Why is Gate Direct IPO the most user-friendly unicorn subscription platform?

Global capital markets are undergoing a profound transformation. In June 2026, SpaceX officially listed on Nasdaq at a price of $135 per share, raising $75 billion—surpassing Saudi Aramco’s 2019 record in one fell swoop to top the largest IPO in global history. Based on the offering price, SpaceX’s market capitalization reached $1.77 trillion.

This landmark IPO is not only a milestone for the aerospace industry, but also marks the first time that crypto asset platforms have participated at scale in a top-tier company’s initial public offering. As an important driver of this process, Gate officially launched its “IPO Access” service on June 9, 2026, with the first program locked in as SpaceX.

The core value of IPO Access is not complicated: it opens up IPO subscription channels—previously controlled for a long time by top-tier brokerages and institutions—for the first time to users of digital asset platforms across the board. But the real question worth taking a deep dive into is: why is Gate’s IPO Access the most user-friendly unicorn subscription platform in today’s market?

The Triple Barriers of Traditional IPO Subscription

Before understanding the user-friendliness of Gate’s IPO Access, it is necessary to first clarify the obstacles that traditional IPO subscriptions pose for ordinary investors.

First Barrier: Account and Geographic Restrictions. Traditional IPO subscriptions typically require users to open overseas securities accounts and meet specific regional eligibility requirements. For non-U.S. residents, this requirement alone becomes an almost insurmountable hurdle.

Second Barrier: Complexity of Capital and Process. Participating in international IPOs often involves fiat currency exchange, cross-border fund transfers, and a complicated intermediary system. Users need to complete multiple steps across different financial institutions; the process is lengthy and costly.

Third Barrier: Scarce Allocation Opportunities. Retail quotas for popular IPOs are usually extremely limited. Taking SpaceX as an example, the overall global IPO was oversubscribed by more than 4 times. Retail orders totaled more than $100 billion, and institutional subscription demand exceeded $250 billion. Even if ordinary investors overcome the first two barriers, the probability of ultimately receiving an allocation remains very low.

These three barriers point to one fact: in the traditional IPO system, ordinary investors are almost systematically excluded. The design logic of Gate’s IPO Access is precisely aimed at breaking through each of these barriers one by one.

Extremely Low Participation Threshold: Start Unicorn Investing with 100 USDT

The breakthrough that Gate’s IPO Access offers in terms of participation threshold is the most straightforward. Users do not need to open an overseas securities account; they only need to hold a Gate account and complete identity verification to participate. The entire subscription process uses USDT, eliminating the need to handle complicated operations such as fiat exchange and cross-border fund transfers.

Taking the first project, SpaceX, as an example, the key participation parameters are as follows:

• Subscription asset: USDT
• Reference intended subscription price: $135/share
• Intended subscription fee: 5% (calculated based on the reference price; total cost per share is approximately 141.75 USDT)
• Minimum subscription amount: 100 USDT
• Maximum subscription amount: 500,000 USDT
• Unlock method: 100% unlocked, no lock-up period

A minimum subscription amount of 100 USDT means that, for the first time, ordinary investors worldwide can participate in IPOs of global top tech companies at the hundred-dollar level. This figure itself is a direct response to the high capital threshold of traditional IPOs. Users do not need to meet high net worth requirements or become accredited investors; they can submit an intended subscription application.

One-Stop Investment Experience: Seamless Handover from Subscription to Trading

Another important dimension of user-friendliness is the completeness of the operation flow. Gate’s IPO Access connects IPO subscription and stock trading within the same platform.

The complete process consists of four steps:

Step 1: Enter the IPO Access page. After logging into Gate, users enter the “Gate IPOs” section via Web or App; the path is: Home → Wealth Management → IPO Access. The project page lists detailed information such as the company introduction, reference price, subscription time, allocation rules, and risk disclosures.

Step 2: Submit an intended subscription application. During the subscription window, users input the intended participation amount and submit the application.

Step 3: Complete fund lock-up. After the user confirms the subscription, the corresponding USDT is locked. During the lock-up period, funds cannot be withdrawn, traded, or transferred. Lock-up is a key step in the IPO Access allocation mechanism and the core basis for calculating each user’s final allocation proportion.

