I still haven’t figured out how to correctly calculate OpenAI’s valuation this time.

Gate launched a new thing that lets you “place a bet” on how much OpenAI will be worth after it goes public. The issue price is $722, which corresponds to OpenAI’s current valuation of $895B. People in the market say it should actually be around $82.5—this number was mentioned by others; I couldn’t find an authoritative source. Decide for yourselves. If it’s true, there is indeed a bit of pricing advantage here.

This $895B sits between two other figures: OpenAI’s valuation at its latest round of private financing was $730B, but CEO Sam Altman has said he wouldn’t do anything unless the valuation at IPO is below $10k. $895B is right between those two numbers, so it’s kind of a compromise price.

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First, make it clear what you’re actually buying:

You’re not buying OpenAI stock. You’re buying a “IOU” issued by Gate. In professional terms, it’s called an “imaging note.” The value of this IOU rises and falls along with OpenAI’s real net worth—if OpenAI becomes more valuable, your note also becomes more valuable; later, when OpenAI goes public, you can exchange it for cash at the then-current share price to exit.

This note has a very long maturity: until December 31, 2035. This long period is meant to address a real-world issue—OpenAI’s latest news says it might be delayed until 2027 before it goes public, and nobody knows the exact timeline. No matter whether it goes public in 2027, gets acquired by another company, or never goes public, Gate commits to settle with you based on OpenAI’s real value at that time, so you don’t have to gamble on a specific IPO date.

Subscription rules: between July 15 at 15:00 and July 17 at 15:00, you can participate with at least 100 USDT or GUSD. Your money isn’t given to you all at once—it’s distributed in 3 tranches (25% at first, then batches each time over the next two months). The earlier you buy, the higher the weight of the amount of shares you can receive.

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Benefits: if you subscribe for $10k, you get 1 GT coin for free. If you subscribe with GUSD, the funds sit there with a 3.8% annualized interest rate. No fees are charged this time.

You must be clear about the risks—this is the most important part: if OpenAI ultimately doesn’t go public, isn’t acquired, and the company goes bankrupt, this note could become worth nothing, and you’ll lose your entire principal. This isn’t meant to scare you—it’s explicitly written in the announcement. Before participating, you must think it through.

If you’re interested in products that “bet on a company’s value before it goes public,” you can research them, but don’t join just based on the valuation numbers. This is, in essence, a high-risk, long-cycle product. @Gate_zh