. Total subscription intent funds exceeded $143 million, with over 13,400 participants. Within the first 24 hours, intent subscriptions surpassed 92 million USDT, with nearly 10,000 users participating.
For this round, the minimum subscription amount was just 100 USDT, while the maximum was 500,000 USDT. The reference subscription price was $135 per share, plus a 5% fee, totaling approximately 141.75 USDT per share. The entire process was conducted in USDT.
Looking at user demographics, the participation of over 13,400 individuals demonstrates that IPO Access successfully reached a large segment of ordinary investors previously excluded from traditional IPO subscription systems. For most crypto asset users, this was their first opportunity to participate in a global top-tier tech IPO with just a few hundred dollars.
Meanwhile, SpaceX’s IPO itself set historic records. The issue price was set at $135 per share, giving the company a market cap of about $1.77 trillion and raising $75 billion—surpassing Saudi Aramco’s 2019 record of $29.4 billion and becoming the largest IPO in history. The IPO was oversubscribed by more than four times, with Goldman Sachs leading a syndicate of 21 global investment banks.
Allocation Mechanism: Transparent, Weighted, and Fair Distribution
Gate’s IPO Access isn’t simply a "first come, first served" rush. Instead, it uses a transparent allocation mechanism based on time-weighted and capital-weighted factors. The system calculates each user’s final share allocation weight by determining their average hourly locked subscription amount as a proportion of the project’s overall average total subscription amount during the intent period.
The calculation formula is: average hourly locked amount = sum of hourly locked snapshots ÷ total hours in the subscription period. Because the system uses a full-period average, users who subscribe earlier and maintain their locked funds throughout the period achieve a higher average locked amount and thus a greater chance of receiving a larger allocation.
For example: Three users each contribute 100,000 USDT. User A locks funds in the first hour, resulting in an average locked amount of 100,000 USDT; User B locks funds in hour 33, resulting in an average of 50,000 USDT; User C only locks funds in the final hour, resulting in a much lower average. This mechanism encourages users to seize opportunities early and prevents last-minute surges from disrupting fair allocation.
In SpaceX’s first round, Gate ultimately received an allocation of approximately 33,900 SPCX shares, valued at around $20 million. The median allocation ratio for IPO Access was about 3%, with early participants receiving higher allocation percentages.
It’s important to note: submitting a subscription intent does not guarantee allocation. After applying, users may receive full allocation, partial allocation, or no allocation, depending on the actual IPO issuance and the platform’s final allocation quota.
First-Day Trading Performance and Subsequent Trends
On June 12, 2026, SpaceX debuted on the Nasdaq Global Select Market and Nasdaq Texas Board under the ticker SPCX.
The price trajectory of SPCX on its first day attracted global investor attention. According to Gate market data, SPCX opened at $150, up about 11% from the issue price. The intraday high reached $176.5, a 30.7% increase. The closing price settled at $161.27, up 19.5%, with a closing market cap of approximately $2.1 trillion.
These significant price swings reflect the release of market sentiment and the temporary misalignment between incoming capital and liquidity. Peaks typically occur early in the session as short-term funds and speculative buying surge; the closing price reflects a more balanced valuation after active trading.
Notably, SPCX-related products on Gate saw impressive trading volumes on the first day. Gate platform products surpassed $100 million in trading volume, making SPCX the most actively traded equity product that day. This demonstrates not only strong enthusiasm during the IPO subscription phase but also robust liquidity and user participation in subsequent trading.
Summary
Gate’s IPO Access debut with SpaceX can be systematically summarized across several key dimensions:
Subscription Scale: Total subscription intent funds exceeded $143 million, with over 13,400 participants. Within 24 hours, intent subscriptions surpassed 92 million USDT, validating real demand among ordinary investors for participating in global top-tier tech IPOs.
Entry Barriers: The minimum subscription of 100 USDT, full USDT process, no need for overseas brokerage accounts, and no lock-up period significantly lowered traditional IPO barriers.
Allocation Mechanism: The time-weighted average locked amount model balanced fairness and early participation incentives. The median allocation ratio was about 3%, with early participants receiving higher allocations.
Listing Performance: SPCX opened at $150, hit an intraday high of $176.5, closed at $161.27, and Gate platform trading volume exceeded $100 million on the first day—collectively validating the full-chain experience from subscription to trading.
The significance of Gate’s IPO Access lies not just in providing a subscription gateway, but in connecting IPO subscription, share distribution, and subsequent trading. Users can complete the entire investment process within a unified system. As capital markets continue to digitize, IPOs will become not only a major milestone for companies but also a crucial entry point for investors seeking the latest technology trends.
Frequently Asked Questions (FAQ)
Q1: What is Gate IPO Access?
Gate IPO Access is a pre-listing stock subscription service launched by Gate. Users can submit subscription requests before a company is officially listed. After the IPO allocation, the corresponding shares are distributed directly to users’ Gate stock accounts, enabling real stock trading on Gate’s stock section once the shares are listed.
Q2: What are the requirements to participate in Gate IPO Access?
Users only need a Gate account with completed identity verification—no need to open a separate overseas brokerage account. The entire subscription process is conducted in USDT, with a minimum subscription of just 100 USDT.
Q3: Does submitting a subscription intent guarantee receiving shares?
No. Submitting a subscription intent does not guarantee allocation. After applying, users may receive full allocation, partial allocation, or no allocation, depending on the actual IPO issuance and the platform’s final allocation quota.
Q4: How does Gate IPO Access’s allocation mechanism work?
Gate IPO Access uses a transparent allocation mechanism based on time-weighted and capital-weighted factors. The system calculates each user’s final share allocation weight by determining their average hourly locked subscription amount as a proportion of the project’s overall average total subscription amount. The earlier and longer users participate and maintain locked funds, the greater their allocation weight.
Q5: Is there a lock-up period for allocated shares?
No. Successfully allocated shares can be traded on Gate’s stock section on the day of listing.
Q6: How did the first SpaceX IPO Access subscription perform?
The first SpaceX IPO Access subscription window ran from June 9, 2026, 10:00 UTC to June 12, 2026, 04:00 UTC. Total subscription intent funds exceeded $143 million, with over 13,400 participants. The reference subscription price was $135 per share, plus a 5% fee.
