July 17, 2026, 07:00 UTC, marked the official close of Gate Pre-IPOs Phase II OpenAI (OPENAI) subscription window. This 48-hour subscription event concluded with total applications exceeding $260 million and a subscription rate of 1301.94%.
For this round, the total allocation of OPENAI asset certificates was approximately $20 million, with 27,700 certificates issued at a price of $722 each. With $260 million in applications against a $20 million supply, market demand exceeded available allocation by more than 13 times. This made OpenAI Phase II Pre-IPOs one of the most competitive Pre-IPO offerings on the Gate platform to date.
Subscription Data Overview: Dual Currency Pools and Magnitude of Oversubscription
Gate Pre-IPOs Phase II OpenAI supported subscriptions in both USDT and GUSD. According to platform data from the subscription period (July 15–17, 2026), the two currency pools showed distinct participation intensity and capital distribution patterns.
During the first 24 hours after opening, the subscription details were as follows:
The USDT pool saw total applications reach $178 million with a subscription progress of 1,270%. The USDT pool allocated 19,390 OPENAI asset certificates, accounting for 70% of the total. Based on $178 million in applications, the USDT pool’s nominal oversubscription multiple exceeded 12 times.
The GUSD pool received total applications of $48.6 million, with a subscription progress of 810%. The GUSD pool allocated 8,310 OPENAI asset certificates, representing 30% of the total. With $48.6 million in applications, the GUSD pool’s nominal oversubscription multiple was about 8 times.
Combined, the USDT and GUSD pools totaled approximately $226.6 million in applications (data from about 24 hours after opening), corresponding to an overall subscription progress of 1,130% (based on a total allocation of $20 million).
By the time the subscription window closed, total applications had surpassed $260 million, with the final subscription rate set at 1301.94%.
The capital distribution between the two pools showed that the USDT pool carried the majority of demand, accounting for about 78.6% of total applications ($178 million out of $226.6 million), while the GUSD pool accounted for 21.4%. This distribution reflects USDT’s liquidity advantage as the dominant stablecoin, while GUSD, as Gate’s ecosystem stablecoin, has established its own demand base in the Pre-IPO scenario.
Subscription Heat Evolution: Magnitude Shift from 1 Hour to 48 Hours
Comparing data at different time points during the subscription period reveals the evolution of market participation.
Within 1 hour after opening (July 15, 2026), total applications had already exceeded $148 million, with an oversubscription rate of 639.39%. This means that within the first hour, market demand was more than six times the total allocation.
After about 24 hours (as of July 16), combined pool applications reached $226.6 million, with overall subscription progress around 1,130%. From $148 million to $226.6 million, the USDT pool contributed about $30 million in growth, while the GUSD pool contributed about $48.6 million.
At the final close of the subscription window (July 17, 07:00 UTC), total applications exceeded $260 million, with the final subscription rate at 1301.94%.
The time series data from 1 hour to 48 hours reveals a key insight: subscription enthusiasm did not peak in the first hour and then quickly fade. Instead, over the next 47 hours, more than $110 million in additional applications accumulated. This indicates sustained demand for OPENAI asset certificates, rather than a short-term FOMO (fear of missing out) spike.
Allocation Mechanism and Participation Threshold: Structural Logic Analysis
Gate Pre-IPOs Phase II OpenAI used the "hourly average locked amount" as the core allocation metric. The system calculates each user’s average locked amount per hour and compares it to the project’s overall average subscription amount to determine allocation weight. This mechanism structurally incentivizes early commitment and continuous holding—users who participate earlier and lock funds longer receive higher allocation weight.
In terms of capital threshold, Gate’s digital Pre-IPOs mechanism lowered the minimum participation requirement to 100 USDT or 100 GUSD. Traditional Pre-IPO investments typically require single transactions in the millions of dollars and investor qualification checks. Gate’s tokenized Pre-IPO rights break through both capital and identity barriers.
Additionally, this round waived implicit transaction and custody fees. During the subscription period, participants holding GUSD could enjoy an annualized minting yield of 3.8%.
The product attributes of asset certificates are a critical structural element. OPENAI asset certificates distributed via Gate are Mirror Notes, designed to provide compliant exposure to OpenAI but do not represent actual equity ownership. Holders do not receive voting rights, shareholder privileges, or direct ownership in the company. Understanding this product structure is essential for evaluating Pre-IPO investment risk.
Unlock Schedule and Pre-Market Trading Launch
OPENAI asset certificates use a three-phase proportional unlock mechanism:
- Phase 1: July 17, 2026, 11:00 UTC, unlock 25%
- Phase 2: August 17, 2026, unlock 35%
- Phase 3: September 17, 2026, unlock 40%
This phased unlock schedule is designed to avoid releasing all supply at once. By distributing liquidity over time, the market can establish a more balanced price discovery process, rather than facing concentrated selling pressure at a single time.
