2026 marks the onset of a rare IPO supercycle in global capital markets. Following the formal listing of commercial space giant SpaceX in June, OpenAI, a leading force in generative AI, has also entered a critical phase in its IPO preparations. According to market sources, OpenAI secretly filed for a US IPO on June 8, 2026.
Against this backdrop, Gate has launched the second phase of its Pre-IPOs program—OpenAI (OPENAI) Asset Voucher Subscription—providing a digital channel for global users to participate in OpenAI’s pre-IPO allocation.
Gate Pre-IPOs Digital Mechanism: A Structural Breakthrough in Private Markets
Traditionally, Pre-IPO investment has been dominated by venture capital institutions and ultra-high-net-worth individuals. Single transaction thresholds often reach millions or even tens of millions of dollars, and investors must pass strict "accredited investor" checks—such as having a net worth over $1 million (excluding primary residence) or annual income exceeding $200,000.
Gate’s digital Pre-IPOs mechanism essentially tokenizes traditional Pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded on the platform. Once users complete platform KYC verification, they only need to hold stablecoins like USDT or GUSD to participate in subscriptions and trading. This mechanism lowers the minimum participation threshold from the traditional million-dollar level to just 100 USDT, breaking both capital and identity barriers.
The OPENAI asset voucher is a Mirror Note issued before OpenAI’s IPO, designed to track the company’s market value before and after listing. It is a contingent payment note. Participants do not directly purchase OpenAI common stock but gain economic exposure to OpenAI through Gate’s compliant Mirror Note structure.
OpenAI Project Overview & Key Subscription Parameters
OpenAI stands as one of the world’s most influential AI companies, driving rapid growth in generative AI with products like ChatGPT. In March 2026, OpenAI announced a $122 billion committed capital raise, with a post-money valuation of $852 billion. The implied market valuation is around $895 billion, making it one of the most iconic unicorns of the AI era.
On July 13, 2026, Gate announced that subscriptions for the second phase of Pre-IPOs—OpenAI (OPENAI)—will officially open from July 15, 15:00 to July 17, 15:00 (UTC+8). Key subscription parameters are as follows:
- Asset Voucher Symbol: OPENAI
- Subscription Price: 1 OPENAI = $722
- Implied Market Cap: Approximately $89.5 billion
- Total Subscription Value: Approximately $20,000,000
- Total Subscription Volume: 27,700 OPENAI
- Minimum Subscription per Order: 100 USDT or 100 GUSD
- Maximum Subscription per Person: 277 OPENAI (USDT pool cap: 193.9, GUSD pool cap: 83.1)
No implied transaction or custody fees apply for this subscription round.
Dual-Pool Structure: USDT & GUSD Subscription Pools
The total OPENAI subscription volume is split into two independent pools, which cannot be combined:
| Subscription Pool | Allocation | Share | Individual Pool Cap |
|---|---|---|---|
| USDT Pool | 19,390 OPENAI | 70% | 193.9 |
| GUSD Pool | 8,310 OPENAI | 30% | 83.1 |
| Total | 27,700 OPENAI | 100% | ≤ 277 |
Choosing USDT or GUSD determines which pool you enter, along with its respective cap and competition. Participants should select the appropriate currency based on their holdings.
Hourly Average Lock-Up Allocation Mechanism
Allocation for this Pre-IPOs round is based on "hourly average locked amount," not just the total submitted. The calculation formula is:
Hourly Average Locked Amount = Sum of Hourly Locked Amount Snapshots ÷ Total Subscription Hours (48 hours)
During the 48-hour subscription window, the system captures hourly snapshots of user-locked funds. The earlier and longer you lock your funds, the higher your hourly average, and thus your allocation weight.
For example, if you plan to commit 100,000 USDT and lock it in the first hour for the entire period, your average is 100,000. If you lock in at hour 24 and hold to the end, the average is 50,000. If you only lock in the last hour, it’s just about 2,083. Therefore, "the earlier you subscribe, the higher your allocation weight," thanks to this time-weighted mechanism—not a guaranteed allocation.
Three-Phase Unlock & Pre-Market Trading Schedule
Allocated OPENAI asset vouchers are unlocked in three phases:
| Phase | Unlock Time (UTC+8) | Unlock Ratio |
|---|---|---|
| Phase 1 | July 17, 2026, 19:00 | 25% |
| Phase 2 | August 17, 2026, 19:00 | 35% |
| Phase 3 | September 17, 2026, 19:00 | 40% |
Unallocated subscription funds will be refunded on July 17. Tokens from the first unlock phase will be distributed by July 17, 19:00 (UTC+8).
Pre-market trading will officially begin at 16:00 (UTC+8) on July 20, 2026 in the Gate Pre-IPOs section. Participants can flexibly buy and sell OPENAI asset vouchers on the pre-market.
How to Subscribe
To participate in Gate Pre-IPOs OpenAI subscription, follow these steps:
Step 1: Log in to the Gate website and complete KYC verification.
Step 2: Go to the "Finance" > "Pre-IPOs" section in the navigation bar and find the "Pre-IPOs Phase 2: OpenAI" event page.
