According to a new Allium Labs report, PreStocks on Solana has captured 78% of all trading volume in pre-IPO OpenAI and Anthropic tokens. The platform has processed $414.7 million in volume since its September 2025 launch, significantly outpacing rival platforms. Combined volume across all three venues tracking AI exposure reached $532.1 million since inception, with PreStocks alone accounting for the majority of this activity. The dominance comes after rival platform Ventuals wound down its Hyperliquid markets on June 15, leaving it with $114.1 million in volume, representing just 21% of the combined figure.
The dominance comes after rival platform Ventuals wound down its Hyperliquid markets on June 15, leaving it with $114.1 million in volume, representing just 21% of the combined figure. PreStocks generated $2.4 million in fresh trading over the last 30 days, while Ventuals' $11 million figure reflects the one-time unwind of closing positions rather than new activity. Total volume across all three venues reached $15.2 million over the last 30 days, with active trading alone amounting to just $4.2 million once the Ventuals unwind is excluded. The pattern echoes SpaceX tokens on Solana, where onchain venues absorbed trading interest ahead of a Nasdaq listing.
According to the report, PreStocks tokens track pre-IPO share value through special purpose vehicle (SPV) structures, allowing holders to trade exposure around the clock. The structure held up better after May 13, when OpenAI and Anthropic both rejected unauthorized transfers of employee shares, which weakened the legal basis for tokens depending on share recognition. Perpetual futures and prediction markets, however, do not claim underlying shares and were largely spared by the May ruling. This legal framework has become increasingly important as institutional demand for Solana-based products grows alongside retail appetite for pre-IPO tokens.
As reported by Allium Labs, BlackRock, the world's largest asset manager with $15 trillion in assets under management, filed with the SEC to issue tokenized fund shares on Solana. This filing accompanies the launch of the BlackRock Daily Reinvestment Stablecoin Reserve Vehicle, a cash management product built to hold stablecoin reserves onchain. The pattern echoes SpaceX tokens on Solana, where onchain venues absorbed trading interest ahead of a Nasdaq listing. Traders have shown similar appetite for pricing SpaceX before its IPO, weighing the same questions SpaceX pre-IPO investors faced before that listing.
According to Allium Labs, daily volume on quieter days has stayed near $100,000, which is thin enough for prices to diverge sharply from actual funding round terms. The report notes that whether PreStocks on Solana can sustain its lead once an IPO filing arrives remains an open question, with a near-term OpenAI or Anthropic listing potentially testing this thesis directly. Anthropic's tokenized shares have previously implied valuations far above private funding rounds, underscoring how thin these markets remain and highlighting the importance of institutional adoption for market depth.
