Private AI Labs

The case

Every listed AI basket is a bet on the suppliers and the buyers of compute, because the companies actually building the frontier models are private. That is a gap in what a public-market investor can express, not a judgement that the private companies are better businesses. PreStocks tokens close the gap: they reference economic exposure to OpenAI and Anthropic, and they settle on Solana against USDC like anything else in this catalogue. The listed leg is here to keep the basket honest — if the private names are mispriced by their own thin books, the supplier leg is the part with a public price to check them against.

The case against

The wrapper is the risk, and it is larger than the companies. The issuer holds permanent delegate, freeze and pause authority over both pre-IPO mints from a single key, and its terms reserve the right to claw back or compulsorily redeem a holding at a price it sets — which it says may be nil — with no notice and no appeal. There is no named legal entity behind it, no proof of reserves, and no confirmed retail redemption path. Every transfer pays a 0.5% fee the issuer can raise on tokens already held. On top of that the books are thin enough that the market price sits at a persistent premium or discount to the issuer's own reference price, so a buyer is not buying at net asset value. It is entirely possible to be right about OpenAI and Anthropic and still lose everything here.

What would change the call

Any of: a public clawback, freeze or forced redemption of a holder's PreStocks position; the transfer fee being raised; or the market price staying more than 15% from the issuer's reference price for a month. Any one of those makes the wrapper, not the companies, the thing being traded.

Written by the Thesis team. The team holds no position in these companies or their tokenized shares, and is paid nothing by any of them.