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#PreIPOs第二期OpenAI认购
After SpaceX’s pre-IPO offering launched successfully, Gate rolled out Season 2 and introduced OpenAI.
The announcement about Gate’s Season 2 pre-IPO offering perfectly showcases why these events have sparked such massive excitement.
Total allocation: 27,700 units
Reference price: $722 per unit
From historical patterns, traditional VC and pre-IPO investing has long been exclusive to large companies and ultra-high-net-worth individuals. Gate successfully bridged this gap by adopting a compliant “mirror note” mechanism. This system allows retail investors to buy fractional spin-off shares in large private companies—such as SpaceX and OpenAI—companies that would otherwise be inaccessible to them.
Why did this particular round attract so much attention?
Stage data shows retail investors’ strong enthusiasm for investing in top AI companies:
Huge oversubscription: demand for OpenAI asset certificates surged rapidly. Within the first hour after the offering started, funds deployed exceeded $148 million, hitting right against a $20 million cap, delivering an astounding oversubscription rate of 639.39%.
Valuation perspective: because 27,700 certificates were priced at $722 each, participants gained the opportunity to invest in OpenAI after the company’s historic private funding round, reaching a milestone valuation of $852 billion.
No additional costs: during the subscription phase, Gate waived implicit trading fees and custody fees, making this offering more attractive than traditional secondary-market brokers, which typically charge substantial premiums.
What should participants do next?
As the subscription phase officially ends today—July 17, 2026—another key milestone is just around the corner:
Start pre-market trading: July 20, 2026 at 16:00 (UTC+8). The pre-market trading window will open that day, allowing participants to trade OpenAI asset certificates directly on the platform before any official IPO occurs.
This event is a typical example showing how Web3 infrastructure can democratize early-company partnership opportunities.
The goal of the pre-IPO plan is to give eligible investors exposure to shares of well-known private companies before a company potentially lists. Since companies like SpaceX and OpenAI are not publicly listed, ordinary investors typically cannot invest in them directly.
According to Gate, this issuance uses a compliant mirror note mechanism rather than selling private company shares directly. The structure is designed to provide participants with economic exposure linked to the valuation of the underlying private company, depending on the specific terms and conditions of the product.
Old model: closed and opaque structures
Traditionally, investing in companies like OpenAI before an IPO has been completely out of reach for individual investors. The secondary private market is characterized by:
High capital requirements: deals typically start from $10 million and are structured via complex special purpose vehicles (SPVs).
Burdensome legal processes: including strict “know your customer” (KYC) procedures, general partner approval, and opaque fee structures (usually 1–5% per intermediary).
Extremely low liquidity: capital is locked up for years, with no easy path to exit or disposal.
The shift from “mirror certificates”: truly decentralized and broadly accessible
Gate’s “mirror certificate” mechanism, backed by Web3 infrastructure, drives an aggressive transformation of this exclusive, high-bar model.
Fragmented access: by converting institutional-grade private equity opportunities into CPN asset certificates, Gate breaks the “million-dollar minimum investment” threshold, with the lowest investment amount at 100 dollars.
24/7 instant liquidity: unlike traditional private company shares, these certificates can be used for pre-market trading shortly after the subscription period ends. Exiting an investment or adjusting positions requires no lawyers; you only need to execute trades via the order book.
Zero-rate access fees: by waiving implicit trading fees and custody fees during the subscription phase, Gate removes the heavy “intermediary costs” that historically eroded early investment returns.
Key takeaway:
“Gate’s mirror certificates are not only a new trading pair—they’re a structural bridge. They turn a market that was originally built to keep ordinary traders out into an open, liquid, and accessible playground for everyone.”
Key takeaway:
“Gate’s mirror certificates are not only a new trading pair—they’re a structural bridge. They turn a market that was originally built to keep ordinary traders out into an open, liquid, and accessible playground for everyone.”
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."