The biggest IPO in history, SPCX, lands on Nasdaq: What kind of results did Gate’s direct IPO first-phase project deliver?

On June 9, 2026, Gate officially launched the “Direct IPO (IPO Access)” service, fully opening the IPO subscription channels that have traditionally been dominated for a long time by top-tier brokers and institutions to digital asset platform users for the first time. The first project to go live was global commercial space giant SpaceX, drawing intense market attention.

From the opening of the subscription window to SpaceX’s official listing on Nasdaq, and from the completion of stock distribution to the opening of trading, Gate’s first-phase Direct IPO project completed a full hands-on real-world test within just a few days.

Subscription Data Breakdown: $143 Million and 13.4k Participants

The subscription window for Gate’s first-phase SpaceX Direct IPO project opened on June 9, 2026, and closed at 12:00 noon (UTC+8) on June 12. The final cumulative intended subscription amount exceeded $143 million, with more than 13.4k participants. Among them, within 24 hours of going live, the intended subscription amount surpassed 92 million USDT, and the number of participants was close to 10,000.

Behind this subscription frenzy is Gate’s systematic reduction of traditional IPO participation barriers at the product-mechanism level.

In terms of participation requirements, the minimum intended subscription amount for this project was only 100 USDT, and the maximum was 500,000 USDT. The reference intended subscription price was 135 USD per share, plus a 5% fee, for a total of approximately 141.75 USDT per share. The subscription was completed entirely using USDT. The allocated shares can be traded in Gate’s stock section on the listing day with no lock-up period restrictions.

From the user composition perspective, a participation scale of more than 13.4k indicates that Direct IPO successfully reached a large number of ordinary investors who had previously been excluded from traditional IPO subscription systems. For most crypto asset users, this is their first time participating in a global top-tier tech company’s IPO with an investment at the hundred-dollar level.

Allocation Mechanism and Results: Fair Distribution Under Transparent Weighting

Gate’s Direct IPO is not a simple “first-come, first-served” rush; instead, it uses a transparent allocation mechanism based on time weighting and the proportion of funds. The system calculates the final stock allocation weight by determining each user’s average hourly locked-in amount during the intended subscription period and taking it as a proportion of the project’s overall average total intended subscription amount.

The core logic of this mechanism is as follows: the earlier a user participates in the subscription and continuously maintains their locked-in position, the higher their average locked-in amount, and the greater their chance of receiving a higher allocation weight. This not only encourages users to seize investment opportunities early, but also prevents short-term, concentrated “rush” subscriptions from disrupting allocation fairness.

Judging from the actual allocation results of SpaceX’s first project, Gate ultimately received a total allocation of approximately 33,900 shares of SPCX, corresponding to a value of about $20 million. The median allocation ratio for the Direct IPO configuration was around 3%, and users who participated extremely early received a higher allocation proportion.

It should be noted that Direct IPO operates on an “intended subscription” mechanism, so the final outcome may be full allocation, partial allocation, or no allocation, depending on the actual IPO offering situation and the final allocation amount obtained by the platform.

Trading Performance on the First Day of Listing: SPCX Opens Up Over 11%, Gate Platform Trading Volume Breaks $100 Million

On June 12, 2026, SpaceX was officially listed for trading on Nasdaq under the stock code SPCX on the Nasdaq Global Select Market and the Nasdaq Texas market. The offering price was set at 135 USD per share, corresponding to a market capitalization of approximately $1.77 trillion, and the fund-raising size reached $75 billion. It surpassed the 2019 Saudi Aramco record of $29.4 billion, topping the largest IPO in global history. The IPO was oversubscribed by more than four times, and the underwriting group was led by Goldman Sachs, together with 21 other global investment banks.

The price action on SPCX’s first trading day attracted attention from investors worldwide. According to Gate’s official market data, SPCX opened at 150 USD, up about 11% from the offering price. During the day, it reached a high of 176.5 USD, with a highest intraday gain of approximately 30.7%. The first-day closing price was 161.27 USD, up about 19.5%. The closing market capitalization was approximately $2.1 trillion.

The large price swings on the first day reflect a phase mismatch between the release of market sentiment and the handoff of subsequent capital. High points typically occur early in the trading session, when a large amount of short-term funds and sentiment-driven buy orders surge in. The closing price reflects a more balanced price formed after the market has completed sufficient turnover.

More notably, trading activity on the Gate platform was highly active. According to public data, Gate’s tokenized SpaceX stock product (listed as SPCXx) saw first-day trading volume of over $100 million, far exceeding all other tokenized stock listing products on the platform—Circle’s trading volume was about $4 million, and Tesla’s was about $3.5 million. SPCX became the most active equity-related trading underlying on Gate that day.

