July 17, 2026, 07:00 UTC marked the official close of Gate Pre-IPOs Phase II OpenAI (OPENAI) project subscriptions. During the 48-hour subscription window, total subscriptions exceeded $260 million, with a subscription rate of over 1,300%. This not only set a new record for Gate Pre-IPOs, but also sent a clear message to the market: global investor demand for early access to top private companies is surging at an unprecedented pace.
After OpenAI, where is Gate Pre-IPOs headed next? In 2026—a year widely expected to be one of the largest IPO cycles in history—which super unicorns might be featured in Gate’s Pre-IPOs project portfolio?
Pre-IPOs: From Institutional-Only to Retail Investor Access
Before diving into potential projects, it’s important to understand the core mechanics of Gate Pre-IPOs.
Traditionally, Pre-IPO investments have been the exclusive domain of institutional investors. Minimum investments typically start at several million, even tens of millions of dollars, and investors must pass strict accreditation—such as having a net worth over $1 million (excluding primary residence) or an annual income exceeding $200,000. This structure has made it nearly impossible for regular users to participate in value discovery before a company goes public.
In April 2026, Gate officially launched its digital Pre-IPOs participation mechanism, opening this previously institution-only early investment channel to over 58 million users worldwide. The core logic is to tokenize traditional Pre-IPO equity or financing rights via blockchain technology, creating digital assets that can be subscribed to and traded directly on the platform.
This mechanism delivers structural breakthroughs on three fronts.
On the capital threshold, traditional Pre-IPO deals usually require at least $10 million per transaction, while Gate lowers the minimum entry to just 100 USDT. For identity verification, users only need to complete KYC to participate—no net worth or income requirements. In terms of liquidity, traditional private equity stakes are typically locked up for years, but Gate’s PreToken minting and trading mechanism enables 24/7 trading.
This product model is built on a key premise: there are enough high-quality, top-tier private companies globally to sustain an ongoing Pre-IPOs market. The 2026 capital market landscape provides ample supply for this.
OpenAI Subscription Recap: A Stress Test for Market Demand
The subscription data for OpenAI Phase II Pre-IPOs offers valuable insight into market demand.
According to Gate, the total subscription value for the OpenAI (OPENAI) project was about $20 million, with 27,700 OPENAI asset certificates issued at a subscription price of $722 per OPENAI. Subscriptions supported both USDT and GUSD, with a minimum subscription of 100 USDT or 100 GUSD, and a maximum allocation per user of 277 OPENAI.
At the close, total subscriptions exceeded $260 million, with a subscription rate above 1,300%. This means that even with a $20 million supply, market demand was more than 13 times the available allocation.
This data is significant on two levels.
From a product validation perspective, Gate Pre-IPOs’ digital subscription mechanism has proven robust under large-scale demand. From a market signal perspective, investor appetite for top private companies is extremely strong—not just for OpenAI itself, but for the broader model of early-stage investing in leading companies before they go public.
OpenAI’s implied valuation is about $895 billion. By subscribing at $722, investors gain early exposure at a level below potential public market pricing. This "discounted entry, premium exit" logic is at the heart of Pre-IPOs’ appeal.
2026’s IPO Supercycle: Structural Shifts on the Supply Side
OpenAI is not an isolated case. In 2026, global capital markets are experiencing a rare IPO supercycle.
Commercial space giant SpaceX officially listed on Nasdaq on June 12, 2026. Data shows the combined valuation of the world’s top ten private companies has swelled to over $4.5 trillion. Analysts predict the 2026 IPO cycle could be the largest ever, potentially unlocking over $3.6 trillion in value.
This IPO wave has distinct structural characteristics.
First, industry concentration is extremely high—artificial intelligence, commercial space, and fintech are the three core sectors. Second, individual company scale is massive, with SpaceX, OpenAI, Anthropic, and others valued in the hundreds of billions to over a trillion. Third, the IPO schedule is dense, with multiple super unicorns targeting IPO windows from the second half of 2026 through the first half of 2027.
These supply-side shifts provide Gate Pre-IPOs with a steady pipeline of projects. Every super unicorn IPO launch opens a new Pre-IPOs investment window.
Potential Candidates: Which Unicorns Might Join the Gate Pre-IPOs Lineup?
Based on public market data and industry trends, the following private companies show strong potential for future Pre-IPOs projects.
Anthropic: Another AI Superpower
Anthropic is one of the world’s highest-valued private AI companies. In May 2026, it completed a $6.5 billion Series H round, pushing its post-money valuation to $965 billion—surpassing OpenAI’s $852 billion.
On the IPO front, Anthropic’s underwriters have begun roadshows with institutional investors, with a public listing expected as soon as October 2026. If successful, Anthropic will become another core AI asset in global capital markets.
