Why is Gate’s direct-to-IPO considered one of the best unicorn subscription products?

In 2026, global capital markets are undergoing a rare super IPO cycle.

On June 12, aerospace giant SpaceX officially listed on Nasdaq at an issue price of 135 USD per share, raising as much as 75 billion USD. It surpassed Saudi Aramco’s 2019 record in one fell swoop to become the largest IPO in global history. Shortly thereafter, OpenAI has secretly filed a draft S-1 for listing, planning to go public in the fourth quarter of 2026 with a latest valuation of 852 billion USD. Anthropic has also filed an IPO registration statement, with a latest valuation of approximately 965 billion USD. The combined valuation of the three super unicorns has already exceeded 3.5 trillion USD.

However, the “entry ticket” for this capital feast—IPO subscription allocation shares of unicorn companies—has long been out of reach for ordinary investors.

As an important driver of this process, Gate officially launched the “IPO Access” service on June 9, 2026, for the first time fully opening the IPO subscription channel—traditionally monopolized for a long time by top brokerages and institutions—to users of digital asset platforms. The first batch of projects focuses on SpaceX. In the end, the total intended subscription funds exceeded 143 million USD, with more than 13,400 participants.

So, what specific problems does Gate’s IPO Access actually solve? Why is it considered one of the best unicorn subscription products in today’s market?

Three Structural Barriers to Traditional Unicorn IPO Subscriptions

Before understanding Gate’s IPO Access solution, it is necessary to first clarify the systemic obstacles that the traditional IPO subscription system creates for ordinary investors.

Account and geographic restrictions. Traditional IPO subscriptions usually require users to open overseas securities accounts and meet specific regional eligibility requirements. Taking SpaceX as an example, due to the U.S. International Traffic in Arms Regulations, underwriters are explicitly instructed not to accept subscription orders from investors in mainland China and Hong Kong. This means a large number of potential investors are excluded at the very first step.

Funding and process complexity. Participating in international IPOs often involves fiat currency exchange, cross-border fund transfers, and complex intermediary systems. Users need to complete multiple steps across different financial institutions—opening overseas bank accounts, completing foreign exchange, transferring funds to overseas brokerage accounts, and submitting subscription applications—the process is lengthy and costly. For investors in regions that are not denominated in USD, exchange rate fluctuations themselves are also a non-negligible cost variable.

Scarcity of allocation opportunities. Retail allocations for popular IPOs are usually extremely limited. SpaceX’s IPO was subscribed at more than four times overall. The total value of retail orders exceeded 100 billion USD, and institutional subscription demand exceeded 250 billion USD. Even if ordinary investors overcome the first two hurdles, the probability of finally receiving an allocation remains very low.

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

Extremely Low Participation Threshold: Start Investing in Unicorns with 100 USDT

The breakthrough in participation threshold with Gate’s IPO Access is the most direct.

Users do not need to open an overseas securities account. They only need a Gate account and to complete identity verification to participate. The entire subscription process uses USDT, eliminating the need to deal with complex 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 USD per share
• Intended subscription fee: 5% (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 the IPOs of top global technology companies at the hundred-dollar level. This figure itself is a direct response to the high capital barrier of traditional IPOs. Users do not need to meet high net-worth thresholds, nor do they need to be accredited investors, to submit an intended subscription application.

From a deeper level, this is not only a convenience improvement at the technology level—it is a structural redistribution of access to investment opportunities. The geographic barriers of traditional IPO subscriptions are, in essence, leftovers from historical financial infrastructure and regulatory frameworks. By leveraging the global nature of digital asset platforms, Gate’s IPO Access compresses these historical barriers to nearly zero.

First Project SpaceX: The Persuasiveness of the Data

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

The subscription window for Gate’s first IPO Access project, SpaceX, opened at 18:00 (UTC+8) on June 9, 2026 and closed at 12:00 (UTC+8) on June 12. The final cumulative intended subscription funds exceeded 143 million USD, and the total number of participants exceeded 13,400. Within 24 hours of launch, the intended subscription amount already exceeded 92 million USDT, and the number of participants was close to 10,000.

A participation scale of more than 13,400 indicates 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 the IPO of a top global technology company at the hundred-dollar level.

In terms of the allocation results, Gate ultimately received a total allocation of approximately 33,900 shares of SPCX, corresponding to a value of about 20 million USD. The median IPO Access allocation ratio is approximately 3%, and the earlier users participate, the higher the allocation ratio they receive.

The price performance of SPCX on its listing day is also worth noting. The issue price was 135 USD per share. The opening price on the first day was 150 USD, up about 11% from the issue price. It ultimately closed at 160.95 USD, with a closing gain of 19.22%. During the day, the intraday high once reached 176.5 USD, a maximum increase of about 30.7%.

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

Another core advantage of Gate’s IPO Access is that it connects IPO subscription and stock trading within the same platform.

Users can complete participation through the following four steps:

Enter the IPO Access page. After logging into Gate, users can enter the “Gate IPOs” section via Web or App. The path is: Home → Finance → IPO Access. The project page will list in detail information such as the company introduction, reference price, subscription time, allocation rules, and risk disclosures.

Submit an intended subscription application. During the subscription period, users enter the intended participation amount and submit the application.

Complete fund lock-up. After users confirm 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 each user’s final allocation ratio.

