Today (June 10) marks just two days until a historic milestone in global commercial spaceflight. SpaceX plans to officially list on Nasdaq on June 12 under the ticker SPCX, with an offering price set at $135 per share. The company aims to issue approximately 555.6 million shares, targeting a base fundraising amount of $75 billion, which would value SpaceX at around $1.77 trillion.
What do these numbers mean? In 2019, Saudi Aramco set the global IPO fundraising record with $29.4 billion, a record that has stood for nearly seven years. SpaceX is set to surpass this by about 2.5 times. In terms of valuation, a $1.77 trillion market cap would make SpaceX the seventh largest publicly listed company in the United States.
Investor enthusiasm has far exceeded expectations. According to Reuters, the SpaceX IPO has already attracted more than $250 billion in investor demand—3.5 to 4 times the $75 billion base fundraising target. Underwriters are expected to stop accepting institutional orders at 4:00 p.m. New York time on Wednesday (today), finalize pricing on June 11, and begin trading on June 12.
Why Is Traditional IPO Access "Hell-Level" Difficult? Three Barriers That Shut Out Retail Investors
However, the hotter the SpaceX IPO gets, the more insurmountable the barriers become for ordinary investors.
Barrier One: Institutional Allocation Takes Priority. Traditional IPO share allocations are almost entirely tilted toward institutional clients of top underwriters like Goldman Sachs and Morgan Stanley. Retail investors are left to buy shares on the secondary market at uncertain prices after the IPO.
Barrier Two: Nationality and Compliance Restrictions. Due to the U.S. International Traffic in Arms Regulations (ITAR), SpaceX’s underwriters have been instructed not to accept subscription orders from investors in Mainland China and Hong Kong. This ban even extends to private banking clients.
Barrier Three: High Capital Thresholds. Even in regions where subscriptions are allowed, the minimum investment amounts through traditional channels often start at hundreds of thousands or even millions of dollars, making it nearly impossible for average users to participate.
These three barriers combined have long kept the vast majority of global investors locked out of the SpaceX IPO—until the launch of Gate’s IPO Access.
Gate IPO Access Launches SpaceX: Open the Door to Tech Giants with Just 100 USDT
On June 9, 2026, Gate officially launched its "IPO Access" product, with SpaceX as the first featured offering. For the first time, a crypto trading platform is systematically extending its asset offerings to pre-IPO private equity, allowing regular users to participate in the pre-listing allocation of leading global companies using USDT.
The subscription rules are straightforward and transparent: the minimum subscription amount is just 100 USDT, with a maximum of 500,000 USDT per user. Gate uses a weighted allocation mechanism—the earlier you participate and the longer you keep your funds locked, the higher your allocation weight. Allocated shares will be distributed directly to users’ Gate stock accounts on June 12, with no lock-up period. Users can trade real U.S. stocks immediately after listing.
The subscription process is clear: users go to the "IPO Access" section under "Wealth" on the Gate homepage, select the SpaceX project, enter their intended subscription amount, and lock the corresponding USDT. The subscription period runs from June 9, 18:00 to June 12, 12:00 (UTC+8), giving users just under 48 hours before the IPO to complete their orders.
Unlike other exchanges that offer pre-IPO perpetual futures or mirror tokens, Gate’s IPO Access allocates actual spot shares—not derivatives linked to the stock price. Users directly hold real equity.
From Secondary Market Prices to Institutional IPO Pricing: Why Early Subscription Matters
To grasp the scarcity value of this SpaceX IPO, you need to understand the fundamental difference between the "IPO subscription price" and the "post-listing purchase price."
SpaceX’s IPO is priced at a fixed $135 per share, which is the price at which institutional investors and allocated channels subscribe. Once secondary market trading begins, the price will be driven by supply and demand, influenced by short-term sentiment, order book depth, and liquidity. With nearly four times oversubscription, there’s a significant chance SPCX will open well above the offering price. Waiting to buy after listing could mean paying a much higher price than institutional investors.
This is the strategic value of the pre-IPO subscription window. Gate’s IPO Access allows users to lock in their intended subscription at the offering price range before the stock lists, moving the entry point from "after the IPO" to "before pricing."
How Does IPO Access Work? The Full Process from Subscription to Share Allocation
Gate’s IPO Access process consists of four key steps:
Subscription Intent (Now until June 12, 12:00): Users submit their intended subscription amount, and the corresponding USDT is locked. During the lock-up period, users can adjust their strategy based on the weighting rules—the earlier and longer the lock-up, the higher the allocation weight.
Pricing and Allocation (June 11): SpaceX finalizes its IPO price. Gate allocates shares based on the total allocation provided by the project and users’ weighting ratios. If the final price fluctuates within 20% of the reference price, allocation proceeds automatically. If the fluctuation exceeds 20%, a secondary confirmation process is triggered to ensure user awareness.
Share Distribution (June 12): Users who receive allocations will have their shares directly distributed to their Gate stock accounts on the listing day, with no need for an additional brokerage account.
Secondary Market Trading: Users can freely hold or sell SPCX shares in their Gate stock account with no lock-up period. Gate Stocks supports USDT trading for over 10,000 U.S. stocks and ETFs, and allows fractional share trading starting from as little as 0.01 shares.
Risks and Outlook
Every investment decision should be based on a clear understanding of the risks, and subscribing to SpaceX is no exception.
While SpaceX commands a $1.77 trillion valuation, it is still projected to post a net loss of $4.94 billion in 2025, with a price-to-sales ratio around 100—far above traditional aerospace companies. Concerns about valuation bubbles persist. After the IPO, Elon Musk will hold about 84.4% of the voting power, with only about 4.2% of shares in public float. This extreme concentration of ownership could lead to significant price volatility in the early days of trading.
It’s also important to note that the weighted allocation mechanism does not guarantee an allocation—whether users receive shares depends on the total available allocation and their ranking by weight. Some users may receive only partial allocations, or none at all.
Conclusion
SpaceX’s IPO is not just a historic event for global capital markets; it also marks a structural evolution of CEXs from crypto trading platforms to cross-asset liquidity hubs. With a minimum threshold of just 100 USDT, Gate’s IPO Access transforms pre-IPO private equity—once reserved for institutions and high-net-worth clients—into a digital asset accessible to users worldwide, achieving a deep integration between crypto finance and traditional capital markets.
With less than 48 hours until listing, the subscription window closes at 12:00 on June 12 (UTC+8). For those hoping to participate in the largest IPO in history at the offering price, this window is extremely limited. Carefully assess the risks, make prudent decisions, and seize this historic investment opportunity.
