Gate Pre-IPOs Phase 3: Moonshot AI (KIMI) Subscription will open soon. This phase supports subscriptions in both USDT and GUSD, allowing users to gain early exposure to the pre-listing value opportunities of a globally leading AI unicorn and participate in the company’s long-term value growth through the Pre-IPOs dedicated secondary market trading mechanism, while also receiving multiple subscription benefits, including GUSD Flexible Term U.S. Treasury returns.
If users ultimately do not receive any allocation, the platform will provide an interest subsidy based on the annualized Return of the funds locked for subscription. During the GUSD subscription period, users will receive the applicable annualized Return as usual. The interest subsidy is available only to USDT subscription users, and subsidies of less than 0.5 USDT per subscription cannot be distributed.
This product is a Mirror Note and does not represent actual stocks or shares in Moonshot AI, nor does it establish any legal relationship between investors and Moonshot AI. This offering is not affiliated with Moonshot AI. Moonshot AI has not participated in, authorized, or endorsed this product or any content in the marketing materials. Moonshot AI will not receive any proceeds and has not provided any information to Gate.
Please note the rule changes for this Pre-IPOs round: Secondary transfers will use a dedicated trading market, allowing free transfers and principal withdrawals. Profit tied to the target company's stock listing will remain locked until the listing unlocks. The project may be canceled and refunded due to factors such as the underlying mirrored asset triggering ROFR, with an estimated probability of approximately 20%. Final project profit will be subject to Carry (profit sharing) and other deductions.
Pre-IPOs Phase 3 Basic Subscription Information
Moonshot AI is one of China's leading artificial intelligence companies, focusing on large language model research and development and the exploration of artificial general intelligence. Its Kimi AI assistant has gained widespread attention in the AI application space for its ultra-long-context understanding, multimodal capabilities, and intelligent Agent technology, while continuing to advance the practical application of artificial intelligence in knowledge processing, content creation, and productivity scenarios.
The KIMI Asset Certificate is a Mirror Note issued before Moonshot AI's IPO. It is designed to mirror Moonshot AI's market value before and after its listing and is a Contingent Payout Note. Through a dedicated secondary market trading mechanism, Gate provides users with opportunities to participate in the target company's pre-listing value growth and hold it long term.
Project Name: Moonshot AI
Asset Token Symbol: KIMI
Moonshot AI Implied Valuation: Approximately $50 Billion
Total Subscription Value: Approximately $10,000,000
Total Subscription Amount: 90,000 KIMI
Total USDT Subscription Amount (60%): 54,000 KIMI
Total GUSD Subscription Amount (40%): 36,000 KIMI
Indicative Subscription Price: $105 – $115 per Share (Final pricing is subject to the official pricing result.)
Subscription Coin: USDT or GUSD (Hold GUSD to earn 3.8% Flexible Term U.S. Treasury yield with zero-fee redemption supported. Subscribe Now )
Minimum Subscription per Transaction: 10,000 USDT or 10,000 GUSD
Maximum Tokens per User: 900 KIMI
Subscription Fee: 5% Underwriting Service Fee (Subject to the final offering price. Only successfully allocated subscriptions will be charged.)
Subscription Period: August 11, 2026, 07:00 to August 13, 2026, 07:00 (UTC)
Pre-IPOs Phase 3 Distribution and Trading Rules
After this Pre-IPOs distribution is completed, it will enter the dedicated market for trading and can be freely transferred. Users may sell their holdings to recover and withdraw their principal. Profits linked to the target company's stock listing will remain locked until the listing unlocks them. Trading will incur certain trading fees. A profit-sharing fee will apply to the profit portion. If the company ultimately does not successfully list, or if the underlying mirrored asset triggers ROFR or is canceled for other reasons (with an estimated probability of approximately 20%), all profits, losses, and trading fees will be refunded. Detailed rules are as follows:
Distribution Time: August 17, 2026, 07:00 (UTC)
Distribution Method: After the subscription is completed, 100% of the KIMI asset certificates subscribed by users will be unlocked and distributed to the PreIPO Account. Funds from unsuccessful subscriptions will be returned to the Spot Account.
Trading Method: Dedicated Transfer-InTrading Zone
Trading Fee: Maker 0.5%, Taker 1.5%
Trading Time: The dedicated trading market is expected to open approximately one month after the distribution is completed. The specific opening time will be subject to the platform's official announcement.
