First Round of SpaceX Project Data Released: Is Gate’s Direct IPO Worth Investors’ Attention?

In June 2026, the global capital market witnessed a historic event. Commercial space giant SpaceX officially landed on Nasdaq at $135 per share, raising $75 billion, surpassing Saudi Aramco's $29.4 billion record in 2019 to become the largest IPO in global history. Based on the issue price, SpaceX's market cap reached $1.77 trillion.

This century-defining IPO not only shattered multiple capital market records but also marked a significant structural change: crypto asset platforms participated for the first time on a large 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 first project targeting SpaceX.

From the opening of the subscription window to SpaceX's official listing, Gate's IPO Access first project completed a full operational test in just a few days. What were the actual subscription data for the first offering? Is this model worth continuous attention?

Full Data for the First Offering: $143 Million in Subscriptions and 13.4k Participants

The subscription window for Gate's IPO Access first project, SpaceX, opened on June 9, 2026, and closed at 12:00 PM (UTC+8) on June 12, 2026. Ultimately, cumulative intended subscription funds exceeded $143 million, with over 13.4k participants.

Even more noteworthy was the market reaction at the start of the subscription period—within the first 24 hours, intended subscription amounts surpassed 92 million USDT, with nearly 10k participants. This data indicates that market interest and participation enthusiasm for Gate's IPO Access first project peaked immediately, rather than accumulating slowly over time.

In terms of participation conditions, the minimum intended subscription amount for this project was only 100 USDT, with a maximum of 500,000 USDT. The reference intended subscription price was $135 per share, plus a 5% fee, totaling approximately 141.75 USDT per share. The entire subscription process was completed using USDT, and the allocated shares could be traded on Gate's stock section on the listing day with no lock-up period.

From a user structure perspective, the participation of over 13.4k people indicates that IPO Access successfully reached a large number of ordinary investors who were previously excluded from traditional IPO subscription systems. For most crypto asset users, this was their first time participating in the IPO of a global top-tier technology company at the hundred-dollar level.

Allocation Mechanism and Results: Fair Distribution with Transparent Weighting

Gate's IPO Access is not a simple "first-come, first-served" rush; instead, it employs a transparent allocation mechanism based on time weight and capital proportion. The system calculates the final stock allocation weight based on the ratio of the user's average hourly locked position during the intended subscription period to the project's overall average total intended subscription amount.

The core logic of this mechanism is: the earlier you participate in the subscription and maintain a locked position, the higher your average locked amount, and the greater your chance of obtaining a higher allocation weight. This not only encourages users to seize investment opportunities early but also prevents short-term concentrated subscription spikes from disturbing allocation fairness.

Looking at the actual allocation results for the first SpaceX project, Gate ultimately received a total allocation of approximately 33,900 SPCX shares, corresponding to a value of about $20 million. The median allocation rate for IPO Access was approximately 3%, and early participants received higher allocation ratios.

It should be noted that IPO Access operates under an "intended subscription" mechanism, and the final result may be full allocation, partial allocation, or no allocation, depending on the actual IPO offering situation and the final allocation quota obtained by the platform. Unallocated portions and remaining subscription funds were automatically returned to users' spot accounts by the system, with no need to apply for a refund.

First-Day Trading Performance: SPCX Opened Up Over 11%, Gate Platform Trading Volume Exceeded $100 Million

On June 12, 2026, SpaceX officially began trading on the Nasdaq Global Select Market and the Nasdaq Texas board under the ticker SPCX. The overall IPO was oversubscribed by more than four times, with the underwriting syndicate led by Goldman Sachs and comprising 21 global investment banks.

The price trend on SPCX's first trading day attracted global investor attention. According to Gate's official market data, SPCX opened at $150 on the listing day, up approximately 11% from the issue price. During the session, it hit a high of $176.5, with a maximum gain of about 30.7%. The first-day closing price was $161.27, up about 19.5%, with a closing market cap of approximately $2.1 trillion.

The significant price volatility on the first day reflected a temporary mismatch between market sentiment release and subsequent capital absorption. The high point typically occurred early in the session, with a large influx of short-term capital and emotional buying; the closing price reflected the equilibrium pricing after sufficient turnover.

Even more noteworthy was the trading activity on Gate's platform. According to public data, the first-day trading volume of Gate's tokenized SpaceX stock product exceeded $100 million, making SPCX the most active equity-related trading instrument on Gate that day. This indicates that not only was enthusiasm high during the IPO subscription phase, but liquidity and user participation remained strong during the subsequent trading phase.

Three Barriers of Traditional IPOs and Gate's IPO Access Breakthrough Path

To understand the value of Gate's IPO Access, it is necessary to first clarify the systemic obstacles that traditional IPO subscriptions pose to ordinary investors.

