In the past, the capital markets followed a relatively clear path when evaluating technology companies. Typically, a company would go through the stages of entrepreneurship, fundraising, commercial expansion, and eventually enter the public market via an IPO. Stock prices then became a key metric for assessing enterprise value. However, with the rapid growth of the artificial intelligence industry, this model is undergoing significant change.
Emerging tech companies, especially those in AI, often achieve global influence well before going public. Breakthroughs in technology, user growth, industry partnerships, and capital investments allow these firms to accumulate substantial value ahead of entering public markets. As a result, the IPO is no longer the first time a company is widely priced by the market. Instead, it has become an important milestone in the company’s growth journey.
This shift is particularly evident among AI companies like OpenAI. The rapid advancement of generative AI has moved artificial intelligence from laboratory innovation to commercial application, with large-scale models becoming the new technological infrastructure. The market’s focus has expanded beyond the success of individual products to whether companies can secure a central position in the future AI value chain.
Consequently, investment strategies around AI unicorns are evolving. Investors are increasingly interested in the pre-IPO growth stages, seeking to understand how these companies scale, how their valuations are formed, and what value shifts may occur once they enter public markets.
Why OpenAI Has Become the AI Company of Interest in Capital Markets
OpenAI stands as a leading force in the current AI industry, with much of its influence stemming from the transformative impact of ChatGPT.
The launch of ChatGPT propelled generative AI into mainstream awareness, prompting businesses to reassess the value of artificial intelligence in areas such as workplace efficiency, software development, customer service, and digital transformation. As more companies explore AI applications, the capabilities of large models are emerging as a new competitive asset.
Yet, OpenAI’s value extends far beyond ChatGPT.
Compared to traditional software firms, AI companies operate under a more complex growth logic. They must possess advanced model capabilities, continually invest in computing resources, data systems, and R&D teams, and build robust ecosystems for developers and enterprise applications. This means that market valuations for AI companies must account for long-term growth potential.
Currently, OpenAI is one of the most closely watched AI unicorns in global capital markets. Ongoing discussions about its potential IPO, valuation, and industry status reflect investors’ efforts to rethink how enterprise value is created in the age of artificial intelligence.
From a capital perspective, OpenAI represents more than just a company—it embodies a new type of tech enterprise. It connects model development, user applications, and the future intelligent ecosystem, which is why it attracts sustained market attention.
Why Super Unicorns Are Extending Their Pre-IPO Growth Phase
In recent years, a clear trend has emerged: more super unicorns are choosing to delay their IPOs. Traditionally, reaching a certain scale led companies to prioritize going public. Now, some tech firms opt to remain in the private market, securing growth capital through fundraising while retaining greater strategic flexibility.
Several factors drive this change. For fast-growing tech companies, entering public markets too early can mean facing quarterly performance pressures, market volatility, and short-term investor expectations. Staying private allows these firms to focus more intensely on technology R&D, product development, and ecosystem expansion.
This is especially true for AI companies. The artificial intelligence sector is still rapidly evolving, with technical approaches, business models, and competitive landscapes in constant flux. Companies may prefer to wait until their business models are more mature and market conditions are more favorable before going public.
As a result, investor interest in the pre-IPO phase continues to rise.
When a company has strong technical capabilities and market influence but has not yet gone public, its growth stage itself becomes a focal point for investors.
How Pre-IPOs Bridge Company Growth and Public Markets
The emergence of Pre-IPOs fundamentally reflects a shift in how capital markets discover enterprise value. Traditional IPOs primarily address financing and trading once a company enters the public market, while Pre-IPOs focus on the developmental stage before listing.
For investors, the pre-listing phase is often marked by significant uncertainty but also critical changes in company growth. Whether a company will eventually go public, how the market will value it, and whether industry trends will persist—all these factors can influence the performance of assets during this stage.
It’s important to note that Pre-IPOs are not equivalent to stock investments. Since the target companies have not officially listed, related assets typically do not represent company shares and do not grant traditional shareholder rights. Different products use various structural designs to track changes in enterprise value and offer corresponding exit mechanisms.
As super enterprises continue to emerge in AI, robotics, aerospace, and biotech, the market’s interest in pre-listing asset forms is also increasing.
Gate Pre-IPOs Phase II: OpenAI (OPENAI) Project Progress Update
Against the backdrop of heightened interest in AI unicorns, Gate Pre-IPOs Phase II OpenAI (OPENAI) has become a notable case in the market. Gate has completed the distribution of the first batch of OPENAI asset certificates, issued associated rewards, and refunded unsuccessful subscription funds. According to project rules, OPENAI asset certificates will be unlocked in three phases. The first phase has been released, with the second and third phases scheduled for August 17, 2026, and September 17, 2026, respectively.
Meanwhile, OPENAI asset certificates will be available for pre-market trading in the Gate Pre-IPOs section, with the trading pair OPENAI/USDT, supporting 24/7 trading. Market prices will be determined by supply and demand during trading, providing users with a channel to observe shifts in market expectations for leading AI companies.
From a product perspective, OPENAI asset certificates use the Mirror Note structure to reflect changes in OpenAI’s market value before and after listing. It’s important to clarify that these asset certificates do not represent OpenAI company shares or stock, nor do they imply any equity relationship between investors and OpenAI.
Gate Pre-IPOs leverages digital mechanisms to structurally present the pre-listing stage, which is traditionally difficult for investors to access, enabling users to directly track value changes as tech companies progress from growth to public markets.
What New Market Dynamics Might AI Assets Create?
The rise of artificial intelligence is ushering capital markets into a new era. In the future, enterprise value discovery may not be limited to IPOs and post-listing stock markets, but will follow a more continuous development path. Early-stage companies drive innovation through venture capital, growth stages connect market attention via diverse financial instruments, and mature firms enter public markets for broader trading.
This trend is especially significant for AI companies. Given the rapid pace of technological iteration, competitive advantages can form quickly. Market assessments of enterprise value may occur earlier than ever before. Of course, pre-listing assets come with greater uncertainty. Whether the target company will go public, whether valuations will continue to rise, and whether market liquidity will be sufficient—all these factors can impact asset performance. Therefore, users should fully understand product structures and potential risks when considering such opportunities.
From OpenAI to the next wave of AI unicorns, capital markets are exploring new ways to discover value. Listing is no longer the sole milestone in enterprise value creation—it may simply be one stage in a company’s growth cycle. Under this trend, Pre-IPOs could become a vital bridge between technological innovation and capital markets, with the AI sector driving this transformation.
FAQ
Why is OpenAI attracting capital market attention?
OpenAI is a major player in generative AI. Its technical capabilities, user base, and future ecosystem value have made it one of the most closely watched tech companies worldwide.
Why are super unicorns delaying their IPOs?
Some companies prefer to remain private longer to gain more room for growth, waiting until their business models, market conditions, and scale are more mature before entering public markets.
What’s the difference between Pre-IPOs and IPOs?
An IPO is when a company officially enters the public market and issues shares. Pre-IPOs focus on the developmental stage and value changes before a company goes public.
What is Gate Pre-IPOs Phase II OpenAI (OPENAI)?
Gate Pre-IPOs Phase II OpenAI (OPENAI) uses the Mirror Note structure to reflect OpenAI’s market value before and after listing. It does not represent OpenAI company shares.
What should you be aware of when participating in pre-listing asset opportunities?
Pre-listing assets typically carry higher uncertainty. Factors such as the company’s listing timeline, market conditions, and asset liquidity may affect performance. It’s essential to fully understand the associated risks before participating.
