Market Trends
Why Pre-IPO Prices Differ: How to Read an OpenStocks Price
Why Pre-IPO Prices Differ: How to Read an OpenStocks Price
Addhyan Negi
·
The same private company can trade at a lower price on OpenStocks than on other platforms. This report explains why, and how to read an OpenStocks price.
OpenStocks Research, September 2026.
Key figures
$1.94T — Average Anthropic valuation implied by perpetual futures on September 1, 2026. The OpenStocks token implied $1.70T on August 31.
~38% — How much lower Neuralink traded on OpenStocks than on another tokenized pre-IPO platform on September 28, 2026.
79% — Average price of venture fund stakes sold on the secondary market in H1 2026, as a share of their reported value.
The short answer
Different products: An OpenStocks token gives economic exposure to a company's private share price. Other platforms may hold SPV interests or use different structures and units, so their tokens are a different thing with a different price.
Separate markets: Every platform has its own buyers, sellers and pools, and tokens can't be swapped from one platform to another. Nothing pulls their prices together.
Open onchain pricing: Our price is whatever the USDT pool quotes at the moment of each trade, shown next to our reference price. When sellers outnumber buyers, the token can trade below that reference.
One company, multiple prices
In late August, Anthropic perpetual futures implied a valuation ~14% above the OpenStocks token: an average of $1.94 trillion across 19 venues on September 1, against $1.70 trillion for oANTHROPIC on August 31.
Both numbers are right for what they measure: a perpetual future prices a leveraged position between two traders, and an OpenStocks token prices economic exposure in its own onchain market. So before comparing prices, check which product you are looking at.
Anthropic implied valuation: OpenStocks and perpetual futures
Product | Date | Implied valuation |
|---|---|---|
OpenStocks token (oANTHROPIC) | August 31, 2026 | $1.70T |
Perpetual futures (average of 19 venues) | September 1, 2026 | $1.94T |
Sources: OpenStocks data (August 31, 2026); CoinGecko, Anthropic and OpenAI pre-IPO perps (September 1, 2026, average of 19 venues).
Lower than other tokenized platforms
On September 28, we compared live OpenStocks prices with another tokenized pre-IPO platform for the same companies. OpenStocks was ~38% lower on Neuralink, ~15% lower on Anduril and ~6% lower on Figure AI.
Each platform is its own market. The tokens come from different issuers, often sit on different blockchains and use different structures, and they can't be swapped one for one. Nothing pulls their prices together, so each settles wherever its own buyers and sellers meet.
How much lower each company traded on OpenStocks (OpenStocks compared with another tokenized pre-IPO platform, September 28, 2026)
Company | Token price on OpenStocks | Implied valuation on OpenStocks |
|---|---|---|
Neuralink | ~38% lower | ~36% lower |
Anduril | ~15% lower | ~22% lower |
Figure AI | ~6% lower | ~13% lower |
Source: OpenStocks research, September 28, 2026, comparing our Trade page with public prices from another tokenized pre-IPO platform.
Platforms can define one token differently, so token prices don't always compare one for one. Implied valuations are a fairer comparison, and on that measure OpenStocks was still lower on all three: ~36% on Neuralink, ~22% on Anduril and ~13% on Figure AI.
What each price measures
One company can be traded through very different products. Here is how they compare:
Product | What it prices | Who can buy | How the price is set |
|---|---|---|---|
Funding round | New preferred shares issued by the company | Investors chosen by the company | Negotiated with lead investors on one date |
Private share marketplace | Existing shares or SPV interests, usually with transfer limits | Mostly accredited investors | Occasional negotiated trades, often subject to company approval |
Perpetual futures | A leveraged contract on a reference price, with no shares involved | Users of the exchanges that list it | Trader positioning, leverage and funding rates |
OpenStocks token | Economic exposure to the company's private share price, as a BEP-20 token | Eligible users outside the US, from $1 | Live trading in onchain USDT pools |
For Anthropic, perpetual futures traded the highest. As CoinGecko points out, nobody can buy or short the actual private shares against them, so their prices can stay high.
