Why is Gate Direct IPO the most worth paying attention to? In-depth analysis of the new subscription channel for global unicorns

In June 2026, the global capital markets witnessed a historic event. SpaceX, a leading commercial aerospace company, officially listed on Nasdaq at $135 per share, raising $75 billion in total proceeds and surpassing the 2019 record set by Saudi Aramco to claim the title of the largest IPO in global history. Based on the offering price, SpaceX’s market capitalization reached $1.77 trillion.

This century-defining IPO not only refreshed multiple capital market records, but also marked an important structural shift: for the first time, a cryptocurrency asset platform participated at scale in the initial public offering of a top-tier enterprise.

As a key driver of this process, Gate officially launched its “IPO Access” service on June 9, 2026, with the inaugural project being locked on SpaceX. The core value of this service is not complicated— it opens up, for the first time, IPO subscription channels that have long been monopolized by top-tier brokerages and institutions, to users of digital asset platforms in a comprehensive way.

But the real question worth digging into is: Why is Gate IPO Access the most worth watching?

The Three Barriers to Traditional IPO Subscriptions

Before understanding the value of Gate IPO Access, it is necessary to clarify the systemic obstacles that traditional IPO subscriptions create for ordinary investors.

First Barrier: Account and Geographic Restrictions. Traditional IPO subscriptions usually require users to open an overseas securities account and meet specific regional eligibility requirements. For non-U.S. residents, this requirement alone constitutes an almost insurmountable barrier. Taking SpaceX as an example, because it is subject to the U.S. “International Traffic in Arms Regulations,” underwriters were explicitly instructed not to accept subscription orders from investors in mainland China and Hong Kong.

Second Barrier: Complexity in Funds and Processes. Participating in international IPOs often involves converting fiat currency, transferring cross-border funds, and using a complex intermediary system. Users need to complete multiple steps across different financial institutions, making the process lengthy and costly.

Third Barrier: Scarcity of Allocation Opportunities. Retail allocations for popular IPOs are typically extremely limited. SpaceX’s IPO saw overall subscriptions exceed the offering by more than four times; total retail orders exceeded $100 billion, while 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.

Together, these three barriers point to a fact: under the traditional IPO system, ordinary investors are virtually systematically excluded. The design logic of Gate IPO Access is precisely to break through each of these three barriers one by one.

Firsthand Field Validation: Complete Data Breakdown of the SpaceX Project

To assess the value of Gate IPO Access, the inaugural SpaceX project is the most convincing reference sample.

The subscription window for the inaugural Gate IPO Access project, SpaceX, opened at 18:00 (UTC+8) on June 9, 2026 and closed at 12:00 (UTC+8) on June 12. Ultimately, total indicative subscription funds exceeded $143 million, with more than 13,400 participants. Within 24 hours of going live, the indicative subscription amount already surpassed 92 million USDT.

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

From the allocation results, Gate ultimately received a total allocation of approximately 33,900 shares of SPCX, corresponding to a value of about $20 million. The median IPO Access allocation ratio was about 3%, and the earlier users participated, the higher allocation ratio they received.

SPCX’s price performance on the day of listing is also an important dimension for measuring the value of this model. The offering price was $135 per share. The opening price on the first trading day was $150, up about 11% from the offering price. It ultimately closed at $160.95, with a closing gain of 19.22%. During the session, it briefly touched a high of $176.5, a peak gain of about 30.7%. In pre-market trading, it even briefly exceeded $200, nearly 50% higher than the IPO offering price.

Core Differences from Similar Models: Real-World Tests of Fulfillment and Delivery

During the SpaceX IPO period, multiple platforms saw delivery issues with their IPO-related products. Some platforms, due to severe shortages of upstream underwriter quotas and an inability to deliver the underlying shares in full, ended up only being able to issue full refunds; other platforms, regardless of the amount users invested, ultimately only fixed an allocation of approximately 4.28 shares.

By contrast, Gate’s differentiated advantage lies in its independent IPO Access channel. Gate operates independently through its own channel and does not rely on third-party tokenization platforms, so the allocation process is not affected by disruptions in external supply chains. On June 12, the platform completed stock distribution as scheduled. User feedback generally confirmed that they “received the goods first-hand,” and fulfillment completeness received broad recognition.

This difference is not accidental. The core mechanism of Gate IPO Access revolves around three stages: project onboarding, user subscription, and allocation settlement. The platform first displays eligible IPO or Pre-IPO projects and discloses to users the project background, issuance information, subscription rules, and other details. During the subscription period, users submit their subscription intent using USDT. After the IPO issuance results are confirmed, the platform allocates shares based on the actual allocation amount obtained.

In terms of the allocation mechanism, Gate uses a weighted allocation method based on the average locked amount. The system calculates each user’s hourly average locked amount throughout the entire subscription period, and then calculates the allocation proportion according to their share of the participants’ average total subscription amount. This mechanism means that the earlier users subscribe and continue to maintain their locked position, the greater their chance of receiving a higher allocation weight.

