PreStocks on Solana now controls 78% of all trading volume in pre-IPO OpenAI and Anthropic tokens, processing $414.7 million since launching in September 2025. The platform's dominance reflects a broader shift toward tokenized real-world assets settling on Solana before hitting public markets, much like the earlier wave of SpaceX pre-IPO trading.
Three venues originally tracked exposure to these two AI labs. Ventuals wound down its Hyperliquid markets on June 15, leaving combined volume across all platforms at $532.1 million. PreStocks absorbed the lion's share. Ventuals held $114.1 million, or 21% of the combined figure, with positions closed as of that June date.
Activity Slows After the Shutdown
Over the last 30 days, PreStocks generated $2.4 million in fresh trading. Ventuals' $11 million figure mostly reflects the one-time unwind of closing positions rather than new activity. Total volume across all three venues hit $15.2 million in the same window, though active trading alone dropped to just $4.2 million once the Ventuals unwind is excluded.
The tokens themselves track pre-IPO share value through special purpose vehicle structures. Holders trade that exposure around the clock on Solana, bypassing traditional market hours. The setup held up reasonably well even after May 13, when OpenAI and Anthropic both rejected unauthorized transfers of employee shares. That decision weakened the legal basis for tokens claiming underlying shares, but perpetual futures and prediction markets sidestepped the ruling since they don't claim actual equity.
Traders have shown similar appetite for pricing SpaceX before its eventual Nasdaq listing, weighing the same questions that SpaceX pre-IPO investors faced before going public. The pattern suggests investors increasingly use tokenized vehicles to get early exposure to major companies, testing valuations on blockchain rails before official launches.
This material is informational only and should not be construed as financial advice or investment guidance.
