Gate Pre-IPOs latest updates: OpenAI’s second round subscription will open on July 15

In 2026, global capital markets are going through a historically rare IPO super-cycle. Commercial space giant SpaceX officially listed on Nasdaq on June 12, targeting a valuation as high as $1.75 trillion. The creator of generative AI, OpenAI, is expected to list in Q4, with a valuation potentially reaching $852 billion. The combined valuation of the top 10 companies worldwide that are still private has already swelled to more than $4.5 trillion.

However, the “entry ticket” to this capital feast—Pre-IPO investment allocation—has long been out of reach for ordinary users. In traditional Pre-IPO markets, the minimum investment threshold per deal is usually in the millions or even tens of millions of dollars, and participation requires passing a stringent qualified investor review.

In April 2026, Gate officially launched a digitized Pre-IPOs participation mechanism, opening an early-stage investment channel that was originally reserved for institutions to more than 54 million users worldwide. To date, Gate Pre-IPOs has formed a project matrix spanning multiple global top unicorn companies.

Digitized Pre-IPOs Mechanism: Structural Breakthroughs and Core Logic

Before taking a deep dive into specific projects, it’s necessary to understand the core operating logic behind Gate Pre-IPOs.

Gate’s digitized Pre-IPOs mechanism essentially tokenizes traditional Pre-IPO equity or financing entitlements via blockchain technology, forming digital assets that can be subscribed and traded within the platform. Users don’t need to open overseas securities accounts, and don’t need to meet high net-worth thresholds—just holding stablecoins such as USDT is sufficient to participate in subscriptions and trading.

This mechanism delivers structural breakthroughs across three dimensions.

Revolutionary Overhaul of Capital Thresholds. Traditional Pre-IPO investment transactions typically start at $10 million or more per deal. Gate’s digitized Pre-IPOs lowers the minimum participation threshold to 100 USDT. Taking the first launch project SpaceX (SPCX) as an example, the subscription price is 590 USDT per SPCX. Ordinary users only need 100 USDT to access a Pre-IPO opportunity that would otherwise require millions of dollars to reach.

Institutional Breakthrough in Identity Requirements. Traditional Pre-IPO investments usually require investors to pass a “qualified investor” review—individual net assets exceeding $1 million (excluding self-occupied housing) or annual income exceeding $200,000. Gate Pre-IPOs removes this requirement. Users only need to complete KYC real-name verification on the platform to participate.

Around-the-Clock Liquidity and No Lock-Up Period. Traditional private equity shares are usually locked for years, and investors can hardly exit before the company lists. Through the PreToken minting and trading mechanism, Gate enables users to freely trade PreTokens in an order-book market and provides a 24/7 uninterrupted trading environment.

The platform also introduces a complete PreToken minting and settlement system: users stake USDT to mint PreTokens representing future tokenized entitlement. These PreTokens can be freely traded in the order-book market. When the project officially lists, the system automatically executes a 1:1 asset conversion, returning the staked USDT to users.

OpenAI (OPENAI): Detailed Breakdown of the Second Pre-IPOs Project

Project Background

OpenAI is one of the most influential AI companies in the world. Driven by products such as ChatGPT, it has propelled the rapid development of generative AI and continues to attract strong attention from global capital markets. Currently, OpenAI has received ongoing investments from international tech firms including Microsoft, implying a valuation of about $895 billion. It is considered one of the most representative unicorn companies in the AI era.

The OPENAI asset certificates are Mirror Notes issued before the OpenAI IPO. They are used to mirror and map the market value of OpenAI before and after listing—an “Contingent Payout Note.” By hedging its exposure to OpenAI stock through obtaining OpenAI stock in the market, Gate provides users with multiple exit options consistent with a reasonable market value for the target company, or the ability to hold long-term.

