In June 2026, the global capital markets witnessed a milestone event. SpaceX, the commercial spaceflight giant, debuted on the Nasdaq under the ticker SPCX at an offering price of $135 per share. The IPO raised an astonishing $75 billion, shattering the previous record set by Saudi Aramco’s $29.4 billion IPO in 2019, and making it the largest initial public offering in history. Based on the offering price, SpaceX’s market capitalization reached $1.77 trillion.
This landmark IPO not only set new records in the capital markets but also marked the first time a crypto asset platform played a significant role in a top-tier company’s IPO. As a key driver of this innovation, Gate officially launched its "IPO Access" service on June 9, 2026, with SpaceX as its inaugural project. This service opened up IPO subscription channels—traditionally monopolized by top brokerages and institutions—to users of digital asset platforms for the first time.
For ordinary investors, participating in the IPO of a high-profile company has long been an unattainable goal. Barriers such as overseas brokerage accounts, qualified investor status, complex fiat currency conversions, and cross-border fund transfers have made access nearly impossible. Gate’s IPO Access fundamentally changes this landscape.
The Triple Barriers of Traditional IPO Subscriptions
To fully appreciate the value of Gate’s IPO Access, it’s important to first understand the systemic obstacles that traditional IPO subscriptions pose for retail investors.
Account and Geographic Restrictions. Traditional IPOs typically require investors to open overseas brokerage accounts and meet specific regional eligibility requirements. For example, due to the U.S. International Traffic in Arms Regulations, underwriters for the SpaceX IPO were explicitly instructed not to accept subscription orders from investors in mainland China or Hong Kong. This immediately excludes a large pool of potential investors.
Complexity of Funding and Processes. Participating in international IPOs often involves fiat currency conversion, cross-border fund transfers, and navigating a complex web of intermediaries. Investors must complete multiple steps across different financial institutions, resulting in lengthy processes and high costs.
Scarcity of Allocation Opportunities. Retail allocations in popular IPOs are typically extremely limited. The SpaceX IPO was oversubscribed by more than four times, with total subscriptions exceeding $250 billion—far surpassing the $75 billion fundraising target. Even if retail investors overcome the first two barriers, the odds of actually receiving an allocation remain slim.
Together, these three barriers mean that retail investors are almost systematically excluded from traditional IPOs. Gate’s IPO Access is designed to break through each of these obstacles.
Gate IPO Access: Product Mechanism and Core Advantages
Gate IPO Access is a pre-IPO stock subscription service offered by Gate. Users can submit subscription requests before a company officially lists. Once the IPO results are confirmed, the platform allocates shares based on the actual allocation received. Allocated shares are then credited directly to users’ Gate stock accounts, allowing them to trade real shares on Gate’s stock section as soon as the stock goes public.
At its core, this mechanism creates a seamless, one-stop investment path from IPO subscription to secondary market trading. Users no longer need to switch between multiple platforms or navigate complex transitions from subscription to holding—once allocated, shares are credited and immediately available for trading.
Compared to traditional IPO participation, Gate IPO Access lowers the entry barriers for retail users in several key ways:
No Overseas Brokerage Account Required. Users only need a Gate account with completed identity verification—there’s no need to open an overseas brokerage account.
USDT-Based Participation. The entire subscription process is conducted in USDT, eliminating the need for fiat currency conversion and cross-border fund transfers.
Extremely Low Entry Threshold. For the inaugural SpaceX project, the minimum subscription amount is just 100 USDT, with a maximum of 500,000 USDT.
No Lock-Up Period for Allocated Shares. Shares allocated through IPO Access can be traded on Gate’s stock section on the listing day, with no traditional lock-up restrictions.
These features collectively open up IPO opportunities—once reserved for institutions and high-net-worth individuals—to a much broader user base via digital channels.
Step-by-Step Guide: Participating in the SpaceX IPO Access
Taking SpaceX as the first project, the complete participation process for Gate IPO Access consists of four steps:
Step 1: Access the IPO Access Page. After logging into Gate, users can navigate to the "Gate IPOs" section via the web or app. Path: Home → Finance → IPO Access. The project page provides detailed information, including company introduction, reference price, subscription period, allocation rules, and risk disclosures.
Step 2: Submit a Subscription Request. During the subscription window, users enter their intended subscription amount and submit their application. The key parameters for the SpaceX IPO Access are as follows:
- Subscription Asset: USDT
- Reference Subscription Price: $135 per share
- Fee: 5% (based on the reference price; total cost per share is approximately 141.75 USDT)
- Minimum Subscription Amount: 100 USDT
- Maximum Subscription Amount: 500,000 USDT
Note: The reference price is $135 per share, but the final price will be determined by the actual IPO pricing.
Step 3: Complete Fund Lock-Up. Once the subscription is confirmed, the corresponding USDT is locked. During the lock-up period, funds cannot be withdrawn, traded, or transferred. This lock-up is a key part of the IPO Access allocation mechanism and is central to calculating each user’s final allocation ratio.
Step 4: Await Allocation and Share Delivery. After the subscription period ends, the system calculates each user’s allocation weight based on locked funds. Once the IPO results are confirmed, the platform distributes shares according to the actual allocation received. Allocated shares are credited directly to users’ Gate stock accounts.
It’s important to note: Submitting a subscription request does not guarantee an allocation. After applying, users may receive a full allocation, a partial allocation, or no allocation at all.
Allocation Mechanism Explained: Time Weight and Fund Proportion
Gate IPO Access does not operate on a simple "first-come, first-served" basis. Instead, it uses a transparent allocation mechanism based on time-weighted average funds.
