PreStocks on Solana has captured 78% of all trading volume in pre-IPO OpenAI and Anthropic tokens, according to a new Allium Labs report. The platform has processed $414.7 million in volume since its September 2025 launch.

Three venues track exposure to the two artificial intelligence (AI) labs ahead of expected initial public offerings (IPOs). Rival platform Ventuals wound down its Hyperliquid markets on June 15. Solana now dominates the space that remains.

PreStocks on Solana Widens Its Lead

Combined volume across all three venues reached $532.1 million since inception, Allium Labs found. PreStocks alone accounts for $414.7 million of that total. Ventuals’ Hyperliquid shutdown left it with $114.1 million, or 21% of the combined figure. Positions closed on June 15.

PreStocks generated $2.4 million in fresh trading over the last 30 days. Ventuals’ $11 million figure, in contrast, reflects the one-time unwind of its closing positions rather than new activity. Total volume across all three venues reached $15.2 million over the last 30 days. Active trading alone amounted to just $4.2 million once the Ventuals unwind is excluded.

Meanwhile, the pattern echoes SpaceX tokens on Solana, where onchain venues absorbed trading interest ahead of a Nasdaq listing.

Investor Appetite Builds Around Pre-IPO Exposure

PreStocks tokens track pre-IPO share value through special purpose vehicle (SPV) structures. Holders can trade that exposure around the clock. Solana’s role reflects a broader shift, as tokenized real-world assets increasingly settle there before reaching public markets.

The structure held up better after May 13, when OpenAI and Anthropic both rejected unauthorized transfers of employee shares. As a result, that decision weakened the legal basis for tokens depending on share recognition.

Perpetual futures and prediction markets, however, do not claim underlying shares. The May ruling largely spared them. Traders have shown a similar appetite for pricing SpaceX before its IPO, weighing the same questions SpaceX pre-IPO investors faced before that listing.

Anthropic’s tokenized shares have previously implied valuations far above private funding rounds. That gap underscores how thin these markets remain.

That appetite extends beyond pre-IPO tokens. BlackRock, the world’s largest asset manager with $15 trillion in assets under management (AUM), filed with the SEC to issue tokenized fund shares on Solana. The filing accompanies the launch of the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cash management product built to hold stablecoin reserves onchain.

Institutional demand for Solana-based products now sits alongside the retail appetite driving PreStocks and its rivals.

Allium Labs cautioned that daily volume on quieter days has stayed near $100,000. That is thin enough for prices to diverge sharply from actual funding round terms. Therefore, whether PreStocks on Solana can sustain its lead once an IPO filing arrives remains an open question.

A near-term OpenAI or Anthropic listing would test that thesis directly.

Source: BeInCrypto