Spot Trading Launch and Tokenized Product Portfolio

After SpaceX completed its IPO, Gate quickly launched spot trading for related tokenized products. At 10:00 (UTC+8) on June 13, 2026, Gate officially opened spot trading and instant exchange trading for SpaceX (SPCXX). At 14:00 (UTC+8) on the same day, SpaceX Ondo Tokenized (SPCXON) spot trading and instant exchange trading were also launched simultaneously.

SPCXX is a tokenized product backed 1:1 by SpaceX equity issued through the xStocks program, aiming to provide investors with price exposure linked to SpaceX’s stock price. SPCXON is SpaceX equity tokenized assets launched by Ondo. With the launch of these two products, Gate further expanded trading options for SpaceX-related assets on its platform.

Post-Listing Market Performance and Latest Market Data

After SpaceX’s listing, the stock went through a round of rapid upside followed by a deep pullback. As of June 23, 2026, according to Gate market data, SPCX is quoted at 154.60 USD. Although this price is still above the 135 USD IPO offering price (a premium of about 14.5%), it has fallen below the first-day closing price of 160.95 USD.

It is worth noting that SPCX touched a high of 225.64 USD on June 16. After that, it declined for three consecutive trading days, for a cumulative drop of about 23%, with market value evaporating by more than $600 billion. On June 23, the single-day decline was 16.4%, and the market value loss on that day was about $400 billion. One of the backgrounds for this pullback is that SpaceX announced it will issue its first investment-grade bonds, raising at least $20 billion to fund its artificial intelligence development plan.

From a more macro perspective, the sharp fluctuations in SpaceX’s early post-listing trading are not uncommon for large IPOs. The price discovery process itself on the first day takes time, and subsequent repricing based on the company’s fundamentals often comes with significant price adjustments.

Summary

Gate’s first-phase SpaceX project under the Direct IPO has delivered a milestone-level set of results across multiple dimensions.

In terms of subscription data, the $143 million in intended subscription funds and the participation of 13.4k people validate strong demand from digital asset platform users for IPOs of top global tech companies. From the product-mechanism perspective, the designs—including the 100 USDT minimum participation threshold, USDT-only subscription throughout, and no lock-up period trading—significantly reduce barriers for ordinary investors to participate in IPO subscriptions. From the allocation results perspective, the transparent weight-based allocation mechanism ensures that users with different capital sizes have relatively fair space to receive allocations. From trading performance, SPCX closed up more than 19% on its first day, and Gate’s related products recorded first-day trading volume exceeding $100 million.

Of course, the post-listing price pullback for SpaceX also reminds the market that the essence of IPO subscription is acquiring assets at the offering price. Post-listing price movements are influenced by multiple factors, including the company’s fundamentals, market sentiment, and the macroeconomic environment. For users who successfully received allocations through Gate’s Direct IPO, their returns depend on the long-term performance of the individual stock and their personal holding strategy.

As the first project of Gate’s Direct IPO, the successful launch of SpaceX not only validates the technical feasibility and market demand of this product model, but also lays the foundation for the launch of more high-quality projects in the future. From the trend of capital market development, opening traditional IPO subscription channels to a broader investor base is an important step toward capital equality.

FAQ

Q1: What was the final subscription data for Gate’s first-phase SpaceX project?

The final cumulative intended subscription funds exceeded $143 million, and there were more than 13.4k participants. Within 24 hours of going live, the intended subscription amount surpassed 92 million USDT.

Q2: What is Gate’s Direct IPO allocation mechanism?

The system calculates the final stock allocation weight based on each user’s average hourly locked-in amount during the intended subscription period, as a proportion of the project’s overall average total intended subscription amount. The earlier a user participates and the more consistently they maintain their locked-in position, the higher their chance of receiving a higher allocation weight. The median allocation ratio for the first SpaceX project was about 3%.

Q3: How did SPCX perform on its first day of trading?

SPCX opened at 150 USD, up about 11% from the offering price of 135 USD; during the day it reached a high of 176.5 USD, with a highest gain of about 30.7%; the first-day closing price was 161.27 USD, up about 19.5%.

Q4: How did SpaceX-related products trade on the Gate platform?

Gate’s tokenized SpaceX stock product (SPCXx) recorded first-day trading volume of over $100 million. In addition, on June 13, Gate launched spot trading and instant exchange trading for two tokenized products: SPCXX and SPCXON.

Q5: What is the minimum threshold to participate in Gate’s Direct IPO?

The minimum intended subscription amount is only 100 USDT, and the maximum is 500,000 USDT. The reference intended subscription price is 135 USD per share, plus a 5% fee. The entire subscription process uses USDT, and the allocated shares have no lock-up period restrictions.

Q6: What is SPCX’s latest market performance?

As of June 23, 2026, according to Gate market data, SPCX is trading at 154.60 USD. Although it is still about a 14.5% premium over the IPO offering price of 135 USD, it has fallen below the first-day closing price of 160.95 USD.