An initial public offering (IPO) has long been one of the most closely watched fundraising events in global capital markets. When a company moves from private ownership to public listing, it typically comes with a repricing of valuation and a concentrated release of market attention. In 2026, the market dubbed it the "Super IPO Year"—SpaceX listed on Nasdaq on June with shares priced at $135 per share, raising $75 billion and becoming the largest IPO in global history. OpenAI has secretly filed an S-1 registration statement with the U.S. SEC, and Anthropic’s valuation is approaching $1 trillion.
However, nearly all of these star companies’ most valuable growth phase—from startup to listing—takes place inside the private market.
For the vast majority of ordinary investors worldwide, participating in popular companies’ IPO subscriptions faces multiple hurdles over the long term: overseas brokerage accounts, qualified investor eligibility, complicated fiat currency conversion, and cross-border fund flows.
On June 9, 2026, Gate officially launched its "IPO Access" service, opening the IPO subscription channel—traditionally monopolized for years by top-tier investment banks and institutions—for the first time to users of digital asset platforms. The inaugural project targeted SpaceX, a global commercial aerospace giant. Ultimately, the total intended subscription funds exceeded $143 million, with more than 13,400 participants.
So, what exactly is Gate IPO Access’s logic for project selection? How does the platform decide which IPOs or pre-IPO projects to display? And how are allocations calculated?
Three Structural Barriers in Traditional IPO Subscriptions
Before understanding Gate IPO Access’s selection logic, it’s necessary to clarify the systemic barriers that the traditional IPO subscription system poses for ordinary investors.
Account and regional restrictions. Traditional IPO subscriptions usually require users to open overseas brokerage accounts and meet specific regional eligibility requirements. In the case of SpaceX, because it is subject to the U.S. International Traffic in Arms Regulations (ITAR), underwriters are explicitly instructed not to accept subscription orders from investors in Mainland China and Hong Kong. This means a large share of potential investors are excluded from the start.
Complexity in funds and process. Participating in international IPOs often involves fiat conversion, cross-border fund transfers, and complicated intermediaries. Users must complete multiple steps across different financial institutions—opening an overseas bank account, completing foreign exchange conversion, transferring funds into an overseas brokerage account, and submitting the subscription application. The process is long and costly.
Limited chances of allocation. Retail allocations for hot IPOs are typically extremely limited. SpaceX’s IPO was oversubscribed by more than 4 times overall. Retail orders totaled over $10 billion, while institutional demand exceeded $25 billion. Even if ordinary investors clear the first two barriers, the probability of receiving an allocation is still very low.
These three barriers point to one fact: in the traditional IPO system, ordinary investors are effectively excluded in a systemic way.
Product Architecture and Operating Logic of IPO Access
IPO Access is Gate’s pre-listing stock subscription service. Users can submit an expression of interest before the company officially lists. After the IPO issuance results are confirmed, the platform allocates shares based on the actual allotment amount received.
From a user experience perspective, it forms a complete investment chain: IPO expression of interest → share allocation → share distribution → secondary market trading. The entire process happens within the Gate platform.
At the underlying architecture level, Gate IPO Access runs through its own dedicated channel. It does not depend on third-party tokenized platforms, and the allocation process is not affected by disruptions in external supply chains. This design ensures a full end-to-end closed loop from subscription to allocation to trading.
Gate IPO Access’s core mechanisms revolve around three stages: project onboarding, user subscription, and allocation settlement. The platform displays eligible IPO or pre-IPO projects and discloses the project background, issuance details, subscription rules, and more.
So, what kinds of projects can be displayed? Gate’s core selection logic during project onboarding includes the following dimensions:
Compliance and regional eligibility. Different projects have specific regional eligibility restrictions. The platform first evaluates the project’s own regulatory framework and compliance requirements to ensure it complies with the laws and regulations of the relevant jurisdictions. Users must carefully read the compliance statements on the project page before subscribing.
