On July 15, 2026, at 07:00 UTC, the second phase of Gate Pre-IPOs featuring OpenAI (OPENAI) officially opened for subscription. As of July 16, the subscription window remains open, but the latest disclosed figures reveal a significant shift in market participation: the USDT pool has attracted a cumulative subscription amount of $178 million, reaching a subscription progress of 1,270%. The GUSD pool has accumulated $48.6 million, with a subscription progress of 810%. Combined, the two pools have surpassed $226 million in total subscriptions.
This figure marks a notable increase from the $148 million (oversubscription rate of 639.39%) recorded just one hour after the subscription period began. As the second offering in the Gate Pre-IPOs series—following the initial SpaceX project—the continued surge in OpenAI subscriptions not only highlights the market’s keen interest in the world’s most valuable AI company, but also provides a valuable lens into the evolving structure of Pre-IPO investment demand.
Dual Currency Pool Subscription Data: $178M in USDT Pool, $48.6M in GUSD Pool
As of July 16, 2026, the dual currency pool subscription data for Gate Pre-IPOs Phase II OpenAI is as follows:
USDT Pool. The cumulative subscription amount has reached $178 million, with a subscription progress of 1,270%. The USDT pool allocates a total of 19,390 OPENAI, accounting for 70% of the total supply. Based on the $178 million subscription amount and a 1,270% progress rate, the nominal subscription multiple for the USDT pool exceeds 12 times.
GUSD Pool. The cumulative subscription amount has reached $48.6 million, with a subscription progress of 810%. The GUSD pool allocates a total of 8,310 OPENAI, representing 30% of the total supply. Based on the $48.6 million subscription amount and an 810% progress rate, the nominal subscription multiple for the GUSD pool is approximately 8 times.
Combined Pools. Together, the USDT and GUSD pools have attracted about $226.6 million in subscriptions, corresponding to an overall subscription progress of approximately 1,130% (using a total subscription value of around $20 million as the base).
Subscription Window and Allocation Mechanism. The subscription window runs from July 15, 2026, at 07:00 UTC to July 17, 2026, at 07:00 UTC, totaling 48 hours. Allocation is based on the "average hourly locked amount"—the system calculates each user’s average locked amount per hour and compares it to the project’s overall average total subscription amount to determine allocation weight. The earlier a user participates and the longer the lock-up period, the higher the allocation weight. This mechanism structurally incentivizes early commitment and sustained holding.
From 1 Hour to 24 Hours: A Quantum Leap in Subscription Momentum
Comparing the data as of July 16 with that from the first hour after subscriptions opened reveals the evolution of market enthusiasm.
Time-Based Comparison. In the first hour after subscriptions opened, the cumulative subscription amount exceeded $148 million, with an oversubscription rate of 639.39%. By July 16 (about 24 hours after launch), the USDT pool alone had reached $178 million, the GUSD pool $48.6 million, and the combined pools $226.6 million.
Growth Structure. Of the increase from $148 million to $226.6 million, the USDT pool contributed about $30 million, while the GUSD pool contributed about $48.6 million (the GUSD pool’s specific contribution was not separately disclosed in the first hour, but the overall oversubscription rate of 639.39% reflected both pools combined). The independent disclosure of the GUSD pool’s 24-hour data highlights distinct demand for GUSD as a subscription currency—while its 810% progress trails the USDT pool’s 1,270%, the absolute amount of $48.6 million vastly exceeds the GUSD pool’s total supply of $6 million.
Supply and Demand Magnitude. The total value of OPENAI subscriptions for this round is approximately $20 million (27,700 units × $722). With $226.6 million in demand after roughly 24 hours, subscription requests are already 11.3 times the available supply. Given that allocation is based on time-weighted averages rather than a simple first-come, first-served model—and that there is a per-user subscription cap of 277 OPENAI—most subscription funds will be refunded after the window closes, and the final actual allocation ratio is expected to be much lower than the nominal subscription ratio.
What’s Driving the Surge: Valuation Anchor, Dual Currency Mechanism, and the AI Narrative
OpenAI’s $226.6 million in subscriptions within 24 hours can be attributed to three key factors.
Valuation as a Relative Anchor. The subscription price of $722 implies an $895 billion valuation, about 5% higher than OpenAI’s post-Series C valuation of $852 billion in March 2026. In the context of private markets, this premium is relatively moderate. Publicly, OpenAI CEO Sam Altman has set a $1 trillion target as the IPO valuation threshold. The $895 billion figure sits between the current private valuation and the IPO target, offering participants a clear valuation anchor.