Cancellation and Refund Policy: If the company ultimately does not complete its listing, or if the underlying mirrored asset triggers ROFR or is canceled for other reasons (approximately 20% probability), a refund will be issued. Secondary market trades will be voided, the principal will be returned, and all profits and losses will be canceled.
Expected holding period: several months to several years (subject to the actual listing date of the target company)
Carried Interest: 20% (charged on profits exceeding the return threshold)
About Secondary Market TradingFor More Details: https://www.gate.com/help/launch/preipos/101017
Subscription Benefit 1: VIP Exclusive — Moonshot AI (KIMI) Airdrop
To celebrate the launch of Moonshot AI (KIMI) on Gate Pre-IPOs, an exclusive airdrop campaign for VIP users is being introduced. Eligible participants can join according to the event rules and have the opportunity to receive airdrop rewards. Join Now
Subscription Benefit 2: GUSD Flexible Term U.S. Treasury Return
Users who subscribe using GUSD can also access 3.8% Flexible Term U.S. Treasury Bonds, with returns automatically distributed daily. GUSD supports zero-fee redemption in the original coin. Visit the GUSD page - [FAQ] for details.
Subscription Process
Web:
Home - [Earn] - [Launch] - [Pre-IPOs]
Select Moonshot AI (KIMI), choose USDT or GUSD for subscription, and click [Subscribe Now]
After your subscription is successful, go to: Web Home - Avatar in the top-right corner [Orders] - [Earn Orders] - [Gate-IPOS] - [Allocation Records]
App:
Home - [Earn] - [Launch] - [Pre-IPOs]
Select Moonshot AI (KIMI), choose USDT or GUSD for subscription, and click [Subscribe Now]
After your subscription is successful, go to: App Home - [Earn] - [Launch] - [Pre-IPOs] - [Allocation Records]
Note: The earlier you subscribe, the higher your allocation weight.
Pre-IPOs Distribution Rules
The system will calculate and allocate asset certificates based on the ratio of the user's hourly average locked amount during the subscription period to the project's overall average total subscription amount. The earlier the subscription, the higher the allocation weight.
Calculation Method
Hourly average locked amount = sum of hourly locked amount snapshots / total subscription period hours (48 h)
Example:
Assume the subscription period is 48 hours, and users A, B, and C each plan to commit 100,000 USDT to the subscription:
User A: Deposits during the first hour of the subscription period and keeps the funds locked throughout the entire period
User B: Completes the commitment 24 hours after the subscription starts and maintains it until the subscription ends
User C: Subscribes during the final hour
Distribution Instructions
The indicative subscription price is provided for reference purposes only for this Pre-IPOs offering. The final pricing will depend on market demand, valuation, and book building results. If the final price fluctuates within 20% of the reference price, we will automatically complete the allocation for you. If the fluctuation exceeds 20%, we will initiate a second confirmation process to safeguard your right to be informed and to make decisions.
If no shares are ultimately allocated, USDT subscribers will receive an interest subsidy at a 3.8% APR based on the hourly snapshot balance of their subscription funds. The subsidy will be credited to your Spot Account together with the refunded funds. Subsidies below 0.5 USDT will not be disbursed. GUSD subscribers will continue to earn 3.8% APR on their subscription funds during the subscription period regardless of whether an allocation is received. Therefore, no additional interest subsidy will be provided for GUSD subscriptions.
The actual number of asset certificates received depends on the percentage of the user's average locked amount among all participating users and is subject to rules such as the total project subscription amount and the maximum number of asset certificates available per user.
This example only illustrates the allocation logic and does not represent the final number of asset certificates obtainable.
The committed amount does not equal the value or quantity of the asset certificate ultimately received. The final allocation is determined by the system calculation.
Funds committed for subscription will be locked and cannot be redeemed during the subscription period. After the subscription ends, the user's committed funds will be deducted based on the actual number of project asset certificates obtained, and the remaining funds will be returned. If the actual value of asset certificates obtained is less than the committed amount, the remaining funds will be unlocked after distribution and automatically returned to your Spot Account.
If the number of asset certificates actually received by the user is less than 0.01 asset certificates, the asset certificates cannot be issued, and the user's subscription funds will be fully refunded.
Pre-IPOs Phase 3 Trading Mechanism Overview
After the subscription is completed, the asset certificates will be distributed with a 100% unlock and enter the dedicated trading market (the specific market opening time will be subject to the distribution announcement). Holders can trade the assets and recover their principal through the dedicated trading page based on real-time market prices.
Users with positions may choose an exit method based on their investment strategy. Users may sell part of their positions to recover their Principal while continuing to hold the remaining Profit portion and participate in the target company's long-term value growth. The expected holding period for the Profit portion ranges from several months to several years, until the target company is listed or other exit arrangements are made.
