Tokenized pre-IPO shares of private AI giants, including Anthropic and OpenAI, are already trading on the smart contract platform Solana (SOL), with the Claude maker getting much of the attention.
Data from the crypto analytics platform Token Terminal shows that Anthropic’s tokenized market cap on SOL has soared close to $8 million, climbing steeply over the past month.
“Anthropic is the fastest-growing tokenized pre-IPO stock on Solana, with market cap up ~100% in the past month.”
On top of Anthropic, tokenized pre-IPO shares of SpaceX, OpenAI, xAI, Anduril, Polymarket and Kalshi are also trading on the smart contract protocol.
Data from Jupiter, the Solana-based decentralized exchange (DEX) aggregator, shows that tokenized pre-IPO shares of Anthropic are currently trading at $911.81 with 2,430 holders.
According to Jupiter, the market offers a way for everyday crypto users to get exposure to Anthropic’s growth story right now without waiting for an IPO, without needing to be an accredited investor and without going through traditional financial channels. The tokens are backed by real Anthropic shares held by a special purpose vehicle and are designed to track the AI firm’s private valuation.
“Solana token providing 1:1 economic exposure to Anthropic’s pre-IPO valuation through SPV-backed shares, enabling 24/7 permissionless trading.”
Traders can buy pre-IPO tokens of Anthropic, OpenAI, xAI, SpaceX and others using stablecoins USDT and USDC or SOL.
Token Terminal also follows the growth of the market cap of tokenized US Treasuries, which has been on a rise since late 2024.
“BREAKING: The market cap of tokenized U.S. Treasuries surpasses $13B.
Leading products by market cap: USYC (Circle), BUIDL (Securitize), JTRSY (Centrifuge), USDY (Ondo Finance), and WTGXX (WisdomTree).”
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