PACK NO. 06
Before they go public
A piece of OpenAI and Anthropic, before the IPO.
OpenAIOpenAIOPENAI · 40%
AnthropicAnthropicANTHROPIC · 35%
NVIDIANVIDIANVDA · 25%
Interest up 7% this week176k Wikipedia reads about these companies
Tokenized stocks that track the real share price, bought into your own wallet. They can lose value.
Pre-IPO Private companies through PreStocks’ tokens: no public share price, and the issuer can freeze or buy back holdings.
The idea
The companies winning this cycle never listed
The two labs setting the pace have no ticker. Tokenized pre-IPO exposure is the only way a public-market buyer can hold them at all — and it comes with an issuer who can take it away.
Why these three
- OpenAI
OpenAIThe frontier, unlisted · 40%
The company most associated with this cycle and entirely inaccessible on a public exchange. Its token has the deepest book of the pre-IPO set, which is what makes a basket-sized position fillable at all.
- Anthropic
AnthropicThe other frontier lab · 35%
The second name in the same race, and the one whose revenue is weighted toward enterprise rather than consumer, so the two legs are not the same bet twice.
- NVIDIA
NVIDIAThe public price check · 25%
The one holding with a continuous public market behind it. It is here so the basket has a reference that cannot be set by the issuer of the other two.
The other side
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.
Record (Since the tokens launched · Jan 20): token prices on Solana exchanges, not share prices, before fees. “Live” is the thesis’s public record since its call opened on Sep 25, 2026. “Interest” is human page views of each company’s English Wikipedia article, the last 7 days against the 7 before. Past performance isn’t a promise.
Sources and version history