diff --git a/studio/backend/assets/preview_page.html b/studio/backend/assets/preview_page.html
index 272f7ac89b..36483a824c 100644
--- a/studio/backend/assets/preview_page.html
+++ b/studio/backend/assets/preview_page.html
@@ -283,6 +283,11 @@
     </div>
     <script>
       const base = location.pathname.replace(/\/+$/, "");
+      // The capability token rides in ?k=; location.pathname drops it, so carry it
+      // onto the chat request explicitly. Not stored or logged.
+      const k = new URLSearchParams(location.search).get("k");
+      const chatUrl =
+        base + "/v1/chat/completions" + (k ? "?k=" + encodeURIComponent(k) : "");
       const log = document.getElementById("log"),
         thread = document.getElementById("thread"),
         welcome = document.getElementById("welcome");
@@ -328,7 +333,7 @@
         out.innerHTML = '<span class="dots"><i></i><i></i><i></i></span>';
         let acc = "";
         try {
-          const r = await fetch(base + "/v1/chat/completions", {
+          const r = await fetch(chatUrl, {
             method: "POST",
             headers: { "Content-Type": "application/json" },
             body: JSON.stringify({
diff --git a/studio/backend/auth/storage.py b/studio/backend/auth/storage.py
index 796d03ff68..1f153699d7 100644
--- a/studio/backend/auth/storage.py
+++ b/studio/backend/auth/storage.py
@@ -270,6 +270,63 @@ def compute_identity_proof(nonce: bytes, host: str, port: int) -> str:
     return hmac.new(get_or_create_identity_secret(), msg, hashlib.sha256).hexdigest()
 
 
+# Capability secret for public ``/p`` preview share links. HMAC(secret, ref)
+# turns the deterministic preview ref into an unguessable bearer capability, so a
+# guessed run/checkpoint name can't reach inference. Dedicated (not the per-user
+# JWT secret) so rotating it revokes every shared link without touching logins.
+_PREVIEW_LINK_SECRET_DB_KEY = "preview_link_secret"
+_preview_link_secret_cache: Optional[bytes] = None
+
+
+def get_or_create_preview_link_secret() -> bytes:
+    """Return the preview-link signing secret (hex 32-byte row in app_secrets), creating it once."""
+    global _preview_link_secret_cache
+    if _preview_link_secret_cache is not None:
+        return _preview_link_secret_cache
+
+    conn = get_connection()
+    try:
+        row = conn.execute(
+            "SELECT value FROM app_secrets WHERE key = ?",
+            (_PREVIEW_LINK_SECRET_DB_KEY,),
+        ).fetchone()
+        if row is None:
+            conn.execute(
+                "INSERT OR IGNORE INTO app_secrets (key, value) VALUES (?, ?)",
+                (_PREVIEW_LINK_SECRET_DB_KEY, secrets.token_hex(32)),
+            )
+            conn.commit()
+            row = conn.execute(
+                "SELECT value FROM app_secrets WHERE key = ?",
+                (_PREVIEW_LINK_SECRET_DB_KEY,),
+            ).fetchone()
+        secret = bytes.fromhex(row["value"])
+    finally:
+        conn.close()
+
+    _preview_link_secret_cache = secret
+    return secret
+
+
+def rotate_preview_link_secret() -> bytes:
+    """Rotate the preview-link secret, immediately revoking every outstanding ``/p`` share link."""
+    global _preview_link_secret_cache
+    new_secret_hex = secrets.token_hex(32)
+    conn = get_connection()
+    try:
+        conn.execute(
+            "INSERT OR REPLACE INTO app_secrets (key, value) VALUES (?, ?)",
+            (_PREVIEW_LINK_SECRET_DB_KEY, new_secret_hex),
+        )
+        conn.commit()
+    finally:
+        conn.close()
+
+    secret = bytes.fromhex(new_secret_hex)
+    _preview_link_secret_cache = secret
+    return secret
+
+
 _API_KEY_PBKDF2_ITERATIONS = 100_000
 DESKTOP_SECRET_PREFIX = "desktop-"
 _DESKTOP_SECRET_HASH_KEY = "desktop_secret_hash"
diff --git a/studio/backend/models/training.py b/studio/backend/models/training.py
index 8b6fb36471..e64b6f731a 100644
--- a/studio/backend/models/training.py
+++ b/studio/backend/models/training.py
@@ -603,6 +603,9 @@ class TrainingRunSummary(BaseModel):
     resumed_later: bool = False
     has_preview_model: bool = False
     preview_ref: Optional[str] = None
+    # HMAC capability token for the `/p/{preview_ref}` share link; None when not
+    # previewable. The frontend appends it as `?k=` so a guessed ref can't be used.
+    preview_sig: Optional[str] = None
 
 
 class TrainingRunUpdateRequest(BaseModel):
diff --git a/studio/backend/routes/preview.py b/studio/backend/routes/preview.py
index d5247a2bcf..1fa9055d3a 100644
--- a/studio/backend/routes/preview.py
+++ b/studio/backend/routes/preview.py
@@ -19,17 +19,68 @@ from auth.storage import DEFAULT_ADMIN_USERNAME
 from models.inference import ChatCompletionRequest, LoadRequest
 from routes.inference import load_model, openai_chat_completions
 from state.tool_policy import tools_force_disabled
+from utils.client_ip import client_ip
 from utils.models.checkpoints import list_preview_targets, resolve_preview_checkpoint
+from utils.preview_rate_limit import check_rate_limit
+from utils.preview_sharing_settings import get_preview_sharing_enabled
+from utils.preview_token import sign_preview_ref, verify_preview_ref
 
 logger = get_logger(__name__)
 
 router = APIRouter()
 
-# Public (no key); resolve_preview_checkpoint pins `run` under outputs_root.
-# One model loads at a time, so serialize load+generate across previews.
+# A shared preview link is a public bearer capability; cap per-request generation
+# so a single call can't tie up the (serialized) preview GPU indefinitely.
+_PREVIEW_MAX_OUTPUT_TOKENS = 1024
+
+# Capability-gated (signed ref required); resolve_preview_checkpoint pins `run`
+# under outputs_root. One model loads at a time, so serialize load+generate.
 _preview_lock = asyncio.Lock()
 
