Moonshot AI

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 trading market mechanism, Gate provides users with opportunities to participate in the target company's pre-listing value growth and hold it long term.

Moonshot AI's implied valuation is approximately $50 billion. The implied valuation is calculated based on the subscription price for this offering, with reference to the target company's private market price and fees. KIMI's implied valuation of approximately $50 billion is derived from the current subscription price and the corresponding total share count of approximately 456 million. If the company issues additional shares or cancels shares in the future, the total number of shares may change, which could affect the estimated implied valuation.

The minimum subscription amount per order is 10,000 USDT or 10,000 GUSD. KIMI Asset Certificates from successful subscriptions will be credited to your account with 100% unlocked. You can view them at: Web/App Home - [Earn] - [Startup] - [Pre-IPOs] - [Distribution Records]. A dedicated market will open for trading approximately one month after distribution is completed (the exact opening time is subject to the platform's official announcement). Holders can trade assets and recover their principal through the dedicated trading page based on real-time market prices.

Yes. Users who subscribe with GUSD can continue to earn the 3.8% annualized return from Flexible Term U.S. Treasury bonds during the subscription period. Users who subscribe with USDT and ultimately receive no allocation will receive an interest subsidy based on the annualized return of their locked subscription funds (subsidies of less than 0.5 USDT per subscription will not be issued).

Once KIMI Asset Certificate distribution is complete, they will enter a dedicated market for trading and can be transferred freely. Users may sell their holdings to recover and withdraw their principal. Profits will remain locked until the target company's shares are listed and unlocked. Trading will incur certain trading fees. Excess profits will be subject to a profit-sharing fee. 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.

This Pre-IPOs project is subject to a 20% Carried Interest. If you realize gains by selling your assets in the dedicated secondary market, or after the assets are unlocked following the target company's IPO, a 20% Carried Interest will be charged on the realized profits. No Carry Fee will apply if no profit is generated.

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. Gate Pre-IPOs uses trading models with or without refund triggers depending on the asset batch.

This asset is a Mirror Note that tracks the value of a company's common stock based on its share price. If the company issues additional shares in the future, the value per share may be diluted. If the company's stock undergoes a stock split, reverse split, or other reclassification of its common stock, we will calculate and adjust users' holdings accordingly based on the actual circumstances. Details will be provided in an announcement.

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.

Fees may vary for each event and are determined based on the actual costs. This subscription charges a 5% underwriting service fee, subject to the final pricing. The fee applies only to successful subscriptions.

The estimated holding period for this project may extend from several months to several years, and it lacks immediate high liquidity in the public market. The valuation of privately held target companies may be affected by macroeconomic conditions and operating performance, with risks of significant fluctuations or valuation reductions. If the target company ultimately fails to complete its IPO, or the underlying reference asset is subject to a mandatory repurchase following the exercise of the company's ROFR, the transaction may be canceled and any appreciation gains may be forfeited. Please participate only after carefully evaluating your risk tolerance.

Pre-IPOs are non-principal-protected, high-risk investment products. Investors may face significant price volatility driven by market expectations, limited pre-market liquidity, and uncontrollable risks such as IPO delays or cancellations due to policy or macroeconomic conditions. Digital asset prices may fluctuate significantly and result in a loss of principal. By subscribing, you acknowledge and are willing to bear the risk of principal fluctuations. Please make rational decisions based on your own risk tolerance. Gate does not guarantee any investment returns. Please participate responsibly.