The Biggest IPO in History SPCX Performance Full Review: How Did Gate's Direct IPO First Phase Deliver?

On June 12, 2026, the global commercial space giant SpaceX officially listed on NASDAQ under the stock ticker SPCX, pricing at $135 per share, raising up to $75 billion—surpassing Saudi Aramco's 2019 record of $29.4 billion in funding to become the largest IPO in human history.

For investors in the digital asset industry, SPCX's listing carries another special significance—it is the first project of Gate's newly launched "Direct Access to IPO (IPO Access)" service. In just three days, this IPO subscription event led by a crypto exchange attracted over 13.4k participants, with total subscription intent exceeding $143 million, far surpassing expectations.

Strong Subscription Demand: 13.4k Participants, $143 Million in Funds Flood In

Gate's first-phase IPO project for SpaceX opened for subscription on June 9, 2026, and closed at noon on June 12. Data shows that the total subscription intent ultimately exceeded $143 million, with over 13.4k participants. Within 24 hours, the intended subscription amount surpassed 92 million USDT.

This enthusiasm was no coincidence. At the same time, SpaceX's own IPO demand was equally strong, with global IPOs experiencing over four times oversubscription. The underwriting syndicate was led by Goldman Sachs and included 21 global investment banks. Retail orders totaled over $100 billion, and institutional demand exceeded $250 billion.

In the allocation process, Gate uses a transparent weighted distribution mechanism: the system calculates final allocation weights based on each user's average hourly locked-in amount during the subscription period relative to the project's overall average total subscription intent. The earlier and more consistently users lock in, the higher their chances of receiving a larger share. The median allocation ratio for this direct IPO was 3%, with early participants receiving a relatively higher proportion.

SPCX First Day Price Performance: Surged Over 30% at Peak, Closed Up 19%

The price movement of SPCX on its first trading day drew worldwide investor attention. Data from the US stock market shows:

• Offering Price: $135 per share
• First Day Opening Price: $150
• Intraday High: $176.52 (approximately 30.8% increase)
• First Day Closing Price: $160.95, up 19.22%
• Market Cap at Close: approximately $2.1 trillion

According to Gate's official market data, SPCX reached a intraday high of $176.50, closing at $161.27, with an intraday fluctuation of over 9%. The highest price represented about a 30.7% first-day premium, and the closing price about a 19.5% premium.

This significant price volatility on the first day reflects a phase mismatch between market sentiment release and subsequent capital absorption. The peak typically occurs early in the trading session, driven by short-term funds and emotional buying; the closing price reflects a more balanced valuation after market turnover. SPCX gradually retreated after reaching its high and oscillated within the $155–$165 range—a common trajectory for large IPOs.

As of June 15, SPCX's stock price remained around $167.33, continuing to consolidate sideways.

How Gate's IPO Access Breaks Through Traditional IPO Barriers

Before Gate's IPO Access was introduced, most ordinary investors worldwide had virtually no chance to participate in the listing of super-unicorns like SpaceX. Traditional IPO subscription channels have always been dominated by top-tier brokerages and institutional investors, with retail investors often only able to chase higher prices after the company goes public. Moreover, due to restrictions under the U.S. International Traffic in Arms Regulations (ITAR), most investors globally are ineligible to participate in the subscription process.

The core breakthrough of Gate's IPO Access is that it opens what was traditionally exclusive to top brokerages and institutions—IPO subscription channels—to users of digital asset platforms. Users do not need complex cross-border account opening, cumbersome fiat currency exchanges, or multi-million-dollar capital thresholds. As long as they hold a Gate account and complete KYC, they can participate directly in IPO subscriptions for top global companies using USDT.

Participation thresholds for this project are very low: a minimum subscription intent of just 100 USDT, with a maximum of 500,000 USDT. The subscription price is based on $135 per share, plus a 5% fee, totaling approximately 141.75 USDT per share. More importantly, the IPO allocations are in actual spot stocks, not derivatives or contracts linked to stock prices. The allocated shares will be directly distributed to users' Gate stock accounts after the IPO ends, with no lock-up period, and can be traded immediately on Gate's US stock platform after listing.

To manage risks, Gate implemented temporary restrictions on the first day of trading: individual orders cannot exceed $10,000, with at least 15 seconds between two orders, and pre-market or after-hours trading is not supported, to mitigate execution risks from high volatility on the first day.

Future Outlook: Opportunities and Challenges Under High Valuation

After SPCX's listing, discussions around its valuation became a market focus. SpaceX's current price-to-sales ratio exceeds 112, far above Tesla's 15 and Nvidia's peak of about 40. In 2025, its annual revenue was $18.7 billion, with a net loss of $4.9 billion; in Q1 2026, net loss widened to approximately $4.28 billion.

Despite the lofty valuation, SpaceX's fundamentals still have support:

• Starlink Satellite Internet: generated $13.4k in 2025, accounting for 61% of SpaceX's total revenue, with over 10 million active users worldwide.
• Starship and Deep Space Exploration: IPO proceeds will fund Starship R&D and mass production, global Starlink network expansion, and deep space projects.
• AI and Space Fusion: SpaceX has signed a contract with AI firm Anthropic to build space data centers, positioning AI infrastructure as a core growth opportunity.

Goldman Sachs' target valuation is $1.77 trillion, but some analysts hold very different views. The tension between short-term speculative trading and long-term fundamental validation will be a key factor influencing SPCX's future price trajectory.

Summary

Gate's first IPO Access project, SPCX, demonstrates the feasibility of integrating digital asset platforms with the traditional US stock IPO market. Subscription data shows that $143 million in intent and 13.4k participants confirm genuine market demand for cross-asset investment channels; price performance indicates that SPCX surged over 30% at its peak and closed up 19%, with a market cap exceeding $2 trillion, making it the largest IPO ever; mechanism innovation breaks down traditional high barriers and regional restrictions, allowing ordinary investors to participate in top tech companies' listings with as little as 100 USDT. As Gate continues to expand more quality IPOs, this product could become a vital bridge connecting the crypto ecosystem with traditional capital markets.

Frequently Asked Questions (FAQ)

Q1: Does Gate's IPO Access distribute real stocks or tokens?

It distributes real spot stocks, not derivative contracts linked to stock prices. The allocated stocks are directly credited to users' Gate stock accounts, with no lock-up restrictions, and can be traded immediately on Gate's US stock platform after listing.

Q2: How is the allocation ratio for IPO Access determined?

Gate uses an intent subscription mechanism. The system calculates the final stock allocation weight based on each user's average hourly locked-in amount during the subscription period relative to the project's total average subscription intent. Early and consistent lock-ins increase the chance of a higher allocation.

Q3: How did SPCX's price perform after listing?

SPCX listed on June 12, with an offering price of $135. It opened at $150, reached a intraday high of $176.50, and closed at $161.27, up about 19.5%. As of June 15, the stock price remained around $167, consolidating sideways.

Q4: Is SpaceX's high valuation justified?

With a current price-to-sales ratio over 112, SpaceX's valuation is far above most large tech firms. While Starlink's growth and AI/space prospects are promising, the company is still in a loss-making stage, with a Q1 2026 net loss of about $13.4k. Investors should assess risks accordingly.

Q5: When will the next IPO Access project go live?

Gate will continue to expand more quality IPO projects. Users can stay tuned to Gate's official announcements and IPO sections for updates.