 
+def _extract_token(request: Request) -> str | None:
+    """Capability token from the ``?k=`` query (browser link + preview page) or an
+    ``Authorization: Bearer`` header (OpenAI-compatible clients using it as api_key)."""
+    token = request.query_params.get("k")
+    if token:
+        return token
+    header = request.headers.get("authorization", "")
+    if header[:7].lower() == "bearer ":
+        return header[7:].strip() or None
+    return None
+
+
+def _verify_or_404(run: str, checkpoint: str | None, request: Request) -> None:
+    """Require a valid preview capability BEFORE any checkpoint resolve / model load.
+
+    Missing or invalid tokens get a generic 404 -- identical to a non-existent ref --
+    so the public surface never confirms whether a run/checkpoint exists. When an
+    admin has switched public sharing off, every public request 404s regardless of
+    token.
+
+    Verify the (cheap, no-I/O) capability first: an unauthenticated caller with a
+    bad/missing token is rejected without the kill-switch DB read, so spamming
+    ``/p/...`` can't be used as an unbounded settings-DB sink, and the response is
+    identical whether or not sharing is enabled (no on/off oracle).
+    """
+    ref = run if not checkpoint else f"{run}/{checkpoint}"
+    if not verify_preview_ref(ref, _extract_token(request)):
+        raise HTTPException(status_code = 404, detail = "Not found")
+    if not get_preview_sharing_enabled():
+        raise HTTPException(status_code = 404, detail = "Not found")
+
+
+def _enforce_rate_limit(request: Request) -> None:
+    """Throttle the GPU-backed preview chat per client IP (429 on exceed)."""
+    retry_after = check_rate_limit(client_ip(request))
+    if retry_after:
+        raise HTTPException(
+            status_code = 429,
+            detail = "Too many preview requests. Please slow down.",
+            headers = {"Retry-After": str(retry_after)},
+        )
+
+
 def _resolve_or_4xx(run: str, checkpoint: str | None):
     try:
         return resolve_preview_checkpoint(run, checkpoint)
@@ -49,6 +100,21 @@ def _sanitize_preview_payload(
     # Normalize use_adapter (never trust the caller): pin True for LoRA, None for
     # merged. _apply_adapter_state mutates the shared model without restoring, so an
     # unpinned `false` would persist to later visitors who omit the field.
+    #
+    # Cap generation cost on this public, GPU-backed surface. Derive one effective
+    # limit (mirroring _effective_max_tokens: max_completion_tokens wins, else the
+    # legacy max_tokens) and pin BOTH fields to it, so a caller's lower limit is
+    # honored and neither field can exceed the ceiling.
+    requested = (
+        payload.max_completion_tokens
+        if payload.max_completion_tokens is not None
+        else payload.max_tokens
+    )
+    capped_max_tokens = (
+        min(requested, _PREVIEW_MAX_OUTPUT_TOKENS)
+        if requested is not None
+        else _PREVIEW_MAX_OUTPUT_TOKENS
+    )
     return payload.model_copy(
         update = {
             "tools": None,
@@ -67,6 +133,9 @@ def _sanitize_preview_payload(
             "encrypted_api_key": None,
             "provider_base_url": None,
             "use_adapter": True if is_lora else None,
+            "max_tokens": capped_max_tokens,
+            "max_completion_tokens": capped_max_tokens,
+            "n": 1,
         }
     )
 
@@ -105,15 +174,30 @@ async def _serve_chat(
 @router.get("")
 async def list_previews(request: Request, current_subject: str = Depends(get_current_subject)):
     base = str(request.base_url)
+    sharing_on = get_preview_sharing_enabled()
     previews = []
     for target in list_preview_targets():
         ref = quote(target["ref"], safe = "/")
-        previews.append({**target, "url": f"{base}p/{ref}/v1"})
-    return {"object": "list", "data": previews}
+        # Mint the capability for the authenticated owner: ``key`` for OpenAI
+        # clients (Bearer / api_key), ``share_url`` for the browser link. When
+        # public sharing is off, every public /p request 404s, so don't hand out
+        # dead credentials -- omit the capability and signal the disabled state.
+        token = sign_preview_ref(target["ref"]) if sharing_on else None
+        previews.append(
+            {
+                **target,
+                "url": f"{base}p/{ref}/v1",
+                "key": token,
+                "share_url": f"{base}p/{ref}?k={token}" if token else None,
+            }
+        )
+    return {"object": "list", "data": previews, "sharing_enabled": sharing_on}
 
 
 @router.post("/{run}/v1/chat/completions")
 async def preview_chat_latest(run: str, payload: ChatCompletionRequest, request: Request):
+    _verify_or_404(run, None, request)
+    _enforce_rate_limit(request)
     return await _serve_chat(run, None, payload, request)
 
 
@@ -121,6 +205,8 @@ async def preview_chat_latest(run: str, payload: ChatCompletionRequest, request:
 async def preview_chat_checkpoint(
     run: str, checkpoint: str, payload: ChatCompletionRequest, request: Request
 ):
+    _verify_or_404(run, checkpoint, request)
+    _enforce_rate_limit(request)
     return await _serve_chat(run, checkpoint, payload, request)
 
 
@@ -140,13 +226,17 @@ def _models_response(run: str, checkpoint: str | None):
     }
 
 
+# The models/page GET routes only stat the checkpoint dir (no GPU), so they are
+# token-gated but not rate-limited; only the GPU-backed chat path is throttled.
 @router.get("/{run}/v1/models")
-async def preview_models_latest(run: str):
+async def preview_models_latest(run: str, request: Request):
+    _verify_or_404(run, None, request)
     return _models_response(run, None)
 
 
 @router.get("/{run}/{checkpoint}/v1/models")
-async def preview_models_checkpoint(run: str, checkpoint: str):
+async def preview_models_checkpoint(run: str, checkpoint: str, request: Request):
+    _verify_or_404(run, checkpoint, request)
     return _models_response(run, checkpoint)
 
 
@@ -183,14 +273,24 @@ def _preview_page(run: str, checkpoint: str | None) -> HTMLResponse:
     _resolve_or_4xx(run, checkpoint)
     title = run if not checkpoint else f"{run}/{checkpoint}"
     page = _PREVIEW_PAGE_HTML.replace("__TITLE__", html.escape(title))
-    return HTMLResponse(page, headers = {"Content-Security-Policy": _PREVIEW_PAGE_CSP})
+    # no-referrer: the capability token rides in the query string, so keep it out
+    # of the Referer header on any outbound navigation.
+    return HTMLResponse(
+        page,
+        headers = {
+            "Content-Security-Policy": _PREVIEW_PAGE_CSP,
+            "Referrer-Policy": "no-referrer",
+        },
+    )
 
 
 @router.get("/{run}", response_class = HTMLResponse)
-async def preview_page_latest(run: str):
+async def preview_page_latest(run: str, request: Request):
+    _verify_or_404(run, None, request)
     return _preview_page(run, None)
 
 
 @router.get("/{run}/{checkpoint}", response_class = HTMLResponse)
-async def preview_page_checkpoint(run: str, checkpoint: str):
+async def preview_page_checkpoint(run: str, checkpoint: str, request: Request):
+    _verify_or_404(run, checkpoint, request)
     return _preview_page(run, checkpoint)
diff --git a/studio/backend/routes/settings.py b/studio/backend/routes/settings.py
index d01009fc20..f582500f7f 100644
--- a/studio/backend/routes/settings.py
+++ b/studio/backend/routes/settings.py
@@ -8,6 +8,7 @@ from fastapi import APIRouter, Depends
 from pydantic import BaseModel, ConfigDict, Field, field_validator
 
 from auth.authentication import get_current_subject
+from auth.storage import rotate_preview_link_secret
 from loggers import get_logger
 from utils.utils import safe_error_detail, log_and_http_error
 from utils.personalization_settings import (
@@ -31,6 +32,11 @@ from utils.helper_precache_settings import (
     helper_model_disabled_by_env,
     set_helper_precache_enabled,
 )
+from utils.preview_sharing_settings import (
+    DEFAULT_PREVIEW_SHARING_ENABLED,
+    get_preview_sharing_enabled,
+    set_preview_sharing_enabled,
+)
 
 router = APIRouter()
 
@@ -122,6 +128,55 @@ def update_helper_precache(
     return _helper_precache_response(enabled)
 
