#PreIPOs第二期OpenAI认购 An AI valuation frenzy under a “mirror-mapping” play is unfolding.

On July 15, Gate Pre-IPOs Phase Two officially opened subscription for OpenAI (OPENAI) asset certificates. This is the first time, after ChangXin Memory, that the pre-trading contract model has targeted a privately held AI company with the highest global valuation.

The total subscription value for this round is about $20 million, with 27,700 OPENAI asset certificates issued at a unit price of $722. Participation is supported in both USDT and GUSD, with a minimum of $100 per single order. Subscriptions will close on July 17 at 15:00 (UTC+8), and pre-market trading will open on July 20.

Market heat surpassed expectations: within just 1 hour of opening, cumulative subscriptions already exceeded $148 million, with an oversubscription rate of 639%; 24 hours later, it surged further to $231 million, with an oversubscription rate as high as 1,156%. Subscriptions use a distribution mechanism based on the “average amount locked per hour”—the earlier you participate, the longer you lock, the higher your weight. Allocated certificates will be unlocked in three stages: 25% released on July 17, 35% released on August 17, and the remaining 40% released on September 17.

Mirror tickets allow retail investors to place bets on the AI giant in advance, but behind the $722 entry ticket is a triple gamble on the IPO timing, price discovery, and liquidity. The finale of this frenzy depends on whether OpenAI can ring the IPO bell as scheduled.