GPT-4.5 is expected to be released before July 2024, with a cutoff date of June 30, 2024, for a "yes" outcome. The release must be publicly available and not just paid users or beta/test versions to fulfill the payout criterion. A large language model that is merely a successor in naming convention, like GPT-5, does not meet the criteria. If OpenAI releases GPT-4.5 as intended, the market will resolve to "yes", indicating the new model has been made public by June 30, 2024. A "no" outcome indicates any release after July 2024 or before June 30, 2024, that does not meet the payout criterion.