 
+class PreviewLinkRotateResponse(BaseModel):
+    rotated: bool = True
+
+
+@router.post("/preview-links/rotate", response_model = PreviewLinkRotateResponse)
+def rotate_preview_links(
+    current_subject: str = Depends(get_current_subject),
+) -> PreviewLinkRotateResponse:
+    """Rotate the preview-link signing secret, revoking every previously shared `/p` link."""
+    rotate_preview_link_secret()
+    logger.info("settings.preview_links_rotated subject=%s", current_subject)
+    return PreviewLinkRotateResponse(rotated = True)
+
+
+class PreviewSharingPayload(BaseModel):
+    enabled: bool
+
+
+class PreviewSharingResponse(BaseModel):
+    enabled: bool
+    default_enabled: bool = DEFAULT_PREVIEW_SHARING_ENABLED
+
+
+@router.get("/preview-sharing", response_model = PreviewSharingResponse)
+def get_preview_sharing(
+    current_subject: str = Depends(get_current_subject),
+) -> PreviewSharingResponse:
+    return PreviewSharingResponse(enabled = get_preview_sharing_enabled())
+
+
+@router.put("/preview-sharing", response_model = PreviewSharingResponse)
+def update_preview_sharing(
+    payload: PreviewSharingPayload, current_subject: str = Depends(get_current_subject)
+) -> PreviewSharingResponse:
+    """Enable/disable the public `/p` preview surface. When off, links 404 even with a token."""
+    try:
+        enabled = set_preview_sharing_enabled(payload.enabled)
+    except ValueError as exc:
+        raise log_and_http_error(
+            exc,
+            400,
+            safe_error_detail(exc, fallback = "Invalid preview sharing setting."),
+            event = "settings.update_preview_sharing_failed",
+            log = logger,
+        ) from exc
+    logger.info("settings.preview_sharing_updated subject=%s enabled=%s", current_subject, enabled)
+    return PreviewSharingResponse(enabled = enabled)
+
+
 def _is_bundled_avatar_url(value: str) -> bool:
     parsed = urlsplit(value)
     if parsed.scheme or parsed.netloc:
diff --git a/studio/backend/routes/training_history.py b/studio/backend/routes/training_history.py
index a64d2a938e..c0b5820632 100644
--- a/studio/backend/routes/training_history.py
+++ b/studio/backend/routes/training_history.py
@@ -6,6 +6,7 @@ Training history API routes — browse, view, and delete past training runs.
 """
 
 import json
+from typing import Optional
 
 from fastapi import APIRouter, Depends, HTTPException, Query
 from loggers import get_logger
@@ -28,12 +29,30 @@ from storage.studio_db import (
     update_run_display_name,
 )
 from utils.models.checkpoints import has_preview_model, preview_ref
+from utils.preview_sharing_settings import get_preview_sharing_enabled
+from utils.preview_token import sign_preview_ref
 
 logger = get_logger(__name__)
 
 router = APIRouter()
 
 
+def _preview_fields(output_dir: Optional[str], sharing_on: bool) -> dict:
+    """Previewability + the signed `/p` share ref for a run's output dir.
+
+    The signature is what makes the share link a capability: these routes are
+    authenticated, so only the run's owner ever receives it. When public sharing
+    is switched off, omit the signature so the UI hides the copy-link affordance
+    (and the link would 404 anyway). ``sharing_on`` is resolved once per request.
+    """
+    ref = preview_ref(output_dir)
+    return {
+        "has_preview_model": has_preview_model(output_dir),
+        "preview_ref": ref,
+        "preview_sig": sign_preview_ref(ref) if (ref and sharing_on) else None,
+    }
+
+
 @router.get("/runs", response_model = TrainingRunListResponse)
 async def list_training_runs(
     limit: int = Query(50, ge = 1, le = 200),
@@ -42,14 +61,14 @@ async def list_training_runs(
 ):
     """List training runs, newest first."""
     result = list_runs(limit = limit, offset = offset)
+    sharing_on = get_preview_sharing_enabled()
     return TrainingRunListResponse(
         runs = [
             TrainingRunSummary(
                 **{
                     **r,
                     "can_resume": can_resume_run(r),
-                    "has_preview_model": has_preview_model(r.get("output_dir")),
-                    "preview_ref": preview_ref(r.get("output_dir")),
+                    **_preview_fields(r.get("output_dir"), sharing_on),
                 }
             )
             for r in result["runs"]
@@ -78,8 +97,7 @@ async def get_training_run_detail(run_id: str, current_subject: str = Depends(ge
             **{
                 **{k: v for k, v in run.items() if k != "config_json"},
                 "can_resume": can_resume_run(run),
-                "has_preview_model": has_preview_model(run.get("output_dir")),
-                "preview_ref": preview_ref(run.get("output_dir")),
+                **_preview_fields(run.get("output_dir"), get_preview_sharing_enabled()),
             }
         ),
         config = config,
@@ -111,8 +129,7 @@ async def update_training_run(
         **{
             **{k: v for k, v in refreshed.items() if k != "config_json"},
             "can_resume": can_resume_run(refreshed),
-            "has_preview_model": has_preview_model(refreshed.get("output_dir")),
-            "preview_ref": preview_ref(refreshed.get("output_dir")),
+            **_preview_fields(refreshed.get("output_dir"), get_preview_sharing_enabled()),
         }
     )
 
