June 12, 2026—Global commercial spaceflight giant SpaceX officially debuted on the Nasdaq under the ticker SPCX, pricing its shares at $135 each and raising a staggering $75 billion. This IPO shattered the previous record set by Saudi Aramco’s $29.4 billion offering in 2019, making it the largest IPO in human history.
For investors in the digital asset industry, SPCX’s listing carries an additional layer of significance—it marks the inaugural project of Gate’s newly launched "IPO Access" service. In just three days, this IPO subscription event, led by a crypto exchange, attracted over 13,400 participants and saw total subscription intent funds surpass $143 million, far exceeding expectations.
Strong Subscription Demand: 13,400 Participants, $143 Million Inflows
The subscription window for Gate’s first IPO Access project, SpaceX, opened on June 9, 2026, and closed at 12:00 PM on June 12. Final data shows total subscription intent funds exceeded $143 million, with more than 13,400 participants. Within 24 hours, intent subscription volume had already surpassed 92 million USDT.
This intense demand was no accident. SpaceX’s traditional IPO also saw extraordinary interest, with global IPO subscriptions oversubscribed by more than four times. The underwriting syndicate was led by Goldman Sachs, joined by 21 global investment banks. Retail orders totaled over $100 billion, while institutional demand exceeded $250 billion.
For allocation, Gate implemented a transparent weighted distribution mechanism: the system calculated final allocation weights based on each user’s hourly average locked funds during the subscription period as a proportion of the project’s total average intent subscription funds. The earlier and longer users locked their funds, the greater their chance of receiving a higher allocation. Ultimately, the median allocation ratio for this IPO Access event was 3%, with early participants receiving relatively higher allocations.
SPCX First-Day Performance: Up Over 30% Intraday, Closes Up 19%
SPCX’s first-day price action drew intense global investor attention. U.S. market data showed:
- IPO price: $135 per share
- Opening price: $150 per share
- Intraday high: $176.52 (up about 30.8% from IPO price)
- Closing price: $160.95, up 19.22%
- Closing market cap: approximately $2.1 trillion
According to official Gate market data, SPCX hit an intraday high of $176.5 on its first trading day and closed at $161.27, with intraday volatility exceeding 9%. The peak price represented a first-day premium of about 30.7%, while the closing price reflected a 19.5% premium.
The significant first-day volatility reflected a temporary disconnect between market sentiment and subsequent capital absorption. Highs typically occurred early in the session, as short-term capital and momentum buyers rushed in. The closing price represented a balanced valuation after substantial turnover. After peaking, SPCX gradually pulled back and consolidated within the $155–$165 range—a pattern not uncommon for large IPOs.
As of June 15, SPCX was trading sideways near $167.33.
How Does Gate IPO Access Break Down Traditional IPO Barriers?
Before Gate’s IPO Access, most retail investors worldwide had virtually no opportunity to participate in the IPOs of super-unicorns like SpaceX. Traditional IPO subscription channels have long been dominated by top brokerages and institutional investors, leaving ordinary investors to buy shares on the open market at higher prices after listing. Additionally, due to U.S. International Traffic in Arms Regulations (ITAR), most global investors weren’t even eligible to subscribe to SpaceX shares.
The core breakthrough of Gate IPO Access is that it opens up the IPO subscription channel—previously reserved for top brokerages and institutions—to digital asset platform users for the first time. Users don’t need to open complex cross-border accounts, handle cumbersome fiat conversions, or meet multi-million-dollar capital requirements. All they need is a Gate account with completed KYC to participate directly in IPO subscriptions for leading global companies using USDT.
This project featured extremely low participation thresholds: the minimum subscription amount was just 100 USDT, with a maximum of 500,000 USDT. The reference subscription price was $135 per share, plus a 5% fee, totaling about 141.75 USDT per share. More importantly, IPO Access allocates real, spot shares, not derivatives linked to share prices. Allocated shares are distributed directly to users’ Gate stock accounts after the IPO, with no lock-up period, and can be traded as real U.S. stocks on Gate’s stock section immediately after listing.
For risk control, Gate implemented temporary first-day trading restrictions: single orders could not exceed $10,000, there had to be at least a 15-second interval between orders, and pre-market and after-hours trading were not supported. These measures helped manage execution risk amid intense first-day volatility.
Value Outlook: Opportunities and Challenges Amid High Valuations
After SPCX’s debut, valuation debates became a market focal point. SpaceX’s current price-to-sales ratio exceeds 112x, far above Tesla’s 15x and Nvidia’s peak of around 40x. For 2025, revenue reached $18.7 billion, with a net loss of $4.9 billion. In Q1 2026, net losses widened to about $4.28 billion.
Despite lofty valuations, SpaceX’s fundamentals remain robust:
- Starlink Satellite Internet: Generated $11.387 billion in 2025, accounting for 61% of SpaceX’s total revenue, with over 10 million active global users.
- Starship and Deep Space Exploration: IPO proceeds will fund Starship R&D and mass production, Starlink’s global network expansion, and deep space exploration projects.
- AI and Aerospace Integration: SpaceX has signed contracts with AI company Anthropic to build space data centers, positioning AI infrastructure as a core growth driver.
Goldman Sachs set a target valuation of $1.77 trillion, but some analysts have offered sharply different assessments. The tension between short-term sentiment-driven trading and long-term fundamental validation will be the key factor shaping SPCX’s future price trajectory.
Conclusion
The debut of Gate’s first IPO Access project, SPCX, has demonstrated the feasibility of deep integration between digital asset platforms and the U.S. IPO market. Subscription data—$143 million in intent funds and 13,400 participants—proves the real demand for cross-asset investment channels. On the price front, SPCX’s first-day surge of over 30% and 19% closing gain pushed its market cap past $2 trillion, making it the largest IPO ever. In terms of innovation, Gate IPO Access has broken down the high barriers and geographic restrictions of traditional IPOs, enabling ordinary investors to participate in the listing of top global tech companies with as little as 100 USDT. As Gate continues to expand its roster of high-quality IPOs, this product is poised to become a vital bridge connecting the crypto ecosystem and traditional capital markets.
Frequently Asked Questions (FAQ)
Q1: Does Gate IPO Access allocate real shares or tokens?
It allocates real, spot shares—not derivatives linked to share prices. Allocated shares are distributed directly to users’ Gate stock accounts, with no lock-up period, and can be traded as real U.S. stocks on Gate’s stock section immediately after listing.
Q2: How is the allocation ratio for IPO Access determined?
Gate uses an intent subscription mechanism. The system calculates each user’s final share allocation weight based on their hourly average locked funds during the intent subscription period as a proportion of the project’s total average intent funds. The earlier and longer you participate and lock funds, the higher your potential allocation.
Q3: How did SPCX perform after listing?
SPCX was listed on June 12 at $135 per share, opened at $150, reached an intraday high of $176.5, and closed at $161.27—a closing gain of about 19.5%. As of June 15, the share price was consolidating sideways near $167.
Q4: Is SpaceX’s high valuation justified?
SpaceX’s current price-to-sales ratio is over 112x, far higher than most large tech companies. While Starlink’s growth is strong and the AI-aerospace integration has vast potential, the company is still operating at a loss, with a net loss of about $4.28 billion in Q1 2026. Investors should assess their own risk tolerance before investing.
Q5: When will the next IPO Access project launch?
Gate will continue to roll out more high-quality IPO projects. Users can stay updated through official Gate announcements and the IPOs section.
