In August 2026, Gate Pre-IPOs Round 3’s Moonshot AI (KIMI) subscription period ended, and the combined amount across the USDT and GUSD subscription pools surpassed $200 million. According to Gate’s published figures, the USDT subscription pool was about $194 million, and the GUSD subscription pool was about $9.09 million. This round involved 90,000 KIMI units in total. The reference subscription price was $105–$115 per unit, implying an estimated valuation of about $50 billion. For everyday investors, the numbers that truly matter here are not just that it was oversubscribed. It’s that market attention to an AI unicorn’s capital-market story is extending from the secondary market to before the company is formally listed.
Why KIMI is an easy target for market attention
Moonshot AI is one of the most representative AI startups in China. Its Kimi product has continued to draw market interest in areas such as long-context, multimodal capabilities, and Agents. Over the past two years, the AI industry’s capital-market narrative has shifted from a pure competition over model parameters to commercialization capability, compute infrastructure, and a reassessment of enterprise value. For the capital markets, once a high-attention AI company begins to show clearer expectations around a potential listing, investors naturally look for an earlier window to observe value.
Gate Pre-IPOs isn’t "buying stocks early"
Here, the concept needs to be clear. Gate Pre-IPOs The KIMI issued in Round 3 is a Mirror Note—an "imagery note." It does not represent Moonshot AI’s actual shares or equity. It also does not mean that participants establish a direct legal relationship with Moonshot AI. Gate’s official statement further clarifies that this product has no relationship with Moonshot AI. Moonshot AI did not participate in, authorize, or endorse the product. As a result, users should treat it as a digital product that maps to the target company’s value performance before listing, not as ordinary stock that has already been listed.
Why do these products feel "appealing" to investors?
The core factor is timing. Traditional stock investing typically requires waiting until a company completes its IPO and its shares are officially listed, and only then can investors participate in the public market. Pre-IPOs move the observation point forward to before the company actually lists. For users who track high-heat companies like AI, commercial space, and consumer brands, this mechanism offers a participation method different from chasing in the secondary market. Users don’t have to wait until every story has been thoroughly priced by the market before they start paying attention to the company’s value.
What does this subscription size for Moonshot AI say?
A total subscription amount above $200 million indicates at least that the market has clear interest in AI asset-mapping products like KIMI. Gate’s data also shows that the total units issued this round were 90,000, with a reference subscription price of $105–$115, implying a valuation of about $50 billion. It’s important to remember that subscription heat does not equal future returns. You also can’t simply equate oversubscription with the company’s future guaranteed price increase. It’s better viewed as a window into the market’s risk appetite and the strength of the AI primary-market narrative.
From subscription to trading: the real fun starts when the asset begins to circulate
On August 17, Gate completed the distribution of KIMI asset certificates. Successful subscribers’ asset certificates entered PreIPO accounts. Subscriptions that did not go through had their USDT and GUSD returned according to the rules. Previously, the official said that once distribution is completed, KIMI asset certificates will open for trading in a dedicated market within about one month. The exact timing depends on the announcement. In other words, the logic of Pre-IPOs isn’t "subscription ends, that’s it." It progresses from subscription and distribution into an asset circulation phase.
The rules for trading in the dedicated market are worth reading, too
According to Gate’s official announcement, after KIMI is distributed and enters the dedicated trading market, users can choose to sell their holdings to recover principal and withdraw funds. Any profits generated before the target company’s shares unlock upon listing will be locked. Trading will incur corresponding fees, and the profit portion will involve a 20% share of excess returns. If the company ultimately fails to list, or if the underlying mirror asset is canceled due to factors such as ROFR, the related rules will trigger a refund mechanism. So this isn’t a simple product where you "buy and wait for the IPO." It’s an asset-mapping mechanism with dedicated trading, settlement, and risk terms.
Why GUSD is included in this subscription scenario
This round’s subscription supports both USDT and GUSD. For users who already hold GUSD, using GUSD to participate in Pre-IPOs offers an additional capital-efficiency logic. Gate’s announcement shows that the annualized yield of GUSD for T-bill-like money-market returns during the relevant period is 3.8%, and that GUSD can be used for Pre-IPOs and other scenarios. In other words, stablecoins don’t necessarily have to sit in your account waiting for the next opportunity. They can also serve as funding that bridges stable yield and new-asset subscription.
If you truly want to participate in Pre-IPOs, you should first check three things
First, look at the underlying company and product structure. Don’t focus only on brand hype. Second, understand the legal and economic differences between the Mirror Note and real stock, so you know exactly what you’re buying. Third, review the exit rules, including the opening time for the dedicated market, fees, profit-sharing, and the refund mechanism if the IPO fails or if the underlying asset is canceled. Especially for AI projects with high valuations, strong market attention often means high expectations. There’s significant uncertainty between valuation and eventual realization.
Conclusion: The appeal of Pre-IPOs comes from moving "attention to listing" one step earlier
Moonshot AI (KIMI) became the focus of Gate Pre-IPOs Round 3 not only because Kimi itself has strong brand recognition in the AI market, but also because it allows more users to see for the first time, directly and visually: value discovery for a company doesn’t necessarily begin on IPO day. For users who want to catch opportunities to get in before globally popular companies list, Gate Pre-IPOs provides a digital participation entry point. At the same time, the product is not the same as real stock. There is uncertainty around future listing, changes in valuation, liquidity, and final returns. A truly mature way to participate isn’t being lured by the phrase "AI unicorn" alone—it’s understanding the product mechanics, valuation, and risks together.
Both relate to a company’s listing, but they sit at different points in time. Pre-IPOs place more emphasis on mapping the value before the company’s formal listing. The product is typically presented in forms like Mirror Notes. IPO Access is closer to an intent subscription for the official IPO. If the allocation ultimately succeeds, users receive the actual stock after the company lists. For users, that means the risks, legal relationships, liquidity, and product structure are all different. You can’t treat them as the same investment tool just because both use the word "IPO."
Why Pre-IPOs and regular IPO Access should be understood separately
Many users see the words "before listing" and naturally focus on potential upside. However, what actually determines the product experience is often the exit mechanism. The KIMI product sets up a dedicated trading market. Users can transfer or sell their holdings as long as the rules permit. If the company ultimately does not list, or if the underlying mirror asset is canceled due to relevant conditions, there is a corresponding refund mechanism. Meanwhile, trading fees, profit-sharing, and the holding period all need to be understood in advance. A seemingly tempting asset can end up losing much of its practical value if it doesn’t offer a clear path to exit.
What Pre-IPOs is really worth paying attention to: the exit mechanism
These figures can easily become the biggest "selling point" in a headline, but a more professional way to read them is as a reference for market pricing—not as a realized market value that the company has already achieved. Gate’s reference subscription price for Round 3 KIMI is $105–$115 per unit, implying a valuation of about $50 billion. If the company eventually lists, the public market will reprice based on investor demand, earnings expectations, industry valuations, and the broader macro environment. Therefore, even the price at the Pre-IPOs stage comes with valuation risk. Participants must accept that the future price could be significantly higher or lower than the current reference level.
How should you read the "implied $50 billion valuation"?
In the past, AI companies relied more on telling their stories through funding rounds, model capability, and user growth. Once they move into a more mature capital-market stage, investors start paying closer attention to valuation, commercialization, cash flow, and the path to future listing. Moonshot AI (KIMI) draws attention precisely because it sits at this intersection of change. On the one hand, AI application brands like Kimi keep earning user attention. On the other hand, the market begins discussing its longer-term capital value. The Pre-IPOs product pushes that attention one step further, allowing users to access a product designed around changes in its value before the company has completed a public listing.
