#PreIPOs第二期OpenAI认购

Following the successful launch of the SpaceX Pre-IPO offering, Gate has introduced Season 2, featuring OpenAI.

The announcement regarding the Gate Pre-IPO Season 2 offering perfectly illustrates why these campaigns generate such immense excitement.

Total allocation: 27,700 units

Reference price: US$722 per unit

Historically, the world of traditional venture capital and pre-IPO investment was the exclusive domain of giant corporations and ultra-high-net-worth individuals. Gate successfully bridges this gap by utilizing a regulatory-compliant "mirror note" mechanism. This system enables retail investors to purchase fractional shares in massive private companies—such as SpaceX and OpenAI—that would otherwise be inaccessible to them.

Why Did This Special Round Attract So Much Interest?

Data from this phase highlights the strong appetite among retail investors to invest in top-tier AI companies:

Massive Oversubscription: Demand for OpenAI asset certificates surged rapidly. Within the first hour of the offering, over $148 million in capital was committed against a $20 million cap, resulting in a staggering oversubscription rate of 639.39%.

Valuation Perspective: With 27,700 certificates priced at $722 each, participants gained the opportunity to invest in OpenAI following the historic private funding rounds that pushed the company's valuation to the $852 billion mark.
No Additional Costs: Gate’s waiver of both implicit trading and custody fees has made this offer highly attractive compared to traditional secondary market brokerages, which typically charge high premiums.

What’s Next for Participants?

With the subscription phase officially concluding today—July 17, 2026—the next major milestone is just around the corner:

Start of Pre-Market Trading: July 20, 2026, at 16:00 (UTC+8). The pre-market trading window will open on this date, allowing participants to trade OpenAI asset certificates directly on the platform before any official IPO takes place.

This campaign is a prime example of how Web3 infrastructure democratizes access to partnerships with early-stage companies.

The goal of the Pre-IPO program is to give eligible investors exposure to shares of well-known private companies before they potentially go public. Since companies like SpaceX and OpenAI are not publicly listed, ordinary investors typically cannot invest in them directly.

According to Gate, the offering uses a compliant mirror note mechanism rather than directly selling private company shares. This structure is intended to provide participants with economic exposure linked to the underlying private company's valuation, subject to the product's specific terms and conditions.

The Old Way: A Closed and Opaque Structure

Traditionally, investing in a company like OpenAI prior to its IPO was completely inaccessible to individual investors. Secondary private markets are characterized by:

Exorbitantly High Capital Requirements: Transactions typically start at $10 million and are structured via complex Special Purpose Vehicles (SPVs).

Cumbersome Legal Processes: These involve rigorous "Know Your Customer" (KYC) procedures, General Partner approval, and opaque fee structures (often 1–5% per intermediary).

Extremely Low Liquidity: Capital remains locked up for years with no easy way to divest.

"Mirror Certificate" Transformation: True Democratization

Gate’s "mirror certificate" mechanism leverages Web3 infrastructure to radically transform this exclusive, high-barrier model.

Fractional Access: By converting institutional-grade private equity opportunities into CPN asset certificates, Gate breaks down the million-dollar entry barrier, lowering the minimum investment to just $100.

24/7 Instant Liquidity: Unlike traditional private company shares, these certificates become available for pre-market trading shortly after the subscription period ends. Exiting an investment or adjusting your position requires no lawyers; you simply execute a trade via the order book.

Zero-Fee Entry: By waiving implicit transaction and custody fees during the subscription phase, Gate eliminates the heavy "intermediary costs" that historically eroded returns on early-stage investments.

The Big Takeaway:

"Gate’s mirror certificate isn't just a new trading pair—it's a structural bridge. It takes a market that was built to keep ordinary traders out and turns it into an open, liquid, and accessible playground for everyone."

The Big Takeaway:

"Gate’s mirror certificate isn't just a new trading pair—it's a structural bridge. It takes a market that was built to keep ordinary traders out and turns it into an open, liquid, and accessible playground for everyone."