In 2026, AI large model sector is undergoing a dramatic revaluation. Moonshot AI achieved a staggering leap in valuation, rising from $4.3 billion to $50 billion within a year. From January to February 2026, the company completed three consecutive funding rounds, pushing its valuation to $18 billion. After a Series D round in May, the valuation surpassed $20 billion. In June, the pre-money valuation for Series E reached $31.5 billion. By July, Series F closed with over $3.5 billion raised, bringing the post-money valuation to $35 billion. Soon after, the Series G (Pre-IPO) round officially launched, targeting a $50 billion valuation.
This valuation trajectory is backed by both technological breakthroughs and commercial success. In July 2026, Moonshot AI released the open-source Kimi K3 model, boasting 2.8 trillion parameters and topping the Frontend Code Arena programming leaderboard. Within 30 minutes of launch, the model reached the top spot on Hugging Face’s trending chart. On the commercial front, the company’s annualized revenue (ARR) jumped from $100 million in March 2026 to $300 million by June, with API revenue accounting for over 70%.
The $50 billion valuation has sparked debate in the market. Some argue it’s high based on traditional PS or PE multiples. However, from the perspective of whether Moonshot AI can become one of the few domestically competitive, platform-level AI companies with global reach, the valuation reflects market confidence in Kimi’s long-term value. Ultimately, this valuation debate itself forms the basic premise for Pre-IPOs asset certificates—during the pre-listing phase when pricing remains uncertain, market participants need a mechanism to express and negotiate their views on value.
Where Do Pre-IPOs Fit in the Capital Chain?
Pre-IPOs sit between private fundraising and the public markets. Traditionally, the first half of a company’s growth toward IPO involves private funding and valuation accumulation, while the latter half is public price discovery. Pre-IPOs focus on value changes before a company enters the public market, not on secondary market trading after listing.
In the traditional financial system, participating in Pre-IPO rounds for companies like SpaceX or OpenAI is typically reserved for top-tier venture capital firms. Ordinary investors are excluded due to multi-million dollar minimums and strict accredited investor requirements. Digital Pre-IPO mechanisms use blockchain technology to tokenize Pre-IPO equity or financing rights, allowing users to subscribe with stablecoins. This lowers the entry barrier and creates a 24/7 liquid trading environment.
The core value of Pre-IPOs lies in how prices are formed. In traditional markets, public pricing only emerges after listing. With digital Pre-IPO mechanisms, asset certificates enter a pre-market trading phase after distribution, with prices determined by supply and demand. This shift means users face not just a subscription, but a longer price curve: subscription pricing, allocation results, and market trading are all connected.
The Nature and Structure of KIMI Asset Certificates
KIMI asset certificates are Mirror Notes issued before Moonshot AI’s IPO, designed to mirror Moonshot AI’s market value before and after listing. They are classified as Contingent Payout Notes.
It’s important to clarify that asset certificates do not represent actual shares or equity, nor do they establish a legal relationship between investors and the underlying company. Instead, they are financial instruments whose value fluctuates based on the target company’s IPO progress and market performance. The core purpose of this structure is to let users access value changes digitally before the company officially lists, rather than directly holding equity.
From a risk-return perspective, KIMI asset certificates have typical Pre-IPO investment characteristics: high potential returns come with high uncertainty. Their value realization is highly dependent on whether the target company successfully lists and how it performs post-IPO. If the company ultimately fails to list, or if the underlying asset is canceled due to Right of First Refusal (ROFR) or other factors, refunds will be processed according to project rules.
Understanding Moonshot AI’s IPO Progress and Market Attention
Moonshot AI’s IPO progress is a major focus in the current market. The company’s Series G (Pre-IPO) round has officially started, targeting a $50 billion valuation. This round sets clear conditions for investors: participants must complete payment by August 15, 2026. To be listed directly on the company’s cap table, investors must be institutions managing over $500 million.