Step 4: Wait for allocation and stock crediting. After the subscription ends, the system calculates each user’s allocation weight based on the lock-up data. After the IPO issuance results are confirmed, the platform distributes stocks according to the actual allocation quota obtained. Stocks successfully allocated will be credited directly to the user’s Gate stock account.

The key value of this process is that users do not need to switch between multiple platforms, nor do they need to go through complicated conversions from subscription to holdings. Once allocated, the stocks are credited; once credited, they can be traded. Shares successfully allocated can be traded in the Gate stock section on the day of listing, with no restrictions from a traditional lock-up period.

Gate’s stock business currently supports users trading more than 10,000 U.S. mainstream market stocks and ETFs using USDT, covering major U.S. trading venues such as NYSE (New York Stock Exchange) and Nasdaq (Nasdaq). It also supports fractional-share trading with a minimum order size of 0.01 shares. This means that after completing an IPO subscription, users can perform subsequent asset allocation and trading management directly within the same account.

Transparent Allocation Mechanism: The Earlier You Participate, the Higher Your Weight

User-friendliness is reflected not only in thresholds and process, but also in the predictability of the rules. Gate’s IPO Access adopts a transparent time-weighted allocation mechanism—not a simple “first-come, first-served” rush.

The system calculates stock allocation based on the proportion of each user’s hourly average locked amount during the intended subscription period, relative to the project’s overall average total intended subscription amount. The calculation formula is as follows:

Hourly average locked amount = Sum of hourly locked snapshots ÷ Total number of hours in the subscription period

Because it uses a full-period average calculation method, the earlier you complete the subscription and continue to maintain the lock-up, the higher your average locked amount—and the greater your chance of receiving a higher allocation weight.

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

• User A completes the investment in the 1st hour after the activity starts → average locked amount is 100,000 USDT
• User B invests in the 33rd hour → average locked amount is 50,000 USDT
• User C invests only in the last 1 hour → average locked amount is extremely low

This mechanism not only encourages users to act early, but also provides relatively fair allocation space for users with different capital sizes.

It should be made especially clear: an intended subscription does not guarantee an allocation. After submitting an application, users may ultimately receive one of three results—full allocation, partial allocation, or no allocation. The specific allocation outcome depends on two core factors: the actual IPO offering situation, and the final allocation quota the platform obtains.

Practical Verification: Real Data from the SpaceX First Project

A theoretically user-friendly design needs to be validated through real-world data. The data from Gate’s IPO Access first project, SpaceX, provides strong supporting evidence.

In terms of participation scale: The SpaceX subscription window was from 18:00 on June 9, 2026 to 12:00 on June 12, 2026 (UTC+8). Within 24 hours of going live, the cumulative intended subscription amount had already exceeded 92 million USDT, and the number of participants was close to 10,000. By the end of the subscription period, the total subscription amount ultimately exceeded $143 million, with a total of 13.4k participants.

In terms of allocation results: Gate ultimately received a total allocation of approximately 33,900 shares of SPCX, corresponding to a value of approximately $20 million. The median IPO Access configuration ratio was approximately 3%. Users who participated extremely early received higher allocation ratios.

In terms of fulfillment capability: On the day SpaceX was listed, multiple crypto platforms’ IPO-related products collectively experienced delivery issues. Some platforms, due to severe shortages of upstream underwriter quotas and an inability to deliver underlying shares in full, ultimately had to issue full refunds. Gate operated independently through its own IPO Access channel, and its allocation process was not affected by external supply chain disruptions. Shares were distributed to Gate stock accounts as scheduled on June 12, and user feedback generally confirmed they received “the goods on time,” with high fulfillment completion.

Handling of funds not allocated: The unallocated portion and remaining subscription funds were automatically returned by the system to users’ spot accounts; users do not need to submit an additional refund request.

Taken together, these data point to one conclusion: Gate’s IPO Access not only lowers the participation threshold at the design level, but also achieves reliable delivery at the execution level.