Step 3: Click "Participate Now," choose your subscription currency (USDT or GUSD), and enter the amount.
Step 4: Read and check the user agreement, then confirm and submit your subscription order.
After a successful subscription, you can view your holdings in "Finance Account." Subscription portal: gate.com/ipos/21.
Multiple Subscription Benefits
This Pre-IPOs round offers several benefits:
- GT Sunshine Reward: Users subscribing over $10,000 receive 1 GT each; those subscribing less than 10,000 USDT share a 2,000 GT prize pool.
- GUSD Minting Yield: Users subscribing with GUSD enjoy a 3.8% annualized minting yield, distributed daily, with GUSD redeemable at any time.
- Exclusive VIP & Super Agent Airdrops: VIP5+ users and qualifying super agents receive additional exclusive airdrops.
Product Nature & Risk Disclosure
OPENAI asset vouchers are Mirror Notes, not actual OpenAI shares. Gate provides users with various compliant exit or long-term holding options by hedging OpenAI stock exposure in the market, aiming to reflect the target company’s fair market value.
Participants should fully understand the following risks:
Uncertainty of the IPO Timeline. OpenAI remains a private company, and the IPO timing is highly uncertain. According to The New York Times, OpenAI may delay its IPO until 2027. The probability of a 2026 IPO has dropped from over 50% to below 30%.
Valuation Volatility Risk. Company valuation may fluctuate due to operational factors, market conditions, or business execution. The implied valuation of OpenAI is around $895 billion, and some market optimism may already be priced in.
Liquidity & Product Attribute Risk. Pre-IPO products may differ in liquidity from publicly traded stocks. Mirror Notes are not OpenAI shares themselves and are high-risk, non-principal-protected products.
Participants should carefully read the full product documentation on the official Gate announcement and event pages before subscribing, to fully understand eligibility, rules, allocation, settlement, and redemption conditions.
Summary
Gate Pre-IPOs Phase 2 OpenAI subscription officially opens on July 15, 2026, at 15:00 (UTC+8) and closes on July 17, 2026, at 15:00 (UTC+8). This round issues 27,700 asset vouchers at 1 OPENAI = $722, totaling approximately $20 million. Both USDT and GUSD are supported, with a minimum subscription of $100 per order.
Allocation is based on the proportion of hourly average locked funds over 48 hours—the earlier and longer you participate, the higher your allocation weight. Allocated vouchers unlock in three phases: 25%, 35%, and 40%. Pre-market trading opens at 16:00 (UTC+8) on July 20. Participants can also enjoy GT airdrop rewards, 3.8% GUSD minting yield, and exclusive VIP airdrops.
OPENAI asset vouchers are Mirror Notes, not actual OpenAI shares, and are high-risk products. IPO timing, company valuation, and market liquidity are all uncertain. Participants should make prudent decisions based on a thorough understanding of the product structure and risks, and their own risk tolerance.
Frequently Asked Questions (FAQ)
Q1: What are the subscription dates for Gate Pre-IPOs OpenAI?
The subscription window is from July 15, 2026, 15:00 to July 17, 2026, 15:00 (UTC+8), for a total of 48 hours.
Q2: What is the subscription price? Which currencies are supported?
The subscription price is 1 OPENAI = $722. Both USDT and GUSD are supported, with a minimum subscription of 100 USDT or 100 GUSD.
Q3: What is the maximum subscription per person?
Each person can subscribe for up to 277 OPENAI. The USDT pool cap per person is 193.9, and the GUSD pool cap is 83.1.
Q4: How are asset vouchers allocated?
Allocation is based on your share of the hourly average locked amount relative to the project’s total average during the subscription period. The system snapshots locked funds every hour for 48 hours. The earlier and longer you participate, the higher your allocation weight.
Q5: When will the allocated OPENAI unlock?
Unlocking occurs in three phases: 25% on July 17, 2026; 35% on August 17, 2026; and 40% on September 17, 2026.
Q6: When does pre-market trading begin?
Pre-market trading opens at 16:00 (UTC+8) on July 20, 2026, in the Gate Pre-IPOs section.
Q7: Are OPENAI asset vouchers OpenAI shares?
No. OPENAI asset vouchers are Mirror Notes issued before OpenAI’s IPO, tracking the company’s market value before and after listing. They are not actual OpenAI shares.
Q8: What benefits are offered in this subscription round?
Benefits include the GT Sunshine Reward (1 GT for subscriptions over $10,000; a 2,000 GT prize pool shared by those under $10,000), 3.8% annualized GUSD minting yield, and exclusive airdrops for VIP5+ users and super agents.
Q9: When will unallocated subscription funds be refunded?
Unallocated subscription funds will be refunded on July 17, 2026.
Q10: What are the risks of participating in the subscription?
Main risks include: IPO timeline uncertainty (possible delay to 2027), company valuation volatility, product liquidity risk, and the fact that Mirror Notes are not actual shares. Participants should carefully read the full product documentation on the official Gate announcement and event pages before subscribing.
