In June 2026, the global capital markets witnessed a milestone event. Commercial spaceflight giant SpaceX officially debuted on Nasdaq at $135 per share, raising $75 billion and reaching a market capitalization of $1.77 trillion. Behind the largest IPO in history, Gate launched its "IPO Access" service on June 9, 2026, opening up IPO subscription channels—traditionally dominated by top brokers and institutions—for the first time to users on a digital asset platform.
The inaugural project focused on SpaceX, and within just a few days, Gate completed the full cycle from subscription opening to stock listing, distribution, and trading. With the successful completion of this first project, the market is now asking a more fundamental question: What other projects will Gate’s IPO Access feature next? And how exactly does this service work?
Inaugural Project Overview: $143 Million Subscribed by 13,400 Participants
Gate’s IPO Access for SpaceX opened for subscription on June 9, 2026, at 18:00 (UTC+8) and closed on June 12, 2026, at 12:00 (UTC+8). Total intended subscription funds surpassed $143 million, with over 13,400 participants. Within the first 24 hours, intended subscriptions exceeded 92 million USDT, with nearly 10,000 users participating.
For this project, the minimum intended subscription amount was just 100 USDT, and 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 subscription process was settled in USDT, and allocated shares could be traded on the Gate Stocks section on the listing day, with no lock-up period.
The participation of over 13,400 users demonstrates that IPO Access successfully reached a broad base of retail investors previously excluded from traditional IPO allocations. For many crypto asset users, this was their first opportunity to participate in a top global tech IPO with as little as a few hundred dollars. These figures validate the effectiveness of Gate’s IPO Access in lowering investment barriers and expanding participation.
Meanwhile, SpaceX’s IPO itself set new records for demand. The IPO was oversubscribed by more than four times, with an underwriting syndicate led by Goldman Sachs and 21 global investment banks. Retail orders exceeded $100 billion, and institutional demand surpassed $250 billion. Retail allocation was extremely limited, explaining why many intended subscriptions could not be fully filled.
First Day Trading: Opens Up Over 11%, Intraday High of $176.5
On June 12, 2026, SpaceX (ticker: SPCX) officially began trading on the Nasdaq Global Select Market and Nasdaq Texas segment. The offering price was set at $135 per share, valuing the company at about $1.77 trillion and raising $75 billion—surpassing Saudi Aramco’s $29.4 billion record in 2019 to become the largest IPO ever.
According to Gate’s official market data, SPCX opened at $150, up about 11% from the IPO price. The intraday high reached $176.5, a gain of approximately 30.7%. The first day closed at $161.27, up roughly 19.5%, with a closing market cap of about $2.1 trillion. The sharp price swings on the first day reflected intense market sentiment and price discovery.
Trading volume for SPCX on Gate surpassed $100 million on the first day. Gate’s IPO Access inaugural project delivered convincing results both in subscription and trading.
Allocation Mechanism Explained: Fair Distribution with Transparent Weighting
Gate’s IPO Access does not operate on a simple "first come, first served" basis. Instead, it uses a transparent allocation mechanism based on time-weighted and funds-weighted participation. The system calculates each user’s final allocation weight according to their average hourly locked subscription amount as a proportion of the project’s overall average intended subscription amount during the subscription period.
The formula is: average hourly locked amount = total hourly snapshots of locked funds ÷ total subscription hours. With this all-period average calculation, the earlier and longer a user maintains their subscription, the higher their average locked amount and the greater their allocation weight.
For SpaceX’s inaugural project, Gate ultimately received an allocation of about 33,900 SPCX shares, valued at around $20 million. The median allocation ratio for IPO Access was about 3%, with early participants receiving a higher share of the allocation.
It’s important to note that IPO Access uses an "intended subscription" model. Final results may be full, partial, or no allocation, depending on the actual IPO outcome and the platform’s allocation quota. Unallocated funds and any remaining subscription amounts are automatically returned to users’ spot accounts.
How IPO Access Works: From Subscription to Stock Delivery
Gate’s IPO Access is a pre-IPO stock subscription service. Users can submit intended subscription applications before a company officially lists. Once IPO results are confirmed, Gate allocates shares according to the actual quota received. Successfully allocated shares are distributed directly to users’ Gate stock accounts, where they can be traded on the Gate Stocks section as soon as the stock is listed.
This mechanism creates a one-stop investment pathway from IPO subscription to secondary market trading. Users do not need to switch between multiple platforms or navigate complex processes from subscription to holding—once allocated, shares are credited and immediately tradable.
