$75 billion fundraising, $1.77 trillion valuation: How to participate in SpaceX’s subscription via Gate’s direct IPO access?

Today (June 10) is only two days away from a milestone event in global commercial spaceflight. SpaceX plans to officially list on NASDAQ on June 12, under stock ticker SPCX, at a public offering price of $135 per share. It plans to issue about 555.6 million shares, with a base fundraising amount as high as $75 billion, implying an overall valuation of about $1.77 trillion.

What do these figures mean? In 2019, Saudi Aramco set the global IPO financing record with a fundraise of $29.4 billion—a record it has held for nearly seven years to date—only for SpaceX to surpass it at roughly 2.5 times that scale. By valuation, the $1.77 trillion size already places it among the seventh-largest publicly listed companies in the United States.

Market enthusiasm is far beyond expectations. According to Reuters, SpaceX’s IPO has attracted investor demand of more than $250 billion—3.5 to 4 times the $75 billion base offering. Underwriters are expected to stop accepting institutional orders at 4:00 PM New York time (today), complete final pricing on June 11, and begin official trading on June 12.

Why Is the “Hell Level” Traditional Subscription Path So Hard? Three Barriers Keeping Institutional Seats Out of Reach for Retail Investors

However, the more intense the hype around the SpaceX IPO, the harder it is for ordinary investors to clear the entry barriers.

First barrier: an allocation structure that prioritizes institutions. In a traditional IPO, the distribution of shares is almost entirely tilted toward institutional clients of top underwriters such as Goldman Sachs and Morgan Stanley, leaving smaller and mid-sized investors to wait until after listing to buy in the secondary market at uncertain prices.

Second barrier: country and compliance restrictions. Under the U.S. International Traffic in Arms Regulations, underwriters handling the SpaceX IPO have been told not to accept subscription orders from investors in Mainland China and Hong Kong, with the prohibition even covering private banking clients.

Third barrier: capital thresholds. Even in some regions where subscriptions are open, the minimum subscription amounts in traditional channels often run to hundreds of thousands or even millions of dollars, leaving ordinary users with almost no room to participate.

Stacked together, these three barriers have long naturally kept the vast majority of global investors separated from SpaceX’s IPO celebration—until the emergence of Gate’s direct IPO access.

Gate Direct IPO Access Launches SpaceX: 100 USDT Opens the Subscription Channel for a Tech Giant

On June 9, 2026, Gate officially launched its “Direct IPO (IPO Access)” product, with the first offering target being SpaceX. This means that the asset supply side of a crypto trading platform is extending, for the first time in a systematic way, into the pre-IPO stage of private equity. Ordinary users can participate directly in pre-listing subscriptions of top global companies using USDT.

The subscription rules are simple and transparent: the minimum intended subscription amount is only 100 USDT, and the maximum subscription limit per user reaches 500,000 USDT. The platform uses a weighted allocation mechanism: the earlier users participate and the longer they continuously lock funds, the higher the allocation weight they receive. The shares finally allocated will be directly distributed to users’ Gate stock accounts on June 12, with no lock-up period. After listing, users can immediately conduct real trading in U.S. stocks.

The subscription process is clear: users go to the “Wealth Management” section on Gate’s homepage, enter the “Direct IPO” area, select the SpaceX project, submit their intended subscription amount, and lock the corresponding USDT. The subscription window runs from 6:00 PM on June 9 to 12:00 PM on June 12 (UTC+8). With less than 48 hours remaining before listing, users still have enough time to complete their actions.

Unlike other exchanges that offer perpetual futures or mirrored tokens before an IPO, Gate Direct IPO Access allocates real spot shares—not derivative contracts tied to the stock price. Users hold actual shares directly.

From the Secondary Market Purchase Price to the Institutional IPO Launch Price: Why Participating in IPO Subscriptions Matters

To understand the scarcity of this SpaceX listing, it’s essential to first clarify the fundamental difference between the “IPO subscription price” and the “post-listing buy price.”

SpaceX’s IPO will be offered at a fixed offering price of $135 per share. Institutional investors and allocated channels subscribe at this price. Once formal trading begins on the secondary market, prices are driven jointly by buyers and sellers and are influenced by factors such as short-term sentiment, order-book depth, and liquidity. With oversubscription of nearly 4x, the possibility that the opening price will trade at a significant premium to the offering price cannot be ignored. If investors wait until after listing to chase the price, it means entering at a cost substantially higher than the institutional IPO subscription price.

This is precisely the strategic value of the pre-IPO subscription window. Gate Direct IPO Access allows users to lock in their intended subscription within the offering price range before listing—shifting users’ participation timing from “after listing” to “before pricing.”

How Does Direct IPO Access Work? The Complete Chain From Intent Subscription to Stock Transfer

Gate Direct IPO Access can be broken down into four key steps:

Intent subscription (today to June 12, 12:00): Users submit their intended subscription amount, and the corresponding USDT will be locked. During the lock-up period, users can adjust their strategies according to the weight rules. The earlier users participate and the longer they lock, the higher the weight they obtain.

Pricing and allocation (June 11): SpaceX completes final IPO pricing. Gate allocates shares based on the total allocation amount assigned by the project party, together with the user’s weight ratio. If the final price moves within 20% of the reference price, allocation will be completed automatically. If the movement exceeds 20%, a secondary confirmation process will be initiated to protect users’ right to be informed.

Stock transfer (June 12): For users who successfully receive an allocation, their corresponding shares will be directly distributed to their Gate stock accounts on the listing day, with no need for an additional broker account.

Secondary market trading: Users can freely hold or sell SPCX shares in their Gate stock accounts, with no lock-up period restrictions. Gate stocks have supported USDT trading of more than 10,000 U.S. stocks and ETFs, and also support fractional share trading with purchases starting from as low as 0.01 share.

Risks and Outlook

Any investment decision should be based on a full understanding of the risks, and the SpaceX subscription is no exception.

Although SpaceX is valued at $1.77 trillion, its net loss in 2025 still reached $4.94 billion. Its price-to-sales ratio is around 100x—far above valuation levels typical of traditional aerospace companies. Discussions about a valuation bubble are therefore likely to persist. After the IPO is completed, Musk will hold about 84.4% of voting rights, while outstanding shares will account for only about 4.2%. Such extreme concentration of ownership could lead to wild price swings in the early trading period.

In addition, it should be noted that the weight allocation mechanism does not guarantee a subscription. Whether users ultimately receive allocated shares depends on the allocation quota and users’ weight ranking. Some users may receive only a partial allocation, or may not receive any allocation at all.

Summary

This IPO by SpaceX is not only a historic event for the global capital markets, but it also marks a structural evolution of CEX—from a crypto asset trading platform toward a cross-asset liquidity hub. Gate Direct IPO Access, with an ultra-low threshold of 100 USDT, transforms pre-IPO private equity that was previously limited to institutions and high-net-worth clients into a digital asset accessible to users worldwide, realizing deep integration between crypto finance and traditional capital markets.

With less than 48 hours left until listing, the subscription period will end at 12:00 PM on June 12 (UTC+8). For users who want to participate at the offering price in what is poised to be the largest IPO in history, the available time window is extremely limited. Assess risks rationally, make decisions prudently, and seize this historic investment opportunity.