Following OpenAI, Gate's third phase of Pre-IPOs introduces Moonshot AI (KIMI), with an implied valuation of approximately $50 billion. Currently, based on pre-market trading prices on other platforms, calculated at around $67 per billion shares, the corresponding valuation is approximately $67 billion, which is higher than Gate's subscription valuation. This theoretically leaves some room for price arbitrage. The launch of Kimi's Pre-IPO at this time likely follows the recent release of Kimi K3, which has significantly increased market attention and discussions around Moonshot AI. This could be considered a critical turning point for Kimi. Breakthroughs in areas like model capabilities, extended context length, and multimodal functionality have led the market to reassess Kimi's positioning and valuation. As a key player in China's open-source large model space, Kimi has always been a hot IPO target among AI unicorns. With the market buzz growing, the transfer of Kimi's existing shares has also become more active. There are now various participation methods resembling PE funds in the market, with fee structures including front-end fees of about 7.5%-10%, annual management fees of 2%, and 20% carry on excess returns. The amounts involved are substantial, making it difficult for retail investors to participate. Key details: Subscription period: August 11, 15:00 - August 13, 15:00 (UTC+8) Subscription price: $110/share (final price subject to official confirmation) Minimum subscription amount: 10,000 USDT/GUSD, dual-currency subscription supported Distribution date: August 17, 100% unlocked, followed by trading in Gate's dedicated Pre-IPO market Profit estimation: Fee structure: 5% underwriting fee, 20% carry on profits, special trading zone fees (M0.5%/T1.5%). If fully allocated and based on current pre-market prices: subscribing at $110/share, the theoretical single-period net return is approximately 21%-24%. Based on the capital lock-up period: 2 days during the subscription phase, with secondary market trading expected to open about 1 month after distribution. Assuming a simple 1-month capital lock-up, the theoretical annualized return is over 200%. Note that this is a static estimate and does not represent actual returns. Allocation availability is also a key factor. The official account @Gate_zh has highlighted some risks and uncertainties. It's also important to keep an eye on pre-market prices and the liquidity situation once the secondary market opens.