What are the differences between Gate Pre IPO Phase 3 launch Kimi, SPV, SPV Mirror, and Mirror Note Gate will launch the third phase of Pre IPOs tomorrow afternoon, which is Moonshot AI, also known as the Dark Side of the Moon (KIMI) project. The first two phases were SpaceX and OpenAI, respectively. SpaceX had a quota of approximately $20 million in the first phase, and ultimately subscribed for nearly $400 million. OpenAI's subscription rate for the second phase also exceeded 1300%, indicating that cryptocurrency investors do have a strong demand for investment opportunities in top unlisted companies. I won't dwell on the details of subscription. Overall, the earlier you participate, the higher the allocation weight you will ultimately receive. During the subscription period using GUSD, you can still receive a 3.8% yield on current US bonds, with zero redemption fees. VIP users also have an additional KIMI airdrop. I would like to focus on the structure of this product. I have introduced SPV and SPV mirror many times before. Interested friends can search and see, and this time KIMI uses Mirror Note, which is a mirror ticket. Although all three methods ultimately appear to provide ordinary investors with price exposure to an unlisted company, the legal relationship is actually quite different. The most traditional one is SPV. Simply put, it is to first establish a special purpose company, which will actually buy shares of Moonshot AI, and then investors will buy shares or shares of SPV. So although investors are not direct shareholders of the target company, there is indeed real equity at the bottom, and investors have legal rights to the SPV itself that holds these shares. Simply put, it means that the shares of the target company are placed in a box, and investors hold a portion of this box. The SPV image is separated by another layer. At the bottom level, there can still be an SPV that truly holds company shares, but investors may not necessarily receive the shares of the SPV itself, but rather certificates or mapped assets issued by the platform based on the asset value of this SPV. That is to say, at the bottom level, real equity can still be found, as well as specific SPVs holding shares, but there is an additional layer of contractual relationship between investors and SPVs. If the SPV holds $100 million Moonshot AI shares, the platform can issue corresponding mirror products based on the value of these assets. However, holding mirror products does not mean legally holding SPV shares directly. Ultimately, it depends on whether the contract truly transfers the economic rights of the SPV to investors. And Mirror Note took another step forward. The core that investors receive is a bill, which is settled according to Moonshot AI's enterprise value, future IPO price, and pre agreed rules. The issuer can purchase Moonshot AI shares externally, or establish hedging through SPVs, old shares, or other means, but these are more about how the issuer manages its own risks and do not necessarily mean that these shares legally belong to KIMI holders. So the three structures can be easily understood: 1. SPV is an SPV with real equity at the underlying level, and investors hold SPV with these equity holdings. SPV mainly depends on the valuation, equity authenticity, legal structure, and future exit of the target company. 2. The SPV mirror can also have real equity at the underlying level, but investors hold a mapping of the SPV's value. In addition to the content of the SPV, the SPV image also depends on whether there is a complete legal correspondence between the image assets and the underlying SPV. The core of Mirror Note is a contract between the issuer and investors, where investors receive an economic exposure linked to the value of the target company. Mirror Note, on the other hand, relies more on the issuer's ability to fulfill its obligations, settlement rules, and counterparty risk, as the amount of money investors can ultimately receive is executed according to the bill contract. Of course, Mirror Note also has its own advantages, which is to standardize the Pre IPO exposure that was originally very difficult to split and trade. It can be subscribed directly through USDT or GUSD, and can later enter the dedicated market for trading. Simply put, SPV is closer to indirect shareholding, and SPV mirroring maps the value of the actual shareholding SPV to another layer, while Mirror Note buys a contract linked to the value of the target company.