#PreIPOsSeason2OpenAISubscription

#PreIPOs第二期OpenAI认购

Gate's second Pre-IPO offering just opened, and this one gives users early exposure to OpenAI ahead of any future public listing.

The mechanism works through what Gate calls asset certificates, essentially mirror notes designed to track OpenAI's implied market value before and after any eventual IPO, rather than representing actual shares of the company. OpenAI itself has no involvement in this offering, doesn't receive any of the proceeds, and hasn't endorsed it in any way, this is purely a synthetic exposure product Gate is offering off the back of OpenAI's roughly $895 billion implied valuation from its ongoing investment rounds with backers like Microsoft.

The numbers here are worth laying out clearly. A total of 27,700 OPENAI tokens are available, split 70/30 between USDT and GUSD subscription pools, priced at $722 each, which works out to roughly $20 million total subscription value. The minimum entry is just 100 USDT or 100 GUSD, and the maximum any single user can claim is 277 tokens. Subscription opened July 15 at 07:00 UTC and runs until July 17 at 07:00 UTC, a tight 48-hour window, after which allocated tokens unlock in three installments, 25 percent on July 17, another 35 percent a month later, and the final 40 percent a month after that.

Allocation works on a time-weighted basis rather than first-come-first-served in the strictest sense, though earlier commitment still matters a great deal. The system calculates each user's hourly average locked amount over the full 48-hour window, so someone who deposits funds in the very first hour and holds them the entire period gets full weighting, while someone who only commits in the final hour gets a small fraction of that weighting even with the same dollar amount. That's why the campaign material keeps stressing that subscribing earlier improves allocation priority, it's a structural feature of the math, not just marketing language.

On top of the allocation itself, three separate reward layers are stacked on top. VIP users and Affiliate Ultras get access to an additional exclusive airdrop. Anyone whose total successful subscription exceeds $10,000 receives 1 GT directly, while those below that threshold split a 2,000 GT pool collectively. And anyone subscribing specifically with GUSD earns a 3.8 percent annualized minting yield on top, paid out daily and redeemable at any time.

The demand response has been intense, subscriptions reportedly crossed roughly $148 million within the first hour, a 739 percent subscription rate relative to the available pool, which tells you the token allocation is almost certainly going to be scaled down proportionally once the window closes given how far demand has outstripped supply.

It's worth being direct about the risk profile here, since Gate's own documentation is unusually blunt about it. This product carries real uncertainty, OpenAI isn't currently listed, has no confirmed listing date, and if the company never goes public, gets acquired at an unfavorable valuation, or fails outright, holders could lose their principal entirely. There's a hard maturity date of December 31, 2035, after which Gate settles based on OpenAI's fair market value at that time if no listing has occurred by then. Borrowed funds and institutional or sub-accounts are explicitly barred from participating.

For anyone considering this on Gate, the practical takeaway given the current oversubscription is that entering now rather than waiting is the only way to preserve any meaningful allocation weight, since every additional hour of delay measurably shrinks your share of the pool under the time-weighted formula, and the window itself closes July 17 at 07:00 UTC regardless of demand.

DYOR 🔎

Apply for SpaceX: https://www.gate.com/ipos/21
Announcement details: https://www.gate.com/announcements/article/100622