Investors are racing to get a piece of AI even before public listings hit. Traditional routes—SPVs holding private‐company shares and secondary startup markets—are surging. Lately, crypto traders have begun trading perpetual futures tied to companies that haven’t IPO’d yet. All of these instruments point to one clear fact: demand for AI exposure won’t wait for regulatory or liquidity milestones. Andreessen Horowitz partner Chris Dixon’s three‐phase model of the internet—read, write, own—frames what’s happening. First, the web made information accessible. Next, it let anyone publish. Now, ownership is coming into focus: people want equity or token‐like stakes in the tools and networks they use. Crypto projects have embodied that “own” era for years. AI startups, on the verge of mega‐listings, are simply the latest domain where ownership is in high demand. AI fits as the capstone of the read/write age. Large language models digest and generate text, diffusion systems do the same for images, and agents link digital signals to real‐world actions. Thirty years of driving down costs to access and manipulate data culminate in software agents and models that can think and act. It makes sense that investors are plugging gaps with synthetic shares and pre‐IPO derivatives: they’re betting on machines that read, write, and now demand to be owned.