June 9, 2026, marked the official launch of Gate’s "IPO Access" service, opening up IPO subscription channels—traditionally dominated by top brokerages and institutions—to digital asset platform users for the first time. The inaugural project focused on global commercial space giant SpaceX, drawing significant market attention.
From the opening of the subscription window to SpaceX’s official listing on Nasdaq, and finally to the distribution and trading of shares, Gate’s first IPO Access project completed a full-scale, real-world test in just a few days.
Full Analysis of Subscription Data: $143 Million Raised from 13,400 Participants
The subscription window for Gate’s first IPO Access project—SpaceX—opened on June 9, 2026, and closed at 12:00 PM (UTC+8) on June 12. Total intended subscription funds exceeded $143 million, with more than 13,400 participants. Within the first 24 hours, intended subscription funds surpassed 92 million USDT, and nearly 10,000 users took part.
This surge in demand highlights how Gate’s IPO Access product mechanism systematically lowered the traditional barriers to IPO participation.
For this round, the minimum intended subscription amount was just 100 USDT, while the maximum was 500,000 USDT. The reference subscription price was $135 per share, plus a 5% fee, totaling approximately 141.75 USDT per share. The entire subscription process used USDT, and allocated shares could be traded on Gate’s stock section on the listing day with no lock-up period.
Looking at user demographics, the participation of over 13,400 users demonstrates that IPO Access successfully reached a large group of retail investors previously excluded from traditional IPO subscription systems. For most crypto asset users, this was their first opportunity to participate in a global top-tier tech IPO at the $100 level.
Allocation Mechanism and Distribution Results: Transparent Weighting for Fair Allocation
Gate’s IPO Access doesn’t operate on a simple "first-come, first-served" basis. Instead, it uses a transparent allocation mechanism based on time-weighted and fund-weighted proportions. The system calculates each user’s allocation weight according to their average locked funds per hour during the subscription window, relative to the project’s overall average intended subscription amount.
The core logic is: the earlier a user participates and the longer they maintain their locked funds, the higher their average locked amount—and the greater their chance for a higher allocation weight. This approach encourages early investment and prevents short-term, concentrated rushes from distorting fairness.
For SpaceX’s first project, Gate ultimately received a total allocation of about 33,900 SPCX shares, valued at roughly $20 million. The median allocation ratio for IPO Access participants was around 3%, with early participants receiving higher allocation ratios.
It’s important to note that IPO Access operates as an "intended subscription" mechanism. Final results may be full allocation, partial allocation, or no allocation, depending on the actual IPO offering and the platform’s final allocation quota.
First-Day Trading Performance: SPCX Opens Up Over 11%, Gate Platform Volume Surpasses $100 Million
On June 12, 2026, SpaceX debuted on the Nasdaq Global Select Market and the Nasdaq Texas section under the ticker SPCX. The issue price was set at $135 per share, giving SpaceX a market cap of roughly $1.77 trillion and raising $75 billion—breaking the previous record held by Saudi Aramco’s $29.4 billion IPO in 2019, making it the largest IPO in history. The IPO was oversubscribed by more than four times, with Goldman Sachs leading a syndicate of 21 global investment banks.
SPCX’s price action on its first day attracted global investor attention. According to Gate’s official market data, SPCX opened at $150, up about 11% from the issue price. The intraday high reached $176.5, a gain of roughly 30.7%. The first-day closing price was $161.27, up about 19.5%. Closing market cap stood at approximately $2.1 trillion.
The sharp price swings on the first day reflected the release of market sentiment and the mismatch between initial demand and subsequent capital inflows. Highs typically appeared early in the session as short-term capital and emotional buying surged, while the closing price reflected equilibrium after substantial turnover.
Gate’s platform also saw remarkable trading activity. Public data shows that Gate’s tokenized SpaceX stock product (listed as SPCXx) recorded over $100 million in trading volume on its first day—far outpacing other tokenized stock listings on the platform, such as Circle ($4 million) and Tesla ($3.5 million). SPCX became Gate’s most active equity-related trading product that day.
