Can ordinary users also participate in IPO? Gate's direct IPO subscription tutorial and detailed rules

Initial Public Offerings (IPOs) have long been one of the most closely watched events in the capital markets. When a company transitions from private to public, it often involves a concentrated release of market attention and a re-pricing of valuation. However, for the vast majority of ordinary investors worldwide, participating in hot company IPO subscriptions has always been an elusive goal—overseas securities accounts, qualified investor qualifications, complex fiat currency exchanges, and cross-border fund flows form nearly insurmountable barriers.

On June 9, 2026, Gate officially launched the "IPO Access" service, with its first project targeting the global aerospace giant SpaceX. The core logic of this product is simple: it opens the traditionally monopolized IPO subscription channels, long controlled by top-tier brokerages and institutions, for the first time to digital asset platform users.

Gate IPO Access is a pre-listing stock subscription service launched by Gate. Users can submit intent to subscribe before the company officially lists. After the IPO issuance results are confirmed, the platform allocates stocks based on the actual allotment received. Successfully allocated stocks are directly credited to the user's Gate stock account, and users can trade real stocks through the Gate stock section once the stock is officially listed.

The essence of this mechanism is to establish a one-stop investment pathway from IPO subscription to secondary market trading. Users do not need to switch between multiple platforms, nor go through complex processes from subscription to holding—once allocated, stocks are credited, and once credited, they can be traded.

Core Advantages for Ordinary Users Participating in Gate IPO Access

Compared to traditional IPO participation methods, Gate IPO Access significantly lowers the participation barriers for ordinary users in the following aspects:

No need for overseas securities accounts. Users only need to hold a Gate account and complete identity verification to participate, without opening additional overseas brokerage accounts.

Full process using USDT. The entire subscription process is completed with USDT, eliminating the need to handle fiat currency exchanges and cross-border fund transfers.

Extremely low participation threshold. For example, the first project SpaceX has a minimum intent subscription amount of only 100 USDT, with a maximum of 500,000 USDT.

No lock-up period for allocated stocks. Stocks successfully allocated can be traded on the Gate stock section on the day of listing, with no traditional lock-up restrictions.

These features collectively point to a fact: Gate IPO Access transforms the IPO subscription opportunities traditionally limited to institutional investors and high-net-worth individuals into a digitalized process accessible to a broader user base.

Detailed Process of Participating in Gate IPO Access

Taking SpaceX as the first project example, the full participation process of Gate IPO Access is divided into the following steps:

Step 1: Enter the IPO Access page

After logging into Gate, users can access the "Gate IPOs" section via Web or App. The path is: Home → Wealth Management → IPO Access. The project page will detail company introduction, reference price, subscription time, allocation rules, and risk disclosures. Users should carefully read the project details before participating.

Step 2: Submit intent to subscribe

During the subscription open period, users input their intended participation amount and submit an application. For SpaceX’s first project, key parameters are:

• Subscription asset: USDT
• Reference intent subscription price: $135 per share
• Fee: 5% (based on reference price, total cost per share approximately $141.75 USDT)
• Minimum subscription amount: 100 USDT
• Maximum subscription amount: 500,000 USDT

Note that the reference intent subscription price is $135 per share; the final price will depend on the actual IPO pricing results.

Step 3: Complete fund locking

After confirming the subscription, the corresponding USDT is locked. During the lock-up period, funds cannot be withdrawn, traded, or transferred. Locking is a key part of the IPO Access allocation mechanism and the core basis for calculating the user’s final allotment ratio.

Step 4: Wait for allocation and stock arrival

After the subscription ends, the system calculates each user’s allocation weight based on the lock-up data. Once the IPO issuance results are confirmed, the platform distributes stocks according to the actual allotment received. Successfully allocated stocks are directly credited to the user’s Gate stock account.

It’s important to clarify: Intent to subscribe does not guarantee allocation. After submitting an application, there are three possible outcomes—full allocation, partial allocation, or no allocation.

Allocation Mechanism: Why Early Participation Has Higher Weight

Gate IPO Access uses a lock-up duration-based weighting mechanism, rather than a simple "first-come, first-served" approach.

The system calculates the stock allocation based on the average hourly lock-up amount during the intent subscription period, relative to the overall average total intent subscription amount for the project. The calculation formula is:

Average hourly lock-up amount = Total snapshot of lock-up amounts per hour ÷ Total hours of the subscription period

Because it uses the full period average, early completion of subscription and sustained lock-up results in a higher average lock-up amount, thus increasing the chance of a higher allocation weight.

For example: three users each invest 100,000 USDT:

• User A completes the investment in the first hour after the event starts → average lock-up amount: 100,000 USDT
• User B invests in the 33rd hour → average lock-up amount: 50,000 USDT
• User C invests only in the last hour → average lock-up amount is very low

This design logic rewards those who participate early and maintain lock-up longer, compensating them with higher allocation weights. For investors willing to participate, early decision-making and early lock-up are key strategies to improve allocation chances.

