PreStocks

PreStocks is a Solana-based platform issuing tokenized economic exposure to private companies before their public listings. Founded by Xavier Ekkel and launched August 7 2025, the platform lets non-US retail investors buy and sell SPL tokens tied to SpaceX, OpenAI, Anthropic, Anduril, xAI, Neuralink, Kalshi, Polymarket, Discord, and Kraken. Each token is structured as a Regulation S debt instrument backed by special purpose vehicles that hold equity positions or secondary-market exposure to the target companies. Tokens track each company implied valuation and are backed 1:1 against SPV exposure per the platform. Trading runs 24/7 on Jupiter and Raydium with no management or performance fees and instant settlement. Redemption requires KYC: users request USDC at a stated price floor; the SPV sells off-chain equity and remits USDC to the wallet. The catalog launched with SpaceX, OpenAI, Anduril, and Anthropic and has expanded to xAI, Neuralink, Kalshi, Polymarket, Discord, Kraken, Epic Games, and Canva. The SpaceX token converts to a tokenized public-stock equivalent post-IPO, with a March 12 2027 deadline after which unclaimed tokens expire. Platform integrations include Jupiter limit orders, Raydium, Backpack, OKX, Trust Wallet, Binance Wallet, and Robinhood wallets, plus CoinGecko, CoinMarketCap, and Birdeye listings. Xavier Ekkel previously worked as a software engineer at Canva and founded PreStocks after finding no retail route to other late-stage private companies. The company is Singapore-based and raised a 2.1M seed round led by Republic Capital, bringing total funding to approximately 3.2M. The platform recorded 1.29M in volume day one, dropped 90 percent within a week, then recovered strongly: by March 2026 cumulative volume reached 544.78M with 302.87M in March alone and roughly 12910 token holders. In May 2026 both Anthropic and OpenAI issued warnings that their transfer restrictions prohibit SPV equity acquisition without board approval and that existing transfers are void. The Anthropic token fell 34 percent and OpenAI token fell 39 percent. The episode revealed a gap between the dashboard implied Anthropic valuation above 1.3 trillion and roughly 23M in total claimed SPV assets; attestation reports confirming 1:1 backing had not been published. The SPACEX token also traded at a discount to public shares post-IPO during an initial lockup period. All tokens confer no ownership, voting rights, dividends, or legal claims; may result in total loss; and are unavailable to US persons. PreStocks operates within Solana growing RWA layer alongside tokenized equity and treasury products, selecting Solana for throughput and low fees. Its core challenge is delivering genuine private-equity exposure under Regulation S without issuer authorization — the defining tension of the product and its principal risk for holders.