Tearsheet

Live: https://tearsheet.ravencheck.com · Method and sources: https://tearsheet.ravencheck.com/method · Agent endpoint: https://tearsheet.ravencheck.com/api/agent/marks?threshold=30

The most valuable private companies in the world now have tokens on Solana, issued by PreStocks and Tessera. A holder is priced by three numbers on three dates: the last funding round investors actually closed, the issuer's own published mark, and what the token trades at. The mint itself carries a fourth layer, the rights the issuer holds over the token. Tearsheet puts all four on one page, per company, with the date and source of each, and leaves the conclusion to the reader.

What a holder sees

The split, read from the mint. Token-2022 stores a unit split in the ScaledUiAmount extension as two fields: multiplier, the factor before the effective date, and newMultiplier, the factor from it. A reader that stops at the first field sees 1. Two PreStocks mints carry a split today: SpaceX 5x effective 2026-06-10 and OpenAI 1.4861347x effective 2026-07-17. Both are published on chain correctly; Tearsheet shows them first.

The ladder. One axis per company with every reference point on it: the last closed primary round (sourced and dated on the method page), the Tessera mark, the PreStocks mark, and where each issuer's token actually trades. The number on the right is the token market against the last closed round. On 17 September 2026 that read Polymarket 32% below its round closed on 1 September, Kalshi 40% above its 22 B$ Series F of May 2026, Anduril 121% above its 61 B$ round of May 2026. Anchors over a year old are muted and flagged.

The rights. Seven powers read live from eleven Token-2022 mints: mint and burn, freeze, permanent delegate, transfer fee, pause, transfer hook, balance rescaling. Each row states first what the power is for (a court order, stolen funds, a sanctions freeze, a split), then whether it is armed today or available to be armed, for each issuer. Both issuers hold some of them; that is what a regulated instrument looks like. Nothing is ranked. A declared extension with nothing set is reported as available, never as armed.

The position. Enter a holding and see it at the issuer's mark, at the traded price, and net of the transfer fee written in the mint (50 bps on PreStocks mints, 20 bps on Tessera mints). Every row is same-issuer, so no unit split can distort it.

The monitor. Pick a threshold, watch the companies whose token market crosses it, and see the exact call an agent makes to do the same. The endpoint returns every reference point plus the transfer fees, so an agent can net a spread before acting on it.

Measured, dated, sourced

Marks, traded prices, supply and mint rights are read live, regenerated every 30 seconds, from the PreStocks public API, the Tessera public API, a public Solana RPC (mint extensions and authorities, no key) and Jupiter (traded price of Tessera tokens). The last closed round of each company was verified on 17 September 2026 against first-tier sources (company announcements, Bloomberg, CNBC, TechCrunch), listed on the method page. Rounds reported as under discussion are shown separately and never mixed with closed rounds.

Two things are deliberately not done. No share count is derived across issuers: Tessera denominates its token against stablecoin principal lent, PreStocks against SPV share exposure, so the two valuations are two units and are shown as such. And no issuer is scored against the other: both are rows in the same table, in the same colour.

Built to stay up through judging

No API key, no paid data provider, nothing that expires. The page is served from cache and regenerated every 30 seconds; a source outage leaves the last good page up. Both issuer reads and the RPC read fall back to committed snapshots, and each section shows whether it is live or from snapshot.

Sponsor integrations

PreStocks. Marks, traded prices, supply and mint addresses from prestocks.com/api/prestocks drive the ladder, the position calculator and the rights matrix. The two on-chain unit splits are read from PreStocks mints.

Tessera. Marks and mint addresses from rest-api.tessera.pe/v1/public/token-details place T-OpenAI, T-Kalshi and T-SpaceX on the ladder next to their PreStocks counterparts; their traded prices come from Jupiter; their mint rights sit in the matrix on equal footing, and the position calculator values a T-token holding at mark, at traded, and net of the 20 bps fee set in the mint. For a T-token holder this is the disclosure a public-market investor takes for granted, reference round, mark, traded price and rights on one page, plus a monitor and an agent endpoint that watch T-token spreads against the last closed round.

Agents. /api/agent/marks is the same data as the page, with threshold filtering and the fees needed to net a spread, meant to be consumed by an autonomous agent.