Direct IPO First Phase Project Review: How did Gate help 13.4k users acquire SpaceX stock?

June 12, 2026, Elon Musk's space exploration company SpaceX officially listed on NASDAQ, ticker SPCX. The offering price was set at $135 per share, with a base fundraising scale of up to $75 billion, surpassing the 2019 Saudi Aramco record of $29.4 billion, becoming the largest IPO in global history. Based on the offering price, SpaceX's market capitalization reached $1.77 trillion, and after opening, the stock price once surged past $170, closing up 19%, with market value further climbing to approximately $2.3 trillion.

This century's IPO not only marks a watershed moment for the aerospace industry but also provides an unprecedented testing ground for crypto asset platforms. Among them, Gate launched the "Direct IPO (IPO Access)" first-phase project targeting SpaceX, becoming one of the most watched crypto products in this IPO wave. How has user feedback been?

How Gate Connects the Full Chain from IPO Subscription to Stock Trading

On June 9, 2026, Gate officially launched the "Direct IPO" service. The first project is SpaceX, where users can submit intent to subscribe before the official listing through the platform. After the IPO allocation ends, the corresponding shares are directly distributed to users' Gate stock accounts, achieving a one-stop investment experience of "listing with allocation, stocks directly to accounts."

Compared to traditional US stock IPO processes, Gate's Direct IPO significantly lowers participation barriers. Users do not need to open overseas securities accounts, handle complex fiat currency exchanges, or cross-border fund transfers. Participation requires only a minimum of 100 USDT, with a maximum intent to subscribe of 500,000 USDT. The entire subscription is completed using USDT, and allocated shares can be traded on Gate's stock section on the listing day, with no lock-up restrictions.

In terms of allocation mechanism, Gate adopts a transparent rule of time weight + capital proportion—the earlier and longer users lock their funds, the higher their chance of receiving a larger allocation. This mechanism encourages early action and provides a relatively fair allocation space for both large and small investors.

Data Breakdown: 24-Hour Subscription Exceeds 92 Million USDT, 13.4k Participants

Market enthusiasm for Gate's first project of the Direct IPO far exceeded expectations. According to official data, within 24 hours of SpaceX's launch, the total intent to subscribe exceeded 92 million USDT, with nearly 10k participants. By the end of the subscription period, the total subscription amount finally surpassed $143 million, with a total of 13.4k participants. This figure vividly reflects the high interest of crypto market users in IPOs of top-tier global tech assets like SpaceX.

From the allocation results, Gate's final total allocation was about 33,900 SPCX shares, worth approximately $20 million. The median allocation ratio for the Direct IPO was about 3%, with early participants receiving higher proportions. For many crypto investors, this was their first time participating in an IPO of a top global tech company with just hundreds of dollars, a milestone of significance.

User Feedback: "Received the Shares Immediately," Performance Generally Recognized

On the day of SpaceX's listing, several crypto platforms' IPO-related products experienced delivery issues. Some platforms, due to severe under-allocation from upstream underwriters and inability to deliver full shares, had to refund all funds; others, regardless of the amount invested, only allocated about 4.28 shares, sparking widespread community complaints.

In contrast, Gate became a positive example in this IPO wave. Because Gate operates its own IPO Access channel independently, without relying on third-party tokenization platforms like xStocks, its allocation process was unaffected by external supply chain disruptions. The platform announced that shares were distributed to Gate stock accounts as scheduled on June 12, and user feedback generally confirmed "received the shares immediately," with high fulfillment.

Community discussions included comments like "Finally, a platform that allows ordinary users to experience a top tech IPO with relatively low barriers," and early participants shared detailed subscription strategies and weight calculation logic. Overall, the reputation centered on "transparency, reliability, and smooth experience."

It is noteworthy that, as a hot star stock, SPCX's first-day price discovery process took several hours. The opening price was $150, about 11% above the issue price, and it closed at $160.95. Gate also implemented single-limit orders and anti-high-frequency risk controls on the first day to help users execute trades more smoothly amid high volatility.

Industry Significance of the Direct IPO: How Crypto Platforms Are Reshaping Retail Participation in IPOs

SpaceX's IPO is not only a milestone for the aerospace industry but also a microcosm of the accelerating integration between traditional capital markets and the crypto asset world.

In the past, ordinary retail investors faced three major barriers to participating in hot IPOs: minimum subscription thresholds often exceeding hundreds of thousands of dollars, complex cross-border account opening and broker qualification requirements, and significantly diluted allocations in oversubscribed offerings. Gate's launch of the Direct IPO breaks down these barriers on crypto platforms, making them feasible and practical. Users only need a Gate account to complete the entire process—from expressing intent to hold shares and trading on the secondary market—without switching platforms, multiple accounts, or currency exchanges.

For the crypto industry, the Direct IPO is also an important validation: crypto platforms are capable not only of handling crypto transactions but also of serving as compliant bridges connecting digital assets with global public stock markets. Gate already supports USDT trading of over 10,000 major US stocks and ETFs, covering NYSE, Nasdaq, and other main markets, with fractional trading starting from as low as 0.01 shares, providing investors worldwide with more diverse and flexible asset allocation tools.

Summary

The successful launch of Gate's first project, SpaceX, demonstrates through data the market’s strong demand for low-threshold, highly transparent, full-chain IPO investment experiences—evidenced by 13.4k participants and a total subscription of $143 million.

More importantly, amid other platforms experiencing delivery issues due to upstream supply chain disruptions, Gate's independent full-process delivery via its own IPO Access channel has proven effective. Users not only "received the shares immediately" but also enjoyed a transparent, smooth, and controllable process. From subscription to holding and trading, Gate has fully established the product chain from Pre-IPO to public market trading, laying a solid foundation for more high-quality companies' direct IPO projects in the future.

As the boundaries between digital assets and traditional finance continue to blur, Gate is acting as an innovator, opening a new gateway for global investors to access top-tier assets.

FAQ

Q1: How does Gate's Direct IPO differ from traditional brokerage IPO subscriptions?

Traditional US stock IPOs usually require users to have overseas brokerage accounts and impose clear thresholds on assets and investor qualifications. Gate's Direct IPO allows subscription via USDT, eliminating the need for fiat currency exchange and cross-border transfers, making capital flow more efficient. Allocated shares are directly deposited into the Gate stock account, supporting real ownership and trading, rather than just providing price exposure through derivatives.

Q2: What is the allocation rule for intent to subscribe?

Gate uses a transparent mechanism combining time weight + capital proportion. The earlier and longer users lock their funds during the subscription period, the higher their allocation weight. The number of shares allocated depends on the user’s weight ratio, the total IPO allocation, and overall subscription levels. The final allocation results are announced after the subscription ends via official channels.

Q3: When are the subscription funds returned?

Unallocated funds and remaining subscription amounts are automatically refunded to users' spot accounts after the IPO allocation concludes, with no manual operation needed. The process is transparent and traceable.

Q4: Can allocated shares be sold immediately?

Yes. After shares are distributed to the Gate stock account post-listing, users can trade normally according to platform rules, with no lock-up period. However, note that hot new stocks often have price discovery phases and temporary risk controls on the first day, so users can buy and sell once the stock officially opens trading.

Q5: Which other companies will be listed via Gate’s Direct IPO in the future?

Gate will continue expanding its portfolio of high-quality assets and promote deep integration between digital assets and traditional financial markets. Future project information will be updated in real-time on the Gate official website and IPO section of the app. Users are encouraged to stay tuned.