In June 2026, the global capital markets witnessed a historic event. Commercial space giant SpaceX officially debuted on Nasdaq at $135 per share, raising $75 billion—shattering the previous record set by Saudi Aramco’s $29.4 billion IPO in 2019 and claiming the title of the world’s largest IPO in history. Based on the offering price, SpaceX’s market capitalization reached $1.77 trillion.
This landmark IPO not only set multiple new records in the capital markets but also signaled a major structural shift: for the first time, crypto asset platforms participated at scale in the IPO of a top-tier enterprise. As a key driver of this trend, Gate officially launched its "IPO Access" service on June 9, 2026, with SpaceX as the inaugural project.
From the opening of the subscription window to SpaceX’s official listing, Gate’s first IPO Access project underwent a complete real-world test in just a few days. What were the results of this initial offering? Is this model worth continued attention?
Inaugural Offering Snapshot: $143 Million Subscribed by 13,400 Participants
The subscription window for Gate’s first IPO Access project, SpaceX, opened on June 9, 2026, and closed at 12:00 PM (UTC+8) on June 12. The total intended subscription funds surpassed $143 million, with more than 13,400 participants.
Of particular note is the market’s immediate response at launch—within the first 24 hours, intended subscription volume exceeded 92 million USDT, with nearly 10,000 participants. This data shows that interest and enthusiasm for Gate’s inaugural IPO Access project peaked right from the start, rather than gradually accumulating over time.
Regarding participation requirements, the minimum intended subscription amount for this round was just 100 USDT, while the maximum was 500,000 USDT. The reference price for intended subscriptions was $135 per share, plus a 5% fee, totaling approximately 141.75 USDT per share. The entire subscription process was conducted in USDT, and allocated shares became tradable on Gate’s stock section on the listing day, with no lock-up period.
The user profile reveals that more than 13,400 participants means IPO Access successfully reached a large group of ordinary investors previously excluded from traditional IPO allocation systems. For most 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.
Allocation Mechanism and Results: Fair Distribution Through Transparent Weighting
Gate’s IPO Access does not use a simple "first come, first served" approach. Instead, it employs a transparent allocation mechanism based on time-weighted and capital-weighted participation. The system calculates each user’s final share allocation weight according to their hourly average locked subscription amount during the intention period, relative to the project’s overall average intended subscription amount.
The core logic is straightforward: the earlier a user subscribes and the longer they maintain their locked amount, the higher their average, and thus the greater their allocation weight. This mechanism encourages users to act early and maintain their investment, while preventing last-minute rushes from disrupting fair distribution.
For the SpaceX inaugural project, 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 a higher proportion.
It’s important to note that IPO Access operates on an "intention subscription" basis. Final outcomes may be full allocation, partial allocation, or no allocation at all, depending on the actual IPO offering and the platform’s final allocation quota. Any unallocated portion and remaining subscription funds were automatically refunded to users’ spot accounts, with no need for a separate refund request.
First Day Trading: SPCX Opens Up Over 11%, Gate Platform Volume Exceeds $100 Million
On June 12, 2026, SpaceX began trading under the ticker SPCX on the Nasdaq Global Select Market and Nasdaq Texas segment. The IPO was more than four times oversubscribed, with Goldman Sachs leading a syndicate of 21 global investment banks.
SPCX’s price action on its debut drew intense interest from investors worldwide. According to Gate’s official data, SPCX opened at $150, up approximately 11% from the offering price. Intraday, the price hit a high of $176.5—a gain of about 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 day one reflected the interplay between market sentiment and subsequent capital inflows. Highs typically occurred shortly after the open, as short-term traders and momentum buyers piled in; the closing price represented a more balanced valuation after significant turnover.
Gate’s platform also saw remarkable trading activity. Public data shows that Gate’s tokenized SpaceX stock product traded over $100 million on the first day, making SPCX the most actively traded equity-related product on Gate. This demonstrates that enthusiasm was not limited to the IPO subscription phase—liquidity and user engagement remained strong in the secondary market.
The Triple Barriers of Traditional IPOs—and How Gate IPO Access Breaks Through
To appreciate the value of Gate’s IPO Access, it’s important to first understand the systemic barriers that ordinary investors face with traditional IPO subscriptions.
Barrier One: Account and Geographic Restrictions. Traditional IPOs typically require users to open overseas brokerage accounts and meet specific regional eligibility. For example, due to the U.S. International Traffic in Arms Regulations, underwriters for SpaceX were explicitly prohibited from accepting subscription orders from investors in Mainland China and Hong Kong.
