On June 9, 2026, Gate officially launched its IPO Access service, debuting with the global commercial space leader SpaceX. Amid high market anticipation, this inaugural project underwent its first real-world test. From the opening of the subscription window on June 9, to SpaceX’s listing on Nasdaq under the ticker SPCX on June 12, and the subsequent distribution and trading of shares, Gate’s first IPO Access project not only delivered impressive results in just a few days but also received overwhelmingly positive feedback from most participants.
Why did Gate’s first IPO Access project perform so well? And why have users responded so favorably to Gate?
In-Depth Analysis of the First Project: $143 Million Subscribed + 13,400 Participants
When it comes to evaluating a new product’s success, data speaks the loudest.
The subscription window for Gate’s inaugural IPO Access project, SpaceX, opened on June 9, 2026, and closed at 4:00 AM UTC on June 12. The total subscription intent exceeded $143 million, with over 13,400 participants. Notably, within the first 24 hours, the intended subscription amount surpassed 92 million USDT.
For this round, the minimum 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 used USDT, and allocated shares became tradable on Gate’s stock section on the listing day, with no lock-up period.
At the same time, SpaceX’s IPO itself set new records. The offering price was set at $135 per share, valuing the company at roughly $1.77 trillion, with a fundraising scale of $75 billion—surpassing Saudi Aramco’s $29.4 billion record from 2019 and becoming the largest IPO in global history. The IPO was oversubscribed by more than four times, with Goldman Sachs leading a syndicate of 21 global investment banks.
First Day Trading: SPCX Opens Up Over 11%, Gate Platform Volume Exceeds $100 Million
SpaceX’s first day of trading also delivered outstanding results.
SPCX opened at $150, up about 11% from the offering price, and closed at $160.95, a 19.22% increase. During the session, the price peaked at $176.5, representing a maximum intraday gain of about 30.7%.
Even more notable, trading volume for Gate’s tokenized SPCX stock product soared on the first day. According to data shared by CryptoQuant analyst Darkfost, Gate’s tokenized SpaceX stock product (listed as SPCXx) recorded over $100 million in first-day trading volume—far surpassing other tokenized stock listings on the platform, such as Circle at around $4 million and Tesla at about $3.5 million. SPCX became Gate’s most actively traded equity-related product of the day.
These figures show that enthusiasm was not limited to the IPO subscription phase; liquidity and user participation remained strong in the secondary trading stage.
Why Are Most Users Praising Gate? Three Core Reasons Explained
On SpaceX’s listing day, several crypto platforms offering IPO-related products encountered delivery issues—some had to refund users in full due to severe allocation shortages from upstream underwriters, while others, regardless of user investment size, distributed only about 4.28 shares per user, sparking widespread community complaints.
In contrast, Gate stood out as a positive example during this IPO frenzy, with user feedback consistently highlighting its "transparency, reliability, and smooth experience." One user commented in the Gate community, "Finally, there’s a platform where regular users can get a shot at a tech giant’s IPO with a low barrier to entry." This strong reputation stems from three key factors.
Reason 1: Fair and Transparent Allocation Mechanism
Gate’s IPO Access is not a simple "first come, first served" rush. Instead, it employs a scientific and transparent weighted allocation system. The platform calculates each user’s final allocation weight based on their average hourly locked subscription amount during the intent period, relative to the overall project average.
In practice, the earlier and longer a user locks their funds, and the higher their average locked amount, the greater their chance of receiving a higher allocation. This mechanism encourages early participation and sustained commitment, while preventing last-minute surges that could compromise fairness.
The median allocation ratio was 3%, with earlier participants receiving proportionally higher allocations.
Reason 2: High Fulfillment Rate—"Shares Delivered Instantly"
Gate independently manages its IPO Access channel, without relying on third-party tokenization platforms like xStocks. This means the allocation process is insulated from external supply chain disruptions. According to platform announcements, shares were distributed to Gate stock accounts as scheduled on June 12, and user feedback overwhelmingly confirmed that shares were "received instantly," earning widespread recognition for fulfillment reliability.