diff --git a/studio/backend/tests/test_preview_followups.py b/studio/backend/tests/test_preview_followups.py
new file mode 100644
index 0000000000..9981e1dabf
--- /dev/null
+++ b/studio/backend/tests/test_preview_followups.py
@@ -0,0 +1,143 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Unit coverage for the preview follow-ups: rate limiter, client IP, kill switch."""
+
+from pathlib import Path
+import sys
+import types as _types
+
+
+_BACKEND_DIR = str(Path(__file__).resolve().parent.parent)
+if _BACKEND_DIR not in sys.path:
+    sys.path.insert(0, _BACKEND_DIR)
+
+_loggers_stub = _types.ModuleType("loggers")
+_loggers_stub.get_logger = lambda name: __import__("logging").getLogger(name)
+sys.modules.setdefault("loggers", _loggers_stub)
+
+import utils.preview_rate_limit as rl
+from utils.client_ip import client_ip
+from utils.preview_sharing_settings import (
+    DEFAULT_PREVIEW_SHARING_ENABLED,
+    _coerce_bool,
+    get_preview_sharing_enabled,
+)
+
+
+# ── Rate limiter ─────────────────────────────────────────────────────────────
+
+
+def test_rate_limit_per_key(monkeypatch):
+    monkeypatch.setattr(rl, "_MAX_REQUESTS", 3)
+    rl.reset()
+    assert rl.check_rate_limit("ip1") == 0
+    assert rl.check_rate_limit("ip1") == 0
+    assert rl.check_rate_limit("ip1") == 0
+    # 4th request over the ceiling -> positive retry-after seconds.
+    assert rl.check_rate_limit("ip1") > 0
+    # A different client is unaffected.
+    assert rl.check_rate_limit("ip2") == 0
+
+
+def test_rate_limit_window_rolls_off(monkeypatch):
+    monkeypatch.setattr(rl, "_MAX_REQUESTS", 1)
+    monkeypatch.setattr(rl, "_WINDOW_SECONDS", 10.0)
+    rl.reset()
+    t = {"now": 1000.0}
+    monkeypatch.setattr(rl.time, "monotonic", lambda: t["now"])
+    assert rl.check_rate_limit("ip") == 0
+    assert rl.check_rate_limit("ip") > 0  # immediately over
+    t["now"] += 11.0  # window elapsed
+    assert rl.check_rate_limit("ip") == 0
+
+
+def test_rate_limit_eviction_does_not_reset_active_bucket(monkeypatch):
+    # A flood of distinct keys must not cycle the table and clear a live limit.
+    monkeypatch.setattr(rl, "_MAX_REQUESTS", 1)
+    monkeypatch.setattr(rl, "_MAX_BUCKETS", 2)
+    rl.reset()
+    assert rl.check_rate_limit("a") == 0
+    assert rl.check_rate_limit("a") > 0  # 'a' throttled (active)
+    assert rl.check_rate_limit("b") == 0
+    assert rl.check_rate_limit("b") > 0  # 'b' throttled; table now full of actives
+    # A new key can't evict an active bucket -> denied (fail closed)...
+    assert rl.check_rate_limit("c") > 0
+    # ...and the flood did not reset 'a'.
+    assert rl.check_rate_limit("a") > 0
+
+
+# ── Client IP ────────────────────────────────────────────────────────────────
+
+
+class _Req:
+    def __init__(
+        self,
+        host,
+        headers = None,
+    ):
+        self.client = _types.SimpleNamespace(host = host) if host else None
+        self.headers = headers or {}
+
+
+def test_client_ip_uses_socket_peer_by_default(monkeypatch):
+    monkeypatch.delenv("UNSLOTH_STUDIO_TRUST_FORWARDED", raising = False)
+    # Forwarded header is ignored unless the operator opts in.
+    req = _Req("203.0.113.9", {"x-forwarded-for": "198.51.100.7"})
+    assert client_ip(req) == "203.0.113.9"
+    assert client_ip(None) == "_unknown"
+
+
+def test_client_ip_uses_rightmost_forwarded_when_trusted(monkeypatch):
+    monkeypatch.setenv("UNSLOTH_STUDIO_TRUST_FORWARDED", "1")
+    # Leftmost is client-spoofable; the trusted proxy appends the real peer on the
+    # right, so the rightmost hop is the one we key on.
+    req = _Req("127.0.0.1", {"x-forwarded-for": "1.2.3.4, 198.51.100.7"})
+    assert client_ip(req) == "198.51.100.7"
+
+
+def test_client_ip_uses_cf_connecting_ip_on_loopback(monkeypatch):
+    # Managed Cloudflare tunnel terminates at loopback; key by the real visitor.
+    monkeypatch.delenv("UNSLOTH_STUDIO_TRUST_FORWARDED", raising = False)
+    req = _Req("127.0.0.1", {"cf-connecting-ip": "198.51.100.7"})
+    assert client_ip(req) == "198.51.100.7"
+
+
+def test_client_ip_ignores_cf_header_from_non_loopback(monkeypatch):
+    # A direct (non-loopback) caller can't spoof CF-Connecting-IP to skew the limit.
+    monkeypatch.delenv("UNSLOTH_STUDIO_TRUST_FORWARDED", raising = False)
+    req = _Req("203.0.113.9", {"cf-connecting-ip": "198.51.100.7"})
+    assert client_ip(req) == "203.0.113.9"
+
+
+def test_client_ip_loopback_without_cf_returns_peer(monkeypatch):
+    monkeypatch.delenv("UNSLOTH_STUDIO_TRUST_FORWARDED", raising = False)
+    assert client_ip(_Req("127.0.0.1")) == "127.0.0.1"
+
+
+# ── Kill-switch setting ──────────────────────────────────────────────────────
+
+
+def test_sharing_defaults_enabled_and_coerces():
+    assert DEFAULT_PREVIEW_SHARING_ENABLED is True
+    assert _coerce_bool("off") is False
+    assert _coerce_bool("on") is True
+    assert _coerce_bool(True) is True
+    assert _coerce_bool("nonsense") is None
+
+
+def test_sharing_missing_key_defaults_enabled(monkeypatch):
+    import storage.studio_db as sdb
+    monkeypatch.setattr(sdb, "get_app_setting", lambda key, fallback = None: None)
+    assert get_preview_sharing_enabled() is True
+
+
+def test_sharing_read_error_fails_closed(monkeypatch):
+    # A transient settings-DB failure must not reopen the public surface.
+    import storage.studio_db as sdb
+
+    def _boom(*args, **kwargs):
+        raise RuntimeError("settings db unavailable")
+
+    monkeypatch.setattr(sdb, "get_app_setting", _boom)
+    assert get_preview_sharing_enabled() is False
diff --git a/studio/backend/tests/test_preview_routes.py b/studio/backend/tests/test_preview_routes.py
index d6edd4ef4d..8fa3093d04 100644
--- a/studio/backend/tests/test_preview_routes.py
+++ b/studio/backend/tests/test_preview_routes.py
@@ -5,10 +5,12 @@
 
 Exercises the route layer with a real ``preview_router`` while stubbing the
 expensive model calls (``load_model`` / ``openai_chat_completions``). Covers the
-public-surface guarantees: path-traversal rejection, request sanitization
-(tools / provider routing / use_adapter), asset-path containment, the page CSP
-header + HTML escaping, and that the preview lock is held until a streaming
-response is fully drained.
+public-surface guarantees: HMAC capability gating (a valid ``?k=`` token or
+Bearer credential is required; missing/invalid/wrong-ref tokens 404 before any
+model load), path-traversal rejection, request sanitization (tools / provider
+routing / use_adapter / generation clamp), asset-path containment, the page CSP
++ no-referrer headers and HTML escaping, and that the preview lock is held until
+a streaming response is fully drained.
 """
 
 import asyncio
@@ -34,9 +36,23 @@ from fastapi.responses import StreamingResponse
 from fastapi.testclient import TestClient
 
 import routes.preview as preview
+import utils.preview_token as preview_token
 from models.inference import ChatCompletionRequest
 
 
+# A fixed secret keeps signing deterministic and avoids touching auth.db.
+_TEST_SECRET = b"unit-test-preview-secret-0123456789"
+
+
+def _use_test_secret(monkeypatch) -> None:
+    monkeypatch.setattr(preview_token, "get_or_create_preview_link_secret", lambda: _TEST_SECRET)
+
+
+def _sig(ref: str) -> str:
+    """Valid capability token for ``ref`` under the patched test secret."""
+    return preview_token.sign_preview_ref(ref)
+
+
 def _make_run(outputs: Path, name: str = "demorun") -> Path:
     run = outputs / name
     run.mkdir(parents = True)
@@ -59,6 +75,14 @@ def client(tmp_path, monkeypatch, captured):
     outputs = tmp_path / "outputs"
     _make_run(outputs)
 
+    _use_test_secret(monkeypatch)
+
+    # Public sharing on by default; reset the per-IP rate buckets each test.
+    monkeypatch.setattr(preview, "get_preview_sharing_enabled", lambda: True)
+    import utils.preview_rate_limit as _rl
+
+    _rl.reset()
+
     # resolve_preview_checkpoint -> resolve_output_dir -> outputs_root().
     from utils.paths import storage_roots as _sr
 
@@ -86,18 +110,21 @@ def client(tmp_path, monkeypatch, captured):
 
 
 def test_page_renders_with_csp(client):
-    r = client.get("/p/demorun")
+    r = client.get(f"/p/demorun?k={_sig('demorun')}")
     assert r.status_code == 200
     assert "text/html" in r.headers["content-type"]
     csp = r.headers.get("content-security-policy", "")
     assert "default-src 'self'" in csp
     assert "base-uri 'none'" in csp
+    # Token rides in the query string; keep it out of the Referer header.
+    assert r.headers.get("referrer-policy") == "no-referrer"
 
 
 def test_page_escapes_title(tmp_path, monkeypatch, captured):
     outputs = tmp_path / "outputs"
     # Run dir name carries an HTML-special char; the page must escape it.
     _make_run(outputs, name = "a<b")
+    _use_test_secret(monkeypatch)
     from utils.paths import storage_roots as _sr
 
     monkeypatch.setattr(_sr, "outputs_root", lambda: outputs)
@@ -106,14 +133,15 @@ def test_page_escapes_title(tmp_path, monkeypatch, captured):
     app.include_router(preview.router, prefix = "/p")
     c = TestClient(app, raise_server_exceptions = False)
 