Spot Trading Launch and Tokenized Product Expansion
Following SpaceX’s IPO, Gate quickly launched spot trading for related tokenized products. On June 13, 2026, at 10:00 (UTC+8), Gate officially opened spot trading and swap trading for SpaceX (SPCXX). Later that day, at 14:00 (UTC+8), spot and swap trading for SpaceX Ondo Tokenized (SPCXON) also went live.
SPCXX is a tokenized product issued through the xStocks program, backed 1:1 by SpaceX equity, designed to give investors price exposure linked to SpaceX’s stock. SPCXON is an Ondo-issued tokenized SpaceX equity asset. The launch of these two products further diversified SpaceX-related trading options on Gate’s platform.
Post-IPO Market Trends and Latest Quotes
After its IPO, SpaceX experienced a rapid rally followed by a deep correction. As of June 23, 2026, Gate market data shows SPCX trading at $154.60. While this price remains about 14.5% above the IPO issue price of $135, it has fallen below the first-day closing price of $160.95.
Notably, SPCX hit a high of $225.64 on June 16, then declined for three consecutive trading days, with a cumulative drop of about 23% and over $600 billion in market cap wiped out. On June 23 alone, the price fell 16.4%, erasing roughly $400 billion in market value. One factor behind this correction was SpaceX’s announcement of its first investment-grade bond issuance, raising at least $20 billion to fund its AI development initiatives.
From a broader perspective, such volatility in the early days of a major IPO is not uncommon. Price discovery on the first day takes time, and subsequent repricing based on company fundamentals often leads to significant adjustments.
Summary
Gate’s first IPO Access project with SpaceX delivered milestone results across multiple dimensions.
From the subscription data: $143 million in intended funds and 13,400 participants validated the strong demand among digital asset platform users for top-tier global tech IPOs. Product design—such as the $100 minimum participation threshold, USDT-based subscription, and no lock-up period—significantly lowered barriers for retail investors. The transparent allocation mechanism ensured relatively fair distribution for users with varying capital sizes. Trading performance saw SPCX close up more than 19% on its first day, with Gate platform products surpassing $100 million in trading volume.
Of course, SpaceX’s post-listing price correction also reminds the market: IPO subscription fundamentally involves acquiring assets at the issue price, while subsequent price movements are influenced by multiple factors, including company fundamentals, market sentiment, and macroeconomic conditions. For users who successfully received allocations via Gate’s IPO Access, realized returns depend on the stock’s long-term performance and individual holding strategies.
As Gate’s inaugural IPO Access project, SpaceX’s successful launch not only validated the technical feasibility and market demand for this model, but also laid the foundation for more high-quality projects in the future. Broadening IPO subscription channels to a wider investor base is a key step toward greater capital market inclusivity.
FAQ
Q1: What were the final subscription figures for Gate’s first IPO Access SpaceX project?
Total intended subscription funds exceeded $143 million, with more than 13,400 participants. Within the first 24 hours, intended subscription funds surpassed 92 million USDT.
Q2: How does Gate’s IPO Access allocation mechanism work?
The system calculates each user’s allocation weight based on their average locked funds per hour during the subscription window, relative to the project’s overall average intended subscription amount. Early participation and sustained locked funds increase the chance of higher allocation. For SpaceX’s first round, the median allocation ratio was about 3%.
Q3: How did SPCX perform on its first trading day?
SPCX opened at $150, up about 11% from the issue price of $135. The intraday high reached $176.5, a gain of roughly 30.7%. The first-day closing price was $161.27, up about 19.5%.
Q4: What was the trading activity for SpaceX-related products on Gate’s platform?
Gate’s tokenized SpaceX stock product (SPCXx) saw over $100 million in trading volume on its first day. Additionally, Gate launched spot and swap trading for SPCXX and SPCXON on June 13.
Q5: What is the minimum threshold to participate in Gate’s IPO Access?
The minimum intended subscription amount is just 100 USDT, with a maximum of 500,000 USDT. The reference price is $135 per share, plus a 5% fee. The entire subscription uses USDT, and allocated shares have no lock-up period.
Q6: What are the latest SPCX quotes?
As of June 23, 2026, Gate market data shows SPCX trading at $154.60. While this is about 14.5% above the IPO issue price of $135, it has fallen below the first-day closing price.