Project quality and market recognition. IPO Access focuses on unicorn companies and pre-IPO projects with strong market attention. The inaugural project, SpaceX, and subsequent offerings like Kimi (Moonshot) are all companies with clear listing expectations and measurable market influence in their respective sectors. During the selection process, the platform evaluates factors such as the company’s industry position, the maturity of its business model, and the certainty of its listing timeline.
Verifiability of underlying assets. Gate IPO Access maps underlying stock assets on-chain through a tokenized equity mechanism. This requires that the project’s underlying assets have a clear ownership structure, verifiable issuance information, and a traceable allocation path. When onboarding a project, the platform must ensure the entire end-to-end process—from subscription to allocation to trading—is auditable and traceable.
Investor protection and information disclosure. On the project page, the platform discloses complete information to users, including company background, issuance size, scheduling, and subscription conditions. The selection logic also includes an assessment of whether the project’s information disclosure is sufficient—projects must provide transparent baseline information so users can make independent investment decisions.
Core Logic of Allocation Calculation: From Average Locked Amount to Final Allocation Weights
To understand Gate IPO Access’s project selection logic, the key is to understand how allocations are calculated.
Gate IPO Access differs significantly from traditional models in its allocation calculation method. Its core is no longer a simple "first come, first served" approach or "allocation proportional to the subscription amount." Instead, it uses a weighted allocation mechanism based on the average locked amount during the subscription period.
How average locked amount is calculated. During the entire subscription period (typically 48 to 66 hours), the system takes hourly snapshots of the locked funds for each participating user. It then takes the average of all snapshot data as that user’s average locked amount.
The final allocation is calculated using the following formula:
User allocation weight = the user’s average locked amount / the total of all participating users’ average locked amounts
Based on these weights, the platform then combines them with the actual total IPO stock quota obtained to determine the final allocation.
The critical point of this mechanism is the introduction of a time dimension. The size of funds is not the sole decisive factor—how long the funds remain locked is just as important.
Example. Suppose a project’s subscription window is 48 hours. User A deposits $100,000 USDT in the first hour and keeps it locked throughout. User A’s average locked amount is $100,000 USDT. User B deposits the same amount only in hour 24, so User B’s average locked amount drops to $50,000 USDT. User C participates only in the last hour, so User C’s average locked amount is only about $2,083 USDT.
Although all three users subscribe a total of $100,000 USDT, their final allocation weights differ dramatically. User A’s weight is 2 times User B’s and 48 times User C’s.
This calculation clearly shows that the subscription amount is not the only factor determining allocation. The timing distribution of the subscription is equally critical.
Expression-of-interest mechanism and allocation results. IPO Access uses an expression-of-interest mechanism. Submitting an expression of interest does not guarantee receiving shares. The final share allocation depends on the IPO’s actual issuance results and the allocation quota the platform actually secures.
Revolutionary Breakthrough in Participation Thresholds
Gate IPO Access’s participation threshold breakthrough is the most straightforward. Users don’t need to open an overseas brokerage account. They only need to hold a Gate account and complete platform-required KYC identity verification. The subscription process is completed in USDT. Users do not need to handle fiat conversion or cross-border fund flows.
In traditional pre-IPO markets, the minimum investment threshold for a single deal is usually in the millions or even tens of millions of dollars. In 2024, global pre-IPO secondary market trading volume reached $160 billion, and many individual transactions were above $10 million. For the vast majority of ordinary users, this number effectively means they can’t participate at all.
Gate IPO Access’s minimum expression-of-interest amount is only $100 USDT. For the inaugural SpaceX project, using a reference expression-of-interest price of $135 per share, the expression-of-interest fee is 5%, the minimum expression-of-interest amount is $100 USDT, and the maximum expression-of-interest amount is $500,000 USDT.
Platform Ecosystem and Data Support
Gate IPO Access is built on the strength of the platform’s overall ecosystem. As of September 3, 2026, Gate’s global registered users exceeded 60 million. The platform supports 5,000+ types of crypto assets and 12,800+ types of stock asset trading, covering a wide range of mainstream and emerging asset categories.