-    r = c.get("/p/a%3Cb")
+    # Sign the decoded canonical ref ("a<b"), not the %-encoded path segment.
+    r = c.get(f"/p/a%3Cb?k={_sig('a<b')}")
     assert r.status_code == 200
     assert "a<b" not in r.text
     assert "a&lt;b" in r.text
 
 
 def test_models_endpoint_shape(client):
-    r = client.get("/p/demorun/v1/models")
+    r = client.get(f"/p/demorun/v1/models?k={_sig('demorun')}")
     assert r.status_code == 200
     body = r.json()
     assert body["object"] == "list"
@@ -131,6 +159,25 @@ def test_list_previews_builds_urls(client, monkeypatch):
     assert r.status_code == 200
     data = r.json()["data"]
     assert data[0]["url"].endswith("/p/demorun/v1")
+    # The listing hands the authenticated owner a usable capability.
+    assert data[0]["key"] == _sig("demorun")
+    assert data[0]["share_url"].endswith(f"/p/demorun?k={_sig('demorun')}")
+
+
+def test_list_previews_omits_capability_when_sharing_disabled(client, monkeypatch):
+    monkeypatch.setattr(
+        preview,
+        "list_preview_targets",
+        lambda: [{"ref": "demorun", "is_latest": True}],
+    )
+    monkeypatch.setattr(preview, "get_preview_sharing_enabled", lambda: False)
+    r = client.get("/p")
+    assert r.status_code == 200
+    body = r.json()
+    # Don't hand out credentials that 404; signal the disabled state instead.
+    assert body["sharing_enabled"] is False
+    assert body["data"][0]["key"] is None
+    assert body["data"][0]["share_url"] is None
 
 
 # ── Path traversal / containment ────────────────────────────────────────────
@@ -179,7 +226,7 @@ def test_asset_path_contained(client, asset):
 
 def test_chat_payload_sanitized(client, captured):
     r = client.post(
-        "/p/demorun/v1/chat/completions",
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun')}",
         json = {
             "messages": [{"role": "user", "content": "hi"}],
             "tools": [{"type": "function", "function": {"name": "rm", "parameters": {}}}],
@@ -217,6 +264,10 @@ def test_chat_payload_sanitized(client, captured):
     assert p.external_model is None
     # Adapter pinned on for LoRA: a caller can't flip the shared backend to base.
     assert p.use_adapter is True
+    # Generation cost capped on this public surface (no override sent -> ceiling).
+    assert p.max_tokens == preview._PREVIEW_MAX_OUTPUT_TOKENS
+    assert p.max_completion_tokens == preview._PREVIEW_MAX_OUTPUT_TOKENS
+    assert p.n == 1
     # Loads the resolved checkpoint dir, not an attacker-supplied path.
     assert captured["load_path"].endswith("demorun")
 
@@ -228,6 +279,7 @@ def test_merged_checkpoint_strips_use_adapter(tmp_path, monkeypatch, captured):
     merged.mkdir(parents = True)
     (merged / "config.json").write_text(json.dumps({"_name_or_path": "some/base"}))
 
+    _use_test_secret(monkeypatch)
     from utils.paths import storage_roots as _sr
 
