Gate has opened the second phase of its Pre-IPO stock token subscription program tied to OpenAI, giving crypto traders a route to gain equity-linked exposure to the artificial intelligence company before a possible public listing. The offering values OpenAI at an implied $895 billion and prices each OPENAI token at $722, with subscriptions accepted in USDT and GUSD from a minimum of $100 per transaction.
The program began on July 15 and drew more than $226 million in total commitments, according to Gate’s disclosure. That demand far exceeds the size of the current batch, which is capped at 27,700 tokens, or just under $20 million at the stated token price. The gap between commitments and available supply points to heavy demand for private-market access to major artificial intelligence companies, particularly among traders who normally operate inside crypto platforms.
The OpenAI-linked token, labeled OPENAI, is described as a mirror note. It is designed to track OpenAI’s valuation before and after an initial public offering, rather than immediately represent ordinary shares listed on a stock exchange. After allocation, the tokens are scheduled to unlock in three phases. Gate also plans to open pre-market trading for the token on July 20, creating a secondary venue before any official OpenAI listing.
Under the disclosed structure, holders may later be able to convert the tokens into stock tokens or USDT six months after OpenAI’s official public listing, assuming the listing takes place and the relevant program terms are met. That conversion feature is central to the product’s appeal, but it also makes the legal and operational terms especially important. These instruments are not the same as holding listed common stock directly through a traditional brokerage account.
How the OpenAI subscription is structured
The offering gives traders exposure to a private company that remains outside public stock markets. OpenAI, led by Chief Executive Officer Sam Altman, has become one of the most closely watched companies in the artificial intelligence sector, driven by demand for generative AI tools, enterprise software, cloud partnerships and new computing infrastructure.
The token price of $722 and the stated supply of 27,700 tokens imply an available subscription pool of roughly $20 million. The minimum transaction size of $100 is designed to make participation possible for smaller accounts, while settlement through USDT and GUSD keeps the product inside the stablecoin-based payment rails commonly used by crypto traders.
Gate said total commitments surpassed $226 million after the subscription opened, suggesting the program may be significantly oversubscribed. In such offerings, final allocations are often smaller than the amount requested by each participant, depending on the platform’s allocation formula and final demand. Traders seeking exposure will need to monitor the final distribution rules, unlock schedule and any restrictions on transfer or resale.
The planned pre-market opening on July 20 may give allocated holders an early opportunity to trade the token before OpenAI becomes a public company. However, pre-market trading in synthetic or tokenized private-equity products can be volatile. Prices may move sharply when supply is limited, when buyers have different expectations about the company’s eventual IPO valuation, or when there is little reliable public information about the underlying company’s financial performance.
Why the valuation matters
The implied $895 billion valuation makes the OpenAI-linked token one of the most ambitious private-market exposure products made available through a crypto trading platform. It places OpenAI in the same broad valuation conversation as the world’s largest technology companies, even though the firm has not yet completed a public listing.
The latest pricing also builds on previous private-market valuation references. Materials associated with the offering indicate that OpenAI reached a valuation of about $852 billion during a major funding round in March 2026, when the company raised $122 billion. That transaction was described as lifting the company’s value by about 70% within five months. The new token program implies a further increase from that level.
Valuations of large private technology companies can shift quickly, especially in sectors tied to artificial intelligence. Demand for AI infrastructure, chips, models, data centers and enterprise automation has pushed capital toward companies seen as leaders in the field. At the same time, the absence of public filings means ordinary market participants may have less access to audited financial statements, detailed risk disclosures or standard quarterly updates.
That makes the pricing of pre-IPO instruments more complex than trading listed shares. Traders are not only judging the prospects of OpenAI as a business. They are also assessing the structure of the token, the credibility of the pathway to conversion, the liquidity of pre-market trading and the possibility that the final IPO price may differ from the implied valuation used in the token sale.
The offering also reflects a broader push to bring traditionally private assets into digital trading environments. For years, access to high-profile private companies has generally been concentrated among venture funds, large institutions, employees, founders and selected wealthy participants. Tokenized structures aim to widen that access, though they do so through contractual instruments that may carry different rights from direct share ownership.
Spacex program set the earlier template
The OpenAI program follows Gate’s earlier stock-token initiative linked to SpaceX. That program was presented as a full pathway covering Pre-IPO exposure, IPO access and post-listing trading.
According to the disclosed figures, the first SpaceX Pre-IPO round raised about $395 million in April 2026. In June, the related IPO access program allowed subscriptions from as low as 100 USDT, with some accounts receiving allocations of up to 154 shares. The SpaceX rollout appears to have served as a model for the OpenAI product, combining private-market exposure with later trading and conversion features.