The system calculates each user’s final allocation weight by determining the ratio of their hourly average locked funds during the subscription period to the project’s overall hourly average locked funds. The formula is:
Hourly Average Locked Funds = Total of Hourly Snapshots ÷ Total Subscription Period Hours
Because the calculation uses a full-period average, the earlier a user subscribes and maintains their lock-up, the higher their average locked funds—and the greater their chance of a higher allocation.
For example, if three users each commit 100,000 USDT:
- User A subscribes in the first hour and maintains the lock-up throughout → Hourly average locked funds: 100,000 USDT
- User B subscribes in the 33rd hour → Hourly average locked funds: 50,000 USDT
- User C subscribes only in the final hour → Hourly average locked funds: very low
The core logic is simple: the earlier and longer you participate and maintain your lock-up, the higher your allocation weight. This encourages early participation and sustained commitment, while preventing last-minute surges that could undermine fairness.
SpaceX IPO Access: Key Data from the First Project
As the inaugural project for Gate IPO Access, SpaceX delivered impressive results.
Subscription Data. The SpaceX subscription window opened on June 9, 2026, at 10:00 UTC and closed on June 12, 2026, at 04:00 UTC. The total intended subscription funds exceeded $143 million, with over 13,400 participants. Within the first 24 hours, intended subscriptions surpassed 92 million USDT, with nearly 10,000 users participating.
Allocation Results. 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 proportions.
First Day Performance. According to Gate’s official market data, SPCX opened at $150 on its first trading day—an 11% increase over the offering price. The intraday high reached $176.5, up 30.7%. The stock closed at $161.27, a 19.5% gain, with a closing market cap of about $2.1 trillion.
With over 13,400 participants, IPO Access successfully reached a large segment of retail investors previously excluded from traditional IPOs. For many crypto asset users, this was their first opportunity to participate in a global top-tier tech IPO with as little as a few hundred dollars.
Industry Impact and Future Outlook
The successful launch of Gate IPO Access with the SpaceX project carries significant implications for the industry.
Proof of Capital Access Equality. The $143 million in subscriptions and 13,400 participants demonstrate strong, genuine demand among retail investors for access to global IPOs. When technology lowers systemic barriers, market demand quickly translates into real participation.
Deep Integration of Crypto and Traditional Finance. By using USDT as the subscription asset, IPO Access bridges crypto assets and traditional stock markets. This model provides a replicable framework for digital asset platforms to participate in traditional capital markets.
Product Mechanism Validated in Practice. From subscription opening to share distribution, Gate IPO Access completed a full real-world test within days. The time-weighted allocation mechanism, USDT-based process, and no lock-up period were all validated in practice.
Gate IPO Access is a platform-level service, with SpaceX as its first project. As more high-quality global companies go public, this service is poised to offer more users a digital gateway to the global capital markets.
Conclusion
By opening IPO subscription channels—once monopolized by top brokerages and institutions—to users of digital asset platforms, Gate IPO Access systematically addresses the three main barriers for retail investors: account restrictions, funding complexity, and scarce allocation opportunities. The inaugural SpaceX project, with $143 million in subscriptions and 13,400 participants, has proven the viability and demand for this model.
For investors looking to participate in global IPOs, understanding the subscription process, allocation mechanism, and time-weighted rules of Gate IPO Access is essential for developing a sound participation strategy. Submitting a subscription request does not guarantee an allocation; the earlier you participate and the longer you maintain your lock-up, the higher your chance of a larger allocation.
Frequently Asked Questions (FAQ)
Q1: What is Gate IPO Access?
Gate IPO Access is a pre-IPO stock subscription service offered by Gate. Users can submit subscription requests before a company officially lists. Once the IPO results are confirmed, the platform allocates shares based on the actual allocation received. Allocated shares are credited directly to users’ Gate stock accounts.
Q2: What are the requirements to participate in Gate IPO Access?
Users only need a Gate account with completed identity verification—there’s no need to open an overseas brokerage account. The entire subscription process is conducted in USDT, so there’s no need for fiat currency conversion or cross-border fund transfers.
Q3: What is the minimum amount required to participate?
For the inaugural SpaceX project, the minimum subscription amount is just 100 USDT. Minimums may vary by project; please refer to the current project page for details.
Q4: Does submitting a subscription request guarantee an allocation?
No. Submitting a subscription request does not guarantee an allocation. Users may receive a full allocation, a partial allocation, or no allocation at all. The final allocation depends on the actual IPO results and the allocation Gate receives.
Q5: How is the allocation calculated?
Gate IPO Access uses a transparent allocation mechanism based on time-weighted average funds. The system calculates each user’s allocation weight by determining the ratio of their hourly average locked funds during the subscription period to the project’s overall average. The earlier you participate and the longer you maintain your lock-up, the higher your average and the greater your allocation weight.
Q6: Is there a lock-up period for allocated shares?
No. Shares allocated through IPO Access can be traded on Gate’s stock section on the listing day, with no traditional lock-up restrictions.
Q7: How did SPCX perform on its first trading day?
According to Gate’s official market data, SPCX opened at $150—up 11% from the offering price of $135. The intraday high reached $176.5, and the stock closed at $161.27, up 19.5%.
Q8: Will Gate IPO Access offer other projects in the future?
Gate IPO Access is a platform-level service, with SpaceX as its first project. As more high-quality global companies go public, Gate will continue offering users IPO participation opportunities through IPO Access. Please refer to official announcements for details on upcoming projects.
