#PreIPOsSeason2OpenAISubscription

The subscription phase is over—but the market is only entering its most interesting stage.
When Gate announced Pre-IPOs Season 2 featuring OpenAI, many investors focused on one thing: getting an allocation. Now that the subscription has ended and the first distribution has been completed, the conversation should shift from "Did I get in?" to "What happens next?"

The offering consisted of 27,700 OPENAI Asset Certificates, priced at $722 each, representing a total allocation of roughly $20 million. Demand quickly exceeded the available supply, making the event heavily oversubscribed. That alone tells us something important.

Global investor interest in artificial intelligence is still accelerating.

OpenAI has become one of the most recognized names in AI, and the overwhelming participation in this event shows that investors are actively looking for exposure to high-growth private companies before they ever reach a public exchange. It's no longer just venture capital chasing AI—retail investors also want access to the next generation of technology leaders.

With the subscription phase complete, Gate has officially started distribution.

On July 17, 2026, the platform completed Phase 1, unlocking 25% of allocated OPENAI Asset Certificates. Successful participants also received their GT rewards and VIP airdrops, while users who didn't receive a full allocation had their remaining USDT or GUSD automatically refunded to their Spot Accounts.

The remaining distribution will happen in two additional stages:

• 17 August 2026 – 35% Unlock
• 17 September 2026 – 40% Unlock

A gradual unlock schedule like this is designed to avoid releasing the full supply into the market at once. Instead of creating immediate selling pressure, it spreads liquidity over time, allowing the market to establish a more balanced price discovery process.

The next milestone arrives on 20 July 2026, when OPENAI/USDT Pre-Market Trading begins.

This is where the market will determine the value investors are willing to pay. Price won't be driven only by fundamentals—it will also reflect liquidity, sentiment, expectations surrounding artificial intelligence, and overall crypto market conditions.

There is another point that deserves even more attention.

Many people mistakenly believe they are buying OpenAI shares.

They are not.

The product distributed through Gate consists of OPENAI Asset Certificates (Mirror Notes). These certificates are designed to provide exposure to OpenAI through Gate's compliant product structure, but they do not represent actual equity ownership in OpenAI. Holders don't receive voting rights, shareholder privileges, or direct ownership of the company.

Understanding this difference is critical because successful investing isn't just about buying popular names—it's about understanding exactly what you own.

Looking beyond this single event, I think it reflects a much larger trend.

Artificial intelligence is attracting enormous amounts of global capital. Companies building AI infrastructure, cloud computing, advanced semiconductors, and large language models continue to reshape investment priorities. The strong demand for this OpenAI offering suggests investors are increasingly looking beyond publicly listed companies in search of earlier-stage opportunities.

That doesn't automatically mean every Pre-IPO investment will be profitable.

High demand often creates high expectations, and expectations can sometimes move faster than fundamentals. Once pre-market trading begins, price discovery, liquidity, and investor sentiment will determine whether enthusiasm translates into sustainable value.

My Market View

I don't think the biggest story is that OpenAI's subscription sold out.

The biggest story is that investor appetite for AI remains incredibly strong, even without a public IPO.

This event shows how quickly capital is flowing toward artificial intelligence and how Pre-IPO products are becoming an alternative way for investors to participate in that trend. At the same time, it reminds us that understanding the product structure is just as important as believing in the company behind it.

The subscription is finished.

The allocation has been distributed.

Now the market will decide whether excitement can turn into long-term value.

The smartest investors don't just ask whether an opportunity is popular—they ask whether they fully understand it before participating.

Stay informed. Manage your risk.

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