Rungdevnet

Where would you own it?

Share on X
Market implied
$1.2998T
PreStocks mark
$1.2998T
Market vs mark
0.00%
Capital’s median floor
$1.0T
−23% vs market

Market price unavailable. PreStocks is not publishing a market price for OpenAI right now, so its live mark stands in for it here, and market and mark read the same.

Devnet demo. PreStocks exist only on mainnet, so the token escrowed here is a mock with the real mint’s 1.4861347 scaled-amount multiplier and a 0.5% transfer fee. The real mint’s fee is currently 1%. The valuations above are live from the real PreStocks API.

Capital committed to buy

Market trades at $1.3T
$1.3T
—
$1.2T
$465.00
1 wallet holds 54%
$1.1T
$440.00
1 wallet holds 70%
$1.0T
$735.00
5 wallets
$900B
$975.00
4 wallets
$800B
$310.00
3 wallets

Capital committed at each level — not an estimate of what the company is worth. Premium and expiry both affect willingness independently of conviction, and a single wallet can dominate a band, so concentration is shown rather than hidden.

This curve and its median floor are open data: /api/curve/OPENAI (JSON, free to use).

Capital on the book

OpenAI, over time. On offer is capital a holder could take right now; in force is protection already bought and still running.

On offerIn force

Matched to date

Every dollar of capital a holder has taken, cumulatively, for $31.52 of premium paid.

$1.2T$150.00$7.50 premium6d to expiry2K6n…TfHr
$1.2T$65.00$3.46 premium36d to expiry47je…mT8c
$1.2T$250.00$10.86 premium36d to expiry7nmw…HpdL
$1.1T$30.00$1.20 premium8d to expiry3ZXj…Tx3h
$1.1T$30.00$1.20 premium8d to expiryCxJe…um3P
$1.1T$70.00$2.45 premium6d to expiryHtDb…Jsx2
$1.1T$310.00$12.90 premium36d to expiryJ93e…EWdX
$1.0T$60.00$2.40 premium8d to expiry6FYv…ZHue
$1.0T$140.00$3.92 premium6d to expiry7gix…cfEy
$1.0T$355.00$10.34 premium36d to expiry8Mce…5Rqn
$1.0T$60.00$2.40 premium8d to expiryBoNP…8eRC
$1.0T$100.00$3.10 premium8d to expiryDbwM…fEQ1
$1.0T$20.00$0.60 premium9d to expiryFhAD…2pmp
$900B$90.00$3.60 premium8d to expiry31YU…RX94
$900B$90.00$3.60 premium8d to expiryA1zT…yCPD
$900B$405.00$9.60 premium6d to expiryEaRh…fq4q
$900B$390.00$9.12 premium0m to expiryFFju…Za4f
$800B$70.00$1.49 premium21d to expiry24KH…tJ7R
$800B$120.00$4.80 premium8d to expiryCqsj…aBFa
$800B$120.00$4.80 premium8d to expiryGCMy…nWnX

Commit at a valuation

Expiry
Reality check
Target valuation$1T
vs market−23.06%
vs mark−23.06%
Fixed strike$807.1479
PreStock if exercised0.12389303
USDC locked$100.00
Premium received$4.60
Premium / collateral+4.60%
Transfer fee, round trip+1.00%

The strike is fixed at creation. If OPENAI’s valuation changes afterwards, this agreement does not change with it. The round-trip transfer fee is charged by the mint, not by Rung, and is not refunded.

Commit across a range

Put up a curve rather than a point: one amount, split across every valuation in a range, each rung its own commitment. Holders can take any rung or a slice of it.

$1.1T$40.00$887.86/token
$1.0T$80.00$807.15/token
$900B$120.00$726.43/token
$800B$160.00$645.72/token
Premium if every rung is taken$16.00

Collateral, honestly

  • Issuer holds permanent delegate (WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc) and can move escrowed tokens out of the vault.
  • Issuer holds freeze authority (WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc) and can freeze the vault account.
  • Issuer (WV9PJN7XTmTLVwbutCLFxp8TyePee6Xq5mRq6Fti5Wc) can attach a transfer hook at any time. If it does, Rung stops taking new positions and matched ones cannot settle until the program is upgraded.
  • 1% transfer fee applies on entry and on payout.
Read the limitations →
Mint PreweJ…Q3rpgF ↗
Where would you own OpenAI? · Rung