PreStocks premium, mark price and implied valuation, explained

Four numbers on every PreStocks page

The definitions are PreStocks' own, from the products table.^[1]

Implied valuation, worked through

A token tracks one share, so a company's valuation scales with the token price. PreStocks lists Anthropic's last funding round at a $965 billion valuation and $589.01 a share.^[1] On 28 Sep 2026 Jupiter showed ANTHROPIC near $1,061.^[2] Scale the round by the price:

implied valuation = token price ÷ last-round price × last-round valuation
                  = $1,061 ÷ $589.01 × $965B
                  ≈ $1.74 trillion

That doesn't make the token wrong. Secondary prices can run well above the last round, which is why PreStocks compares tokens against a mark price instead. It does tell you what you're paying for: the valuation the market expects, not the last price investors paid.

Why a premium can last

PreStocks says arbitrage keeps prices aligned: above real-world prices, arbitrageurs buy exposure off-chain, mint and sell tokens; below, they buy on-chain and sell the matching exposure.^[3] Both legs need things most traders don't have. Minting and redemption require eligibility checks and KYC,^[4] new tokens depend on PreStocks sourcing more exposure,^[5] and private shares are scarce and slow to trade. When supply can't grow fast, demand shows up as a premium — and the transfer fee adds a cost to every arbitrage leg.

Why a discount can appear

Discounts show up when exits are constrained. After SpaceX's IPO, SPACEX traded below the public stock because the underlying shares were locked up, and PreStocks expected the gap to narrow as they unlocked.^[6] Thin liquidity does the same in smaller names: an Allium Labs count found slow days with about $100,000 of pre-IPO token volume across venues, enough for prices to drift from funding-round valuations.^[7]

How to use the numbers

• Compare with the mark, not the last round. The mark price is PreStocks' own reference for fair value.^[1]
• Treat a big premium as a cost. If the token trades 30% above the mark, the company's shares have to rise 30% before you're level with private buyers.
• Remember the exit. At an IPO the token converts toward the public price. A premium above what the market pays at listing can disappear.
• Check liquidity before size. The price shown for a small trade isn't the price you get for a large one.