Regarding the IPO timeline, there were rumors that Moonshot AI planned to submit an IPO application to the Hong Kong Stock Exchange as early as August 2026. Insiders responded that these reports were inaccurate, emphasizing that the Series G round is still ongoing. Regardless of the exact timeline, the launch of Pre-IPO financing itself signals progress toward listing.
The surge in market attention is directly linked to explosive demand following the release of the Kimi K3 model. After Kimi K3 launched, demand exceeded computing capacity, prompting the company to temporarily halt new user subscriptions. In the week after K3’s release, Kimi app downloads soared by 200%, with U.S. downloads up 387%. This surge in demand has directly driven a reassessment of Moonshot AI’s pre-IPO value.
Subscription Path and Rules for KIMI Asset Certificates
KIMI asset certificates are subscribed via the Pre-IPOs mechanism. The subscription window for this Moonshot AI (KIMI) offering runs from August 11, 2026, 07:00 UTC to August 13, 2026, 07:00 UTC, with a subscription price of $105–$115 per share (final pricing subject to actual results), and an implied project valuation of about $50 billion.
Subscriptions support both USDT and GUSD, with a minimum single subscription amount of 10,000 USDT or 10,000 GUSD. This offering charges a 5% underwriting service fee. If excess returns are generated in the future, a 20% carry will be charged on the profit portion.
After the subscription ends, KIMI asset certificates will be fully unlocked and distributed at 07:00 UTC on August 17, 2026. About one month after distribution, dedicated market trading will open, with a 1% transaction fee. If the target company successfully lists, the platform will provide subsequent asset handling solutions based on actual circumstances.
For the subscription process, users need to select the project and submit their subscription on the Pre-IPOs page, available via both web and app. After subscription, allocation and unified distribution are performed, with asset certificates sent to the spot account, entering the next trading phase fully unlocked. This process integrates "subscription—distribution—trading" into a complete chain.
Participate in Subscription: https://www.gate.com/ipos/34
Yield Structure and Incentives in the Subscription Mechanism
The KIMI asset certificate subscription offers multiple incentive arrangements to optimize users’ capital efficiency.
Users subscribing with GUSD enjoy a 3.8% yield on U.S. Treasury savings, paid daily with zero redemption fees in the original currency. USDT subscribers who do not receive an allocation will be compensated at a 3.8% annualized rate, calculated hourly and paid to the spot account along with refunded funds.
Additionally, eligible VIP users can participate in the exclusive Moonshot AI (KIMI) airdrop program.
From a fee perspective, the 5% underwriting service fee covers the issuance and management costs of asset certificates. The 20% carry is a typical private equity incentive structure—charged only on excess returns, aligning platform and user interests to some extent. The 1% transaction fee in the dedicated market is the trading cost once asset certificates enter secondary circulation.
What Risks Should You Consider When Participating in Pre-IPOs?
Investing in Pre-IPOs involves multiple risk factors that users should fully understand before participating.
Uncertainty in the IPO process is the primary risk. The target company has not yet listed, and the IPO timeline may be delayed or canceled. Although Moonshot AI has launched Pre-IPO financing, the exact IPO schedule and outcome remain uncertain. If the target company fails to list or the underlying asset is canceled due to ROFR or other reasons, refunds will be processed according to project rules, and secondary trading profits, losses, and fees will be adjusted per the mechanism.
Market volatility risk is also significant. Unlike traditional IPOs with fixed prices, digital Pre-IPOs are driven by market supply, demand, and sentiment. Investors may face premium risk if the official listing price is lower than the subscription or pre-market trading price. Pre-market trading may also encounter liquidity shortages.
Structural risk stems from the asset certificate’s Mirror Note structure, which does not represent actual shares or equity. Its value realization is highly dependent on the target company’s IPO progress and post-listing performance, fundamentally different from direct equity ownership.
Capital thresholds and liquidity constraints must also be considered. The minimum single subscription is 10,000 USDT or 10,000 GUSD, and asset certificates are only tradable in the dedicated market about one month after distribution, resulting in a period of capital lock-up.
