How to participate in Gate's direct IPO subscription? Complete subscription tutorial and strategies to maximize returns

On June 9, 2026, Gate officially launched the "Direct IPO (IPO Access)" service, fully opening the traditionally monopolized IPO subscription channels, long controlled by top brokerages and institutions, to digital asset platform users for the first time. The first project locks in global commercial space giant SpaceX, attracting high market attention.

For ordinary investors, the emergence of direct IPO means a long-standing difficult-to-reach goal—participating in the initial public offerings of popular global tech companies—becomes accessible. However, how to participate correctly in subscriptions, understand allocation mechanisms, and set reasonable return expectations remain core issues faced by most users.

What is the difference between Direct IPO (IPO Access) and traditional IPO participation methods?

Direct IPO (IPO Access) is a stock subscription service launched by Gate before listing. Users can submit intent to subscribe before the company officially goes public. 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 listed.

Compared to traditional IPO participation methods, Gate's Direct IPO significantly lowers the participation threshold for ordinary users in the following ways:

1. No need for overseas securities accounts. Users only need a Gate account and verified identity to participate, without opening separate overseas brokerage accounts.
2. Fully conducted in USDT. The entire subscription process uses USDT, avoiding complex operations like fiat currency exchange and cross-border fund transfers.
3. Extremely low participation barrier. Taking SpaceX as an example, the minimum intent subscription amount is only 100 USDT, with a maximum of 500,000 USDT.
4. No lock-up period for allocated stocks. Stocks allocated successfully can be traded on the Gate stock section on the day of listing, with no traditional lock-up restrictions.

Complete process to participate in Gate's Direct IPO

Using SpaceX as an example, the full process to participate in Gate's Direct IPO is divided into the following steps:

Step 1: Access the IPO Access page

After logging into Gate, users can enter the "Gate IPOs" section via Web or App. Path: Home → Wealth Management → Direct IPO. The project page will detail company introduction, reference price, subscription time, allocation rules, and risk disclosures. Carefully read 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 price: $135 per share

Fee: 5% (calculated based on reference price, total cost per share about 141.75 USDT)

Minimum subscription amount: 100 USDT

Maximum subscription amount: 500,000 USDT

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

Step 3: Complete fund lock-up

After confirming the subscription, the corresponding USDT is locked. During the lock-up period, funds cannot be withdrawn, traded, or transferred. Lock-up 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 subscription ends, the system calculates each user's allocation weight based on lock-up data. Once IPO results are confirmed, the platform distributes stocks based on actual allotment received. Successfully allocated stocks are directly credited to the user's Gate stock account.

It is especially important to note: 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 detailed: why does earlier participation lead to higher weight?

Gate's Direct IPO is not a simple "first-come, first-served" rush; instead, it adopts a transparent allocation mechanism based on time weight and capital share.

The system calculates stock distribution based on the user's average lock-up amount per hour during the intent subscription period, as a proportion of the total average intent subscription amount for the project.

Calculation formula:

Average lock-up amount per hour = Sum of hourly lock-up snapshots ÷ Total subscription period hours

Because it uses the full cycle average, completing subscription early and maintaining lock-up throughout increases the average lock-up amount, thus gaining a higher distribution weight.

Example: Three users each invest 100,000 USDT:

• User A completes investment in the first hour after the start → average lock-up: 100,000 USDT

• User B invests at the 33rd hour → average lock-up: 50,000 USDT

• User C invests only in the last hour → average lock-up is very low

The earlier and sustained lock-up, the higher the chance of allocation.

From the actual distribution results of SpaceX's first project: Gate's total allocated shares amounted to about 33,900 SPCX, worth approximately $20 million. The median allocation ratio for the direct IPO is about 3%, with early participants receiving a higher proportion.

How to understand the source of returns from Direct IPO

The core source of profit from Direct IPO lies in acquiring stocks at the issue price or near-issue price and realizing price appreciation during the first day of listing and subsequent trading.

Using SpaceX's first project as an example, SPCX officially listed on NASDAQ on June 12, 2026. The issue price was locked at $135 per share, corresponding to a market cap of about $1.77 trillion, raising $75 billion—surpassing the 2019 Saudi Aramco record to become the largest IPO in history.

