In 2026, global capital markets are experiencing a supercycle of IPOs driven by AI giants. In June, commercial space leader SpaceX debuted on Nasdaq at an offering price of $135 per share, raising a staggering $75 billion and setting the record for the largest IPO in history. Hot on its heels, OpenAI has confidentially submitted its S-1 registration statement to the US SEC, officially kicking off its IPO preparations.
Meanwhile, on June 9, 2026, Gate officially launched its "IPO Access" service, opening up IPO subscription channels—traditionally monopolized by top brokerages and institutions—to digital asset platform users for the first time. The first project featured SpaceX, and within days, Gate completed a full-cycle live test from subscription opening to stock listing, distribution, and trading. Immediately after, Gate Pre-IPOs’ second phase brought OpenAI to market as its core offering.
So, will OpenAI become the next official IPO Access subscription on Gate? This isn’t a simple yes-or-no question. It requires a comprehensive analysis of OpenAI’s IPO progress, the product logic behind Gate’s IPO Access, market data, and structural conditions.
OpenAI’s IPO Progress: The Tug-of-War Between a Trillion-Dollar Valuation and Listing Timeline
OpenAI’s IPO plans have shifted significantly in recent months. In June 2026, OpenAI confidentially filed its S-1 registration statement with the SEC, officially starting its IPO process. The market initially expected OpenAI to complete its IPO as early as the second half of 2026. However, by July, those expectations had cooled considerably.
Valuation disagreements are the primary reason for the delay. In a March 2026 private funding round, OpenAI’s post-money valuation reached $852 billion, making it the world’s most valuable unlisted tech company. Yet, CEO Sam Altman insists on a $1 trillion IPO valuation, rejecting his advisors’ "lower the price to ensure listing" proposal. Meanwhile, Wall Street institutions generally value OpenAI between $600 billion and $700 billion—about $300 billion shy of Altman’s target.
External market conditions add further pressure. SpaceX went public on Nasdaq on June 12, achieving a first-day market cap of $1.77 trillion, the largest IPO in US history. But SpaceX’s share price soon became volatile—plunging about 16% on June 23 and briefly falling below its offering price on July 15. SpaceX’s boom-and-bust debut has set a less-than-optimistic benchmark for the IPO plans of OpenAI and Anthropic.
Additionally, OpenAI’s own "high-growth, high-loss" operating model is influencing its IPO decisions. In Q1 2026, OpenAI posted $5.7 billion in revenue—a 300% year-over-year increase—but reported operating losses of $9.3 billion. Delaying the IPO gives OpenAI more time to scale revenue and build a stronger financial foundation for its trillion-dollar valuation goal.
Overall, OpenAI’s official IPO timeline remains highly uncertain. Most Wall Street investment banks now believe that the planned wave of large AI model company IPOs, originally slated for the second half of 2026, will likely be postponed to the first half of 2027 due to shifting risk appetites and uncertain liquidity conditions. This timing uncertainty is precisely what makes Gate’s IPO Access service so valuable.
Gate IPO Access: From SpaceX to Broader Unicorn Coverage
To understand whether OpenAI could be the next IPO Access target on Gate, it’s essential to grasp the product’s structure and operating logic.
IPO Access is Gate’s pre-IPO stock subscription service. Users can submit subscription requests before a company is officially listed. Once the IPO results are confirmed, Gate allocates shares to users based on the actual allotment received. Successfully allotted shares are distributed directly to users’ Gate stock accounts, providing a seamless "list-and-allocate" investment experience.
At its core, Gate’s IPO Access operates independently via proprietary channels, not relying on third-party tokenization platforms. This structure ensures the entire allocation process—from subscription to distribution to trading—remains uninterrupted by external supply chain issues.