     monkeypatch.setattr(_sr, "outputs_root", lambda: outputs)
@@ -246,7 +298,7 @@ def test_merged_checkpoint_strips_use_adapter(tmp_path, monkeypatch, captured):
     app.include_router(preview.router, prefix = "/p")
     c = TestClient(app, raise_server_exceptions = False)
     r = c.post(
-        "/p/mergedrun/v1/chat/completions",
+        f"/p/mergedrun/v1/chat/completions?k={_sig('mergedrun')}",
         json = {"messages": [{"role": "user", "content": "hi"}], "use_adapter": False},
     )
     assert r.status_code == 200
@@ -291,3 +343,154 @@ def test_streaming_holds_lock_until_drained(tmp_path, monkeypatch, captured):
     chunks = asyncio.run(_run())
     assert any(b"[DONE]" in c for c in chunks)
     assert not preview._preview_lock.locked()
+
+
+# ── Capability gating ────────────────────────────────────────────────────────
+
+
+def test_chat_without_token_404_and_no_load(client, captured):
+    r = client.post(
+        "/p/demorun/v1/chat/completions",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 404
+    # Verified before any model work: nothing loaded, nothing generated.
+    assert "load_path" not in captured
+    assert "payload" not in captured
+
+
+def test_chat_with_invalid_token_404(client, captured):
+    r = client.post(
+        "/p/demorun/v1/chat/completions?k=not-a-valid-token",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 404
+    assert "load_path" not in captured
+
+
+def test_token_for_other_ref_rejected(client, captured):
+    # A capability minted for a different ref must not unlock demorun.
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('otherrun')}",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 404
+    assert "load_path" not in captured
+
+
+def test_models_without_token_404(client):
+    assert client.get("/p/demorun/v1/models").status_code == 404
+
+
+def test_page_without_token_404(client):
+    assert client.get("/p/demorun").status_code == 404
+
+
+def test_checkpoint_route_with_valid_sig(client, captured):
+    # Nested ref: the signed/verified/resolved canonical ref is "run/checkpoint".
+    sig = _sig("demorun/checkpoint-1")
+    r = client.post(
+        f"/p/demorun/checkpoint-1/v1/chat/completions?k={sig}",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 200
+    assert captured["load_path"].endswith("checkpoint-1")
+
+
+def test_checkpoint_token_does_not_unlock_bare_run(client, captured):
+    # A token minted for the nested checkpoint must not unlock the run ref.
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun/checkpoint-1')}",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 404
+    assert "load_path" not in captured
+
+
+def test_bearer_token_accepted(client, captured):
+    # OpenAI-compatible clients pass the capability as the api_key (Bearer header).
+    r = client.post(
+        "/p/demorun/v1/chat/completions",
+        headers = {"Authorization": f"Bearer {_sig('demorun')}"},
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 200
+    assert captured["load_path"].endswith("demorun")
+
+
+def test_generation_clamp_caps_overrides(client, captured):
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun')}",
+        json = {
+            "messages": [{"role": "user", "content": "hi"}],
+            "max_tokens": 999999,
+            "max_completion_tokens": 888888,
+            "n": 64,
+        },
+    )
+    assert r.status_code == 200
+    p = captured["payload"]
+    assert p.max_tokens == preview._PREVIEW_MAX_OUTPUT_TOKENS
+    assert p.max_completion_tokens == preview._PREVIEW_MAX_OUTPUT_TOKENS
+    assert p.n == 1
+
+
+def test_generation_clamp_honors_lower_legacy_max_tokens(client, captured):
+    # A caller asking for fewer tokens via the legacy field must not be bumped up
+    # to the ceiling: _effective_max_tokens prefers max_completion_tokens, so both
+    # fields have to carry the lower value.
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun')}",
+        json = {"messages": [{"role": "user", "content": "hi"}], "max_tokens": 16},
+    )
+    assert r.status_code == 200
+    p = captured["payload"]
+    assert p.max_tokens == 16
+    assert p.max_completion_tokens == 16
+
+
+def test_generation_clamp_honors_lower_completion_tokens(client, captured):
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun')}",
+        json = {"messages": [{"role": "user", "content": "hi"}], "max_completion_tokens": 32},
+    )
+    assert r.status_code == 200
+    p = captured["payload"]
+    assert p.max_tokens == 32
+    assert p.max_completion_tokens == 32
+
+
+# ── Public-sharing kill switch ───────────────────────────────────────────────
+
+
+def test_chat_blocked_when_sharing_disabled(client, monkeypatch, captured):
+    # Admin turned public sharing off: even a valid token 404s, with no model load.
+    monkeypatch.setattr(preview, "get_preview_sharing_enabled", lambda: False)
+    r = client.post(
+        f"/p/demorun/v1/chat/completions?k={_sig('demorun')}",
+        json = {"messages": [{"role": "user", "content": "hi"}]},
+    )
+    assert r.status_code == 404
+    assert "load_path" not in captured
+
+
+def test_page_blocked_when_sharing_disabled(client, monkeypatch):
+    monkeypatch.setattr(preview, "get_preview_sharing_enabled", lambda: False)
+    assert client.get(f"/p/demorun?k={_sig('demorun')}").status_code == 404
+
+
+# ── Rate limiting ────────────────────────────────────────────────────────────
+
+
+def test_chat_rate_limited_returns_429(client, monkeypatch):
+    import utils.preview_rate_limit as rl
+
+    monkeypatch.setattr(rl, "_MAX_REQUESTS", 2)
+    rl.reset()
+    url = f"/p/demorun/v1/chat/completions?k={_sig('demorun')}"
+    body = {"messages": [{"role": "user", "content": "hi"}]}
+    assert client.post(url, json = body).status_code == 200
+    assert client.post(url, json = body).status_code == 200
+    r = client.post(url, json = body)
+    assert r.status_code == 429
+    assert r.headers.get("retry-after")
diff --git a/studio/backend/tests/test_preview_sharing_settings.py b/studio/backend/tests/test_preview_sharing_settings.py
new file mode 100644
index 0000000000..abadaf483c
--- /dev/null
+++ b/studio/backend/tests/test_preview_sharing_settings.py
@@ -0,0 +1,77 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Route-level tests for the preview settings endpoints (rotate + sharing toggle)."""
+
+from pathlib import Path
+import sys
+import types as _types
+
+
+_BACKEND_DIR = str(Path(__file__).resolve().parent.parent)
+if _BACKEND_DIR not in sys.path:
+    sys.path.insert(0, _BACKEND_DIR)
+
+_loggers_stub = _types.ModuleType("loggers")
+_loggers_stub.get_logger = lambda name: __import__("logging").getLogger(name)
+sys.modules.setdefault("loggers", _loggers_stub)
+
+import pytest
+from fastapi import FastAPI
+from fastapi.testclient import TestClient
+
+import routes.settings as settings
+
+
+@pytest.fixture
+def client(monkeypatch):
+    # Stub the persistence helpers so the endpoints don't touch the real DBs.
+    calls: dict = {"enabled": True}
+
+    def _set(value):
+        calls["set"] = bool(value)
+        calls["enabled"] = bool(value)
+        return bool(value)
+
+    monkeypatch.setattr(settings, "get_preview_sharing_enabled", lambda: calls["enabled"])
+    monkeypatch.setattr(settings, "set_preview_sharing_enabled", _set)
+    monkeypatch.setattr(
+        settings, "rotate_preview_link_secret", lambda: calls.__setitem__("rotated", True)
+    )
+
+    app = FastAPI()
+    app.include_router(settings.router)
+    app.dependency_overrides[settings.get_current_subject] = lambda: "admin"
+    return TestClient(app, raise_server_exceptions = False), calls
+
+
+def test_rotate_preview_links(client):
+    c, calls = client
+    r = c.post("/preview-links/rotate")
+    assert r.status_code == 200
+    assert r.json() == {"rotated": True}
+    assert calls.get("rotated") is True
+
+
+def test_get_preview_sharing(client):
+    c, _ = client
+    r = c.get("/preview-sharing")
+    assert r.status_code == 200
+    body = r.json()
+    assert body["enabled"] is True
+    assert "default_enabled" in body
+
+
+def test_put_preview_sharing_disables(client):
+    c, calls = client
+    r = c.put("/preview-sharing", json = {"enabled": False})
+    assert r.status_code == 200
+    assert r.json()["enabled"] is False
+    assert calls["set"] is False
+
+
+def test_put_preview_sharing_rejects_non_bool(client):
+    # Pydantic rejects a non-bool body (422) before the handler runs.
+    c, _ = client
+    r = c.put("/preview-sharing", json = {"enabled": "maybe"})
+    assert r.status_code == 422
diff --git a/studio/backend/tests/test_preview_token.py b/studio/backend/tests/test_preview_token.py
new file mode 100644
index 0000000000..6b0e802864
--- /dev/null
+++ b/studio/backend/tests/test_preview_token.py
@@ -0,0 +1,75 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Unit + rotation coverage for `/p` preview capability tokens.
+
+The token turns a guessable preview ref into an unguessable bearer capability:
+it must round-trip for the ref it was signed for, reject tampering / wrong refs,
+and stop verifying once the signing secret is rotated (link revocation).
+"""
+
+from pathlib import Path
+import sys
+import types as _types
+
+
+_BACKEND_DIR = str(Path(__file__).resolve().parent.parent)
+if _BACKEND_DIR not in sys.path:
+    sys.path.insert(0, _BACKEND_DIR)
+
+# Mirror the other preview tests: avoid the heavy real `loggers` handlers.
+_loggers_stub = _types.ModuleType("loggers")
+_loggers_stub.get_logger = lambda name: __import__("logging").getLogger(name)
+sys.modules.setdefault("loggers", _loggers_stub)
+
+import auth.storage as storage
+import utils.preview_token as preview_token
+
+
+_S1 = b"secret-one-aaaaaaaaaaaaaaaaaaaaaaaa"
+_S2 = b"secret-two-bbbbbbbbbbbbbbbbbbbbbbbb"
+
+
+def test_sign_verify_roundtrip(monkeypatch):
+    monkeypatch.setattr(preview_token, "get_or_create_preview_link_secret", lambda: _S1)
+    token = preview_token.sign_preview_ref("run/checkpoint-1")
+    assert preview_token.verify_preview_ref("run/checkpoint-1", token)
+    # URL-safe, unpadded, and high-entropy (SHA-256 -> 43 base64url chars).
+    assert "=" not in token and "/" not in token and "+" not in token
+    assert len(token) >= 40
+
+
+def test_missing_or_tampered_token_rejected(monkeypatch):
+    monkeypatch.setattr(preview_token, "get_or_create_preview_link_secret", lambda: _S1)
+    token = preview_token.sign_preview_ref("demorun")
+    assert not preview_token.verify_preview_ref("demorun", None)
+    assert not preview_token.verify_preview_ref("demorun", "")
+    flipped = token[:-1] + ("A" if token[-1] != "A" else "B")
+    assert not preview_token.verify_preview_ref("demorun", flipped)
+    # A token minted for one ref does not unlock another.
+    assert not preview_token.verify_preview_ref("otherrun", token)
+    # A non-ASCII token is invalid, not a crash (the route would 500 otherwise).
+    assert not preview_token.verify_preview_ref("demorun", "tøken-é")
+
+
+def test_secret_change_invalidates_token(monkeypatch):
+    monkeypatch.setattr(preview_token, "get_or_create_preview_link_secret", lambda: _S1)
+    token = preview_token.sign_preview_ref("demorun")
+    monkeypatch.setattr(preview_token, "get_or_create_preview_link_secret", lambda: _S2)
+    assert not preview_token.verify_preview_ref("demorun", token)
+
+
+def test_rotation_revokes_links(tmp_path, monkeypatch):
+    # Exercise the real storage helpers against a throwaway auth.db.
+    monkeypatch.setattr(storage, "DB_PATH", tmp_path / "auth.db")
+    monkeypatch.setattr(storage, "_preview_link_secret_cache", None)
+
+    token = preview_token.sign_preview_ref("demorun")
+    assert preview_token.verify_preview_ref("demorun", token)
+    # Secret persists across calls (the link keeps working until rotated).
+    assert preview_token.verify_preview_ref("demorun", token)
+
+    storage.rotate_preview_link_secret()
+    # Old shared link is revoked; a freshly minted one works.
+    assert not preview_token.verify_preview_ref("demorun", token)
+    assert preview_token.verify_preview_ref("demorun", preview_token.sign_preview_ref("demorun"))
diff --git a/studio/backend/tests/test_training_history_update.py b/studio/backend/tests/test_training_history_update.py
index cf8188f911..aa586e1298 100644
--- a/studio/backend/tests/test_training_history_update.py
+++ b/studio/backend/tests/test_training_history_update.py
@@ -90,6 +90,23 @@ def test_update_run_whitespace_clears_display_name(monkeypatch: pytest.MonkeyPat
     assert result.display_name is None
 
