Gate has announced the launch of its Pre-IPOs Phase 3 Project Moonshot AI (KIMI), focusing on artificial intelligence company Moonshot AI. According to reports from Gate, the project introduces KIMI Asset Certificates, allowing users to subscribe with either USDT or GUSD and gain early exposure to potential value opportunities ahead of the AI unicorn's IPO. The subscription period runs from August 11, 2026, at 07:00 to August 13, 2026, at 07:00 (UTC). The KIMI Asset Certificate is a Mirror Note issued before Moonshot AI's IPO, designed to mirror the company's market value before and after its listing and function as a Contingent Payout Note.
The subscription price is set at $105–$115 per share, subject to final pricing results, with an implied project valuation of approximately $50 billion. As reported by Gate, the project supports subscriptions with both USDT and GUSD, with a minimum single subscription amount of 10,000 USDT or 10,000 GUSD. A 5% underwriting service fee applies to this project, with a 20% performance fee (Carry) charged if excess returns are generated in the future. The Maturity Date is December 31, 2035, after which if the target company has not gone public, been acquired, merged, or gone bankrupt, Gate will settle accounts in USDT based on the Fair Market Value of Moonshot AI's common stock.
Moonshot AI is one of China's leading artificial intelligence companies, focusing on large language model research and development and the exploration of artificial general intelligence. According to Gate's reports, its Kimi AI assistant has gained widespread attention in the AI application space for its ultra-long-context understanding, multimodal capabilities, and intelligent Agent technology, while continuing to advance the practical application of artificial intelligence in knowledge processing, content creation, and productivity scenarios. The KIMI Asset Certificate is a Mirror Note that tracks the value of the company's common stock based on the stock price, with the total number of shares estimated at 4.56 billion.
Following the subscription period, KIMI Asset Certificates will be distributed on August 17 at 07:00 (UTC), with 100% of the assets unlocked. As reported by Gate, they are expected to enter the dedicated market for trading in about one month. The dedicated trading market features a 0.5% Maker fee and 1.5% Taker fee, while a 1% trading fee applies to the dedicated secondary market. Secondary transfers will use a dedicated trading market, allowing free transfers and principal withdrawals. Profit tied to the target company's stock listing will remain locked until the listing unlocks, with users able to sell their holdings to recover principal through the dedicated trading page based on real-time market prices.
Gate is simultaneously launching multiple subscription benefits, including eligible VIP users participating in the Moonshot AI (KIMI) exclusive airdrop program. According to the announcement, GUSD subscribers can enjoy a 3.8% APR yield from U.S. Treasury bills, distributed daily automatically with zero redemption fees. For users subscribing with USDT, the platform will subsidize subscription funds at a 3.8% APR if no allocation is received. The interest subsidy is available only to USDT subscription users, with subsidies of less than 0.5 USDT per subscription not being distributed. Gate reminds users of associated risks, including uncertainty regarding IPO timeline, market volatility, and potential refunds if the target company fails to complete its IPO. The project may be canceled and refunded due to factors such as the underlying mirrored asset triggering ROFR, with an estimated probability of approximately 20%.