Subscription Core Parameters

According to Gate’s official announcement, the core parameters for OpenAI (OPENAI) Pre-IPOs subscriptions are as follows:

| Parameter | Details | | --- | --- | | Project Name | OpenAI | | Asset Certificate Symbol | OPENAI | | Subscription Price | 1 OPENAI = $722 | | Implied Market Cap | $895 billion | | Total Subscription Value | About $20,000,000 | | Total Subscription Amount | 27,700 OPENAI | | USDT Subscription Amount (70%) | 19,390 OPENAI | | GUSD Subscription Amount (30%) | 8,310 OPENAI | | Subscription Assets | USDT or GUSD | | Minimum Subscription per Order | 100 USDT or 100 GUSD | | Per-User Cap (USDT Pool) | 193.9 OPENAI | | Per-User Cap (GUSD Pool) | 83.1 OPENAI | | Subscription Fee | Waived implied handling fee and custody fee |

Subscription and Trading Time

The subscription period is from 15:00 on July 15, 2026 to 15:00 on July 17, 2026 (UTC+8). Pre-trading will open in the Pre-IPOs area at 16:00 on July 20, 2026 (UTC+8).

Distribution Mechanism

The subscribed OPENAI asset certificates will be unlocked and distributed in three tranches proportionally:

• First tranche (July 17, 2026 19:00 UTC+8): unlock 25%
• Second tranche (August 17, 2026 19:00 UTC+8): unlock 35%
• Third tranche (September 17, 2026 19:00 UTC+8): unlock 40%

Successful subscribers’ first-tranche OPENAI unlocks, as well as the USDT and GUSD from unsuccessful subscriptions, will be completed for distribution and returned by 19:00 on July 17, 2026 (UTC+8).

Subscription Benefits

To celebrate OpenAI (OPENAI) going live on Gate Pre-IPOs, the platform offers multiple subscription incentives:

• GT Sunshine Rewards: users who participate and successfully subscribe with a total successful subscription amount above $10,000 receive 1 GT each; users whose successful subscription amount is below $10,000 can share 2,000 GT equally.
• GUSD Minting Rewards: users holding GUSD can continue earning 3.8% mining rewards during the event period.
• VIP Exclusive Airdrop: VIP5+ users and Super Agents are eligible for exclusive additional airdrop benefits.

Distribution Mechanism: Hourly Average Locked Amount

Gate Pre-IPOs uses “hourly average locked amount” as the basis for allocating asset certificates.

Specifically, the system calculates the user’s average locked amount for each hour throughout the entire subscription period, then determines this amount’s proportion against the total average locked amount of all participating users. The earlier a user participates and the longer they keep funds locked, the higher the weight of their allocation in the overall subscription.

The core logic of this mechanism is that allocation is not simply “first come, first served.” Instead, it quantifies the depth of user participation by looking at capital settled across time. The locked amount and the lock duration during the subscription intent period together determine the final allocation weight.

From SpaceX to OpenAI: The Pre-IPOs Project Matrix Continues to Expand

SpaceX is Gate Pre-IPOs’ launch project, with its asset certificate symbol being SPCX. SPCX is not, in essence, SpaceX stock, but a Mirror Note used to map changes in SpaceX’s market value before and after the IPO.

For SPCX subscription core parameters: the subscription price is 1 SPCX = $590; the implied SpaceX valuation is about $1.4 trillion. The total amount is 33,900 SPCX, for a total value of about $20.01 million. Supported assets are USDT (70%) and GUSD (30%). The per-user subscription cap is 339 SPCX, and the minimum participation threshold is 100 USDT or 100 GUSD.

Within 24 hours after SPCX subscription opened, the total subscription amount had already surpassed $353 million. The overall fundraising size for the first batch of SpaceX Pre-IPOs is close to $395 million.

After the successful launch of the SpaceX project, Gate rolled out the second-stage Pre-IPOs project OpenAI (OPENAI). In addition, the pre-market trading of perpetual contracts for projects such as ANTHROPIC, ANDURIL, KALSHI, and POLYMARKET has already been launched.

Gate Pre-IPOs’ project matrix is continuously expanding, covering multiple cutting-edge tracks including commercial space and artificial intelligence.

Industry Background: The 2026 IPO Super-Cycle

2026 is widely referred to by the market as the “super IPO first year.”

