Decoding Gate "Direct Access to IPO" — How Retail Investors Can Get a Head Start on Super Unicorns

"When ordinary retail investors can stand on the same starting line as Wall Street, is this truly a matter of capital equality, or an unprecedented shift in investment dynamics?"

On June 9, 2026, Gate launched the "IPO Access" service, quickly sparking widespread market discussion with SpaceX as the initial project. The core innovation of this feature is opening the traditionally monopolized IPO subscription channels, controlled by top-tier brokers and institutions, to digital asset platform users for the first time. Specifically, ordinary investors can submit intent to subscribe at a reference price of $135 per share, financing with USDT, with a minimum investment of only 100 USDT. After successful subscription, shares are expected to be directly distributed to Gate stock accounts on June 12, allowing holders to freely trade real US stock assets, breaking the usual lock-up periods associated with IPO allocations.

But how many shares can users actually receive? Gate’s rules are very transparent: the system will calculate share allocation based on each user’s average locked-in amount per hour during the intent subscription period, as a proportion of the project’s total average intent subscription amount. In simple terms, the earlier and more consistently users lock in, the higher their allocation weight may be. Since the final allotment depends on actual IPO issuance and the platform’s ultimate allotment quota, participants should understand this is an "intent to subscribe," not a 100% guaranteed allocation.

Supporting Gate’s system is an innovative Pre-IPO product architecture. Gate Pre-IPO operates through a Mirror Note structure, a synthetic asset scheme that does not directly hold real equity but tracks the valuation changes of SpaceX in the over-the-counter market in real time, generating a SPCX price in the spot market. For investors, the advantages are: participation via USDT for subscription and trading, liquidity open 24/7; low overall entry barriers; and no need to handle complex overseas securities accounts or fiat currency exchanges. In contrast, traditional stock IPO subscriptions are often limited by geography, account types, and asset verification. Gate’s "Direct IPO Access" aims to enable more global users to participate in high-quality projects.

However, retail investors do have concerns. Industry analysts point out that once SpaceX’s IPO is completed, only about 4.2% of the total shares will be publicly tradable, with highly concentrated holdings, which could lead to extreme price volatility in the early trading days. Additionally, Gate’s Mirror Note structure is a digital price mapping product, not representing voting rights or dividends associated with actual equity. Essentially, it’s a derivative, more akin to a digital price tracking tool based on IPO expectations. Therefore, users should rationally assess their goals before participating: are they seeking short- to medium-term hedging against IPO hype, or long-term confidence in the company’s fundamentals? The strategies suited for each approach are entirely different.

Meanwhile, the era of super IPOs has just begun. 2026 is dubbed the "Super IPO Year One" — besides SpaceX, OpenAI has secretly filed S-1 registration with the U.S. SEC, Anthropic’s valuation approaches a trillion dollars, and Cerebras surged 68% on its first trading day. In the future, Gate’s IPO access will likely continue to introduce hot projects like OpenAI, Anthropic, xAI, allowing retail investors to capture growth premiums before they go public.

Of course, investors should be aware of risks. Participation in digital pre-IPO differs from traditional markets and may involve "price premium gaps," where trading prices before listing may deviate from official trading prices. Before participating, carefully read platform announcements, understand fee structures and allocation mechanisms, and avoid blindly chasing high prices.

Looking back at each leap forward in the capital markets, there are moments when ordinary investors move from the periphery to the core. This time, Gate’s "Direct IPO Access" breaks down the walls that once only institutions and top traders could cross, allowing more people to touch the pulse of future technological giants. Opportunity is here — are you willing to take this step? #Gate直通IPO认购SpaceX