$143 million + 13,400 people subscribed: Why is Gate’s direct IPO of SpaceX so hot in its first round?

On June 9, 2026, Gate, the world’s leading digital asset trading platform, officially launched its “IPO Access” service. The first project on board is SpaceX, a commercial space giant that has attracted strong attention from global capital markets. In just three days, this new product delivered an impressive track record. By 12:00 noon (UTC+8) on June 12, the subscription deadline, Gate’s first-phase IPO Access program for the SpaceX project ultimately accumulated total intended subscription funds of over $143 million, with participation exceeding 13.4k people—far surpassing expectations in terms of subscription enthusiasm.

Meanwhile, the frenzy surrounding SpaceX’s own IPO also set a historic record. On June 12 in Eastern Time, SpaceX was officially listed and began trading on the Nasdaq Global Select Market and the Nasdaq Texas Market under the stock code SPCX. The offering price was set at $135 per share, corresponding to a market value of approximately $1.77 trillion. The fundraising size reached $75 billion, breaking the global IPO size record. The IPO was oversubscribed by more than four times in total. The underwriting syndicate was led by Goldman Sachs and jointly formed by 21 global investment banks. This once-in-a-century IPO is not only an important milestone in the history of commercial space, but also a concentrated reflection of global capital’s pursuit of future technology infrastructure.

The high walls of traditional IPOs—how does Gate break them?

Before Gate’s IPO Access launch, most ordinary investors around the world—and even SpaceX, among other super unicorns—were almost naturally separated from the IPO celebration.

Traditional IPO subscription channels have long been dominated by top-tier brokers and institutional investors. Stock allocations are prioritized for institutional clients, while ordinary investors typically can only chase the price at a higher level after the company goes public. SpaceX is subject to the U.S. International Traffic in Arms Regulations, and underwriters were explicitly instructed not to accept subscription orders from investors in mainland China and Hong Kong. This means that investors in most regions around the world are even not eligible to enter the subscription channel.

The emergence of Gate’s IPO Access changes this situation. Its most core breakthrough is that, for the first time, it opens the traditionally broker-and-institution-only IPO subscription channel to the broad user base of digital asset platforms. Users do not need complex cross-border account opening, do not need to deal with cumbersome fiat currency conversions, and do not face a multi-million-dollar funding threshold. All they need is to hold a Gate account and complete KYC. Then they can participate directly in IPO subscriptions for popular global companies using USDT.

In terms of participation thresholds, the minimum intended subscription amount for this SpaceX IPO Access offering is only 100 USDT, and the maximum subscription amount is 500,000 USDT. This allows ordinary investors, for the first time, to access IPO opportunities of global top-tier technology companies with an extremely low barrier. The reference intended subscription price is $135 per share, plus a 5% fee, for a total of approximately 141.75 USDT per share (subject to actual pricing). More importantly, IPO Access allocates real spot shares, not derivative contracts tied to the stock price. The shares finally allocated will be directly distributed to users’ Gate stock accounts after the IPO ends, with no lock-up period. Once listed, users can immediately trade the real U.S. shares in Gate’s stock trading section.

“First come, first served”? No—this is a fair weighted allocation race

Gate’s IPO Access is not a simple “first come, first served” scramble for shares. Instead, it uses a scientific and transparent weighted allocation mechanism.

The system calculates each user’s final stock allocation weight based on the proportion of the project’s overall average total intended subscription amount, using the user’s average locked-in amount per hour during the intended subscription period. This means: the earlier a user participates and the more consistently they keep their funds locked in, the higher their average locked-in amount—and the better their chances of receiving a higher allocation weight. This mechanism both encourages users to seize investment opportunities early and avoids disruptions to allocation fairness caused by short-term concentrated sprint subscriptions.

It is also important to note that this IPO Access offering is based on “intended subscriptions.” The final outcome may be full allocation, partial allocation, or no allocation at all, depending on the actual IPO issuance and the platform’s final allocation quota. As Gate continues to obtain SpaceX stock shares in the market, more users will become eligible to directly hold the real shares of this global technology giant.

