In August 2026, global capital markets are experiencing an unprecedented surge in IPOs. From commercial space ventures to artificial intelligence, a wave of unicorn companies—each valued at tens of billions of dollars—is preparing for public listing. Against this backdrop, the third phase of Gate Pre-IPOs features Moonshot AI (KIMI), which opened for subscription on August 11 at 07:00 UTC and closed on August 13 at 07:00 UTC, with a 48-hour subscription window.
Subscription Overview: Oversubscription Achieved in Both Pools
According to the Gate Pre-IPOs product page, at the end of the subscription period, the third phase Moonshot AI recorded the following figures:
The USDT subscription pool reached $194 million. The GUSD subscription pool reached $9.09 million. Combined, total subscriptions surpassed $200 million.
A total of 90,000 KIMI units were offered at a reference subscription price of $105–$115 per unit, implying a Moonshot AI valuation of approximately $50 billion. Both funding pools saw significant oversubscription, demonstrating the high level of market interest in Moonshot AI.
Regarding subscription timing, Gate Pre-IPOs applies a weighted allocation mechanism based on the average amount locked during the subscription period. Early participants received greater allocation weight, which also drove rapid early subscription inflows.
Allocation Schedule: Official Distribution Begins August 17
According to Gate’s official announcement, the third phase Moonshot AI (KIMI) Pre-IPOs subscription has officially ended. The platform will conduct final calculations on all participation orders, considering both time weight and subscribed funds.
Current figures displayed on the platform are estimations only; official allocation has not yet begun. The expected distribution date is August 17, 2026, at 07:00 UTC. Final allocations will follow the actual distribution results. All 90,000 KIMI asset certificates will be distributed to successful subscribers in accordance with the established rules.
Moonshot AI: The Chinese AI Unicorn Behind Kimi
Moonshot AI (Moon’s Dark Side) stands as one of China’s leading AI enterprises, specializing in large language model research and the pursuit of artificial general intelligence. Its flagship Kimi AI assistant is widely recognized for advanced long-context comprehension, multi-modal capabilities, and sophisticated agent technology—garnering significant attention across the AI application landscape.
Looking at funding momentum, Moonshot AI’s valuation soared rapidly throughout 2026:
- Between January and February 2026, the company closed three consecutive funding rounds, with valuation climbing from $10 billion to $18 billion.
- After its Series D in May 2026, valuation reached $20 billion.
- Following its Series E in June, pre-money valuation rose to $31.5 billion.
- In July’s Series F, Moonshot AI raised $3.5 billion at a $35 billion valuation.
- By August 2026, reports indicated the company had launched its Series G Pre-IPO round, targeting a $50 billion valuation.
The Moonshot AI implied market cap cited in Gate Pre-IPOs’ third phase announcement is roughly $50 billion, matching the Series G Pre-IPO target valuation.
Financially, as of June 2026, Moonshot AI’s annual recurring revenue (ARR) had reached about $300 million, up from roughly $100 million in March 2026. This growth was primarily driven by API services and enterprise solutions, with API revenue making up over 70% of total income.
On the tech front, in July 2026, Moonshot AI released its Kimi K3 model with approximately 2.8 trillion parameters, utilizing a Mixture-of-Experts (MoE) architecture—one of the largest open-source models by parameter count worldwide. Kimi K3 was open-sourced on July 27, marking a new era for open-source large models at the 2.8 trillion parameter scale.
Product Mechanism: Pre-IPO Participation via Mirror Note Structure
Gate Pre-IPOs’ Moonshot AI (KIMI) launch features a Mirror Note product structure—not actual Moonshot AI shares. This product simulates company valuation changes before and after IPO through dedicated subscription and secondary market mechanisms. It offers two separate subscription pools—USDT and GUSD—with allocations weighted according to lock-up time.