In terms of financial thresholds, traditional pre-IPO markets typically require single investments of several million or even tens of millions of dollars. In 2024, global pre-IPO secondary market trading volume reached $160 billion, with most trades exceeding $10 million each. Gate’s IPO Access lowers the minimum participation threshold to just 100 USDT or 100 GUSD. Users don’t need overseas brokerage accounts or high net worth; simply holding a Gate account and completing identity verification is enough to participate.
The first IPO Access project was SpaceX, followed by OpenAI in the second phase of Pre-IPOs. This evolution from SpaceX to OpenAI clearly demonstrates Gate’s systematic expansion to cover the world’s most sought-after unlisted unicorns through Pre-IPOs.
OpenAI Second Pre-IPOs Subscription Data: Quantifying Market Demand
At 07:00 UTC on July 17, 2026, the second phase of Gate Pre-IPOs for OpenAI (OPENAI) officially closed. This 48-hour subscription window ended with total applications exceeding $260 million and a subscription rate of 1301.94%.
This round offered approximately $20 million in OPENAI asset certificates, with 27,700 certificates issued at $722 each. With $260 million in applications for $20 million in supply, demand outstripped available allocations by more than 13 times. This made OpenAI’s second Pre-IPOs round one of the most competitive pre-IPO offerings ever on Gate.
Looking at the subscription momentum: within the first hour, applications surpassed $148 million, with an oversubscription rate of 639.39%. After about 24 hours, combined applications across both pools reached $226.6 million. By the close, total applications exceeded $260 million. The hour-by-hour data reveals a key insight: demand didn’t peak and fade after the first hour but continued to accumulate, with more than $110 million in additional applications over the next 47 hours. This indicates sustained market demand for OPENAI asset certificates, not just a short-term FOMO (fear of missing out) spike.
According to Gate market data, as of July 21, 2026, the implied market cap for OPENAI asset certificates is about $895 billion, based on the $722 per certificate price. This implied valuation sits between OpenAI’s $852 billion March 2026 private round and Altman’s $1 trillion IPO target.
Conditions for OpenAI to Become an Official IPO Access Subscription on Gate
Pre-IPOs and IPO Access serve different roles in Gate’s product lineup. Pre-IPOs use digital mechanisms (like Mirror Notes) to give users exposure to pre-listing value, while IPO Access allocates actual shares based on the platform’s allotment when a company goes public.
For OpenAI to become an official IPO Access subscription on Gate, several conditions must be met:
First, OpenAI must complete its official IPO. This is the fundamental prerequisite. IPO Access is about submitting subscription requests before a company’s formal listing, so OpenAI’s actual IPO is necessary for Gate to offer IPO Access for it. While OpenAI has confidentially filed its S-1, the listing date remains uncertain. If the IPO is delayed to the first half of 2027, IPO Access coverage will be pushed back accordingly.
Second, Gate must secure an IPO allotment. Share allocation in IPO Access depends on the platform’s actual allotment. Hot IPOs often have extremely limited retail allocations—SpaceX’s IPO was over four times oversubscribed, with retail orders exceeding $100 billion. Whether Gate can secure a meaningful allocation in OpenAI’s IPO will directly impact its ability to offer IPO Access.
Third, product continuity. Gate has already launched OPENAI asset certificates in the second phase of Pre-IPOs. This product form provides a user base and market validation for future IPO Access offerings. The full cycle from SpaceX’s Pre-IPOs to IPO Access has already been proven, and the path from OpenAI’s Pre-IPOs to IPO Access is logically replicable.
Structural Factors: Why OpenAI Is the Natural Next Step for IPO Access
From a product positioning perspective, OpenAI is a natural extension for Gate’s IPO Access.
First, OpenAI is one of the world’s most closely watched unlisted assets. In March 2026, OpenAI announced $122 billion in committed capital, with a post-money valuation of $852 billion. Reuters reported in June 2026 that OpenAI had confidentially filed for a US IPO, with an earliest possible listing in September and a potential valuation as high as $1 trillion.