Why SpaceX?

As the first project of Gate’s IPO Access, the selection of SpaceX is absolutely not a coincidence.

SpaceX has long gone far beyond the traditional definition of a “rocket launch company.” Its business layout spans three major strategic segments:

• Starlink satellite internet: In 2025, it generated $11.387 billion in revenue, accounting for 61% of SpaceX’s total revenue, with year-over-year growth of nearly 50%. As of the end of March 2026, the number of global active users has already exceeded 10 million.
• Starship (Starship) and commercial launches: SpaceX accounts for 83% of total launches from Earth to orbit, and has successfully reduced launch costs by more than 95%, forming an almost unshakable competitive advantage in commercial space.
• AI infrastructure deployment: SpaceX has completed its merger with xAI Holdings and signed a monthly compute power cooperation agreement with Google worth $920 million, covering approximately 110,000 Nvidia GPUs. AI computing power is becoming a new engine that cannot be ignored in SpaceX’s growth story.

From a capital perspective, in December 2025, SpaceX’s employee equity transfer valuation had already reached $800 billion. After its merger with xAI in February 2026, its valuation rose to $1.25 trillion, and by the IPO offering price, the corresponding valuation had increased further to $1.77 trillion. With its valuation doubling in just half a year, it fully reflects strong global capital markets’ recognition of its long-term growth logic.

13.4k people “vote with their feet”: the significance of the IPO Access era

The final number of participants in Gate’s first IPO Access offering exceeded 13.4k people, and behind this figure lie multiple deep signals.

In terms of breadth, a participation scale of 13.4k people has already surpassed the coverage range of most traditional brokerage IPO distributions. This is not a “club product” limited to a small number of top investors, but a truly inclusive financial service aimed at the global public. In terms of depth, the $143 million in subscription funds reflects strong demand among digital asset users for high-quality growth assets. These users are no longer only focused on short-term volatility in the crypto market—they have begun to look globally for truly valuable long-term investment targets.

From an industry trend perspective, the explosive subscription performance of Gate’s IPO Access indicates that digital asset platforms are transforming from single cryptocurrency trading platforms into comprehensive financial investment service platforms. Traditional financial products such as stocks, ETFs, and IPOs are becoming core directions for expanding the crypto ecosystem. The boundary between digital asset investors and stock investors continues to blur. More and more users want to complete diversified allocations—from crypto assets to traditional financial assets—on the same platform.

In addition, 2026 is widely referred to as the “Super IPO Year.” After SpaceX, OpenAI has secretly submitted its S-1 registration filing to the U.S. SEC. Anthropic’s valuation is approaching $1 trillion, and Cerebras surged 68% on its first day after listing. In the future, Gate’s IPO Access is expected to gradually introduce other top global tech unicorns such as OpenAI, Anthropic, and xAI, continuously expanding users’ access to high-quality global assets.

Summary

Gate’s first IPO Access offering for the SpaceX project concluded successfully with final subscription funds of $143 million and participation of 13.4k people. This achievement not only refreshed the record for the scale of participation in traditional IPO subscriptions on digital asset platforms, but also proved the broad market space for capital equality.

From an ultra-low initial entry threshold of 100 USDT, to a fair weighted allocation mechanism, to the ultimate experience of no lock-up period after allocation and trading immediately upon listing, Gate’s IPO Access is redefining how ordinary investors participate in IPOs of global top-tier companies. In the wave of accelerated integration between digital assets and traditional finance, Gate—leveraging a complete product chain from Pre-IPO, IPO to stock trading—builds a bridge to traditional capital markets for users worldwide.

Looking ahead, as more high-quality companies land in capital markets, Gate will continue to expand the project portfolio of IPO Access, enabling more users to participate in the growth dividends of high-quality global assets with lower barriers and higher efficiency.