Summary of the Differentiated Value of Gate IPO Access

Based on the real-world data and market feedback from the inaugural project, the value of Gate IPO Access can be summarized across four dimensions:

First, threshold breakthrough. 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 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.

Second, process integration. Gate IPO Access connects the two major stages of IPO subscription and stock trading within a single platform. Successfully allocated shares are distributed directly to users’ Gate stock accounts. No additional conversion or withdrawal is required, and users can conduct subsequent trading on the Gate stock market.

Third, real assets. Gate IPO Access distributes real spot shares, not derivative contracts whose value is linked to the stock price. The allocated shares have no lock-up period and can be traded on the day the stock lists.

Fourth, reliable fulfillment. Through its independent IPO Access channel, Gate completed full end-to-end verification of the process from subscription to holdings in the SpaceX project. Against the backdrop of delivery issues appearing on similar platforms, Gate’s on-schedule distribution validated its overall service capability.

From SpaceX to a Broader Global IPO Market

The successful launch of Gate IPO Access’s inaugural project not only validated the operational capability for a single project, but also reflected that IPO investment experiences are gradually moving toward integration and digitization.

In the past, the IPO process often involved multiple service providers. Users might complete subscriptions through a broker, the allocation results would need to be checked through other systems, and stock delivery and subsequent trading were handled separately by different service providers. This fragmented model increases operational complexity and management costs. Gate IPO Access centralizes subscription, allocation inquiry, stock distribution, and subsequent trading management on a single platform through an integrated architecture, enabling users to grasp the entire IPO process through a single interface.

For crypto asset users, IPO Access also offers another layer of value: the introduction of private equity provides an asset category with lower correlation to the crypto market. During periods of overall volatility in the crypto market, such assets may serve as a stabilizing supplement in users’ portfolios.

As global capital markets continue to digitize, the transformation in how IPO participation works is only beginning. The complete validation of Gate IPO Access’s inaugural project has accumulated experience for onboarding more high-quality global enterprises in the future, and it also provides a new pathway for digital asset users to participate in a broader global capital market.

Summary

The reasons why Gate IPO Access is the most worth watching can be boiled down to three points:

First, it breaks the institutional monopoly structure of traditional IPO subscriptions. Through digitization, it opens up IPO subscription channels that were previously only available to top-tier brokerages and institutions for the first time, comprehensively to digital asset platform users.

Second, the inaugural SpaceX project completed end-to-end real-world validation. $143 million in subscription funds, 13,400 participants, and on-schedule stock distribution—these figures demonstrate the executability of this model and the market’s acceptance of it.

Third, Gate’s independent channel operations ensure fulfillment reliability. Against the backdrop of delivery issues appearing on similar platforms, Gate operates independently through its own IPO Access channel, avoiding the impact of disruptions in the external supply chain.

From a more macro perspective, the emergence of Gate IPO Access responds to a market shift that is already underway: more and more digital asset users are expanding their focus from a single crypto asset market to a broader global capital market. As this trend continues to develop, the IPO market will become an increasingly important component of asset allocation for crypto asset users.

Frequently Asked Questions (FAQ)

Q1: What is Gate IPO Access?

Gate IPO Access (IPO Access) is Gate’s pre-listing stock subscription service. Users can submit subscription applications before an enterprise officially lists. After the IPO issuance results are confirmed, the platform allocates shares according to the actual allocation quota obtained. Successfully allocated shares are distributed directly to the user’s Gate stock account. Once the stock officially lists, users can conduct real stock trading through the Gate stocks section.

Q2: What requirements are needed to participate in Gate IPO Access?

Users only need to hold a Gate account and complete identity verification to participate; there is no need to separately open an overseas securities account. The entire subscription process uses USDT, eliminating the need to handle complex operations such as fiat currency conversion and cross-border fund transfers.

Q3: How does Gate IPO Access handle allocation?

Gate IPO Access uses a weighted allocation method based on average locked amount. The system calculates each user’s hourly average locked amount throughout the entire subscription period, and then calculates the allocation amount based on their proportion of the average total subscription amount among all participants. The earlier users subscribe and continue to maintain their locked position, the greater their chance of receiving a higher allocation weight.

Q4: Do the allocated shares have a lock-up period?

No. The shares allocated through Gate IPO Access have no lock-up period. After distribution, the shares are 100% unlocked, and users can trade them on the day of listing through the Gate stocks section.

Q5: What is the difference between Gate IPO Access and traditional IPO subscriptions?

The core difference is the participation threshold and process. Traditional IPO subscriptions require users to open an overseas securities account, handle fiat currency conversion and cross-border fund transfers, and they have extremely limited retail allocations. With Gate IPO Access, users do not need an overseas securities account, participate throughout using USDT, and can submit an indicative subscription with as little as 100 USDT.

Q6: What projects will Gate IPO Access launch next?

Gate will continue to expand global IPO access to help investors conveniently reach high-growth enterprises. For specific project information, please follow Gate’s official announcements and the latest updates in the “Gate IPOs” section.