The development of the artificial intelligence industry is continuously transforming how capital markets evaluate companies. In the past, investors typically had to wait for a company’s IPO before participating in its growth through public market trading. However, with the rapid advancement of emerging technologies like AI, some super-unicorns now attract significant market attention even before going public. The pre-IPO stage is becoming a new window for value discovery.
Gate Pre-IPOs Phase II Project: OpenAI (OPENAI) has recently made new progress. Gate has completed the first distribution of OpenAI (OPENAI) asset certificates, along with GT airdrops, VIP exclusive airdrops, super agent airdrops, and refunds for unsuccessful subscription funds. Eligible users can view their corresponding assets in their spot accounts.
According to the project plan, OPENAI asset certificates will be unlocked and distributed in three phases. The first phase was completed on July 17, 2026, at 11:00 UTC, releasing 25% of the assets. The second phase will release 35% on August 17, 2026, and the third phase will release the remaining 40% on September 17, 2026.
After the initial distribution, OPENAI asset certificates will enter the Pre-IPOs section for pre-market trading, providing the market with enhanced price discovery and liquidity mechanisms.
OpenAI Asset Certificates Enter Trading Phase: How Will the Market Discover the Value of an AI Leader?
With the completion of the first asset certificate distribution, the OPENAI project has entered a new phase. Gate will open OPENAI/USDT pre-market trading on July 20, 2026, at 08:00 UTC, and instant swap trading at 09:00 UTC. Users can participate in trading through the Gate Pre-IPOs section, where pre-market trading is available 24/7, and prices are determined by market supply and demand.
Unlike traditional IPOs, Pre-IPOs focus on the value evolution of companies before they enter the public market.
For leading AI companies like OpenAI, the market’s attention is not limited to whether the company will go public in the future. Instead, it centers on how the company develops during the pre-IPO stage, how the market assesses its long-term value, and the potential growth opportunities AI may bring in the years ahead.
OPENAI asset certificates use a Mirror Note structure to track changes in OpenAI’s market value before and after its IPO. It’s important to note that these certificates do not represent OpenAI shares or stock, nor do they grant holders any shareholder rights in OpenAI.
The core logic is to track the target company’s value changes through specific mechanisms and, under certain conditions in the future, provide an appropriate exit path for holders.
Why Is OpenAI Becoming the Focal Point of Capital Markets in the AI Era?
OpenAI’s market attention stems from a structural transformation underway in the artificial intelligence industry.
Previously, software companies mainly competed on products, user acquisition, and business models. In the AI era, competition increasingly depends on model capabilities, computing resources, data accumulation, and ecosystem influence. The launch of ChatGPT brought generative AI from a specialized technical field into the mainstream, prompting businesses to rethink how AI impacts productivity and business models.
Today, AI has evolved from a pure software application into a foundational technology, similar to infrastructure. Companies aim to use AI to optimize workflows, reduce operating costs, and develop new intelligent products. Developers seek to build new application ecosystems based on large models. In this context, companies with core model capabilities hold greater strategic value.
OpenAI stands as one of the leading representatives in this wave of AI industry development. The market’s interest in OpenAI is driven not only by ChatGPT’s current user base but also by its potential future role in AI infrastructure and the intelligent application ecosystem.
How Do Pre-IPOs Bridge Value Changes Before and After a Company Goes Public?
As more super-unicorns emerge, the traditional value discovery path in capital markets is changing. Historically, an IPO marked a company’s entry into the public market, and stock prices became a key measure of value. However, for fast-growing tech companies, much of their value is often established before the IPO. Companies may already have mature products, a global user base, and industry influence, but ordinary market participants typically have limited access to this stage.
Pre-IPOs have developed as a market mechanism in this context. They focus on the transitional phase as companies grow from private to public markets, allowing the market to observe company development trends and value changes in advance.
For AI companies, this stage is especially significant. Due to the rapid pace of competition in the AI industry, a company’s technological edge and market influence can shift quickly. As a result, the pre-IPO stage is becoming a new focal point for capital markets.
OPENAI Trading Mechanism and User Rights Explained
Gate Pre-IPOs Phase II OpenAI (OPENAI) project not only focuses on asset certificate distribution but also offers diversified participation opportunities around leading AI companies. Currently, the first phase of OPENAI asset certificates has been released, and pre-market trading is available in the Pre-IPOs section. Users can participate in the market through the OPENAI/USDT trading pair, with prices determined by supply and demand.
Additionally, users who subscribed to OpenAI (OPENAI) can enjoy related benefits. For example, VIP users can participate in the Gate Earn USDT limited-time yield upgrade event, where eligible users receive higher fixed-term returns. Users holding GUSD can benefit from GUSD minting yields, earning an annualized return of 3.8%, with earnings distributed daily according to the rules.
These mechanisms ensure that Pre-IPOs products not only focus on company value changes but also meet the capital management needs within the digital asset ecosystem.
Why Leading AI Companies Are Driving New Asset Market Models
The progress of the OpenAI Pre-IPOs project also reflects changing approaches to technology company financing and value discovery. In the past, investors mainly participated in company growth through the stock market. As more super-unicorns emerge, the critical value formation stage is moving earlier. In the future, capital markets may see a more continuous path for company value discovery: early-stage financing drives innovation, the growth stage connects market attention through Pre-IPOs, and post-listing, companies enter public market trading.
This shift is particularly evident for AI companies. The AI industry evolves much faster than traditional sectors, with tighter links between technological breakthroughs, commercial applications, and market valuations. As a result, the pre-IPO stage is likely to become a key component of future technology asset markets.
The advancement of Gate Pre-IPOs Phase II OpenAI (OPENAI) offers the market a new way to observe the growth of leading AI companies. Of course, since the target company has not yet gone public, related assets remain subject to market volatility, liquidity risks, and potential changes in future listing plans. Users should fully understand the product mechanisms and carefully assess associated risks.
FAQ
What is the current stage of Gate Pre-IPOs Phase II OpenAI (OPENAI)?
The first phase of OpenAI (OPENAI) asset certificates has been distributed and will enter the Pre-IPOs section for pre-market trading.
Are OPENAI asset certificates the same as OpenAI stock?
No. OPENAI asset certificates use a Mirror Note structure and do not represent OpenAI shares or stock.
When does OPENAI pre-market trading begin?
According to the announcement, OPENAI/USDT pre-market trading will start at 08:00 UTC on July 20, 2026.
What trading methods are supported for OPENAI?
Users can participate in OPENAI/USDT pre-market trading in the Pre-IPOs section or use the instant swap feature.
What is Gate Pre-IPOs?
Gate Pre-IPOs is a digital subscription mechanism launched by Gate, focusing on value tracking opportunities for high-quality projects before they go public, allowing users to monitor value changes as companies transition into the public market.
