In 2026, global capital markets are experiencing a supercycle of IPOs driven by AI giants. As a pioneer in generative AI, OpenAI’s path to going public has remained a focal point for the market. While its IPO timeline has shifted, Gate Pre-IPOs Phase II OpenAI (OPENAI) subscription continues to move forward during the window from July 15, 2026, 07:00 UTC to July 17, 2026, 07:00 UTC.
OpenAI IPO Progress: The Valuation Tug-of-War Behind the Delay
OpenAI’s IPO plans have seen significant changes in recent months. In June 2026, OpenAI confidentially filed an S-1 registration statement with the US SEC, officially kicking off its IPO preparations. The market initially expected OpenAI to complete its IPO as early as the second half of 2026. However, as July began, these expectations cooled noticeably.
Wall Street investment banks now widely believe that the planned wave of large-model company IPOs, originally set for the second half of 2026, may be postponed to the first half of 2027 due to declining risk appetite and uncertain liquidity conditions. The main drivers behind this assessment include:
Valuation disagreements are the core reason for the delay. In its March 2026 private funding round, OpenAI’s post-money valuation reached $852 billion, making it the world’s most valuable private tech company. However, OpenAI CEO Sam Altman insists on a $1 trillion IPO valuation, rejecting his advisors’ "discount to ensure listing" proposal. Wall Street institutions generally estimate OpenAI’s value between $600 billion and $700 billion, creating a roughly $300 billion gap from Altman’s target.
Market conditions add external pressure. SpaceX went public on Nasdaq on June 12, reaching a $1.77 trillion market cap on its first day—a record for the largest IPO in US history. Yet, SpaceX shares soon saw significant volatility: plunging around 16% on June 23 and briefly dropping below its IPO price on July 15. SpaceX’s rocky post-IPO performance has set a less optimistic benchmark for the listing plans of OpenAI and Anthropic.
Additionally, OpenAI’s "high-growth, high-loss" operating model is influencing its IPO decisions. In Q1 2026, OpenAI’s revenue reached $5.7 billion, up 300% year-over-year, but operating losses soared to $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.
Gate Pre-IPOs: Digital Mechanism and Structural Breakthroughs
Before OpenAI’s official IPO, Gate offers users early-stage investment access through its digital Pre-IPOs mechanism.
In April 2026, Gate officially launched its digital Pre-IPOs participation mechanism, opening what was once an institution-only early investment channel to over 54 million users worldwide. The core logic: tokenize traditional Pre-IPO equity or financing rights using blockchain technology, creating digital assets that can be subscribed to and traded within the platform.
This mechanism delivers structural breakthroughs on three fronts:
Substantially lower capital requirements. Traditional Pre-IPO investments typically require millions or even tens of millions of dollars per transaction. Gate’s digital Pre-IPOs lowers the minimum participation threshold to just 100 USDT or 100 GUSD.
Institutional access barrier removed. Conventional Pre-IPO investing usually requires passing a "qualified investor" test—such as having over $1 million in net assets or an annual income above $200,000. Gate Pre-IPOs eliminates this requirement; users simply need to complete platform KYC verification to participate.
Significantly improved liquidity. Traditional private equity stakes are often locked up for years. Gate’s PreToken minting and trading mechanism allows users to freely trade on the order book market and convert assets once the project officially lists.
OpenAI Phase II Subscription: Scale, Allocation, and Progress
Gate Pre-IPOs Phase II OpenAI (OPENAI) subscription officially opened on July 15, 2026, at 07:00 UTC. According to Gate’s official announcement, the core parameters are:
| Parameter | Details |
|---|---|
| Asset Certificate Symbol | OPENAI |
| Subscription Price | 1 OPENAI = 722 USD |
| Total Subscription Amount | 27,700 OPENAI |
| Total Subscription Value | Approx. 20,000,000 USD |
| Implied Valuation | $895 billion |
| Minimum Subscription | 100 USDT or 100 GUSD |
| Subscription Window | July 15, 07:00 – July 17, 07:00 UTC |
For allocation, the total 27,700 OPENAI asset certificates are split 70/30 between the USDT pool (19,390) and the GUSD pool (8,310). There are no implied handling or custody fees for this subscription.
In terms of subscription progress, market response has been strong. Within just one hour of opening, total subscriptions exceeded $148 million. After 24 hours, the figure surpassed $231 million. According to data on the Gate Pre-IPOs page, as of July 17, 2026, the USDT pool subscription reached 199 million, the GUSD pool reached 53.9 million, and the total subscription value exceeded $250 million.
Allocation Mechanism: Early Bird Weighting Principle
Gate uses the "average hourly locked amount" as the basis for asset certificate allocation. Rather than a single snapshot at the end of the subscription window, allocation is based on the average amount users lock each hour during the 48-hour subscription period. The earlier and longer users participate, the higher their allocation weight.