From a Pre-IPOs perspective, Anthropic shares key traits with OpenAI: high valuation, intense attention, and a clear IPO roadmap. Its inclusion in the Gate Pre-IPOs portfolio is highly likely.
Stripe: The Fintech Long-Runner
Stripe is one of the most anticipated fintech IPOs globally. In a February 2026 employee stock buyback, Stripe’s valuation reached $159 billion. The company processed $1.9 trillion in payments in 2025.
What sets Stripe apart is its "long preparation" status. Unlike the rapid pace of AI, Stripe has been rumored to be approaching an IPO for years, yet has not pulled the trigger. This actually makes it an ideal Pre-IPOs target: the market fully expects its IPO, but the timing remains uncertain—Pre-IPOs can bridge this gap.
Other Potential Directions
Beyond these companies, several other sectors are worth watching:
- Data Infrastructure. Databricks raised $5 billion in February 2026 at a $134 billion valuation. While the CEO has stated 2026 may not be the right year for an IPO, shifting market conditions could alter the timeline.
- Crypto Assets. Crypto exchange Kraken has filed for a US IPO, making it one of the top contenders among potential public crypto companies. A wave of crypto asset IPOs could provide Gate Pre-IPOs with unique, organically sourced projects.
- China’s Deep Tech. Moonshot AI has sent listing proposals to investors and may complete a Hong Kong IPO within six months. Semiconductor firms like Yangtze Memory Technologies and CXMT are also in the IPO pipeline.
Gate Pre-IPOs Project Selection Criteria
To understand which projects Gate Pre-IPOs may list, it’s essential to grasp its core selection logic.
First, IPO certainty of the target company. The value of Pre-IPOs asset certificates is anchored to the company’s IPO event. If the IPO timing is highly uncertain, pricing and settlement become challenging. Thus, companies that have filed an S-1 or have clearly begun IPO preparations are prioritized.
Second, market attention and expected liquidity. Pre-IPOs asset certificates are traded in the pre-market. The higher the market interest and investor base, the greater the liquidity and the more effective the price discovery.
Third, valuation rationality. Excessive valuations can limit Pre-IPOs investment upside, while low valuations may signal fundamental concerns. Gate must carefully assess the valuation of each candidate.
Fourth, industry diversification. From SpaceX (commercial space) to OpenAI (AI), Gate Pre-IPOs has demonstrated cross-sector coverage. Future projects are expected to maintain this diversity, spanning AI, fintech, data infrastructure, crypto assets, and more.
Conclusion
The close of the OpenAI subscription marks the peak of Gate Pre-IPOs Phase II, but it’s far from the end. The $260 million subscribed and 1,300% subscription rate confirm strong market demand for Pre-IPOs investing.
In this 2026 IPO supercycle, super unicorns like Anthropic, Stripe, Databricks, and Kraken are lining up to go public. Gate Pre-IPOs’ digital mechanism gives everyday users access to early-stage value discovery before these companies list.
Each super unicorn IPO launch opens a new Pre-IPOs investment window. For investors focused on this space, understanding Gate Pre-IPOs’ project selection logic and tracking potential IPO candidates is key to seizing future opportunities.
FAQ
Q1: What are Gate Pre-IPOs asset certificates?
Gate Pre-IPOs offers asset certificates called Mirror Notes, designed to track the value changes of a target company before and after its IPO. These certificates do not represent actual shares or equity in the company, nor do they confer shareholder rights. Once the company goes public, Gate plans to offer multiple exit options for holders, including conversion to tokenized shares in supported regions or settlement in USDT based on the market price.
Q2: What are the requirements to participate in Gate Pre-IPOs?
Users must complete KYC verification on Gate and have at least the minimum required funds (100 USDT or 100 GUSD) in their account. There are no traditional Pre-IPO net worth or income thresholds.
Q3: How are Gate Pre-IPOs subscription allocations distributed?
Gate allocates asset certificates based on each user’s average locked funds per hour during the subscription period. The earlier you participate and the higher your average locked amount, the greater your allocation weight. Any unused subscription funds are automatically refunded after the subscription ends.
Q4: Do Gate Pre-IPOs asset certificates have a lock-up period?
Asset certificates unlock in stages. For example, with OpenAI, 25% unlocked on July 17, 2026; 35% on August 17, 2026; and the remaining 40% on September 17, 2026. However, users can trade certificates in the Pre-IPOs pre-market section at any time—they don’t have to wait for full unlock.
Q5: How can I get the latest Gate Pre-IPOs project information?
Users can visit the Gate website and go to "Earn" → "Launch" → "Pre-IPOs" for the latest projects. It’s also recommended to follow official Gate announcements and real-time updates in the Pre-IPOs section.