How Do Pre-IPOs Fit into a Broader Asset Allocation Framework?
Pre-IPOs are not standalone products but part of a broader asset service ecosystem. Currently, products spanning Pre-IPOs, direct IPO access, stock trading, and gStocks tokenized securities have formed a multi-layered asset service system covering asset discovery, participation, and circulation.
On the stock trading front, a 24/7 service system now covers U.S., Hong Kong, and South Korean core markets, supporting over 10,000 U.S. stocks and ETFs, 1,500+ Hong Kong stocks, and 1,000+ Korean stocks—totaling more than 12,500 global stocks and ETF assets. Since July 31, 2026, U.S. stock and ETF trading have been zero-fee on the platform.
From an asset class perspective, Pre-IPOs belong to the "pre-listing" allocation layer, direct IPO access covers the "in-listing" stage, and stock trading corresponds to the "post-listing" public market. Together, they form a complete chain from primary to secondary markets. As AI, RWA (real-world assets), and digital assets continue to converge, Pre-IPOs are becoming a crucial channel connecting growth opportunities in innovative companies to global investors. Looking ahead, the digitization of global assets will deepen, with expanded coverage across stocks, ETFs, RWAs, and other innovative asset classes.
Conclusion
Moonshot AI has achieved a leap in valuation from $4.3 billion to $50 billion in 2026, backed by technological breakthroughs and commercial success with the Kimi K3 model. Against this backdrop, KIMI asset certificates, issued via the Pre-IPOs mechanism, provide users a digital gateway to participate in pre-IPO value changes.
The essence of KIMI asset certificates is the Mirror Note structure, mapping Moonshot AI’s market performance before and after listing, but not conferring actual stock ownership. This round’s subscription runs from August 11 to August 13, 2026, with a price range of $105–$115 per share, supporting both USDT and GUSD, and a minimum single subscription of 10,000 USDT or 10,000 GUSD. After subscription, certificates will be fully unlocked and distributed on August 17, with dedicated market trading opening about one month later.
Participation in Pre-IPOs requires full awareness of its risk profile: uncertainty in the IPO process, market volatility, structural risks, and capital liquidity constraints. The value realization of asset certificates is highly dependent on the target company’s successful listing and post-IPO performance.
From a broader perspective, Pre-IPOs are becoming an important avenue connecting growth opportunities in innovative companies with global investors. Together with stock trading, RWAs, and other products, they form a complete asset allocation chain from primary to secondary markets, reflecting the deepening integration between traditional financial assets and the digital asset ecosystem.
FAQ
Q1: What’s the difference between KIMI asset certificates and directly holding Moonshot AI stock?
KIMI asset certificates are Mirror Notes designed to mirror Moonshot AI’s market value before and after listing. They do not represent actual shares or equity, nor do they establish a legal relationship between investors and the underlying company.
Q2: What is the minimum subscription amount for KIMI asset certificates?
The minimum single subscription is 10,000 USDT or 10,000 GUSD.
Q3: How soon can KIMI asset certificates be traded after subscription ends?
After subscription ends, KIMI asset certificates will be fully unlocked and distributed at 07:00 UTC on August 17, 2026, with dedicated market trading opening about one month after distribution.
Q4: What happens if Moonshot AI ultimately fails to list?
If the target company fails to list or the underlying asset is canceled due to ROFR or other reasons, refunds will be processed according to project rules, and secondary trading profits, losses, and fees will be adjusted per the mechanism.
Q5: What fees are involved in subscribing to KIMI asset certificates?
This round charges a 5% underwriting service fee. If excess returns are generated, a 20% carry will be charged on the profit portion. The dedicated market transaction fee is 1%.
Q6: What are the main risks of investing in Pre-IPOs?
Key risks include: uncertainty in the target company’s IPO process (which may be delayed or canceled), market volatility (price determined by supply and demand, potential premium risk), liquidity shortages, and structural risks associated with asset certificates.
