#PreIPOsSeason2OpenAISubscription

Gate is about to launch the second round of Pre-IPOs for OpenAI. The subscription page is live, the countdown is ticking, and there is a lot to unpack here. On the surface, it is a straightforward event with some nice perks. But underneath, the OpenAI story is getting pretty complicated.
The subscription details are clear. You can sign up between July 15 and July 17. The price per OPENAI asset certificate is set at $722, and they are offering 27,700 of them . The minimum investment is pretty accessible at 100 USDT or 100 GUSD, which is a good way to lower the barrier . And for subscribers, there are some extra incentives like GT airdrop rewards and a 3.8% GUSD minting yield, plus additional free airdrops for VIP5+ users and super agents. After the subscription closes, pre-market trading is scheduled to kick off on July 20 .
Now, that is the simple part. The more complex part is what is happening with OpenAI itself. The private market is valuing the company at around $852 billion to $895 billion . That is a massive number, but it is actually lagging behind its main rival, Anthropic, which is valued at roughly $965 billion .
The valuation gap is one thing, but the bigger story is the uncertainty around the IPO itself. There is a lot of conflicting information out there. Some reports suggest OpenAI is aiming for an IPO later this year, with CEO Sam Altman reportedly pushing for a $1 trillion valuation . However, other sources indicate that the company has actually leaned toward delaying the IPO until next year . That hesitation is partly due to broader market volatility and partly because Altman is apparently unwilling to settle for a valuation below that $1 trillion target .
That is not the only thing casting a shadow. Apple recently filed a lawsuit against OpenAI, accusing it of stealing trade secrets related to hardware development . This legal fight could seriously disrupt OpenAI's plans to develop its own hardware and, consequently, its IPO timeline. The market seems to be taking this seriously. On prediction markets, the probability of OpenAI going public by the end of 2026 has dropped from 22% to 18.5% after the news broke .
And then there is the competitive pressure. Anthropic is not just ahead in valuation. OpenAI is reportedly considering slashing its AI token prices to stay competitive, which could eat into its margins . Google has already made a similar move, which tells you the pricing pressure is real . At the same time, OpenAI is burning through an enormous amount of cash on compute and data centers, even as its revenue, reportedly around $130 billion last year, is growing fast .
So, where does that leave this Gate Pre-IPO event? It is an opportunity to get exposure to a top-tier AI unicorn before it goes public, assuming it does. The perks and the low minimum investment make it accessible. But the underlying asset is tied to a company with an uncertain IPO timeline, a fierce rivalry with Anthropic, and a costly legal battle with Apple. The pre-market trading on July 20 will be the first real test of how the market prices all these mixed signals, and that is probably the most interesting thing to watch.