The repetition of that structure signals that digital trading platforms are moving beyond crypto spot markets and derivatives into products tied to conventional equities, private companies and real-world assets. These products attempt to solve several pain points that traders face when moving between asset classes, including separate brokerage registrations, cross-border account rules, currency conversions and limited trading hours in traditional markets.
Still, the structure remains new compared with ordinary stock trading. A token that references a private company’s value depends on legal agreements, custody arrangements, liquidity providers and conversion mechanics. If the underlying company delays an IPO, chooses not to list, changes its share structure or faces regulatory scrutiny, the value and usability of the token could be affected.
Gate broadens stock-linked product lineup
The OpenAI subscription is part of a wider expansion of Gate’s stock-related products. The platform now offers a four-part suite covering direct stock trading, tokenized equities, contracts for difference and stock perpetual contracts.
Its direct stock services cover more than 12,500 U.S., Hong Kong and South Korean equities, according to the company’s product disclosures. Fractional purchases are available from 0.01 share, while trading fees are described as starting from 0.023%. Users complete identity verification once and can trade across supported regions without opening separate foreign brokerage accounts. Gate also says it supports stock transfers between external brokers.
The tokenized equity segment includes products such as gStocks, which are described as maintaining 1:1 backing with underlying shares. These tokens are designed to trade around the clock and can be used as margin collateral or included in automated trading strategies. Minimum exposure starts at 1 USDT. Gate has also said it plans to introduce two-way conversion between stocks and gStocks, along with automated dividend distribution.
In the contract for difference segment, the platform lists 653 stock pairs, with leverage available up to 500 times and fees starting from $0.018 per lot. CFDs allow traders to speculate on price movements without owning the underlying shares. The product line also extends to commodities such as gold, silver and crude oil.
For traders accustomed to crypto perpetual swaps, Gate lists 223 stock perpetual pairs. These instruments combine equity-linked pricing with a derivative format widely used in digital asset markets. They allow continuous trading and hedging on global shares through the same type of infrastructure used for crypto derivatives.
Tokenized equities move closer to the mainstream
The expansion of stock-linked crypto products comes at a time when digital asset markets have been searching for new growth areas after periods of weaker spot activity. At the same time, global equity markets, especially U.S. technology shares, have benefited from enthusiasm around artificial intelligence. That contrast has encouraged platforms to bridge crypto trading behavior with traditional market exposure.
Tokenized securities and real-world asset products are becoming a major theme across financial technology. The basic idea is to represent claims on conventional assets, such as stocks, bonds, funds, commodities or private-company exposure, through digital tokens. Supporters of the model argue that tokenization can improve settlement speed, expand access, enable fractional ownership and allow trading outside normal market hours.
The OpenAI-linked product shows how that idea is moving from public stocks into private-market names. For traders, the attraction is clear: exposure to a highly sought-after AI company before it reaches a public exchange. For platforms, the attraction is also clear: stock tokens, CFDs and equity perpetuals can keep users active inside one account rather than sending them to outside brokerages.
However, the move also raises questions. Tokenized exposure depends on the strength of the underlying legal claim, the quality of custody, the reliability of pricing and the regulatory status of the instrument. In some jurisdictions, products linked to stocks or private companies may fall under securities rules, derivatives rules or both. Access may change depending on local law, identity checks and platform policy.
Risks remain central for traders
The strong demand for the OpenAI subscription does not remove the risks. Pre-IPO exposure can be difficult to value because the company has not yet gone through the disclosure process required of public companies. Tokenized notes can also trade at premiums or discounts to the stated reference value, especially when supply is tight or when market sentiment changes quickly.
The unlocking process is another key issue. Because the tokens are scheduled to unlock in three phases, available supply may change over time. Each unlock can affect market liquidity and price behavior. Traders who participate in the subscription or buy in pre-market trading will need to understand when tokens become transferable and whether any lockup conditions apply.
Stablecoin settlement also requires attention. Participants using USDT or GUSD must consider liquidity, platform rules and the operational risk of keeping funds available during subscription, allocation and later trading windows. If demand remains far above supply, some committed funds may be returned or left unused depending on the final allocation method.
The legal terms may matter most of all. A mirror note tied to OpenAI’s valuation is not necessarily a direct shareholding claim. Rights to dividends, voting power, conversion, redemption and settlement can differ from ordinary equity. If OpenAI’s eventual IPO comes later than expected, happens at a lower valuation, or uses a structure that affects existing private shares, token holders may face outcomes that differ from simple stock ownership.
For now, Gate’s OpenAI program marks another step in the blending of crypto infrastructure with conventional finance. Traders are being offered access to assets that were once largely confined to private markets, while platforms are building systems that combine digital assets, equities and derivatives under one interface. The success or failure of products like OPENAI may help determine how quickly tokenized private-market exposure becomes a lasting part of global trading.
Explore how mixed-asset platforms tokenize equities beyond OpenAI by reading this in-depth breakdown of tokenised stocks.
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