Can you definitely get shares after subscribing to a direct IPO? Detailed explanation of Gate's allocation rules and FAQ.

Initial Public Offerings (IPOs) have historically been one of the most closely watched events in the capital markets. When a company transitions from private to public listing, it often comes with a concentrated release of market attention and a revaluation of its worth. However, for the vast majority of ordinary investors globally, participating in IPO subscriptions of high-profile companies has long faced multiple barriers—overseas securities accounts, accredited investor qualifications, complex fiat currency exchange, and cross-border fund transfers—constituting almost insurmountable thresholds.

Gate officially launched the "IPO Access" service on June 9, 2026, opening up IPO subscription channels, traditionally monopolized by top-tier brokerages and institutions, to digital asset platform users for the first time. The first project locked in the global commercial space giant SpaceX, drawing significant market attention.

With the successful completion of the first IPO Access project, one core question remains top of mind for users: "If I subscribe, am I guaranteed success?"

How Does IPO Access Work?

IPO Access is a pre-listing stock subscription service launched by Gate. Users can submit indicative subscription orders before the company officially lists. After the IPO results are confirmed, the platform allocates stocks based on the actual placement quota received. Successfully allocated stocks are directly distributed to users' Gate stock accounts, allowing users to trade real stocks through the Gate stock section once the stock officially goes public.

Compared to traditional IPO participation methods, Gate IPO Access significantly lowers the entry barrier for ordinary users in the following dimensions:

• No overseas securities account required. Users only need a Gate account and to complete identity verification to participate.
• Full USDT participation. The entire subscription process uses USDT, eliminating the need for complex operations such as fiat currency exchange and cross-border fund transfers.
• Extremely low entry threshold. For the first project, SpaceX, the minimum indicative subscription amount is only 100 USDT, and the maximum is 500,000 USDT.
• No lock-up period for allocated stocks. Stocks successfully allocated can be traded on the Gate stock section on the day of listing.

If I Subscribe, Am I Guaranteed Success? — The Core Question

This is the most important question for all users participating in IPO Access. The answer is clear: Indicative subscription ≠ guaranteed allocation.

IPO Access uses an "indicative subscription" mechanism. After submitting a subscription order, users may face one of three outcomes:

• Full allocation: The user receives all stocks corresponding to their indicative subscription amount.
• Partial allocation: The user receives only a portion of stocks corresponding to their indicative subscription amount.
• No allocation: The user receives no stocks.

The specific allocation depends on two core factors: the actual IPO offering and the final placement quota obtained by the platform.

Why does "no allocation" occur? The reason is that high-profile companies typically have strong market recognition and future growth expectations, attracting a large amount of capital to subscribe simultaneously. However, the number of stocks available for distribution is limited. When demand far exceeds supply, oversubscription occurs. In this context, issuers usually allocate proportionally based on established rules. Even if investors place large subscription amounts, they may not receive a proportional number of stocks.

Take SpaceX as an example. Its IPO was oversubscribed by more than four times overall, with retail orders totaling over $100 billion and institutional subscription demand exceeding $250 billion. The final allocation was determined by the underwriting system. Against this backdrop, retail quotas were extremely limited, and a large amount of indicative subscription capital ultimately could not receive proportional allocation.

Detailed Explanation of the Allocation Mechanism: How Does Gate Distribute Stocks?

Gate IPO Access is not a simple first-come, first-served rush. Instead, it uses a transparent allocation mechanism based on time weighting and fund proportion.

The system calculates the final stock allocation weight based on the ratio of the user's average hourly locked amount during the indicative subscription period to the project's overall average total indicative subscription amount.

The formula is:

Average hourly locked amount = Sum of hourly locked snapshots ÷ Total hours in the subscription period

Since the calculation uses a full-period average, the earlier you complete your subscription and maintain the lock-up, the higher your average locked amount, and the greater your chance of obtaining a higher allocation weight.

Example: Three users each invest 100,000 USDT:

• User A completes the investment in the 1st hour after the activity starts, with an average locked amount of 100,000 USDT.
• User B invests in the 33rd hour, with an average locked amount of approximately 50,000 USDT.
• User C invests only in the last hour, with a significantly lower average locked amount.

The weight difference is significant. Therefore, participating early and maintaining a continuous lock-up is key to increasing the probability of allocation.

Funds are locked throughout the subscription period and cannot be traded, withdrawn, or transferred. After the subscription ends, the system deducts fees based on the actual allocation result, and the unallocated portion and remaining funds are automatically returned.

What Do the Real Data from the First SpaceX Project Tell Us?