Token price and mark price
Our Trade page shows two numbers for every company: the token price, which is the live USDT price set by onchain DEX pools, and the mark price, which is our reference price for the company. The premium or discount shows how far the token trades from the mark, with a minus sign when it trades below.
On September 28, oANDURIL traded 5.3% below its mark, oFIGUREAI 5.0% below and oANTHROPIC 1.7% below, while oNEURALINK sat 0.9% above. Both numbers sit side by side on every market, so a trader can see the gap before buying.
Company | Token | Token price | Mark price | Premium / discount |
|---|---|---|---|---|
Anduril | oANDURIL | $130.75 | $138.14 | -5.3% |
Figure AI | oFIGUREAI | $157.23 | $165.45 | -5.0% |
Anthropic | oANTHROPIC | $1,129.97 | $1,150.00 | -1.7% |
Neuralink | oNEURALINK | $252.19 | $250.00 | +0.9% |
Source: OpenStocks Trade page, September 28, 2026. Prices in USDT.
Why a token can trade near or below its mark
The onchain market sets the price: OpenStocks tokens trade against USDT in DEX liquidity pools, so the price is whatever the pool quotes when a swap executes. Prices move freely with every buy and sell, which means buyers can sometimes get in below the mark.
Private markets work this way too: Private assets often change hands below their reported value. In H1 2026, venture fund stakes sold at 79% of their reported value on average, according to Jefferies. In early 2025, PitchBook found that VC secondary trades averaged a 6% premium to the last round, driven by a few top names, while shares in other startups were anecdotally marked 30% to 60% below it.
Secondary prices for fund stakes, H1 2026 (average price paid as a share of reported value, or NAV, by strategy)
Strategy | Average price as a share of NAV |
|---|---|
Buyout | 91% |
Infrastructure | 91% |
Credit | 89% |
Venture | 79% |
Real estate | 68% |
Source: Jefferies, Global Secondary Market Review (July 2026).
Our infrastructure and partners
We work with leading partners at every step, from settlement to market making. We never hold your funds. Every swap settles straight to your wallet, and positions are overcollateralised with pre-IPO equity.
Layer | Partner | Role |
|---|---|---|
Settlement | BNB Chain | BEP-20 tokens that settle in seconds and stay in the holder's own wallet. |
Token price | PancakeSwap Infinity | The primary venue, where USDT pools set the live token price. |
Order book | An onchain order book for market and limit orders. | |
Market making | Automated, non-custodial onchain market making. |
Backed by YZi Labs, which manages over $10B in assets and has a portfolio of 300+ projects.
How to read OpenStocks prices
Know what you hold. An OpenStocks token gives economic exposure to a company's private share price. It carries no shares, votes or dividends.
Read the token price and the mark together. A minus sign means the token trades below our reference price. The size of the gap tells you how far the market sits from the mark.
Verify the token onchain. Every listing on our Trade page links its contract on BscScan, so you can confirm the contract, supply and transfer history yourself.
Disclaimer
OpenStocks tokens provide economic exposure only and confer no ownership, voting, dividend or information rights. OpenStocks is not affiliated with, endorsed by or issued by the companies named in this report. OpenStocks is not available in the United States, to U.S. persons, or to other ineligible individuals. Prices differ across platforms and change over time, and OpenStocks does not guarantee lower prices. Past prices do not predict future prices. This report is for information only and is not investment advice.
Methods
Token and mark prices for all four companies come from our Trade page on September 28, 2026. The Anthropic valuation in the first table comes from our published August 31, 2026 snapshot. The September 28 platform comparison comes from our own research. Percentages are rounded.
Sources
The same private company can trade at a lower price on OpenStocks than on other platforms. This report explains why, and how to read an OpenStocks price.
OpenStocks Research, September 2026.