After the target company completes its IPO, the platform will provide asset handling options for users with holdings based on actual market conditions, including stock asset swaps or stock-token swaps.
If the target company is successfully listed, a Carry return-sharing mechanism will apply. A 20% Carried Interest will be charged on realized profits.
If the target company ultimately does not complete its listing, or if the underlying mirrored asset triggers ROFR or is canceled for other reasons (approximately 20% probability), a refund will be issued. In this case, the settlement will be canceled, and users' subscription funds will be returned as agreed. All profit, loss, and trading fees generated through secondary-market trading will be recovered or refunded. Further updates will be announced separately. The Right of First Refusal (ROFR) is a common mechanism in unlisted company equity transactions, under which the target company and existing shareholders have the right to purchase the shares proposed for transfer on a priority basis. Gate Pre-IPOs adopts transaction models with or without refund triggers based on different asset batches.
Handling of Corporate Bankruptcy
If the target company enters bankruptcy reorganization proceedings, this product’s reference value will be adjusted based on the actual disposition of the target company’s common stock during the reorganization proceedings, and users will be settled based on the actual value.
If the target company enters bankruptcy liquidation proceedings, causing the value of its common stock to go to zero, the reference value of this product will also go to zero. Investors may lose all of their principal and will not be able to assert any claims against the target company for their losses.
Expiration Date Settlement Rules
The Maturity Date is December 31, 2035. If, after the Maturity Date, the target company has not gone public, has been acquired, merged, or gone bankrupt, Gate will settle the account in USDT based on the Fair Market Value of Moonshot AI's common stock.
Rules for Valuation and Additional Issuance Processing
KIMI's implied valuation of approximately 50 billion is derived from the current subscription price and the corresponding 4.56 billion total shares. If the company issues additional shares or cancels shares in the future, the total number of shares may change, affecting the estimate of the implied valuation.
This asset is a Mirror Note that tracks the value of the company's common stock based on the stock price. If the company issues additional shares in the future, the current per-share value may be diluted. If the company's stock undergoes a stock split or reverse split (stock split, reverse stock split, or other reclassification of its common stock) in the future, we will calculate and adjust user holdings accordingly based on the actual circumstances. Details will be provided in a subsequent announcement.
Risk Reminder
Since the target company is not currently listed and the listing date has not been determined, this investment carries significant uncertainty and high risk. If the company successfully lists in the future or is acquired or merged, Gate will provide an exit channel at the corresponding reasonable market price.
If the company’s value declines due to poor management or other factors, cannot go public, has no other exit channels such as acquisition or merger, or goes bankrupt and its value falls to zero, this investment may incur losses. Please ensure you fully understand the risks and consider carefully before participating.
Crypto asset investments carry high risk. This subscription is conducted on an open and fair basis, but price volatility, insufficient market liquidity, and other conditions may still occur. Please participate cautiously after understanding the project background and risks.
Borrowed funds may not be used to participate in Gate Pre-IPOs subscriptions. Institutional accounts and subaccounts may not participate in Gate Pre-IPO subscriptions.
Understanding blockchain startup projects and assessing their inherent risks requires advanced technical and financial knowledge.
Due to technical, legal, regulatory, market, and other factors, the price of the project you participate in may fluctuate significantly and may decrease or increase substantially.
Crypto projects carry high risk, and prices are highly volatile. Project parties do not set Margin or provide any price commitments or guarantees against the token price falling below its initial offering price. Please participate only if you fully understand and can bear the risks. The platform strongly warns of the risks but cannot assume liability for guarantees or compensation related to investment activities.
If there is any discrepancy between the translated version and the original English text, the English version shall prevail.
Gate reserves the right of final interpretation.
Users in restricted regions cannot use all or part of the services. For details about restricted regions, please read User Agreement.
Disclaimer
This product is a Mirror Note and does not represent actual stocks or shares in Moonshot AI, nor does it establish any legal relationship between investors and Moonshot AI. This offering is not affiliated with Moonshot AI. Moonshot AI has not participated in, authorized, or endorsed this product or any content in the marketing materials. Moonshot AI will not receive any proceeds and has not provided any information to Gate.
This content does not constitute any offer, solicitation, or advice. You should always seek independent professional advice before making any investment decisions. Please note that Gate may restrict or prohibit all or part of its services in restricted regions. Please read the User Agreement for more information.
Gate Team
August 6, 2026
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