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KIMI Pre-IPOs: The Interesting Part Isn’t Just the AI Story
AI has become one of the biggest investment narratives of this decade.

But there is a major difference between watching an AI company grow from the outside and getting structured exposure to its potential pre-listing value.

That is what makes Gate’s Phase 3 KIMI Pre-IPOs offering interesting to examine.

The underlying name is Moonshot AI, the Chinese AI company behind Kimi. Its development around large language models, long-context understanding, multimodal capabilities, and AI Agents has made it one of the companies attracting attention in China’s rapidly developing AI landscape.

But before getting excited about the AI narrative, there is something every participant needs to understand:

KIMI is not Moonshot AI stock.

It is a Mirror Note / Asset Certificate offered through Gate’s Pre-IPOs mechanism. It does not represent direct ownership of Moonshot AI shares, and Moonshot AI itself is not affiliated with, authorized by, or endorsing the product.

That distinction matters.

The opportunity is essentially about gaining structured exposure to the potential value of a private company before a possible future listing—not buying publicly traded equity today.

The numbers are where things get interesting

The indicative subscription range is currently around $105–$115 per KIMI Asset Certificate, with the final subscription price determined through the official pricing and book-building process.

The current structure implies a Moonshot AI valuation of roughly $50 billion.

That immediately raises the most important question:

What valuation will the market ultimately be willing to assign to Moonshot AI if and when a listing or other exit event happens?

Nobody knows the answer.

And that uncertainty is precisely why this should not be treated like a conventional stock purchase.

Allocation is not simply “more money = more tokens”

One of the more important mechanics of this offering is the allocation formula.

Gate calculates allocation using the user's average locked subscription amount during the subscription period relative to the overall average subscription amount.

In simple terms, timing can matter.

A participant who locks funds near the beginning and keeps them committed throughout the subscription period can have a higher average locked amount than someone who enters shortly before the deadline.

That can increase allocation weight.

However, it does not guarantee a particular allocation.

The maximum total allocation is 900 KIMI per user, divided between the USDT and GUSD pools:

• Up to 540 KIMI from the USDT pool
• Up to 360 KIMI from the GUSD pool

The minimum subscription is 10,000 USDT or 10,000 GUSD per transaction.

So this isn't a situation where someone should simply deposit a large amount without understanding the allocation mechanism.

The mechanics matter just as much as the headline.

GUSD adds another interesting element

For users choosing GUSD, the subscription funds can continue receiving the applicable 3.8% annualized Flexible Term U.S. Treasury return during the subscription period, with returns distributed daily, according to the product terms.

For USDT subscribers, Gate states that if no KIMI allocation is received, an interest subsidy based on a 3.8% annualized rate may apply to eligible locked funds, subject to the stated conditions.

That means the two subscription pools aren't completely identical from a user-benefit perspective.

Still, these additional returns should not distract from the central risk: the underlying Pre-IPOs exposure itself is not principal-protected.

Don't forget the 5% underwriting fee

This is another detail that can easily get lost behind the AI narrative.

The offering carries a 5% underwriting service fee, applicable to successfully allocated subscriptions and calculated according to the final offering price and applicable rules.

So the actual economics cannot be evaluated by looking only at a $110 indicative price.

Potential participants should consider:

Subscription price + underwriting fee + future trading fees + potential profit-sharing costs.

The dedicated market is also expected to have trading fees, with the stated structure including a 0.5% maker fee and 1.5% taker fee.

And there is another important mechanism:

20% carried interest on realized profits

If profits are realized through the applicable secondary market or after the relevant unlocking event, a 20% carried interest / profit-sharing mechanism may apply to the profit portion according to the official rules.

This is an important difference from simply buying a normal listed stock through a traditional brokerage account.

The economics need to be understood from beginning to end—not just at the subscription stage.

What happens after allocation?

According to the announced schedule, KIMI Asset Certificates are scheduled for distribution on August 17, 2026 at 07:00 UTC.

Successfully allocated certificates are expected to be distributed 100% unlocked to the PreIPO Account, while unused subscription funds are returned according to the distribution rules.

Then comes another waiting period.

Gate expects a dedicated KIMI trading market to open approximately one month after distribution, although the exact timing depends on the official announcement.

This creates an important distinction.

You may eventually be able to trade the certificate in the dedicated market, but that does not necessarily mean the entire economic exposure becomes immediately equivalent to freely tradable public-company shares.

The profit component associated with the eventual listing or exit event can remain subject to the relevant unlocking conditions.

And this could take a long time

This is probably one of the biggest points potential participants should consider.

Gate indicates that the expected holding period could range from several months to several years, depending on the actual listing or exit arrangements.

That completely changes the risk profile.

Someone looking for a short-term trade should not confuse this product with a normal spot-market listing.

This is fundamentally a higher-risk, event-driven exposure where the timeline depends heavily on what happens with the underlying company.

The biggest risk isn't volatility

Of course, KIMI can fluctuate in value.

But the larger question is what happens if the expected listing doesn't happen.

Gate's terms include cancellation and refund mechanisms for circumstances such as Moonshot AI not completing its listing or certain underlying-asset conditions being triggered.

The current description also references an estimated cancellation probability of approximately 20%.

If such a scenario occurs, secondary-market transactions may be affected and the handling of principal, profits, losses, and trading fees would follow the applicable refund mechanism.

That is why I wouldn't look at KIMI simply as:

“AI company + possible IPO = opportunity.”

The real equation is more complicated:

AI growth + private valuation + future listing possibility + allocation mechanics + fees + liquidity + holding period + cancellation risk.

Every part matters.

Why the story is still interesting

Despite all those risks, I think the broader concept is worth watching.

The traditional investment process often separates private markets from public markets.

Private companies grow privately.

Eventually, some reach an IPO.

Then public investors can participate.

Pre-IPOs products attempt to create a bridge between these stages through a structured mechanism.

Whether that model becomes a major part of the future financial ecosystem remains to be seen.

But the direction is fascinating.

And Moonshot AI is an especially interesting case because AI has become one of the most competitive technological sectors globally.

The market isn't simply asking whether AI will grow.

It is asking:

Which companies will capture that growth?

What will those companies eventually be worth?

And how early can investors gain exposure to them?

KIMI sits directly inside that conversation.

My biggest takeaway

I wouldn't approach this campaign based purely on the excitement surrounding Kimi or the possibility of a future IPO.

I'd approach it by understanding the structure first.

KIMI is not actual Moonshot AI equity.

The final subscription price isn't guaranteed at the indicative level.

Allocation isn't guaranteed.

A future listing isn't guaranteed.

Liquidity isn't guaranteed.

The investment is not principal-protected.

And the holding period could potentially be measured in years rather than weeks.

But for eligible users who understand those conditions, Gate's Phase 3 Pre-IPOs mechanism provides an interesting way to explore exposure to the potential future value of a major AI company before a conventional public listing.

That's what makes this campaign worth studying.

Not the hype.

The structure.

Not the headline valuation.

The risk-reward equation.

And not simply the possibility of an IPO.

The question of how financial markets are evolving before an IPO even happens.

If crypto and traditional finance continue moving closer together, products like this could become an increasingly important part of that conversation.

For me, the most interesting part isn't predicting whether Moonshot AI will eventually reach a certain valuation.

It's watching how the market prices that possibility along the way.

KIMI is not a guaranteed shortcut to an IPO.
It is a high-risk financial product built around the possibility of one.

And that difference should be understood before anyone commits capital.

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