Key figures
$1.94T — Average Anthropic valuation implied by perpetual futures on September 1, 2026. The OpenStocks token implied $1.70T on August 31.
~38% — How much lower Neuralink traded on OpenStocks than on another tokenized pre-IPO platform on September 28, 2026.
79% — Average price of venture fund stakes sold on the secondary market in H1 2026, as a share of their reported value.
The short answer
Different products: An OpenStocks token gives economic exposure to a company's private share price. Other platforms may hold SPV interests or use different structures and units, so their tokens are a different thing with a different price.
Separate markets: Every platform has its own buyers, sellers and pools, and tokens can't be swapped from one platform to another. Nothing pulls their prices together.
Open onchain pricing: Our price is whatever the USDT pool quotes at the moment of each trade, shown next to our reference price. When sellers outnumber buyers, the token can trade below that reference.
One company, multiple prices
In late August, Anthropic perpetual futures implied a valuation ~14% above the OpenStocks token: an average of $1.94 trillion across 19 venues on September 1, against $1.70 trillion for oANTHROPIC on August 31.
Both numbers are right for what they measure: a perpetual future prices a leveraged position between two traders, and an OpenStocks token prices economic exposure in its own onchain market. So before comparing prices, check which product you are looking at.
Anthropic implied valuation: OpenStocks and perpetual futures
Product | Date | Implied valuation |
|---|---|---|
OpenStocks token (oANTHROPIC) | August 31, 2026 | $1.70T |
Perpetual futures (average of 19 venues) | September 1, 2026 | $1.94T |
Sources: OpenStocks data (August 31, 2026); CoinGecko, Anthropic and OpenAI pre-IPO perps (September 1, 2026, average of 19 venues).
Lower than other tokenized platforms
On September 28, we compared live OpenStocks prices with another tokenized pre-IPO platform for the same companies. OpenStocks was ~38% lower on Neuralink, ~15% lower on Anduril and ~6% lower on Figure AI.
Each platform is its own market. The tokens come from different issuers, often sit on different blockchains and use different structures, and they can't be swapped one for one. Nothing pulls their prices together, so each settles wherever its own buyers and sellers meet.
How much lower each company traded on OpenStocks (OpenStocks compared with another tokenized pre-IPO platform, September 28, 2026)
Company | Token price on OpenStocks | Implied valuation on OpenStocks |
|---|---|---|
Neuralink | ~38% lower | ~36% lower |
Anduril | ~15% lower | ~22% lower |
Figure AI | ~6% lower | ~13% lower |
Source: OpenStocks research, September 28, 2026, comparing our Trade page with public prices from another tokenized pre-IPO platform.
Platforms can define one token differently, so token prices don't always compare one for one. Implied valuations are a fairer comparison, and on that measure OpenStocks was still lower on all three: ~36% on Neuralink, ~22% on Anduril and ~13% on Figure AI.
What each price measures
One company can be traded through very different products. Here is how they compare:
Product | What it prices | Who can buy | How the price is set |
|---|---|---|---|
Funding round | New preferred shares issued by the company | Investors chosen by the company | Negotiated with lead investors on one date |
Private share marketplace | Existing shares or SPV interests, usually with transfer limits | Mostly accredited investors | Occasional negotiated trades, often subject to company approval |
Perpetual futures | A leveraged contract on a reference price, with no shares involved | Users of the exchanges that list it | Trader positioning, leverage and funding rates |
OpenStocks token | Economic exposure to the company's private share price, as a BEP-20 token | Eligible users outside the US, from $1 | Live trading in onchain USDT pools |
For Anthropic, perpetual futures traded the highest. As CoinGecko points out, nobody can buy or short the actual private shares against them, so their prices can stay high.
Token price and mark price
Our Trade page shows two numbers for every company: the token price, which is the live USDT price set by onchain DEX pools, and the mark price, which is our reference price for the company. The premium or discount shows how far the token trades from the mark, with a minus sign when it trades below.