Differentiated Incentives of the Dual Currency Mechanism. GUSD pool participants are eligible for an estimated 3.8% annualized minting yield. Additionally, qualifying participants can receive GT airdrop rewards, with larger subscribers earning more GT incentives. These additional benefits are not fully mirrored in the USDT pool, accounting for some of the structural demand differences—reflected in the USDT pool’s 1,270% progress versus GUSD’s 810%.
Structural Heat in the AI Sector. The year 2026 is widely seen as a supercycle for tech IPOs. SpaceX listed on Nasdaq in June, and OpenAI confidentially filed for its IPO with the SEC on June 8. Meanwhile, Anthropic has also filed its IPO registration statement. The simultaneous IPO activity of these three AI and tech unicorns has created a notable industry clustering effect. Against this backdrop, Pre-IPO investment opportunities in AI naturally attract heightened market attention.
Asset Certificate Mechanism and Risk Framework
Understanding the subscription data also requires clarity on the nature of the OPENAI asset certificates and their associated risk framework.
Nature of the Asset Certificate. The OPENAI asset certificate is a mirror note issued before OpenAI’s IPO, designed to track OpenAI’s market value before and after listing. It is a contingent payout note—not an actual share of OpenAI. OpenAI itself is not involved in this subscription and will not receive any fundraising proceeds.
Risk Factors. According to risk disclosures on the official Gate project page, since OpenAI is not yet public and its IPO timeline remains uncertain, this investment carries significant uncertainty and high risk. If the company underperforms, fails to go public, is not acquired or merged, or even goes bankrupt, investors could face losses. The asset certificate has a maturity date of December 31, 2035. If OpenAI has not gone public by then, Gate will settle based on OpenAI’s fair market value at that time.
Summary
As of July 16, 2026, the USDT pool in Gate Pre-IPOs Phase II OpenAI has reached a cumulative subscription amount of $178 million (1,270% progress), while the GUSD pool has reached $48.6 million (810% progress). Combined, the pools have surpassed $226 million in total subscriptions, with an overall progress rate of about 1,130%.
These figures are based on a supply framework of 27,700 OPENAI asset certificates at $722 each, totaling roughly $20 million in subscription value. From $148 million in the first hour to $226.6 million after 24 hours, subscription momentum has continued to climb over time.
This surge is closely linked to the $895 billion valuation anchor, structural heat in the AI sector, Gate’s low-barrier digital Pre-IPOs mechanism, and differentiated incentives such as GUSD minting yield. The time-weighted allocation mechanism structurally rewards early participation and has contributed to a concentrated influx at the start of the subscription period.
It is important to note that subscription data reflects market demand, not guaranteed returns on the asset itself. As a mirror note, the value of the OPENAI asset certificate is closely tied to OpenAI’s IPO process and listing valuation. Participants should make decisions with a clear understanding of the product’s nature and associated risks.
FAQ
Q1: As of July 16, what are the subscription figures for Gate Pre-IPOs Phase II OpenAI?
As of July 16, the USDT pool has accumulated $178 million in subscriptions, with a progress rate of 1,270%. The GUSD pool has reached $48.6 million, with a progress rate of 810%. Combined, the two pools have attracted about $226.6 million in subscriptions.
Q2: What is the difference between the OPENAI asset certificate and OpenAI stock?
The OPENAI asset certificate is a mirror note issued prior to OpenAI’s IPO, designed to track OpenAI’s market value before and after listing. It is a contingent payout note—not an actual share of OpenAI. OpenAI itself is not involved in this subscription.
Q3: Which currencies are supported in this round, and how are the pools allocated?
Subscriptions are supported in both USDT and GUSD. The USDT pool accounts for 70% of the allocation, totaling 19,390 OPENAI. The GUSD pool accounts for 30%, totaling 8,310 OPENAI.
Q4: What additional benefits do GUSD pool participants receive?
Participants subscribing with GUSD are eligible for an estimated 3.8% annualized minting yield. Qualifying participants can also receive GT airdrop rewards, with larger subscribers earning more GT incentives.
Q5: How is the subscription allocation calculated?
Allocation is based on the "average hourly locked amount." During the 48-hour subscription window, the system calculates each user’s average locked amount per hour. The earlier the participation and the longer the lock-up period, the higher the allocation weight.
Q6: What are the main risks of participating in Gate Pre-IPOs subscriptions?
OpenAI is not yet public, and its IPO timeline is uncertain. If the company fails to go public, is acquired at an unfavorable valuation, or underperforms, investors could face losses. The asset certificate matures on December 31, 2035.