This mechanism is designed to reward early commitment rather than last-minute rushes, giving users who believe in OpenAI’s long-term value a higher allocation ratio.
Unlock Schedule and Pre-Market Trading
Allocated OPENAI asset certificates will unlock in three phases:
- 25% unlocks on July 17, 2026
- 35% unlocks on August 17, 2026
- 40% unlocks on September 17, 2026
Pre-market trading will open in the Pre-IPOs section on July 20, 2026, at 08:00 UTC, allowing users to trade or exit before full unlock.
Subscription Incentives
This subscription round offers three incentives:
- GT Airdrop Rewards: All subscribers receive GT token rewards.
- VIP5+ & Super Agent Exclusive Airdrops: Higher-tier users receive additional airdrops.
- GUSD Minting Yield: Users subscribing with GUSD enjoy a 3.8% annualized minting yield on committed funds.
Pricing Logic: How the $895 Billion Implied Valuation Was Set
This round’s subscription price is 1 OPENAI = $722, implying an OpenAI valuation of about $895 billion. This price is about 5% higher than OpenAI’s $852 billion valuation from its last institutional round in March 2026.
From a valuation logic perspective, this premium is relatively moderate. Key valuation anchors include:
- Institutional Funding Valuation: $852 billion post-money valuation from the March 2026 private round.
- Management Target: Altman’s $1 trillion IPO valuation goal.
- Market Expectation Range: Wall Street estimates between $600 billion and $700 billion.
The $895 billion implied valuation sits between the institutional funding valuation and management’s target, reflecting typical Pre-IPO market pricing logic. It’s important to note that the OPENAI asset certificate is a Mirror Note, mapping OpenAI’s market value before and after listing, but not representing actual OpenAI equity. Gate provides users with multiple paths for exit or holding by hedging OpenAI stock exposure in the market.
Product Nature and Risk Disclosure
OPENAI asset certificates are "Contingent Payout Notes," whose value is tied to OpenAI’s IPO progress and market performance. Like any Pre-IPO structure, this product carries specific risks:
Valuation Uncertainty. OpenAI has not confirmed an IPO date, and the final listing valuation may differ significantly from the current implied value. Shifts in market conditions, regulatory reviews, and company performance could all affect the final pricing.
Liquidity Risk. While Gate offers a pre-market trading channel, market depth and liquidity during the Pre-IPO phase may be limited. Users could face challenges exiting at their desired price.
IPO Uncertainty. OpenAI remains a private company with no confirmed IPO date. If OpenAI delays or cancels its listing, the asset certificate’s path to value realization will be affected.
Indirect Exposure via Mirror Notes. OPENAI asset certificates do not grant direct OpenAI equity. Instead, users gain indirect economic exposure through a structured product design.
Summary
As of July 17, 2026, Gate Pre-IPOs Phase II OpenAI subscription is nearing its conclusion. The USDT pool has reached 199 million, the GUSD pool 53.9 million, and total subscriptions exceed $250 million—clear evidence of the market’s intense interest in Pre-IPO opportunities for leading AI companies.
From a broader perspective, OpenAI’s IPO process is at a critical valuation crossroads. Management remains committed to a $1 trillion IPO target, but market conditions and institutional expectations continue to apply pressure. The likelihood of a delay to 2027 is rising, reflecting both OpenAI’s resolve on valuation and its patience in waiting for the right market window.
Against this backdrop, Gate’s digital Pre-IPOs mechanism offers a unique participation channel—tokenizing asset certificates to open up Pre-IPO investment opportunities previously reserved for institutions. The scale and pace of this OpenAI subscription not only reflect market confidence in the AI sector but also demonstrate the acceptance of digital Pre-IPO mechanisms.
Frequently Asked Questions (FAQ)
Q1: What’s the difference between the OPENAI asset certificate and OpenAI stock?
The OPENAI asset certificate is a Mirror Note that tracks OpenAI’s market value before and after listing. It is not actual OpenAI equity. Users receive indirect economic exposure through a structured product, not direct ownership of OpenAI shares.
Q2: When does this subscription end?
The subscription closes at 07:00 UTC on July 17, 2026.
Q3: What’s the minimum subscription amount?
The minimum subscription is 100 USDT or 100 GUSD per order.
Q4: When can I trade after subscribing?
Pre-market trading opens in the Pre-IPOs section on July 20, 2026, at 08:00 UTC.
Q5: How are OPENAI asset certificates unlocked?
Unlocking occurs in three phases: 25% on July 17, 35% on August 17, and 40% on September 17.
Q6: When will OpenAI go public?
There is no confirmed IPO date yet. Wall Street investment banks generally predict the IPO may be postponed until the first half of 2027.
Q7: What happens to the asset certificate if OpenAI doesn’t go public?
The value of the OPENAI asset certificate is linked to OpenAI’s IPO progress. If OpenAI delays or cancels its IPO, the certificate’s value realization path will be affected, and users should assess the associated risks themselves.
