Gate Pre-IPOs Season 2 Opens the Door to OpenAI and Anthropic's Next Investment Chapter

The AI IPO wave of 2026 is transforming how investors gain access to private technology leaders before they enter public markets. At the center of this shift is Gate's Pre-IPOs platform, which now provides structured subscription access as OpenAI and Anthropic move closer to their highly anticipated public listings.

With OpenAI confidentially filing its S-1 registration with the SEC and Anthropic submitting its own confidential draft while appointing Freshfields as legal counsel, preparations for two of the largest AI IPOs in history are already underway.

The AI Valuation Race Intensifies

Private market valuations continue to climb rapidly.

Anthropic's implied secondary-market valuation has reached approximately $1.2 trillion on platforms such as Caplight, representing a 550% year-over-year increase and surpassing OpenAI's estimated $908 billion secondary valuation.

According to Caplight co-founder Javier Avalos, Anthropic has become "the most sought-after company the venture secondary market has ever seen," while completed transactions remain extremely limited because very few existing shareholders are willing to sell.

OpenAI continues following its own rapid growth trajectory, with projected 2025 revenue of approximately $20 billion, despite cumulative losses expected to reach $115 billion by 2029 as the company continues investing aggressively in AI infrastructure and expansion.

According to TechCrunch analysis, the combined public market value of OpenAI, Anthropic, and SpaceX could exceed the value created by every U.S. venture-backed exit since 2000.

How Gate's Pre-IPOs Platform Works

Gate's Pre-IPOs platform allows eligible users to subscribe to tokenized shares of participating private companies using USDT or GUSD.

Subscribers receive access to 24/7 pre-market trading before the target company's IPO and throughout the applicable lock-up period.

Following the standard six-month post-listing lock-up, Gate provides a dedicated settlement page where investors can either convert their holdings into tokenized stocks or redeem their positions into USDT using prevailing market prices.

The platform is designed to provide structured exposure to private-company equity rather than conventional speculative derivative products.

Built-In Protection for Investors

One of the platform's most distinctive features is its capital protection mechanism.

If a participating company does not complete its IPO within 12 months after the campaign concludes, subscriptions are automatically converted back into USDT at their original awarded value.

Investors also retain the flexibility to request an earlier USDT conversion without waiting for the IPO process to finish.

This structure significantly reduces one of the traditional risks associated with private equity investing—the possibility of holding illiquid shares indefinitely if a public listing never occurs.

Why Timing Matters

The current AI investment landscape continues evolving rapidly.

SpaceX has already completed its public listing with an estimated valuation of $1.77 trillion.

Anthropic's IPO preparations continue advancing, while OpenAI's confidential S-1 filing indicates that its own listing process is progressing, even if many analysts expect a 2027 public debut.

Institutional confidence has also strengthened after Bank of America reportedly shifted from previously declining OpenAI's credit request to extending a $520 million credit facility, highlighting growing institutional support ahead of a potential listing.

Market Outlook

As the AI sector enters its next phase, investor demand for early-stage exposure continues increasing.

Gate's Pre-IPOs subscription model offers a structured approach that combines early access, continuous pre-market liquidity, transparent participation, and downside protection through its built-in value protection mechanism.

For investors seeking exposure to some of the world's most valuable private AI companies before they enter public markets, understanding the subscription structure, protection features, and settlement process will be essential as the next generation of AI IPOs approaches.

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