On September 28, oANDURIL traded 5.3% below its mark, oFIGUREAI 5.0% below and oANTHROPIC 1.7% below, while oNEURALINK sat 0.9% above. Both numbers sit side by side on every market, so a trader can see the gap before buying.
Company | Token | Token price | Mark price | Premium / discount |
|---|---|---|---|---|
Anduril | oANDURIL | $130.75 | $138.14 | -5.3% |
Figure AI | oFIGUREAI | $157.23 | $165.45 | -5.0% |
Anthropic | oANTHROPIC | $1,129.97 | $1,150.00 | -1.7% |
Neuralink | oNEURALINK | $252.19 | $250.00 | +0.9% |
Source: OpenStocks Trade page, September 28, 2026. Prices in USDT.
Why a token can trade near or below its mark
The onchain market sets the price: OpenStocks tokens trade against USDT in DEX liquidity pools, so the price is whatever the pool quotes when a swap executes. Prices move freely with every buy and sell, which means buyers can sometimes get in below the mark.
Private markets work this way too: Private assets often change hands below their reported value. In H1 2026, venture fund stakes sold at 79% of their reported value on average, according to Jefferies. In early 2025, PitchBook found that VC secondary trades averaged a 6% premium to the last round, driven by a few top names, while shares in other startups were anecdotally marked 30% to 60% below it.
Secondary prices for fund stakes, H1 2026 (average price paid as a share of reported value, or NAV, by strategy)
Strategy | Average price as a share of NAV |
|---|---|
Buyout | 91% |
Infrastructure | 91% |
Credit | 89% |
Venture | 79% |
Real estate | 68% |
Source: Jefferies, Global Secondary Market Review (July 2026).
Our infrastructure and partners
We work with leading partners at every step, from settlement to market making. We never hold your funds. Every swap settles straight to your wallet, and positions are overcollateralised with pre-IPO equity.
Layer | Partner | Role |
|---|---|---|
Settlement | BNB Chain | BEP-20 tokens that settle in seconds and stay in the holder's own wallet. |
Token price | PancakeSwap Infinity | The primary venue, where USDT pools set the live token price. |
Order book | An onchain order book for market and limit orders. | |
Market making | Automated, non-custodial onchain market making. |
Backed by YZi Labs, which manages over $10B in assets and has a portfolio of 300+ projects.
How to read OpenStocks prices
Know what you hold. An OpenStocks token gives economic exposure to a company's private share price. It carries no shares, votes or dividends.
Read the token price and the mark together. A minus sign means the token trades below our reference price. The size of the gap tells you how far the market sits from the mark.
Verify the token onchain. Every listing on our Trade page links its contract on BscScan, so you can confirm the contract, supply and transfer history yourself.
Disclaimer
OpenStocks tokens provide economic exposure only and confer no ownership, voting, dividend or information rights. OpenStocks is not affiliated with, endorsed by or issued by the companies named in this report. OpenStocks is not available in the United States, to U.S. persons, or to other ineligible individuals. Prices differ across platforms and change over time, and OpenStocks does not guarantee lower prices. Past prices do not predict future prices. This report is for information only and is not investment advice.
Methods
Token and mark prices for all four companies come from our Trade page on September 28, 2026. The Anthropic valuation in the first table comes from our published August 31, 2026 snapshot. The September 28 platform comparison comes from our own research. Percentages are rounded.
Sources
Addhyan Negi
Director of Marketing, Allocations
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Allocations secondary market is operated through Allocations Securities, LLC dba AllocationsX, member FINRA/SIPC. Check this firm on FINRA BrokerCheck. Allocations Securities, LLC is a wholly owned subsidiary of Allocations, Inc.
Copyright © Allocations Inc
Allocations secondary market is operated through Allocations Securities, LLC dba AllocationsX, member FINRA/SIPC. Check this firm on FINRA BrokerCheck. Allocations Securities, LLC is a wholly owned subsidiary of Allocations, Inc.
Copyright © Allocations Inc