The subscription window for Gate IPO Access's first project, SpaceX, opened at 18:00 (UTC+8) on June 9, 2026, and closed at 12:00 (UTC+8) on June 12, 2026.

The final cumulative indicative subscription capital exceeded $143 million, with over 13.4k participants. Within 24 hours of launch, the indicative subscription amount exceeded 92 million USDT, with nearly 10k participants.

In terms of allocation, the median allocation ratio for this IPO Access was approximately 3%, and users who participated earlier received a higher allocation ratio. This means that a large portion of users' subscription capital was ultimately returned as unallocated.

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

What happens to unallocated funds? The unallocated portion and remaining subscription funds have been automatically returned to users' spot accounts by the system, with no additional refund application needed. Fees are charged only on the successfully allocated portion.

Key Factors Influencing Allocation Results

Project popularity and oversubscription level

High-profile IPO projects typically attract significant capital participation. The higher the oversubscription multiple, the lower the allocation ratio for a single user. SpaceX, as an iconic company in the global commercial space sector, has long attracted market attention for its brand influence and industry position, making heavy investor participation expected.

Final placement quota obtained by the platform

As a participant, the final placement quota Gate can obtain is determined by the underwriting system. The quota the platform receives directly determines the total number of stocks available for distribution to users.

User's lock-up duration and amount

As mentioned earlier, users who participate earlier and maintain a continuous lock-up have a higher average hourly locked amount and thus a greater weight in allocation. This is the only variable that users can proactively optimize through their own actions.

Difference between reference price and final offering price

Taking SpaceX as an example, the indicative subscription reference price was $135 per share, plus a 5% fee, bringing the total cost per share to approximately 141.75 USDT. The final price was based on the actual IPO pricing result. If the final price deviates significantly from the reference price, it may affect the user's final subscription cost and allocated quantity.

Summary

Gate IPO Access provides users with a low-threshold channel to participate in IPOs of globally popular companies. However, "subscribing" does not equal "guaranteed allocation." After submitting an indicative subscription, users may face three outcomes: full allocation, partial allocation, or no allocation.

Allocation results depend on project popularity, the quota obtained by the platform, and the user's own lock-up duration and amount. The median allocation ratio for the first SpaceX project was approximately 3%, which fully illustrates the scarcity of quotas in popular IPO projects.

For users interested in participating in IPO Access, understanding the allocation mechanism, participating early and maintaining a continuous lock-up, and setting reasonable return expectations are more practical strategies. At the same time, users should fully recognize the uncertainty of IPO subscriptions and the risk of stock price fluctuations after listing, making prudent decisions based on their own risk tolerance.

The successful completion of Gate's first IPO Access project verified the operational capability of this model in multiple aspects, including subscription management, allocation processing, stock delivery, and asset management. Going forward, the platform is expected to continue introducing more IPO investment opportunities. Users can stay tuned to Gate's official announcements for the latest project information and participation rules.

Frequently Asked Questions (FAQ)

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

For the first project, SpaceX, the minimum indicative subscription amount was 100 USDT. For specific participation thresholds of each project, please refer to Gate's official announcements.

Q2: Can I cancel my subscription order after submitting it?

Once users confirm their subscription, the corresponding USDT is locked. During the lock-up period, funds cannot be withdrawn, traded, or transferred. Specific cancellation rules depend on the official instructions for the current project.

Q3: If I do not receive a stock allocation, what happens to my subscription funds?

The unallocated portion and remaining subscription funds will be automatically returned to the user's spot account, with no additional application or operation required. Fees are charged only on the successfully allocated portion.

Q4: When can I trade allocated stocks?

Successfully allocated stocks will be directly distributed to users' Gate stock accounts. Once the stock officially lists, users can trade real stocks through the Gate stock section with no lock-up period.

Q5: Why did I invest a lot of USDT but receive very few allocated stocks?

Hot IPO projects often experience severe oversubscription. The allocation ratio depends on the overall subscription scale, the platform's placement quota, and the user's lock-up weight. Even with a large investment, proportional allocation is not guaranteed when demand exceeds supply.

Q6: Is it really better to participate earlier?

Yes. Gate IPO Access uses an allocation mechanism based on the full-period average locked amount. The earlier you complete your subscription and maintain the lock-up, the higher your average locked amount, and the greater your chance of obtaining a higher allocation weight.

Q7: Does IPO Access carry risks?

IPO subscriptions involve significant market risk. Allocation is uncertain, and stock prices may fluctuate significantly after listing. Please participate carefully after fully understanding the rules and your own risk tolerance.