The subscription allocates 60% to the USDT pool and 40% to the GUSD pool. Participants may subscribe using either USDT or GUSD, with a minimum commitment of 10,000 USDT or 10,000 GUSD. Each user can receive up to 900 KIMI units. A 5% underwriting service fee is charged to users who successfully obtain allocations.
KIMI asset certificates are Mirror Notes pegged to Moonshot AI’s company value, not direct equity. Their eventual value may be influenced by the company’s performance, market sentiment, secondary market liquidity, and expectations surrounding a future public listing.
At its core, a Mirror Note is a contract between the issuer and investor that delivers economic exposure to the underlying company’s value per agreed rules—without conferring any actual equity ownership.
Market Impact and Analysis
The Moonshot AI third-phase Gate Pre-IPOs subscription data sends several noteworthy signals.
First, the channel between institutional-grade assets and crypto users is expanding. A total subscription exceeding $200 million indicates that a significant number of digital asset holders accessed a Pre-IPO opportunity traditionally reserved for institutional investors—all via Gate’s platform. There’s no need for overseas brokerage accounts or high-net-worth thresholds; users can track high-quality private company value directly with crypto assets.
Second, investor enthusiasm for AI remains intense. Moonshot AI’s valuation soared from roughly $10 billion to about $50 billion in just eight months, while annual recurring revenue jumped from $100 million in March to $300 million by June. Robust subscription momentum on Gate Pre-IPOs underscores and independently verifies the scale of this growth from within the crypto market.
Third, Pre-IPOs product formats are maturing rapidly. From the first SpaceX round—where nearly $400 million in demand chased a $20 million allocation—to OpenAI’s second round oversubscribed by over 1,300%, and now, with Moonshot AI’s dual pools exceeding $200 million, the Gate Pre-IPOs suite is steadily building a comprehensive loop from project selection, subscription mechanics, to secondary market trading.
Conclusion
The third phase Gate Pre-IPOs Moonshot AI (KIMI) subscription has officially closed. The USDT pool saw $194 million in subscriptions, and the GUSD pool reached $9.09 million—jointly exceeding $200 million. All 90,000 KIMI asset certificates are set for distribution at 07:00 UTC on August 17, 2026.
This significant oversubscription reflects not only the market’s intense focus on Moonshot AI as a leading AI unicorn, but also highlights Gate Pre-IPOs’ validated role in bridging crypto assets with the value-tracking of top-tier pre-IPO companies. As a Mirror Note product, the ultimate value of KIMI will depend on Moonshot AI’s IPO journey, its eventual public market pricing, and the liquidity present in secondary markets. Participants should fully understand the product’s mechanism before making decisions.
FAQ
Q1: What is the total subscription amount for the third phase Gate Pre-IPOs Moonshot AI?
According to Gate Pre-IPOs product data, the USDT pool reached $194 million, the GUSD pool hit $9.09 million, and together they surpassed $200 million.
Q2: When will the KIMI asset certificates be distributed?
Distribution is expected on August 17, 2026, at 07:00 UTC. The allocation numbers currently shown on the platform are estimates; the final allocation is subject to actual distribution outcomes.
Q3: Is KIMI a share of Moonshot AI?
No. KIMI is a Mirror Note product launched by Gate, not a direct shareholding in Moonshot AI. It serves as a financial instrument tracking Moonshot AI’s value before and after its IPO, and does not represent equity or shareholder rights.
Q4: What is the reference price for this subscription?
The reference subscription price is $105–$115 per unit, implying a Moonshot AI valuation of approximately $50 billion. The final pricing is subject to actual settlement.
Q5: How are subscription funds allocated?
The structure allocates 60% of funds to the USDT pool and 40% to the GUSD pool. Allocation is determined using a time-weighted mechanism based on users’ average locked amounts during the subscription period—earlier participants receive greater allocation weight.
Q6: What are the requirements to participate?
The minimum subscription amount is 10,000 USDT or 10,000 GUSD. Each user may be allocated up to 900 KIMI units. A 5% underwriting service fee applies to successful allocations.
