Gate has unveiled the third project on its Pre-IPOs platform, introducing Moonshot AI (KIMI) as its latest pre-listing investment opportunity. The offering allows eligible users to subscribe to KIMI Asset Certificates, providing exposure to the artificial intelligence company's valuation before a potential initial public offering.
Moonshot AI is one of China's best-known AI startups, focused on developing large language models and advancing artificial general intelligence (AGI).
Its flagship Kimi AI assistant has gained recognition for long-context processing, multimodal capabilities and AI agent functionality, positioning the company among the leading players in the generative AI sector.
Pre-listing exposure through asset certificates
The offering is built around KIMI Asset Certificates, which Gate describes as Mirror Notes structured as contingent payout instruments.
Rather than representing equity ownership, the certificates are designed to track Moonshot AI's market valuation before and after a potential IPO, giving investors exposure to price movements tied to the company's future listing.
The subscription window will run from August 11 to August 13, 2026 (UTC). The indicative subscription price has been set between $105 and $115 per certificate, implying a company valuation of roughly $50 billion.
Users can subscribe using either USDT or GUSD, with a minimum investment of 10,000 USDT or GUSD. The offering carries a 5% underwriting fee, while any future profits generated from the investment will be subject to a 20% performance fee.
Certificates are scheduled to be distributed on August 17, with all allocations fully unlocked upon issuance. Gate expects secondary market trading to begin approximately one month later through a dedicated marketplace, where separate maker, taker and trading fees will apply.
Incentives and risk disclosures
Alongside the subscription, Gate is offering several incentives. Eligible VIP users will have access to an exclusive KIMI airdrop campaign, while subscribers using GUSD will earn a 3.8% annualized yield backed by U.S. Treasury bill exposure during the subscription period.
Users subscribing with USDT who do not receive an allocation will also receive a 3.8% annualized subsidy, calculated based on the amount of funds locked throughout the subscription period.
Gate emphasized that the project carries significant risks because Moonshot AI has not yet completed an IPO. The listing timeline remains uncertain, and investors face potential valuation changes, liquidity constraints and the possibility that the IPO may not proceed.
The company noted that refunds would be processed according to platform rules if the underlying transaction is canceled or the planned listing does not take place.
The Moonshot AI launch continues Gate's expansion into tokenized traditional assets and pre-listing investment products. Alongside its Pre-IPOs platform, the exchange has developed services including IPO Access, tokenized securities through gStocks, stock trading and broader real-world asset (RWA) offerings.
The company said it plans to continue expanding access to equities, ETFs and other tokenized financial assets as digital asset infrastructure increasingly converges with traditional capital markets.
U.Today Editorial Team
Dan Burgin
