What is Gate's IPO Access? Previously, I introduced the stock trading model of Gate. Today, I saw that Gate has also entered the IPO track and opened up SpaceX's subscription. So, what model is Gate using? Simply put, it is a trading portal launched by Gate for pre IPO assets and IPO opportunities. At present, Gate related products can be roughly divided into two categories: One type is IPO Access, where users can submit IPO intention subscriptions using USDT. If the final allocation is obtained, the corresponding notes will enter the Gate stock account after the IPO is completed, and can continue trading in Gate's stock trading function thereafter. Another type is Pre IPOs, such as SpaceX's SPCX. This type of product is closer to structured certificates linked to the valuation of unlisted companies and future IPO expectations, which focuses on price exposure. Gate also launched Pre IPOs earlier So what Gate is doing this time can be understood as incorporating the high threshold IPO and Pre IPO opportunities in traditional finance into the product system of cryptocurrency exchanges. In the past, ordinary investors who wanted to participate in such assets usually needed to go through traditional securities firms, private equity funds SPV、 Family office or institutional channels. High threshold, limited quota, and relatively weak liquidity. The path currently provided by Gate is for users to participate in subscription or trading through USDT, and then complete subsequent holding and withdrawal through Gate's stock account or related trading market. The most important thing here is to distinguish the sources of equity for the two products. IPO Access is closer to IPO intention subscription. After users submit funds, whether they can ultimately receive allocation and how much allocation they can receive depends on the actual allocation results. After successful subscription, the assets will be transferred to the corresponding account. Pre IPOs are price exposed products that are closer to pre IPO assets. Taking SPCX as an example, it tracks SpaceX's expected listing and valuation changes, but user participation is not the traditional registration of original shares, nor does it represent full shareholder rights. So Gate's IPO Access and Pre IPOs cannot be simply treated as traditional securities firms launching new products, nor can they be simply treated as stock tokens. More precisely, this is a new type of product formed by the exchange combining IPO opportunities, Pre IPO assets, and the trading habits of cryptocurrency users. At present, the price of Gate at SpaceX is $135, with an additional 5% handling fee. After the subscription ends on the 12th, the stock can be officially traded on the same evening, which is also one of Gate's "advantages". There is no need to lock up positions or occupy funds, and it can directly enter the US stock market for trading. In the future, there may be an increasing number of such products, as cryptocurrency exchanges are no longer satisfied with providing cryptocurrency trading and contract trading, but continue to expand into the US stock market, US bonds RWA、 Traditional financial markets such as funds and pre listing assets have been extended.