An AI infrastructure project is launching its token through a Dutch auction mechanism on December 15, starting from a $1 million fully diluted valuation. Here's the twist that most retail investors might miss: while the project previously secured funding at a $1 billion valuation from major venture capital, early auction participants could enter at prices potentially 1000x lower than that benchmark.

The auction mechanics work like this: initial bidders lock in the lowest entry price, then the cost gradually climbs toward the valuation ceiling as more participants join. Only 3% of total token supply is available in this round, with a $100 minimum bid requirement.

The real opportunity—or risk—lies in timing. Those who wait to "see how it plays out" will likely face significantly higher entry costs than those who commit during the opening window. It's a classic early-mover advantage scenario, assuming the project delivers on its AI infrastructure promises.