June 12, 2026, marked SpaceX’s official debut on the Nasdaq at an offering price of $135 per share. The company raised $75 billion, surpassing Saudi Aramco’s 2019 record and claiming the title for the largest IPO in global history. Based on the offering price, SpaceX’s valuation reached $1.77 trillion, and the stock closed up about 19% on its first day, pushing the market cap to approximately $2.3 trillion.
This day also signaled a turning point for crypto asset platforms, as they collectively participated in a major corporate IPO for the first time. On June 9, Gate officially launched its "IPO Access" service, with SpaceX as the inaugural project, making it one of the most talked-about crypto products during this IPO frenzy.
Gate IPO Access: Lowering the Bar for Participation
IPO Access is Gate’s pre-listing stock subscription service. Users can submit subscription requests before a company officially goes public. After the IPO allocation concludes, the corresponding shares are distributed directly to users’ Gate stock accounts, delivering a seamless "allocation upon listing, shares delivered instantly" investment experience.
Compared to traditional IPO participation methods, Gate IPO Access breaks new ground by opening IPO subscription channels—previously reserved for top brokers and institutions—to digital asset platform users. There’s no need to open overseas brokerage accounts, handle fiat currency conversions, or manage cross-border fund transfers. With as little as 100 USDT, users can participate, completing the entire subscription process in USDT. Allocated shares are tradable on Gate’s stock section on listing day, with no lock-up period.
This mechanism significantly lowers the barrier for global retail investors to participate in top-tier tech IPOs.
How Does Gate IPO Access Work?
Gate IPO Access operates with a highly transparent allocation system. The platform calculates share distribution based on each user’s average hourly locked amount during the subscription period, relative to the project’s overall average subscription amount.
Does Subscribing Guarantee Allocation? — The Question Investors Care About Most
The answer: Submitting a subscription request does NOT guarantee allocation.
IPO Access uses an "intent subscription" model. After users submit their requests, three outcomes are possible: full allocation, partial allocation, or no allocation. The actual allocation depends on two key factors: the IPO’s final offering situation and the allocation quota Gate receives from upstream.
Looking at real data from SpaceX’s first project: total subscription intent funds exceeded $143 million, with 13,400 participants. The median allocation ratio was about 3%, and users who participated earliest received higher allocation ratios.
If you’re allocated, will you receive shares? In this IPO Access round, the median allocation ratio was 3%, meaning many users had their subscription funds returned due to no allocation. Unallocated and remaining subscription funds were automatically refunded to users’ spot accounts—no manual refund request needed.
Industry Comparison: Why Gate Stands Out
After the SpaceX IPO, several crypto platforms faced delivery issues with their IPO-related products. Some platforms, due to severe shortages in upstream underwriting quotas and insufficient share supply, had to issue full refunds. Others, regardless of user investment amount, only distributed a fixed 4.28 shares.
In contrast, Gate operated independently through its own IPO Access channel, without relying on third-party tokenization platforms like xStocks. This insulated the allocation process from external supply chain disruptions. According to platform announcements, shares were distributed to Gate stock accounts on June 12 as scheduled, and user feedback confirmed "instant delivery," with high fulfillment rates.
SPCX First-Day Performance Review
- Offering Price: $135 per share
- Intraday High: $176.5 (up about 30.7%)
- First-Day Closing Price: $161.27 (up about 19.5%)
- First-Day Closing Market Cap: Approximately $2.1 trillion
As of June 16, SPCX shares were trading near $195, and SpaceX’s valuation had surpassed $2.5 trillion.
Investment Risk Warning
- Allocation Uncertainty: Retail quotas for popular IPOs are typically extremely limited. SpaceX’s global IPO saw more than four times oversubscription, with retail orders exceeding $100 billion and institutional demand over $250 billion. Final allocation is determined by the underwriting system; Gate, as an end-point, can only allocate proportionally.
- Product Positioning Awareness: Gate Pre-IPO operates via a Mirror Note structure, essentially a digital price mapping product. It does NOT grant investors voting rights or dividend rights associated with official equity ownership.
- Volatility Risk in Early Trading: After the SpaceX IPO, only about 4.2% of total shares were freely tradable. Price swings in the early days of listing may be extremely volatile.
- Opportunity Cost of Funds: Subscription funds are locked and unavailable for other trades during the freeze period. Even if not allocated, there is an opportunity cost.
Looking Ahead: The Next IPO Access Is Coming
2026 has been dubbed the "Super IPO Year." Beyond SpaceX, OpenAI has confidentially filed its S-1 registration with the SEC, Anthropic’s valuation is approaching $1 trillion, and Cerebras surged 68% on its first trading day.
Gate IPO Access is expected to introduce blockbuster projects like OpenAI, Anthropic, and xAI, giving retail investors a channel to capture growth premiums during the pre-listing phase.
Conclusion
The core value of Gate IPO Access lies in "lowering the barrier, not guaranteeing success." It’s an intent subscription mechanism, not a 100% allocation guarantee. Investors should have a clear understanding before participating:
- Transparent Mechanism: Average hourly locked amount plus time weighting, with algorithms open and verifiable.
- Automatic Fund Handling: Unallocated funds are automatically refunded—no manual refund required.
- Real Fulfillment: SpaceX’s first round was delivered on schedule, earning widespread positive feedback.
- Limited Allocation Ratio: Median allocation was about 3%; quotas for popular projects are extremely tight.
- Early Participation Matters: The earlier and longer you lock funds, the higher your allocation weight.
- Rational Investing: Mirror Note structure maps price rights, not traditional equity.
If you’re eyeing the next IPO Access project, prepare your USDT funds in advance, closely follow Gate’s announcements for subscription start times, and lock in your intent subscription early—this is the most effective way to boost your allocation odds. Be sure to carefully read platform announcements, understand the fee structure and allocation mechanism, and make rational decisions based on your risk tolerance.
