The OpenAI Pre-IPO offering has entered its final settlement stage. The transaction will use the officially confirmed Issued Preferred Shares methodology, while OpenAI's US$950B post-money valuation remains unchanged. The final settlement price has been adjusted from US$900/share to US$778/share. Investors' total investment amount remains unchanged, and the final share allocation will be recalculated based on the confirmed price, ensuring the corresponding ownership interest remains fully aligned with the underlying valuation.
Dear Investor,
Thank you for participating in the OpenAI Pre-IPO offering.
The project has now entered the final settlement and share confirmation stage. Together with the underlying transferor, we have completed the official verification and confirmation of the share capitalization methodology used for settlement. To clarify the pricing mechanism and the final settlement price, we would like to explain the background of this methodology adjustment as follows.
I. Adjustment to the Settlement Pricing Methodology
During the initial subscription period, to help investors quickly estimate their allocation and complete their indication of interest, the reference price was calculated based on the Fully Diluted Share Capital methodology, which is the industry-standard approach commonly used for private secondary transactions. This methodology includes all outstanding option pools, unvested equity incentives, and other potential dilutive securities.
As the transaction enters the final settlement stage, the underlying transferor has completed the official share confirmation for the transferred interests. Accordingly, the final settlement will adopt the Issued Preferred Shares capitalization basis as the official pricing methodology. This is the standard settlement approach used for the same batch of OpenAI secondary share transfers and ensures that each transferred share corresponds directly to the officially registered underlying equity, providing full transparency and consistency.
This adjustment only changes the methodology used to calculate the per-share settlement price. The underlying post-money valuation of OpenAI remains unchanged, and there are no changes to the underlying equity rights, ownership structure, exit mechanism, or overall risk-return profile.
II. Final Settlement Price and Equity Allocation
Based on the official settlement methodology, the final pricing and equity allocation rules are confirmed as follows:
- Underlying Valuation: OpenAI's post-money valuation remains unchanged at US$950 billion.
- Final Settlement Price: Adjusted from the preliminary reference price of US$900 per share to US$778 per share.
- Equity Allocation: Since your subscription was made based on a fixed investment amount, your total investment amount remains unchanged. Your final number of shares will be recalculated using the confirmed settlement price, ensuring that your ownership interest accurately reflects the underlying valuation and equity allocation.
III. Next Steps
Your dedicated relationship manager will contact you within three business days to confirm your final subscription details, including the final number of shares allocated and the total settlement amount. The official subscription confirmation documents will also be updated accordingly.
The overall settlement timeline remains unchanged. The underlying share confirmation, registration, and verification process is proceeding as scheduled, and we will continue to keep you informed of all key milestones in a timely manner.
Thank you for your trust and continued support. We remain committed to overseeing the entire settlement process and ensuring the successful completion of your investment. Should you have any questions, please feel free to contact your dedicated relationship manager at any time.
Stockcoin Team
July 21, 2026