Practical Data from the First Project SpaceX

The first Gate IPO Access project, SpaceX, opened for subscription at 18:00 (UTC+8) on June 9, 2026, and closed at 12:00 (UTC+8) on June 12. The total intent subscription funds exceeded $143 million, with over 13.4k participants; within 24 hours of launch, intent subscription amounts surpassed 92 million USDT.

On June 12, SpaceX officially listed on NASDAQ at a price of $135 per share, raising $75 billion, making it the largest IPO in history. During the first trading day, SPCX reached a high of $176.5, closing at $160.95, a gain of approximately 19.22%.

In the allocation phase, the median allotment ratio was about 3%, with early participants receiving a relatively higher share. Notably, several crypto platforms’ IPO-related products experienced delivery issues during the same period, but Gate’s independent IPO Access channel successfully distributed stocks on schedule on June 12.

As of June 18, 2026, SPCX’s stock price remained at a high level. All data are based on Gate market data.

Risks to Consider When Participating in Gate IPO Access

Any investment involves risks, and Gate IPO Access is no exception. Ordinary users should rationally evaluate the following dimensions before participating:

Quota uncertainty. Retail quotas for popular IPO projects are usually very limited. Users submit intent to subscribe, but whether they get allocated and how much depends on actual IPO issuance and the platform’s final allotment. This is probabilistic, not guaranteed.

Price fluctuation risk. Newly listed stocks often experience significant price swings in the initial days. For example, SPCX’s intraday high was about 30.7%, with an intra-day range exceeding 9%. Investors should plan their participation scale according to their risk tolerance.

Liquidity loss during lock-up. Funds used for subscription cannot be withdrawn, traded, or transferred during the lock-up period. Participants should ensure the funds are idle and do not affect their daily liquidity needs.

Product structure understanding. Gate IPO Access operates via a Mirror Note (synthetic asset) structure, which does not directly hold real equity but tracks the valuation of the target company in real-time through off-market trading. Investors do not possess voting rights or dividends associated with formal stock ownership. Participants should fully understand the product structure before making decisions.

Price deviation risk. Digital Pre-IPO participation differs from traditional markets, with potential “premium spreads,” meaning the pre-listing trading prices of some products may deviate from official listing prices. Participants should carefully read platform disclosures, understand fee structures, and allocation mechanisms before participating.

Summary

Gate IPO Access reconstructs the traditional IPO participation pathway through digital means: users do not need overseas securities accounts, fiat currency exchanges, or large capital thresholds—only a Gate account and USDT are required to participate in pre-listing subscriptions for global hot companies. The first project, SpaceX, demonstrated that with 13.4k+ participants and $143 million in subscription funds, the entire process from application to allocation and stock delivery was completed seamlessly.

For ordinary users, understanding the core mechanisms of IPO Access—such as the allocation logic (early participation and sustained lock-up can earn higher weights), the non-guaranteed nature of intent subscriptions (full, partial, or no allocation), and the product structure (synthetic assets rather than direct equity)—is essential before engaging.

Gate IPO Access is not a “sure-win” tool but a lowered-threshold IPO subscription channel. Its value lies in enabling ordinary investors to access opportunities previously reserved for institutions, but the final allocation and returns still depend on market supply and demand, issuance pricing, and secondary market performance.

Frequently Asked Questions (FAQ)

Q: What conditions are required to participate in Gate IPO Access?

A: Users must complete identity verification on Gate and comply with regional and regulatory requirements for the project. They need sufficient USDT in their account as subscription funds. To use stock trading features, update the Gate App to v8.21.5 or above.

Q: What is the minimum amount needed to participate?

A: For the first project SpaceX, the minimum intent subscription is 100 USDT. Specific thresholds may vary for different projects; please refer to the official project announcement.

Q: Is participation guaranteed to receive stocks after submitting an application?

A: No. Gate IPO Access uses an “intent to subscribe” mechanism. After submitting, users may receive full, partial, or no allocation, depending on actual IPO issuance and platform allotment.

Q: How is the allocation weight calculated?

A: The system calculates based on the user’s average hourly lock-up amount during the subscription period, relative to the overall average total intent subscription amount. Early participation and continuous lock-up increase the chance of higher weight.

Q: When can allocated stocks be traded?

A: Successfully allocated stocks are directly distributed to the user’s Gate stock account after IPO completion, and can be traded on the listing day without lock-up restrictions.

Q: What happens to funds that are not allocated?

A: Unallocated funds and remaining subscription amounts are automatically refunded to the user’s spot account without additional requests.

Q: Will there be other projects in Gate IPO Access in the future?

A: SpaceX is the first project; the platform has indicated plans to continue launching new IPO Access projects. Please follow official announcements for updates.