Ventuals 使用永续期货，与真实资产无挂钩、无到期日；PreStocks 则按一比一将代币挂钩于 SPV 曝险，意在追踪二级市场真实股权，尽管 Anthropic 已明确警告这类结构可能不具法律效力且公司视其为空。尽管如此，Ventuals 自 11 月以来累计交易量约 5×10^8 美元（约 5 亿美元）；PreStocks 自 9 月以来累计交易量超 6.3×10^8 美元（约 6.3 亿美元），这表明投机性定价在扩张，但并不等于真实股权持有。
投资者关注明显从 OpenAI 转向 Anthropic：两个平台给出的 Anthropic 隐含估值约为 1.6 兆美元（USD 1.6T），约为其最新一轮融资估值的两倍；Artemis 数据显示其代币化持仓兴趣约为 OpenAI 的两倍。更广泛的二级市场也出现同向信号：OpenAI 在估值约 1 兆美元后热度转弱，而对 Anthropic 的需求仍高；近期披露中，Google 拟投资高达 100 亿美元（USD 100B）对应 3500 亿美元（USD 350B）估值；其他投资方出价曾达 8000 亿美元（USD 800B），显示对私有 AI 曝露的持续强烈需求。
The article says retail access to private AI giants is becoming part of crypto-market infrastructure. Crypto platforms Ventuals and PreStocks let traders get 24/7 leveraged exposure to firms such as Anthropic, OpenAI and SpaceX, even though these are not traditional public markets. Their combined “open interest plus market value” has grown more than threefold from the start of the year to last month. Major exchanges are now listing pre-IPO assets, broadening participation to tens of millions of users, and Trade.xyz on Hyperliquid is also entering this space. (Key numbers: 24)
Ventuals uses perpetual futures with no underlying asset link and no expiry. PreStocks, by contrast, mints tokens one-to-one to SPV exposure intended to track real equity in secondary markets, but Anthropic has explicitly said these structures may have no legal value and that the company treats them as void. Still, Ventuals has logged about $500 million in volume since November (~5×10^8 USD), while PreStocks has passed $630 million since September (~6.3×10^8 USD), showing that speculative pricing activity is growing even though it is not direct equity ownership.
Investor focus has shifted toward Anthropic: implied valuation across Ventuals and PreStocks is about $1.6 trillion (USD 1.6T), roughly double the company’s most recent funding-round valuation. Artemis data shows Anthropic’s tokenized interest is about twice that of OpenAI on these platforms. The broader secondary market mirrors this trend: OpenAI interest faded after valuations near $1 trillion, while Anthropic demand remains strong. Recent pricing signals include Google’s potential $10 billion (USD 10B) investment at a $350 billion valuation and other bids up to $800 billion, indicating sustained appetite for private AI exposure.