Retail’s Pre-IPO Backdoor: Anthropic on Solana, Explained

Anthropic’s last priced round valued it at $380 billion, but tokens on Solana now imply roughly $850 billion and unaccepted VC offers reach $800 billion.

Anthropic‘s Solana-traded tokens now imply an $850 billion valuation, the first time retail can watch a near-trillion-dollar pre-IPO company trade in real time. The primary-market number is smaller. Anthropic closed its Series G at $380 billion post-money on February 12, 2026. Bloomberg reported on April 14 a new round of investor offers landing at $800 billion, none accepted. On PreStocks, a Solana-based tokenization platform, the same shares trade at roughly $911 apiece, pricing the company near $850 billion.

That third number is the one retail can actually watch. It moves minute by minute. The official valuation lands once a funding round. The gap is where this story lives.

How a Pre-IPO Token Actually Works

Anthropic does not issue tokens. PreStocks does. The platform buys Anthropic shares on the private secondary market, parks them inside a Special Purpose Vehicle (an SPV, which is a shell company created to hold a single asset on behalf of investors), and issues one Solana SPL token for every share the SPV owns. Buy a token and you get economic exposure. The price is supposed to track the share price. You do not get voting rights, direct ownership of Anthropic stock, dividends, or a guarantee the SPV is independently audited. PreStocks told DL News in April that third-party attestation reports are “a work-in-progress.”

“Regulations are definitely the biggest constraint,” founder Xavier Ekkel told Sacra in August, comparing PreStocks to early Uber and Airbnb.

The Paper Gain That Cannot Be Sold

DL News traced one Solana wallet that spent roughly $572,000 on the Anthropic token at an average cost around $220. It now holds 2,593 tokens, 31 percent of total supply, worth about $2.36 million at the April 14 spot price of $911. On paper, up roughly $1.5 million. DL News simulated a sell at market and found on-chain liquidity could absorb only about $572,000, and only at a 34 percent discount to spot, a return to cost basis rather than realized profit. A tokenized share price is only as useful as the order book on the other side of it.

What U.S. Retail Can Actually Buy

PreStocks blocks U.S. persons in its terms. U.S. retail reaches pre-IPO AI names through regulated wrappers instead. Destiny Tech100 (ticker DXYZ) is a closed-end fund on the NYSE holding SpaceX, Anthropic, OpenAI, and about thirty others, though it has historically traded at a large premium to net asset value. The Fundrise Innovation Fund reportedly carries a roughly 20 percent Anthropic weight, with a $10 minimum. The ARK Venture Fund (ARKVX) holds about 3.8 percent Anthropic plus SpaceX and OpenAI. Accredited buyers can match with existing shareholders on Forge Global (being acquired by Charles Schwab), Hiive, and EquityZen, where single-company SPVs typically start at $10,000. Republic’s Mirror Tokens (rOpenAI and rSpaceX live, rAnthropic announced) are Reg CF debt securities paying out pro-rata on an IPO or acquisition.

What to Watch

SEC enforcement: The SEC’s Division of Corporation Finance said on January 28 that third-party “synthetic” tokens tracking pre-IPO equity are still securities. Expect more guidance on whether non-U.S. platforms are being actively geofenced.

Company response: OpenAI disavowed Robinhood’s EU tokens last July: “We did not partner with Robinhood, were not involved in this, and do not endorse it.” Anthropic has not commented on PreStocks.

The trillion-dollar mark: Anthropic’s annualized revenue ran at roughly $30 billion in early April, up about 1,400 percent year-over-year. A priced primary round above $1 trillion could arrive before the IPO filing.