First-day trading performance:

• Issue price: $135/share

• Opening price: $150 (about 11% above issue price)

• Highest intra-day price: $176.5 (about 30.7% increase)

• Closing price: $161.27 (about 19.5% increase)

The significant price fluctuations on the first day reflect market sentiment release and the phased absorption of funds.

Maximize returns: strategy derivation based on mechanism

Based on Gate's allocation mechanism and real data from the first project, the following logic framework can be derived for optimizing returns:

1. Time window strategy: early participation is fundamental for higher weight

Since allocation weight depends on the hourly average lock-up amount over the entire subscription period, locking funds early after subscription opens maximizes the average lock-up duration. In SpaceX's first project, early participants received a noticeably higher allocation ratio than the median.

Practically, users should monitor the subscription opening time immediately after project announcement, and submit intent and lock funds as early as possible once open.

2. Lock-up continuity strategy: avoid mid-term withdrawal

The average lock-up amount considers the entire subscription cycle. Withdrawing or adjusting lock-up amounts midway will lower the average, reducing allocation weight. Maintaining a stable lock-up before the window closes is necessary for higher weight.

3. Capital scale strategy: reasonable allocation within limits

The direct IPO sets a maximum subscription amount—for SpaceX, the cap is 500,000 USDT. Within personal risk tolerance, allocating funds reasonably can favorably influence the weight calculation.

However, note that allocation ratios are not linear with subscription amount. Popular IPOs often experience oversubscription, so higher investment does not guarantee proportionally higher allotment.

4. Post-listing trading strategy: understand price fluctuation patterns

Allocated stocks have no lock-up period and can be traded on the listing day. As seen in SpaceX's first day, high points often occur early in the session, with a lot of short-term trading and emotional buying; the closing price reflects market equilibrium after thorough turnover.

Investors should develop clear plans for selling or holding based on their investment goals and risk appetite, rather than reacting passively to price swings.

Risk warning: uncertainties to understand before participation

• Quota uncertainty. Popular IPOs typically have very limited retail quotas. SpaceX's global IPO was oversubscribed over four times, with final allocation decided by underwriters.

• Fund lock-up. Funds are locked during subscription; cannot withdraw, trade, or transfer. Users must ensure funds have no other use during lock-up.

• Price fluctuation risk. Initial trading can be highly volatile. The gap between the first day's high and close indicates significant market uncertainty.

• Product structure understanding. Mirror Note is a digital price-mapping product, not representing voting or dividend rights associated with actual equity.

Summary

Gate's Direct IPO provides ordinary investors with a digital channel to participate in the IPOs of top global tech companies. Understanding its allocation mechanism—especially the "early participation and sustained lock-up" logic—is fundamental to optimizing participation outcomes.

From the first project data of SpaceX, total intent subscription exceeded $143 million, with over 13.4k participants. The median allocation ratio was about 3%, with early participants receiving a higher share. SPCX's first-day intraday high was about 30.7%, reflecting the risk and return features of IPO investments.

For users interested in future Direct IPO projects, early fund lock-up after subscription opens, maintaining lock-up throughout the cycle, and reasonable fund allocation within personal risk limits are the three key points to improve allocation probability and optimize returns.

Frequently Asked Questions (FAQ)

Q1: What is the minimum participation amount for Gate's Direct IPO?

Taking SpaceX's first project as an example, the minimum intent subscription is 100 USDT. For specific projects, please refer to Gate's official announcements.

Q2: Is participation guaranteed to receive stocks after submitting an application?

No. The "intent to subscribe" mechanism means final allocation can be full, partial, or none. The actual allocation depends on the IPO sale and the platform's final allotment.

Q3: Are there lock-up periods for allocated stocks?

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

Q4: What assets are used for subscription?

USDT is used throughout the process. Users do not need to handle fiat currency exchange or cross-border fund transfers.

Q5: How to increase the probability of allocation?

Participate early and maintain lock-up throughout the subscription period. Early submission and stable lock-up increase the average lock-up amount and thus the allocation weight. It is recommended to submit as early as possible once the subscription opens and keep funds locked until the end.

Q6: How are unallocated funds handled?

Unallocated and remaining subscription funds are automatically refunded to the user's spot account by the system, with no extra refund application needed.

Q7: What other projects will Gate's Direct IPO launch in the future?

After SpaceX, Gate's Direct IPO is expected to introduce more top global tech companies. Please follow Gate's official announcements and IPO Access page updates for details.