Gate has launched the third phase of its Pre-IPOs project, this time for Moonshot AI, the company behind the popular Kimi AI assistant. The platform is now offering KIMI Asset Certificates, a type of structured note tied to the AI firm's valuation before and after its planned initial public offering. Subscriptions open August 11, 2026, at 07:00 UTC and close two days later at the same time.
What the KIMI Asset Certificates Are
The certificates are Mirror Notes — contingent payout notes designed to mirror Moonshot AI's market value. Moonshot AI focuses on large language models and artificial general intelligence. Its Kimi assistant is known for long-context understanding, multimodal capabilities, and intelligent Agent technology. The subscription price ranges from $105 to $115 per share, implying a valuation of roughly $50 billion.
Subscription Details and Fees
Investors can subscribe using USDT or GUSD, with a minimum of 10,000 of either stablecoin. An underwriting service fee of 5% applies, plus a performance fee — or carry — of 20% on any excess returns. Certificates will be distributed on August 17, 2026, at 07:00 UTC, fully unlocked. They are expected to enter a dedicated market in about one month. That market charges a maker fee of 0.5%, a taker fee of 1.5%, and a secondary trading fee of 1%.
Risks and Contingencies
Gate warns of several risks: uncertainty around the IPO timeline, market volatility, and potential liquidity changes. Profits and losses in the secondary market will be adjusted according to the product's mechanisms. If the IPO goes through, Gate will handle subsequent asset arrangements. If the IPO fails or rights are canceled, refunds will be processed per the rules.
Incentives for Users
VIP users are eligible for an exclusive airdrop. Those who subscribe with GUSD earn 3.8% APR from U.S. Treasury bills. Subscribers using USDT who are not allocated certificates also receive a 3.8% APR subsidy. Gate, founded in 2013, now serves over 58 million users and supports more than 4,900 digital assets and 12,500 stock assets. Its Pre-IPOs program is one of several offerings that include IPO Access, stock trading, and gStocks tokenized securities.
The subscription window closes August 13, 2026, at 07:00 UTC. After that, Gate will distribute the certificates and prepare the dedicated market — assuming the IPO proceeds as planned.