After the first unlock, OPENAI asset certificates began pre-market trading on Gate at July 20, 2026, 08:00 UTC. The trading pair is OPENAI/USDT, with 24/7 trading supported. The launch of pre-market trading marks the official start of price discovery—buyers and sellers will determine the market valuation for early OpenAI exposure through actual trades.
OpenAI Listing Background and Valuation Reference
OpenAI’s listing process provides the macro context for this round’s Pre-IPO subscription enthusiasm. In June 2026, OpenAI confidentially filed its S-1 registration statement with the US SEC, officially starting IPO preparations.
On valuation, OpenAI completed a $122 billion private funding round in March 2026, with a post-money valuation of $852 billion, making it the highest-valued private tech company globally. Based on Gate’s OPENAI asset certificate pricing ($722 per certificate) and a reference total share count of about 1.23–1.24 billion, OpenAI’s implied market cap is approximately $895 billion.
However, OpenAI’s IPO timeline became notably uncertain in July 2026. Initial market expectations were for an IPO in late 2026, but as July progressed, forecasts shifted to the first half of 2027. The main reason for the delay is valuation disagreement—OpenAI CEO Sam Altman insists on a $1 trillion IPO target, while Wall Street institutions generally estimate between $600 billion and $700 billion.
Additionally, OpenAI’s "high growth, high loss" operating model also affects listing decisions—in Q1 2026, OpenAI posted $5.7 billion in revenue (up 300% year-over-year), but operating losses reached $9.3 billion. Delaying the IPO allows more time to expand revenue and support the trillion-dollar valuation goal.
Against this backdrop, the 1301.94% subscription rate for Gate Pre-IPOs Phase II OpenAI reflects intense market interest in OpenAI’s listing prospects and investors’ urgent demand for early exposure ahead of the official IPO.
Summary
Gate Pre-IPOs Phase II OpenAI (OPENAI) subscription officially ended on July 17, 2026. Key data summary:
- Total allocation: Approximately $20 million (27,700 asset certificates at $722 each)
- Total applications: Exceeded $260 million
- Final subscription rate: 1301.94% (demand exceeded supply by over 13 times)
- Dual pool distribution: USDT pool $178 million (1,270%), GUSD pool $48.6 million (810%)
- Subscription period: July 15, 2026, 07:00 UTC to July 17, 2026, 07:00 UTC (48 hours total)
- Allocation mechanism: Hourly average locked amount weighting
- Unlock mechanism: Three-phase proportional unlock (25% / 35% / 40%)
- Pre-market trading launch: July 20, 2026, 08:00 UTC
A 1301.94% subscription rate underscores the overwhelming demand for early investment opportunities in OpenAI, the world’s highest-valued AI company. This also highlights the appeal of Pre-IPO investment tools that lower both capital and identity barriers, attracting a broader investor base. As OPENAI asset certificates enter pre-market trading, the market enters true price discovery—liquidity, investor sentiment, and supply-demand dynamics will jointly determine the asset’s market pricing.
Frequently Asked Questions (FAQ)
Q1: What are OPENAI asset certificates? Are they OpenAI stock?
OPENAI asset certificates are Mirror Notes, designed to provide compliant exposure to OpenAI but do not represent actual equity ownership. Holders do not receive voting rights, shareholder privileges, or direct ownership in the company.
Q2: What is the total allocation for this OpenAI Pre-IPOs round?
The total allocation is approximately $20 million, with 27,700 OPENAI asset certificates issued at $722 each.
Q3: What are the final subscription figures?
Total applications exceeded $260 million, with a final subscription rate of 1301.94%. Market demand was more than 13 times the available allocation.
Q4: What allocation mechanism is used for the subscription?
Allocation is based on "hourly average locked amount"—the system calculates each user’s average locked amount per hour and compares it to the project’s overall average subscription amount to determine allocation weight. The earlier and longer a user participates, the higher their allocation weight.
Q5: What is the unlock schedule for OPENAI asset certificates?
Unlock occurs in three phases: Phase 1 unlocks 25% on July 17, 2026; Phase 2 unlocks 35% on August 17, 2026; Phase 3 unlocks 40% on September 17, 2026.
Q6: When does pre-market trading start?
OPENAI/USDT pre-market trading officially launches on July 20, 2026, 08:00 UTC, with 24/7 trading supported.
Q7: What is OpenAI’s current valuation?
OpenAI’s post-money valuation reached $852 billion in March 2026 private funding. Based on Gate’s asset certificate pricing ($722 per certificate), the implied market cap is about $895 billion.
Q8: What risks should be considered in Pre-IPO investing?
Pre-IPO investments involve several risks, including but not limited to: asset certificates are not actual equity, private company valuations are uncertain, IPO timelines may shift, pre-market trading price volatility, and phased unlocks affecting liquidity. Investors should fully understand the product structure and evaluate risks independently.