Second, OpenAI’s commercialization is accelerating. In March 2026, OpenAI revealed monthly revenues of $2 billion. In June, ChatGPT surpassed 1 billion monthly active users, becoming the fastest application in history to reach that milestone. Enterprise customers account for over 40% of revenue, with consumer and enterprise shares expected to converge by year-end. These figures show OpenAI’s transition from an AI research lab to a tech company with massive commercial potential.
Third, market demand for OpenAI investment exposure is well established. The $260 million in applications and 1301.94% subscription rate for Gate’s second OpenAI Pre-IPOs round clearly demonstrate huge demand for OpenAI-related assets. This demand extends beyond Gate’s platform, reflecting global investor appetite for exposure to leading AI companies.
Fourth, the core value of Gate’s IPO Access is "opening up IPO subscription channels—long dominated by top brokerages and institutions—to digital asset platform users." As one of the world’s most valuable unlisted tech companies, OpenAI’s IPO is exactly the kind of opportunity that’s historically been out of reach for ordinary investors. Including OpenAI in IPO Access aligns perfectly with Gate’s mission.
Conclusion
In summary, the likelihood of OpenAI becoming the next IPO Access subscription on Gate hinges on two core variables: OpenAI’s official IPO timing and Gate’s ability to secure an allocation.
From a timing perspective, OpenAI has already confidentially filed its S-1 as of June 2026, making an official IPO a matter of when, not if. While the market now expects a possible delay to the first half of 2027, the direction is set. From a product perspective, Gate has already validated market demand through the second phase of OpenAI Pre-IPOs. The path from SpaceX to OpenAI in Pre-IPOs is clear, and the full cycle from Pre-IPOs to IPO Access has already been tested with SpaceX.
Therefore, OpenAI is both a logical and operationally feasible candidate to become the next official IPO Access subscription on Gate. Ultimately, the outcome will depend on OpenAI’s IPO timeline and Gate’s actual execution in securing allocations. For users seeking opportunities in leading AI IPOs, Gate’s IPO Access offers a uniquely low-barrier entry point unavailable through traditional channels.
FAQ
Q1: What’s the difference between Gate IPO Access and Gate Pre-IPOs?
IPO Access is Gate’s pre-IPO stock subscription service, allowing users to submit subscription requests before a company is officially listed and receive actual share allocations once the IPO results are confirmed. Pre-IPOs use digital mechanisms (such as asset certificates) to provide users with pre-listing value exposure. While the product forms and rights differ, together they offer full-cycle coverage from pre-IPO to IPO on Gate.
Q2: Is it confirmed that OpenAI will be available on Gate IPO Access?
Whether OpenAI will be available on Gate IPO Access depends on OpenAI’s official IPO timing and Gate’s ability to secure an allocation. OpenAI has already confidentially filed for an IPO, but the official listing date is not yet set. Gate has launched OPENAI asset certificates in the second phase of Pre-IPOs, but official IPO Access requires OpenAI to complete its IPO.
Q3: What is OpenAI’s expected IPO valuation?
In its March 2026 private funding round, OpenAI’s post-money valuation reached $852 billion. CEO Sam Altman is targeting a $1 trillion IPO valuation. Wall Street institutions generally value OpenAI between $600 billion and $700 billion. According to Gate market data, as of July 21, 2026, the implied market cap of OPENAI asset certificates is about $895 billion.
Q4: What is the minimum threshold to participate in Gate IPO Access?
Gate IPO Access lowers the minimum participation threshold to 100 USDT or 100 GUSD. Users do not need an overseas brokerage account or high net worth; simply holding a Gate account and completing KYC identity verification is sufficient.
Q5: How does OpenAI’s financial status affect its IPO process?
In Q1 2026, OpenAI posted $5.7 billion in revenue—a 300% year-over-year increase—but reported operating losses of $9.3 billion. In 2025, operating losses were $20.92 billion with revenue of $13.07 billion. OpenAI projects profitability only by 2030. Its "high-growth, high-loss" model is a major factor influencing IPO pricing and timing.