 
+def test_get_run_detail_includes_preview_fields(monkeypatch: pytest.MonkeyPatch):
+    # Regression: detail/update must pass the sharing flag into _preview_fields;
+    # a missing arg used to surface as a 500 TypeError after get_run succeeded.
+    monkeypatch.setattr(training_history, "get_run", lambda run_id: dict(BASE_RUN))
+    monkeypatch.setattr(training_history, "get_run_metrics", lambda run_id: {})
+    monkeypatch.setattr(training_history, "can_resume_run", lambda run: False)
+    monkeypatch.setattr(training_history, "get_preview_sharing_enabled", lambda: True)
+
+    detail = asyncio.run(
+        training_history.get_training_run_detail("run-1", current_subject = "test-user")
+    )
+
+    assert detail.run.id == "run-1"
+    # Not a previewable dir, so no signed ref - but the field is built without error.
+    assert detail.run.preview_sig is None
+
+
 def test_update_run_rejects_unknown_fields():
     with pytest.raises(ValidationError):
         TrainingRunUpdateRequest.model_validate({"unknown": "value"})
diff --git a/studio/backend/utils/client_ip.py b/studio/backend/utils/client_ip.py
new file mode 100644
index 0000000000..94acbf1809
--- /dev/null
+++ b/studio/backend/utils/client_ip.py
@@ -0,0 +1,71 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Resolve the caller's IP for rate limiting.
+
+Trust model, in order:
+  1. If the operator opts in via ``UNSLOTH_STUDIO_TRUST_FORWARDED`` (Studio behind
+     their own reverse proxy), honor the *rightmost* ``X-Forwarded-For`` hop -- the
+     one the trusted proxy appended. The leftmost entry is client-controlled and
+     spoofable, so this assumes a proxy that appends (or overwrites) the header;
+     only enable the env var behind such a proxy.
+  2. If the socket peer is loopback, honor ``CF-Connecting-IP``. Studio's managed
+     Cloudflare tunnel terminates at 127.0.0.1, so every tunneled visitor would
+     otherwise collapse onto the same socket peer (the local cloudflared process)
+     and share one rate-limit bucket. ``CF-Connecting-IP`` is set by Cloudflare's
+     edge and can't be forged by a tunneled client.
+  3. Otherwise the socket peer, so a direct LAN caller can't spoof a header to
+     dodge a per-IP limit.
+"""
+
+from __future__ import annotations
+
+import ipaddress
+import os
+
+_TRUST_FORWARDED_ENV = "UNSLOTH_STUDIO_TRUST_FORWARDED"
+
+
+def _trust_forwarded_for() -> bool:
+    return os.environ.get(_TRUST_FORWARDED_ENV, "").strip().lower() in {"1", "true", "yes"}
+
+
+def _is_loopback(host: str | None) -> bool:
+    try:
+        return bool(host) and ipaddress.ip_address(host).is_loopback
+    except ValueError:
+        return False
+
+
+def _normalize_addr(value: str | None) -> str | None:
+    """Parse an ``X-Forwarded-For`` entry into a bare, validated IP (strip port/brackets)."""
+    raw = (value or "").strip().strip('"')
+    if not raw:
+        return None
+    if raw.startswith("["):  # [ipv6]:port
+        raw = raw[1:].split("]", 1)[0]
+    elif raw.count(":") == 1:  # ipv4:port
+        raw = raw.split(":", 1)[0]
+    try:
+        return ipaddress.ip_address(raw).compressed
+    except ValueError:
+        return None
+
+
+def client_ip(request) -> str:
+    """Best-effort client IP, or ``"_unknown"`` when it can't be determined."""
+    if request is None:
+        return "_unknown"
+    peer = request.client.host if request.client else None
+    if _trust_forwarded_for():
+        # Rightmost hop = what the trusted proxy saw; the leftmost is spoofable.
+        xff = request.headers.get("x-forwarded-for", "")
+        if xff:
+            normalized = _normalize_addr(xff.rsplit(",", 1)[-1])
+            if normalized:
+                return normalized
+    if _is_loopback(peer):
+        cf = _normalize_addr(request.headers.get("cf-connecting-ip"))
+        if cf:
+            return cf
+    return peer or "_unknown"
diff --git a/studio/backend/utils/preview_rate_limit.py b/studio/backend/utils/preview_rate_limit.py
new file mode 100644
index 0000000000..dd38cfd5e7
--- /dev/null
+++ b/studio/backend/utils/preview_rate_limit.py
@@ -0,0 +1,67 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Coarse per-IP sliding-window rate limit for the public ``/p`` preview chat.
+
+A signed link stops ref guessing, but anyone with a link can still drive GPU
+generation. This bounds sustained abuse from a single source. In-process and
+single-worker only (like the login limiter in ``routes/auth.py``); Studio runs as
+one uvicorn process, so a shared store isn't needed.
+"""
+
+from __future__ import annotations
+
+import threading
+import time
+from collections import deque
+
+# Window / ceiling for preview chat-completions per client IP.
+_WINDOW_SECONDS = 60.0
+_MAX_REQUESTS = 20
+# Bound memory on a public surface (many distinct IPs).
+_MAX_BUCKETS = 4096
+
+_buckets: dict[str, deque] = {}
+_lock = threading.Lock()
+
+
+def _prune(bucket: deque, now: float) -> None:
+    while bucket and now - bucket[0] > _WINDOW_SECONDS:
+        bucket.popleft()
+
+
+def _evict_aged(now: float) -> None:
+    """Drop only buckets that have fully aged out. Never evict an active bucket:
+    evicting a throttled key would reset its counter, so a flood of distinct keys
+    could cycle the table and clear a victim's (or its own) limit."""
+    for key in list(_buckets.keys()):
+        _prune(_buckets[key], now)
+        if not _buckets[key]:
+            del _buckets[key]
+
+
+def check_rate_limit(key: str) -> int:
+    """Record a hit for ``key``; return seconds-to-wait if over the limit, else 0."""
+    now = time.monotonic()
+    with _lock:
+        bucket = _buckets.get(key)
+        if bucket is None:
+            if len(_buckets) >= _MAX_BUCKETS:
+                _evict_aged(now)
+            if len(_buckets) >= _MAX_BUCKETS:
+                # Table is full of currently-active clients. Fail closed: deny the
+                # new key rather than evict a live bucket (which would hand out a
+                # rate-limit reset). Pathological only (>= _MAX_BUCKETS live IPs).
+                return max(1, int(_WINDOW_SECONDS))
+            bucket = _buckets[key] = deque()
+        _prune(bucket, now)
+        if len(bucket) >= _MAX_REQUESTS:
+            return max(1, int(_WINDOW_SECONDS - (now - bucket[0])) + 1)
+        bucket.append(now)
+        return 0
+
+
+def reset() -> None:
+    """Clear all buckets (test isolation)."""
+    with _lock:
+        _buckets.clear()
diff --git a/studio/backend/utils/preview_sharing_settings.py b/studio/backend/utils/preview_sharing_settings.py
new file mode 100644
index 0000000000..047c4be3b4
--- /dev/null
+++ b/studio/backend/utils/preview_sharing_settings.py
@@ -0,0 +1,55 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""Persisted kill switch for public ``/p`` preview link sharing."""
+
+from __future__ import annotations
+
+from typing import Any
+
+PREVIEW_SHARING_SETTING_KEY = "preview_public_sharing_enabled"
+# Default on: signed share links work out of the box (current behavior). An admin
+# can flip this off to take the public ``/p`` surface offline entirely - links
