#PreIPOsSeason2OpenAISubscription

The race to own a piece of OpenAI before it goes public is heating up, and the subscription window is closing today.

Gate has opened Pre-IPOs Phase 2 for OpenAI (OPENAI), offering 27,700 asset certificates at $722 each, with a total subscription pool of roughly $20 million.

The window runs from July 15 to July 17, and demand has been fierce. Nearly $148 million in subscriptions poured in within the first hour alone, far exceeding the available allocation. This means oversubscription is almost guaranteed, and early participants will receive higher allocation priority.

The structure is straightforward.

Each OPENAI asset certificate is a pre-IPO mirror note designed to reflect OpenAI's market value before and after any future public listing. The implied valuation sits around $895 billion, positioning OpenAI as one of the most valuable private companies on Earth.

Subscriptions can be made using either USDT or GUSD, starting from as little as $100. Participants also unlock GT Sunshine Airdrop rewards and a 3.8% GUSD Minting yield as bonus incentives.

The certificates will unlock in three phases: July 17, August 17, and September 17, with pre-market trading opening on July 20 at 08:00 UTC.

The timing of this offering is especially significant given the shifting IPO landscape.

OpenAI originally targeted a late 2026 public debut, but recent reports indicate the company is now leaning toward 2027. CEO Sam Altman has reportedly pushed advisers to secure a $1 trillion valuation at listing, while the company has shown caution about rushing into the public markets.

Meanwhile, rival Anthropic is actively engaging with major investment banks and continues to attract strong investor interest, making the competition between these two AI leaders one of the defining stories in technology.

The broader context also matters.

Recent high-profile IPOs have demonstrated that investor appetite remains strong for premium technology companies, although price discovery after listing can be volatile. OpenAI's eventual valuation will likely be influenced by how future public offerings perform and how the AI sector evolves over the coming years.

For participants in the Pre-IPO program, the certificate is designed to bridge the gap before a traditional listing. Depending on the platform's future terms and any applicable lock-up period, holders may eventually be eligible for settlement through shares, tokenized stocks, or USDT based on market value.

What makes this offering worth watching is not just the asset itself, but the broader evolution of pre-IPO investing.

These products are creating new opportunities for retail investors to gain exposure to private companies that were historically accessible only to venture capital firms and institutional investors.

Whether OpenAI ultimately lists in 2026, 2027, or later, the certificate structure allows participants to gain exposure to the company's valuation story before a traditional IPO takes place.

With subscriptions closing today and demand already multiple times higher than the available allocation, competition for participation is expected to remain intense.

The key question is no longer whether OpenAI will eventually become a public company, but at what valuation—and whether gaining exposure before the IPO offers better long-term value than waiting for public market price discovery.

What would your strategy be? Would you participate early through the Pre-IPO allocation, or wait until public trading begins and let the market establish a clearer valuation?

2in1