Compared to traditional IPO participation, Gate’s IPO Access significantly lowers the entry barriers for retail users in several ways:
- No overseas brokerage account required. Users only need a Gate account with completed identity verification—no need to open an overseas brokerage account.
- All transactions in USDT. The entire subscription process is conducted in USDT, so users avoid fiat conversions and cross-border fund transfers.
- Extremely low participation threshold. For SpaceX’s first project, the minimum intended subscription was just 100 USDT and the maximum 500,000 USDT.
- No lock-up period for allocated shares. Successfully allocated shares can be traded on Gate’s platform on listing day, with no traditional lock-up restrictions.
Together, these features mean that IPO Access brings IPO opportunities—once reserved for institutions and high-net-worth individuals—to a much broader digital asset user base.
What’s Next: Sustained Pipeline for the "Super IPO Year"
SpaceX’s successful launch has led many users to a central question: Beyond SpaceX, what other projects will Gate’s IPO Access offer? The answer: plenty. IPO Access is a platform-level service, and SpaceX was only the first project.
2026 is widely regarded as a "Super IPO Year," with unicorns like SpaceX, OpenAI, Anthropic, and Stripe all likely to go public. Gate’s IPO Access will continue to roll out new projects in line with market trends and company listing schedules. Users can stay updated via official Gate announcements.
In fact, Gate has built a comprehensive ecosystem around IPO investment opportunities. In addition to IPO Access, Gate has launched a Pre-IPO product line, allowing users to gain tokenized exposure to companies even earlier—before their official IPO. The main difference: IPO Access is for subscribing to shares after the company initiates the IPO process but before listing, while Pre-IPO offers tokenized notes that provide economic exposure to a company’s valuation even before an IPO application is filed.
For example, in April 2026, Gate launched the SpaceX (SPCX) Pre-IPO token. SPCX is a digital asset note that gives investors economic exposure to SpaceX’s pre-IPO valuation. The subscription price was 590 USDT per SPCX, with a total allocation of 33,900 SPCX tokens, representing about $20 million. Upon successful subscription, SPCX certificates were 100% unlocked and immediately tradable on Gate’s pre-market.
Additionally, Gate continues to roll out Pre-IPO, IPO Access, and gStocks tokenized securities, gradually building a diversified product matrix that covers pre-listing investments, post-listing stock trading, and tokenized securities. This delivers a comprehensive, one-stop global investment experience for users.
Conclusion
The successful launch of SpaceX as Gate’s first IPO Access project, with $143 million in intended subscriptions and over 13,400 participants, has demonstrated both the market demand and technical feasibility of this service model. The transparent allocation logic based on time and funds weighting strikes a practical balance between fairness and efficiency.
From a broader perspective, Gate’s IPO Access is not just a new business line—it signals a market shift: more digital asset users are expanding their focus from crypto-only markets to the wider global capital markets. As the "Super IPO Year" continues, Gate’s upcoming IPO Access projects are well worth watching.
Frequently Asked Questions (FAQ)
Q1: What is Gate IPO Access?
Gate IPO Access is a pre-IPO stock subscription service launched by Gate. Users can submit intended subscription applications before a company officially lists. After IPO results are confirmed, Gate allocates shares based on the actual quota received, and successfully allocated shares are distributed 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—no overseas brokerage account is required. The entire subscription process is conducted in USDT. For the first project, SpaceX, the minimum intended subscription was just 100 USDT.
Q3: Does submitting a subscription guarantee I will receive shares?
Not necessarily. IPO Access uses an "intended subscription" model, so there are three possible outcomes: full allocation, partial allocation, or no allocation. This depends on the actual IPO results and the platform’s final allocation quota. Unallocated funds and any remaining subscription amounts are automatically returned.
Q4: How does Gate IPO Access allocate shares?
The system calculates each user’s final allocation weight based on their average hourly locked subscription amount as a proportion of the project’s overall average intended subscription amount during the subscription period. The earlier and longer a user maintains their subscription, the higher their average locked amount and the greater their allocation weight.
Q5: What projects will follow on Gate IPO Access?
Gate IPO Access is an ongoing, platform-level service. 2026 is widely seen as a "Super IPO Year," with unicorns like SpaceX, OpenAI, Anthropic, and Stripe all likely to go public. Future projects will be launched in line with market trends and company listing schedules. Users can stay updated via official Gate announcements.
Q6: Can allocated shares be traded immediately?
Yes. Successfully allocated shares can be traded on the Gate Stocks section on listing day, with no lock-up period.
