PreStocks on Solana has captured 78% of all buying and selling quantity in pre-IPO OpenAI and Anthropic tokens, in response to a brand new Allium Labs report. The platform has processed $414.7 million in quantity since its September 2025 launch.
Three venues observe publicity to the 2 synthetic intelligence (AI) labs forward of anticipated preliminary public choices (IPOs). Rival platform Ventuals wound down its Hyperliquid markets on June 15. Solana now dominates the house that continues to be.
PreStocks on Solana Widens Its Lead
Mixed quantity throughout all three venues reached $532.1 million since inception, Allium Labs discovered. PreStocks alone accounts for $414.7 million of that complete. Ventuals’ Hyperliquid shutdown left it with $114.1 million, or 21% of the mixed determine. Positions closed on June 15.
PreStocks generated $2.4 million in recent buying and selling over the past 30 days. Ventuals’ $11 million determine, in distinction, displays the one-time unwind of its closing positions moderately than new exercise. Whole quantity throughout all three venues reached $15.2 million over the past 30 days. Lively buying and selling alone amounted to only $4.2 million as soon as the Ventuals unwind is excluded.
In the meantime, the sample echoes SpaceX tokens on Solana, the place onchain venues absorbed buying and selling curiosity forward of a Nasdaq itemizing.
Investor Urge for food Builds Round Pre-IPO Publicity
PreStocks tokens observe pre-IPO share worth by particular function automobile (SPV) constructions. Holders can commerce that publicity across the clock. Solana’s position displays a broader shift, as tokenized real-world belongings more and more settle there earlier than reaching public markets.
The construction held up higher after Could 13, when OpenAI and Anthropic each rejected unauthorized transfers of worker shares. Because of this, that call weakened the authorized foundation for tokens relying on share recognition.
Perpetual futures and prediction markets, nevertheless, don’t declare underlying shares. The Could ruling largely spared them. Merchants have proven an identical urge for food for pricing SpaceX earlier than its IPO, weighing the identical questions SpaceX pre-IPO traders confronted earlier than that itemizing.
Anthropic’s tokenized shares have beforehand implied valuations far above personal funding rounds. That hole underscores how skinny these markets stay.
That urge for food extends past pre-IPO tokens. BlackRock, the world’s largest asset supervisor with $15 trillion in belongings underneath administration (AUM), filed with the SEC to situation tokenized fund shares on Solana. The submitting accompanies the launch of the BlackRock Day by day Reinvestment Stablecoin Reserve Car, a money administration product constructed to carry stablecoin reserves onchain.
Institutional demand for Solana-based merchandise now sits alongside the retail urge for food driving PreStocks and its rivals.
Allium Labs cautioned that each day quantity on quieter days has stayed close to $100,000. That’s skinny sufficient for costs to diverge sharply from precise funding spherical phrases. Subsequently, whether or not PreStocks on Solana can maintain its lead as soon as an IPO submitting arrives stays an open query.
A near-term OpenAI or Anthropic itemizing would take a look at that thesis immediately.
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