For IPO investors, the core concern is "Will I actually receive my shares?" Gate successfully executed the entire process—from subscription and allocation to account crediting and trading—proving the viability of its IPO Access model and building user trust.
Reason 3: Breaking Down Traditional IPO Barriers for Equal Access
Before Gate’s IPO Access, most ordinary investors worldwide were effectively shut out from IPOs of super-unicorns like SpaceX. Traditional IPO channels are dominated by top brokers and institutional investors, with shares allocated primarily to institutional clients. Retail investors typically have to wait until after the listing and buy at higher prices.
Moreover, due to the U.S. International Traffic in Arms Regulations (ITAR), most global investors were not even eligible to participate in SpaceX’s IPO.
Gate’s breakthrough was to open up these traditionally exclusive IPO channels to the broader digital asset community for the first time. Users no longer need to open overseas brokerage accounts, deal with complex fiat conversions, or meet million-dollar minimums. All that’s required is a Gate account with completed KYC, and users can participate in global blockbuster IPOs directly using USDT.
This "low-barrier access to top global IPOs" directly addresses the pain points of countless retail investors, naturally earning high praise from users.
From IPO to Stock Trading: A Fully Integrated Investment Experience
Another highlight of Gate’s IPO Access is the seamless integration of IPO subscription and stock trading within a single platform.
In traditional finance, the IPO investment process is fragmented—investors might subscribe through one broker, check allocation results elsewhere, and finally trade on yet another platform. This fragmentation adds unnecessary complexity and inconvenience.
Gate’s IPO Access integrates all these steps into one system. From expressing subscription intent, to allocation confirmation, to share crediting and subsequent trading, users can complete every step on the same platform. Allocated shares are credited directly to Gate stock accounts, and upon listing, they can be traded as real U.S. equities within Gate’s stock section. This delivers a truly "allocation upon listing, shares credited instantly" one-stop investment experience.
Currently, Gate Stocks supports trading over 10,000 major U.S. stocks and ETFs with USDT, covering NYSE, Nasdaq, and other major markets, and allows fractional trading starting from as little as 0.01 shares. The launch of IPO Access further completes Gate’s full-chain investment product suite, spanning Pre-IPO, IPO, and stock trading.
Looking Ahead: The Dawn of the Super IPO Era
2026 has been dubbed the "Year One of Super IPOs." Beyond SpaceX, OpenAI has confidentially filed its S-1 registration with the SEC, Anthropic is nearing a trillion-dollar valuation, and the AI sector is seeing a new wave of IPOs.
The successful rollout of Gate’s first IPO Access project proves that this product model has passed the market test. With $143 million in intended subscriptions, 13,400 participants, over $100 million in first-day trading, and unanimous positive user feedback, Gate’s IPO Access has set a new benchmark.
For investors, Gate IPO Access opens a brand-new channel to participate in the IPOs of the world’s leading tech companies. For Gate itself, the smooth completion of its first project lays a solid foundation for bringing even more high-quality IPOs to the platform in the future.
Conclusion
Gate’s first IPO Access project with SpaceX can be summed up in three key figures: $143 million in intended subscriptions, 13,400 participating users, and over $100 million in first-day trading volume.
The widespread user acclaim for Gate stems from three core advantages:
A fair and transparent allocation mechanism—the earlier and longer you participate and lock funds, the higher your allocation chance;
Reliable fulfillment—shares are distributed as scheduled, with "instant delivery" becoming a hallmark of Gate’s reputation;
Breaking traditional IPO barriers with low entry requirements—starting from just 100 USDT, no need for overseas brokerage accounts, and a one-stop process for subscription and trading, allowing ordinary investors to stand on equal footing with Wall Street institutions for the first time.
The successful launch of the first project not only validates Gate’s IPO Access model but also paves the way for more high-quality IPOs to join the platform. As the super IPO wave surges in 2026, Gate IPO Access is poised to become a vital bridge connecting primary and secondary markets, and linking traditional finance with digital assets.