First Barrier: Account and Geographic Restrictions. Traditional IPO subscriptions typically require users to open overseas securities accounts and meet specific regional eligibility criteria. For example, with SpaceX, due 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: Capital and Process Complexity. Participating in international IPOs often involves fiat currency exchange, cross-border fund transfers, and complex intermediary systems. Users must complete multiple steps across different financial institutions, resulting in lengthy processes and high costs.

Third Barrier: Scarce Allocation Opportunities. Retail quotas for popular IPOs are usually extremely limited. SpaceX's overall IPO was oversubscribed by more than four times, with total retail orders exceeding $100 billion and institutional subscription demand exceeding $250 billion. Even if ordinary investors overcome the first two barriers, the probability of ultimately receiving an allocation remains extremely low.

Gate's IPO Access design logic directly tackles these three barriers one by one. Users do not need to open overseas securities accounts, handle fiat currency exchange or cross-border fund transfers, and can participate with as little as 100 USDT. The entire subscription process uses USDT, and allocated shares can be traded on Gate's stock section on the listing day.

Why Is Gate's IPO Access Worth Continuous Attention?

Based on the complete data from the first project, the value of paying attention to Gate's IPO Access can be understood from the following three dimensions.

First, the market has validated the genuine demand for the product. The cumulative intended subscription funds of $143 million and the participation of 13.4k people are the most direct affirmations of the IPO Access product by the market. This data not only verifies the feasibility of the product logic but also shows that crypto asset users have real and unmet demand for participating in the IPOs of top-tier technology companies.

Second, delivery capability has been tested in practice. During the SpaceX IPO, some platforms experienced delivery issues due to insufficient quotas from upstream underwriters and an inability to fully deliver underlying shares. In contrast, Gate operated independently through its own IPO Access channel, without relying on third-party tokenization platforms, so the allocation process was not affected by external supply chain disruptions. According to platform announcements, shares were distributed to Gate stock accounts on schedule on June 12, and user feedback generally confirmed "getting the goods on time," with high fulfillment completion.

Third, the transparency of the allocation mechanism has built user trust. The allocation rules based on time weight and capital proportion were fully implemented in the first project. User feedback was predominantly described as "transparent, reliable, and smooth." In community discussions, early participants shared detailed subscription strategies and weight calculation logic, resulting in an overall positive reputation.

Summary

Gate's IPO Access first project, SpaceX, delivered a complete report card. From a data perspective, the cumulative intended subscription funds of $143 million, 13.4k participants, and subscription enthusiasm exceeding 92 million USDT within 24 hours together constitute a compelling market validation.

From a product mechanism perspective, the transparent allocation mechanism based on time weight and capital proportion, the minimum participation threshold of 100 USDT, and the zero lock-up arrangement with trading available on the listing day systematically lower the barrier for ordinary investors to participate in top-tier technology company IPOs.

From an execution perspective, Gate operated independently through its own IPO Access channel, completing the timely distribution and fulfillment of shares despite delivery issues faced by multiple platforms.

The first-day trading performance of SPCX—opening at $150, hitting a high of $176.5, and closing at $161.27—further provides a secondary market reference for the value of the IPO Access model.

Overall, Gate's IPO Access first project has been effectively validated across three dimensions: data performance, product mechanism, and execution capability. For users interested in investment opportunities in global top-tier technology company IPOs, this service channel is worth continuous attention.

Frequently Asked Questions (FAQ)

Q: What is Gate's IPO Access?

Gate's IPO Access (IPO Access) is a pre-listing stock subscription service offered by Gate. Users can submit intended subscription applications before a company officially goes public. After the IPO allocation concludes, the corresponding stocks are directly distributed to users' Gate stock accounts, providing a one-stop investment experience of "listing equals allocation, stocks directly to account."

Q: What were the subscription data for the first SpaceX project?

The subscription window for the first SpaceX project opened on June 9, 2026, and closed on June 12. Ultimately, cumulative intended subscription funds exceeded $143 million, with over 13.4k participants. Within the first 24 hours, intended subscription amounts surpassed 92 million USDT.

Q: What is the minimum amount required to participate in Gate's IPO Access?

For the first project, the minimum intended subscription amount was only 100 USDT, with a maximum of 500,000 USDT. The entire subscription process uses USDT.

Q: Is allocation guaranteed after subscribing?

Not necessarily. IPO Access uses an "intended subscription" mechanism, and the final result may be full allocation, partial allocation, or no allocation. The specific allocation depends on the actual IPO offering situation and the final allocation quota obtained by the platform. The median allocation rate for the first project was approximately 3%.

Q: Is there a lock-up period for allocated stocks?

No. Allocated stocks can be traded on Gate's stock section on the listing day with no lock-up period.

Q: What was the price performance of SPCX on its first trading day?

According to Gate's official market data, SPCX's issue price was $135 per share. On the first trading day, it opened at $150 (up approximately 11%), hit a high of $176.5 during the session (maximum gain of about 30.7%), and closed at $161.27 (up about 19.5%).