SpaceX officially listed on Nasdaq on June 12 at $135 per share, raising $75 billion. OpenAI is scheduled to list in Q4 2026, with its valuation reaching $852 billion after the latest round of funding. Top AI company Anthropic has also filed its IPO registration statement, with the latest valuation at about $965 billion. The combined valuation of the three super unicorns has already exceeded $3.5 trillion.

According to market analysis, the IPO cycle in 2026 is expected to be one of the largest in history, potentially unlocking more than $3.6 trillion in value.

Against this backdrop, competition among crypto exchanges is shifting from trading depth and fee advantages toward the breadth of investment access. Platforms that can provide high-quality Pre-IPOs first will hold a significant advantage in user acquisition and retention.

Summary

Gate Pre-IPOs digitizes traditional Pre-IPO investments by wrapping them into tokenized assets using blockchain technology, achieving structural breakthroughs across three dimensions: capital threshold, identity threshold, and liquidity. Since its official launch in April 2026, it has successively introduced digitized investment offerings such as SpaceX (SPCX) and OpenAI (OPENAI), among other global top unicorn companies.

As of July 14, 2026, Gate Pre-IPOs’ second-round project OpenAI (OPENAI) subscription is about to open at 15:00 on July 15 (UTC+8). The subscription price is 1 OPENAI = $722. The implied OpenAI valuation is about $895 billion, and the total subscription value is about $20,000,000. The total amount is 27,700 OPENAI, supporting participation in both USDT and GUSD. The minimum subscription per order is 100 USDT or 100 GUSD. After the subscription ends, OPENAI will be unlocked and distributed in three tranches, and pre-trading will begin on July 20.

FAQ

Q1: What are Gate Pre-IPOs?

Gate Pre-IPOs are a digitized participation mechanism for pre-listing assets launched by Gate. It allows users, before a company’s official IPO, to track changes in the target company’s valuation through digital asset forms and participate in potential market opportunities. Unlike traditional IPO investments, Gate Pre-IPOs does not directly provide company equity; instead, using a Mirror Note structure, it maps potential market value in the company’s pre-IPO stage into digital assets.

Q2: What do I need to participate in Gate Pre-IPOs?

Users only need to complete KYC real-name verification on the platform—there’s no need to meet traditional Pre-IPO “qualified investor” requirements. The minimum participation threshold is 100 USDT or an equivalent stablecoin.

Q3: What are the OPENAI asset certificates?

OPENAI asset certificates are Mirror Notes issued before the OpenAI IPO. They are used to mirror and map the market value of OpenAI before and after listing and are a “Contingent Payout Note.” What users participate in is this value-mapping instrument, not directly holding OpenAI stock.

Q4: What are the subscription time and price for OPENAI?

The OPENAI subscription period is from 15:00 on July 15, 2026 to 15:00 on July 17, 2026 (UTC+8). The subscription price is 1 OPENAI = $722.

Q5: How is subscribed OPENAI distributed?

Subscribed OPENAI asset certificates will be unlocked and distributed in three tranches: the first tranche (July 17) unlocks 25%, the second tranche (August 17) unlocks 35%, and the third tranche (September 17) unlocks 40%.

Q6: When can OPENAI be traded?

Pre-trading will open at 16:00 on July 20, 2026 (UTC+8) in the Pre-IPOs area.

Q7: What is the distribution mechanism for Gate Pre-IPOs?

Gate Pre-IPOs uses “hourly average locked amount” as the basis for allocating asset certificates. The system calculates the user’s average locked amount for each hour during the entire subscription period, computes its proportion against the total average locked amount of all participating users. The earlier a user participates and the longer they keep funds locked, the higher the allocation weight.

Q8: What risks are there with Gate Pre-IPOs?

Pre-IPO assets have valuation uncertainty, and liquidity may be lower than in public markets. In addition, there is no direct legal relationship between Mirror Notes and actual equity; users are participating in a value-mapping instrument rather than underlying equity. Users should carefully read the event’s official rules, distribution mechanism, participation requirements, and potential risks before participating.