In terms of trading volume, Gate’s 24-hour spot trading volume ranks No. 2 globally, and its derivatives trading volume ranks among the top 3 worldwide. This level of fund flow and trading depth shows the platform’s liquidity is sufficient to support the full end-to-end loop from IPO subscription to secondary market trading.
On reserves, Gate is the first platform to commit to 100% reserves, exceeding the industry benchmark by more than 20%. The total reserves rank No. 4 globally. The platform regularly publishes proof-of-reserves reports, and user assets are supported on a 1:1 basis by reserves. This transparency standard provides underlying assurance for asset safety in IPO Access.
Summary
Gate IPO Access’s project selection logic can be summarized in three layers:
Project onboarding layer — The platform selects eligible IPO or pre-IPO projects based on dimensions such as compliance, project quality, verifiability of underlying assets, and sufficiency of information disclosure.
User participation layer — Users only need to hold a Gate account and complete KYC verification. With a minimum threshold of $100 USDT, they can place an expression of interest subscription. No overseas brokerage account is required, and no fiat conversion is needed.
Allocation distribution layer — The system calculates each user’s weight based on the average locked amount from hourly snapshots during the subscription period. It then performs the final allocation according to the formula: "the user’s average locked amount / the total of all participating users’ average locked amounts." The length of time funds remain locked is just as important as the fund size.
These three layers together form Gate IPO Access’s complete selection and allocation system. It does not change the IPO project’s own issuance pricing and stock supply—final issuance price and share supply are still determined by the IPO project itself. However, it significantly reduces the institutional barriers that prevent ordinary investors from participating in global unicorn IPO subscriptions, providing a full end-to-end closed-loop path from subscription to allocation to trading.
Frequently Asked Questions (FAQ)
Q1: How are Gate IPO Access projects selected?
The platform selects eligible IPO or pre-IPO projects to display based on dimensions such as compliance, project quality, verifiability of underlying assets, and sufficiency of information disclosure. Different projects may have specific regional eligibility restrictions. Users must carefully read the compliance notes on the project page before subscribing.
Q2: Does submitting an expression-of-interest subscription guarantee getting shares?
Not necessarily. IPO Access uses an expression-of-interest mechanism. The final share allocation depends on the IPO’s actual issuance results and the allocation quota the platform actually secures. Submitting an application does not guarantee receiving shares.
Q3: How are allocations calculated?
The system calculates user weights based on the average locked amount from hourly snapshots during the subscription period. The formula is: user allocation weight = the user’s average locked amount / the total of all participating users’ average locked amounts. The earlier you participate and the longer you maintain the locked funds, the higher your average locked amount and the larger your allocation weight.
Q4: What requirements must I meet to participate in Gate IPO Access?
You need to meet four conditions: hold a Gate account and complete KYC identity verification; hold enough USDT in your account as subscription funds; comply with the project’s open-region and compliance requirements; submit an application during the expression-of-interest subscription period and complete the funds lockup.
Q5: What is the minimum participation amount?
Gate IPO Access’s minimum expression-of-interest amount is $100 USDT. Different projects may set different maximum subscription limits. Refer to the project announcement for specifics.
Q6: Can funds be used during the lockup period?
No. After users confirm their subscription, the corresponding USDT is locked. During the lockup period, funds cannot be withdrawn, traded, or transferred. Lockup is a key part of the IPO Access allocation mechanism and the core basis for calculating each user’s final allocation ratio.
Q7: What’s the difference between Gate IPO Access and traditional IPO subscriptions?
The main differences are threefold: no overseas brokerage account is required—you can participate with a Gate account; the entire process is completed in USDT—no fiat conversion and no cross-border fund flows; the minimum participation amount is only $100 USDT, far below the million-dollar-level thresholds in traditional pre-IPO markets.
Q8: How are the allocated shares managed and traded?
The successfully allocated shares will be directly distributed to the user’s Gate stock account, realizing "allocation upon listing" and "shares delivered directly to the account." Users can complete the full process—from subscription to allocation to trading—within the Gate platform.
