Gate's second Pre-IPO offering has officially closed, and the numbers describe a genuinely extraordinary demand curve from start to finish.

Gate's second Pre-IPO offering has officially closed, and the numbers describe a genuinely extraordinary demand curve from start to finish.
Subscriptions opened July 15 at 07:00 UTC against a $20 million offering cap, 27,700 OPENAI asset certificates priced at $722 each. Within the first hour, commitments had already crossed $148 million, an oversubscription rate of 639 percent. By the time the window closed at 07:00 UTC on July 17, total subscriptions had climbed past $260 million, pushing the final oversubscription rate to roughly 1,302 percent, more than doubling from where it stood at the halfway point. That kind of acceleration through the second half of the window suggests demand didn't taper off as the deadline approached, it actually intensified.
Given a subscription pool this oversubscribed, the time-weighted average locked balance mechanism becomes the decisive factor in final allocation. Users who committed early and kept their position locked for the full 48-hour window will have captured meaningfully more weight than anyone who joined in the final hours, so actual allocations will be scaled down substantially from what any individual subscribed, proportional to that time-weighted share of the total pool.
Distribution now happens in three scheduled phases, 25 percent unlocking July 17 at 19:00 UTC Beijing time, another 35 percent a month later, and the final 40 percent a month after that. Once the first tranche unlocks, certificates move into pre-market trading, and this is a genuinely useful feature for anyone holding a position, pre-market trading runs 24/7 rather than being confined to standard market hours, giving holders continuous ability to buy or sell their allocation ahead of any actual OpenAI public listing, rather than waiting for a confirmed IPO date to do anything with the position.
The subscription incentives carry forward too. GUSD holders continue earning the 3.8 percent daily-paid minting yield, and there's now a limited-time VIP-exclusive USDT wealth product offering 4 percent annualized, a separate track for VIP users looking to put idle capital to work alongside their OPENAI position rather than leaving it sitting unused.
For anyone who participated, the practical next step is watching for the first distribution at 19:00 UTC+8 on July 17 and deciding early whether to hold through the remaining unlock phases or make use of the pre-market trading window once it opens, given that OpenAI's own IPO timeline remains unconfirmed and the certificate's value will continue tracking private market sentiment around the company until any actual public listing occurs.
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