Building a Complete Ecosystem from Pre-IPO to Stock Trading Products

IPO Access is not an isolated product. With the introduction of this service, Gate has gradually built an investment product ecosystem covering different stages of company development.

For users who want to participate earlier in a company’s growth, they can access earlier-stage investment opportunities through Pre-IPO products. Gate’s digital Pre-IPO mechanism essentially tokenizes traditional Pre-IPO equity or financing rights using blockchain technology, packaging them into digital assets that can be subscribed and traded within the platform.

IPO Access, on the other hand, focuses on the final subscription window before a company’s official listing. With the listing timing being clearer, it provides users with an opportunity to participate in the IPO. After completing the IPO allocation, the corresponding shares are directly distributed to the user’s Gate stock account, achieving a seamless connection from IPO subscription to stock trading.

The value of this product matrix lies in the fact that users can, within the same platform, choose different stages to participate in the growth of high-quality companies based on their own risk preferences and investment goals—whether it is early-stage positioning in the Pre-IPO phase, pre-listing subscription during the IPO phase, or secondary market trading after listing.

Summary

The user-friendliness of Gate’s IPO Access can be summarized across four dimensions:

First, very low thresholds. With a minimum subscription amount of 100 USDT, no need for an overseas securities account, and full participation using USDT, IPO subscription opportunities that were previously limited to institutional investors are now open to ordinary users worldwide.

Second, a complete process. From project display, intended subscription, and fund lock-up to allocation settlement, everything is integrated within the same platform. Allocated shares enter the Gate stock account directly and can be traded on the day of listing, with no restrictions from a lock-up period.

Third, transparent rules. Using an allocation mechanism based on hourly average locked amounts, the earlier you participate and the more you maintain the lock-up, the greater your chance of receiving a higher allocation weight. Users can formulate their own participation strategies according to the published rules.

Fourth, reliable fulfillment. The SpaceX first project—validated by real-world data including 1.34k participants, 1.43e+8 USD subscription amount, and on-time delivery—confirms the complete closed-loop capability of Gate’s IPO Access from design to execution.

As global capital markets open their doors to a broader range of participants, Gate’s IPO Access offers a sample worth paying attention to. It demonstrates that technology platforms can deliver investment opportunities once enjoyed by only a few to a much broader user base, with lower thresholds, more transparent rules, and a more complete experience.

Frequently Asked Questions (FAQ)

Q1: What is the minimum participation amount for Gate’s IPO Access?

Taking the first project, SpaceX, as an example, the minimum intended subscription amount is 100 USDT, and the maximum is 500,000 USDT. The specific amount thresholds for different projects may vary; please refer to the project page disclosure.

Q2: After submitting an intended subscription application, can I be sure to receive stock allocation?

Not necessarily. IPO Access uses an “intended subscription” mechanism. After users submit applications, three results are possible: full allocation, partial allocation, or no allocation. The final allocation depends on the actual IPO offering situation and the allocation quota the platform obtains.

Q3: Do the allocated stocks have a lock-up period?

No. Successfully allocated stocks can be traded in the Gate stock segment on the day they are listed, and there is no restriction from a traditional lock-up period.

Q4: How are funds handled if they are not allocated?

For the unallocated portion and remaining subscription funds, the system automatically returns them to the user’s spot account, and the user does not need to apply separately for a refund.

Q5: Do I need to open an overseas securities account to participate in Gate’s IPO Access?

No. Users only need to hold a Gate account and complete identity verification to participate; there is no need to open an overseas brokerage account separately.

Q6: What is the difference between Gate’s IPO Access and Pre-IPO?

Pre-IPO focuses on earlier-stage investment opportunities before a company’s listing, while IPO Access focuses on the final subscription window before a company’s official listing. Together, they form a product chain from Pre-IPO to IPO to secondary market trading.

Q7: Which stocks are supported for trading in a Gate stock account?

Gate Stock supports users trading more than 10,000 U.S. mainstream market stocks and ETFs using USDT, covering major U.S. securities markets such as NYSE and Nasdaq, and supports fractional-share trading with a minimum purchase size of 0.01 shares.