Barrier Two: Capital and Process Complexity. Participating in international IPOs often involves currency exchange, cross-border fund transfers, and navigating a complex web of intermediaries. Users must complete multiple steps across various financial institutions, making the process lengthy and costly.
Barrier Three: Scarcity of Allocations. Retail allocations in popular IPOs are usually extremely limited. SpaceX’s IPO was more than four times oversubscribed, with retail orders exceeding $100 billion and institutional demand over $250 billion. Even if ordinary investors overcome the first two hurdles, their chances of receiving an allocation remain slim.
Gate’s IPO Access is designed to break through these three barriers. Users don’t need to open overseas brokerage accounts or handle currency conversion and cross-border transfers. With as little as 100 USDT, they can participate. The entire subscription process uses USDT, and allocated shares become tradable on Gate’s stock section on the listing day.
Why Should Gate IPO Access Remain on Your Radar?
Based on comprehensive data from the first project, Gate IPO Access stands out in three key areas:
First, the market validated real demand for the product. With $143 million in intended subscription funds and 13,400 participants, the numbers speak for themselves. This not only proves the feasibility of the product’s logic but also highlights unmet demand among crypto asset users for access to top-tier tech IPOs.
Second, the platform’s delivery capability passed a real-world test. During the SpaceX IPO, some platforms faced delivery issues due to insufficient allocations from upstream underwriters or an inability to deliver underlying shares. In contrast, Gate operated independently through its own IPO Access channel, without relying on third-party tokenization platforms, and was unaffected by external supply chain disruptions. According to platform announcements, shares were distributed to Gate stock accounts as scheduled on June 12, with user feedback confirming "immediate delivery" and a high degree of fulfillment.
Third, the transparent allocation mechanism built user trust. The time- and capital-weighted distribution rules were fully implemented in the first project. User feedback consistently described the process as "transparent, reliable, and smooth." In community discussions, early participants shared detailed strategies and allocation logic, contributing to a positive reputation overall.
Conclusion
Gate’s inaugural IPO Access project for SpaceX delivered a comprehensive result. From a data perspective, $143 million in intended subscriptions, 13,400 participants, and over 92 million USDT subscribed in the first 24 hours together provide compelling market validation.
From a product perspective, the transparent allocation mechanism based on time and capital weighting, the low entry threshold of 100 USDT, and immediate trading with zero lock-up period systematically lowered the barriers for ordinary investors to participate in top-tier tech IPOs.
From an execution perspective, Gate independently operated its IPO Access channel, delivering shares on schedule even as other platforms faced fulfillment issues.
SPCX’s debut—opening at $150, peaking at $176.5, and closing at $161.27—further underscores the value of the IPO Access model, as reflected in secondary market performance.
In summary, Gate’s first IPO Access project demonstrated effective validation across data, product mechanism, and execution. For users interested in investing in global top-tier tech IPOs, this service channel is well worth ongoing attention.
Frequently Asked Questions (FAQ)
Q: 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’s official listing. After the IPO allocation is finalized, the corresponding shares are directly distributed to users’ Gate stock accounts, offering a one-stop investment experience of "allocation at listing, shares delivered directly to your account."
Q: What were the subscription figures for the first SpaceX project?
The first SpaceX project’s subscription window opened on June 9, 2026 and closed on June 12. The total intended subscription funds surpassed $143 million, with more than 13,400 participants. Within the first 24 hours, intended subscriptions exceeded 92 million USDT.
Q: What is the minimum amount required to participate in Gate IPO Access?
The minimum intended subscription for the first project was just 100 USDT, with a maximum of 500,000 USDT. The entire subscription process was conducted in USDT.
Q: Does subscribing guarantee an allocation?
Not necessarily. IPO Access uses an "intention subscription" model, so the final result may be a full allocation, partial allocation, or no allocation. The specific outcome depends on the actual IPO offering and the platform’s final allocation quota. The median allocation ratio for the first project was about 3%.
Q: Is there a lock-up period for allocated shares?
No, there is no lock-up period. Allocated shares are tradable on Gate’s stock section on the listing day.
Q: How did SPCX perform on its first trading day?
According to Gate’s official market data, SPCX was priced at $135 per share. On its debut, it opened at $150 (up about 11%), reached an intraday high of $176.5 (up about 30.7%), and closed at $161.27 (up about 19.5%).