Wait for allocation and stock crediting. After the subscription ends, the system calculates each user’s allocation weight based on the lock-up data. Once the IPO allocation is completed, the corresponding shares are directly distributed to the user’s Gate stock account, enabling a one-stop investment experience of “allocated upon listing, stocks delivered directly to the account.”

Allocated shares can be traded in the Gate stock section on the listing day, with no lock-up period restrictions. This integrated architecture provides a more continuous investment experience, making it easier for users to follow the company’s important development journey from before listing to the public market.

Transparent Allocation Mechanism: Based on Time Weight and Capital Proportion

Gate’s IPO Access is not a simple “first-come, first-served” rush. Instead, it uses a transparent allocation mechanism based on time weight and capital proportion.

The system calculates the final stock allocation weight based on the ratio of each user’s hourly average locked-up amount during the intended subscription period to the overall average total intended subscription amount of the project. The calculation formula is: Hourly average locked-up amount = total sum of hourly lock-up snapshots ÷ total number of hours in the subscription period.

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

Example: three users each deposit 100,000 USDT. User A completes the deposit in the first hour after the activity begins, and their average locked-up amount is 100,000 USDT. User B deposits in the 33rd hour, with an average locked-up amount of approximately 50,000 USDT. User C deposits only in the last hour, and their average locked-up amount drops significantly.

This mechanism ensures fairness and transparency in allocation, avoiding a “buying spree” model that relies purely on network speed or timing of actions.

Ongoing Value Under the Super IPO Cycle

2026 is widely regarded as the “super IPO year.” Unicorn companies such as SpaceX, OpenAI, Anthropic, and Stripe may all launch public offerings.

According to market analysis, the IPO cycle in 2026 is expected to be one of the largest in history, potentially unlocking value of more than 3.6 trillion USD. The total number of unicorn companies worldwide is 1,603, with a total valuation of 540 trillion RMB.

Against this backdrop, subsequent projects of Gate’s IPO Access will be rolled out gradually according to market pace and each company’s listing progress. For investors who want to participate in the growth dividends of top global innovative companies, IPO Access provides a participation path that was previously unimaginable.

From an industry perspective, the listings of SpaceX and OpenAI not only drive their own capitalization upgrades, but also demonstrate to the global market the certainty of sectors such as AI and commercial aerospace. In the future, more artificial intelligence, space technology, robotics, and emerging infrastructure companies will enter the capital markets. As a bridge connecting users of crypto assets to traditional capital markets, the strategic value of Gate’s IPO Access continues to stand out in this trend.

Summary

Gate’s IPO Access is considered one of the best unicorn subscription products mainly because it systematically resolves the three structural barriers of the traditional IPO subscription system.

At the account level, it completely eliminates geographic restrictions. Users do not need overseas securities accounts to participate in IPO subscriptions of top global companies. At the funding level, it replaces complex fiat currency exchange and cross-border fund transfers with full-process participation using USDT, lowering the minimum participation threshold to 100 USDT. At the allocation level, it uses a transparent allocation mechanism based on time weight and capital proportion, giving ordinary users allocation opportunities that were previously out of reach.

Practical data from the first SpaceX project—143 million USD in intended subscription funds, 13,400 participants, and a 19.22% closing gain on the first day—has already fully validated the feasibility of this model and market recognition of it.

As the super IPO cycle continues to unfold in 2026, Gate’s IPO Access is expected to continue introducing top unicorn projects such as OpenAI and Anthropic, providing ordinary global investors with a digital channel to participate in the growth dividends of technology giants.

Frequently Asked Questions (FAQ)

Q: What is Gate’s IPO Access?

Gate’s IPO Access (IPO Access) is a pre-IPO stock subscription service launched by Gate. Users can submit intended subscription applications before the company is officially listed. After the IPO issuance results are confirmed, the platform allocates stocks based on the actual allocation quota obtained. Successfully allocated stocks are distributed directly to the user’s Gate stock account, and users can trade them through the Gate stock section after the stocks are officially listed.

Q: What conditions are required to participate in Gate’s IPO Access?

Users only need to hold a Gate account and complete identity verification (KYC) to participate. No overseas securities account is required, and there is no requirement to meet high net-worth thresholds or accredited investor qualifications.

Q: After I submit a subscription application, will I definitely receive stocks?

Intended subscription ≠ guaranteed allocation. IPO Access uses an “intended subscription” mechanism. After users submit subscription applications, there may be three outcomes: full allocation, partial allocation, or no allocation. The specific allocation depends on the actual IPO offering situation and the final allocation quota that the platform obtains.

Q: How does Gate allocate stocks?

The system calculates the final stock allocation weight based on the ratio of each user’s hourly average locked-up amount during the intended subscription period to the overall average total intended subscription amount of the project. The earlier users complete the subscription and continue to maintain the lock-up, the higher their chance of receiving a higher allocation weight.

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

No. Successfully allocated stocks can be traded in the Gate stock section on the listing day.

Q: What projects does Gate’s IPO Access support?

The first project is SpaceX. Subsequent projects will be released gradually based on market pace and the company’s listing progress. Users can obtain the latest information via Gate’s official announcements.

Q: What risks are involved in participating in Gate’s IPO Access?

Gate’s IPO Access uses an intended subscription mechanism, which does not represent a 100% guarantee of allocation. In addition, price fluctuations after IPO listing, risks affecting the overall market, and changes in the project’s own fundamentals may all affect investment outcomes. Users should carefully read the platform announcements before participating to understand the fee structure and the allocation mechanism.