#PreIPOsSeason2OpenAISubscription

Gate Pre-IPOs Season 2 OpenAI (OPENAI) subscription will begin on July 15, 2026, at 3:00 PM.

* Subscription End: July 17, 2026, 3:00 PM
* Pre-market Trading: July 20, 2026, 3:00 PM

Subscription Details and Participation Requirements

* Total Distribution: 27,700 OPENAI mirror notes.
* Unit Price: 1 subscription package or share costs $722.
* Accepted Currencies: You can make your investments with Tether ($USDT ) or Gemini Dollar ($GUSD ).
* Additional Benefits: Shareholders will receive GateToken (GT) airdrop rewards and a 3.8% GUSD minting interest yield. VIP5 and above users, as well as super agents, are entitled to additional free airdrops.

The $722 subscription price offered under Gate Pre-IPOs Season 2 directly aligns with OpenAI's most recent market valuations.

In pre-market products issued with a similar mirror note structure and based on direct OpenAI performance, pricing around $725 has been calculated to indicate an implied market valuation of approximately $898 billion. This suggests that the $722 price on Gate targets a total company valuation of roughly $890-$898 billion for OpenAI.

To understand whether this pricing is fair, current official data and future expectations are as follows:
Comparison with Official Funding Valuations

* Last Official Funding (March 2026): OpenAI completed its largest ever funding round with participation from giants such as Amazon, Nvidia, and SoftBank, reaching a post-money valuation of $852 billion. Gate's offered price represents only a 4% to 5% premium over this official institutional valuation, which is quite reasonable for pre-IPO secondary markets.

* IPO Targets: OpenAI CEO Sam Altman has set a $1 trillion minimum as a red line for the company's IPO. The company plans to conduct the official application processes in the second half of 2026 and list with this target in 2027.

If OpenAI goes public with a valuation of $1 trillion or more as planned, an investor who enters at the $722 subscription price (approximately at a valuation of ~$895 billion) will have the potential for a net profit on IPO day.
Balance of Risk and Opportunity from an Investment Perspective

* Fair Price Advantage: Pricing just above billion-dollar institutional rounds (March 2026 data), which individual investors would normally not be able to participate in, represents a significant opportunity for retail investors. Additionally, the 3.8% GUSD minting interest and GT airdrop rewards offered help amortize this entry cost.

* Cost and Loss Risk: Although OpenAI's annual revenue is rapidly increasing and approaching the $25-33 billion range, the company is still burning cash due to enormous data center and infrastructure expenditures (operating loss for 2025 is approximately $21 billion). A potential delay in the IPO schedule could put pressure on this pricing.

To better analyze the implied valuation model of the security against this financial background:

* What is your minimum expected return (X times the return or percentage) during the IPO?

* For how long are you willing to hold your investment without cashing it out (locked in)?

* Are you considering creating a portfolio of USDT and GUSD to diversify your risk in this subscription?