+# then 404 even with a valid token, leaving preview to the authenticated app.
+DEFAULT_PREVIEW_SHARING_ENABLED = True
+
+
+def _coerce_bool(value: Any) -> bool | None:
+    if isinstance(value, bool):
+        return value
+    if isinstance(value, str):
+        normalized = value.strip().lower()
+        if normalized in {"1", "true", "yes", "on"}:
+            return True
+        if normalized in {"0", "false", "no", "off", ""}:
+            return False
+    return None
+
+
+def get_preview_sharing_enabled() -> bool:
+    """Read the persisted public-preview-sharing preference.
+
+    A *missing* setting defaults to enabled so the feature keeps working as
+    before unless an admin explicitly turns it off. A *read failure* (e.g. a
+    transient SQLite/permission error) fails closed -- this is a kill switch, so
+    an unreadable settings DB must not silently reopen the public surface.
+    """
+    try:
+        from storage.studio_db import get_app_setting
+        stored = get_app_setting(PREVIEW_SHARING_SETTING_KEY, None)
+    except Exception:
+        return False
+    parsed = _coerce_bool(stored)
+    return parsed if parsed is not None else DEFAULT_PREVIEW_SHARING_ENABLED
+
+
+def set_preview_sharing_enabled(value: Any) -> bool:
+    """Persist whether public ``/p`` preview links are accepted."""
+    parsed = _coerce_bool(value)
+    if parsed is None:
+        raise ValueError("Public preview sharing must be true or false.")
+
+    from storage.studio_db import upsert_app_settings
+
+    upsert_app_settings({PREVIEW_SHARING_SETTING_KEY: parsed})
+    return parsed
diff --git a/studio/backend/utils/preview_token.py b/studio/backend/utils/preview_token.py
new file mode 100644
index 0000000000..fd5b646dc9
--- /dev/null
+++ b/studio/backend/utils/preview_token.py
@@ -0,0 +1,52 @@
+# SPDX-License-Identifier: AGPL-3.0-only
+# Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+"""HMAC capability tokens for public ``/p`` preview share links.
+
+The preview ref (``run`` or ``run/checkpoint``) is a deterministic, guessable
+outputs-root path, so it can't gate access on its own. We sign the canonical ref
+with a dedicated server-side secret and require the resulting token on every
+public preview request: guessing a ref no longer grants access, and rotating the
+secret (``auth.storage.rotate_preview_link_secret``) revokes every link at once.
+"""
+
+from __future__ import annotations
+
+import base64
+import hashlib
+import hmac
+from typing import Optional
+
+from auth.storage import get_or_create_preview_link_secret
+
+# Versioned so the token format can evolve without silently honoring old shapes.
+_PREVIEW_TOKEN_VERSION = "v1"
+
+
+def _canonical_payload(ref: str) -> bytes:
+    # Sign the canonical ref only (never host/path) so links stay portable across
+    # localhost / LAN IP / tunnel host changes.
+    return f"preview:{_PREVIEW_TOKEN_VERSION}:{ref}".encode("utf-8")
+
+
+def sign_preview_ref(ref: str) -> str:
+    """Return the URL-safe HMAC capability token for a canonical preview ref."""
+    mac = hmac.new(
+        get_or_create_preview_link_secret(),
+        _canonical_payload(ref),
+        hashlib.sha256,
+    ).digest()
+    return base64.urlsafe_b64encode(mac).rstrip(b"=").decode("ascii")
+
+
+def verify_preview_ref(ref: str, token: Optional[str]) -> bool:
+    """Constant-time check that ``token`` is a valid capability for ``ref``."""
+    if not token:
+        return False
+    # Compare as bytes: a non-ASCII token (e.g. a %-encoded query value) would make
+    # hmac.compare_digest on two str raise TypeError -> treat it as simply invalid.
+    try:
+        provided = token.encode("ascii")
+    except UnicodeEncodeError:
+        return False
+    return hmac.compare_digest(sign_preview_ref(ref).encode("ascii"), provided)
diff --git a/studio/frontend/src/features/settings/api/preview-sharing.ts b/studio/frontend/src/features/settings/api/preview-sharing.ts
new file mode 100644
index 0000000000..f3f6989023
--- /dev/null
+++ b/studio/frontend/src/features/settings/api/preview-sharing.ts
@@ -0,0 +1,62 @@
+// SPDX-License-Identifier: AGPL-3.0-only
+// Copyright 2026-present the Unsloth AI Inc. team. All rights reserved. See /studio/LICENSE.AGPL-3.0
+
+import { authFetch } from "@/features/auth";
+import { readFastApiError } from "@/lib/format-fastapi-error";
+
+export type PreviewSharingSettings = {
+  enabled: boolean;
+  defaultEnabled: boolean;
+};
+
+type ApiPreviewSharingSettings = {
+  enabled: boolean;
+  // biome-ignore lint/style/useNamingConvention: API schema
+  default_enabled: boolean;
+};
+
+function fromApi(settings: ApiPreviewSharingSettings): PreviewSharingSettings {
+  return {
+    enabled: settings.enabled,
+    defaultEnabled: settings.default_enabled,
+  };
+}
+
+export async function loadPreviewSharing(): Promise<PreviewSharingSettings> {
+  const res = await authFetch("/api/settings/preview-sharing");
+  if (!res.ok) {
+    throw new Error(
+      await readFastApiError(res, "Failed to load preview sharing settings"),
+    );
+  }
+  return fromApi(await res.json());
+}
+
+export async function updatePreviewSharing(
+  enabled: boolean,
+): Promise<PreviewSharingSettings> {
+  const res = await authFetch("/api/settings/preview-sharing", {
+    method: "PUT",
+    headers: { "Content-Type": "application/json" },
+    body: JSON.stringify({ enabled }),
+  });
+  if (!res.ok) {
+    throw new Error(
+      await readFastApiError(res, "Failed to update preview sharing settings"),
+    );
+  }
+  return fromApi(await res.json());
+}
+
+// Rotate the server-side signing secret, invalidating every previously shared
+// /p preview link in one step. Newly copied links keep working.
+export async function rotatePreviewLinks(): Promise<void> {
+  const res = await authFetch("/api/settings/preview-links/rotate", {
+    method: "POST",
+  });
+  if (!res.ok) {
+    throw new Error(
+      await readFastApiError(res, "Failed to revoke preview links"),
+    );
+  }
+}
diff --git a/studio/frontend/src/features/settings/tabs/general-tab.tsx b/studio/frontend/src/features/settings/tabs/general-tab.tsx
index 5f926e34c3..b3f26c808e 100644
--- a/studio/frontend/src/features/settings/tabs/general-tab.tsx
+++ b/studio/frontend/src/features/settings/tabs/general-tab.tsx
@@ -13,18 +13,18 @@ import {
 import { Input } from "@/components/ui/input";
 import { Switch } from "@/components/ui/switch";
 import { usePlatformStore } from "@/config/env";
-import { isTauri } from "@/lib/api-base";
-import { openModelsDir } from "@/features/native-intents";
-import { copyToClipboard } from "@/lib/copy-to-clipboard";
-import { toast } from "@/lib/toast";
-import { loadModelsFolder, type ModelsFolder } from "../api/models-folder";
 import { resetOnboardingDone } from "@/features/auth";
 import { useChatRuntimeStore } from "@/features/chat";
+import { openModelsDir } from "@/features/native-intents";
+import { emitTrainingRunsChanged } from "@/features/training";
 import {
   setShowLlamaUpdateBanner,
   useShowLlamaUpdateBanner,
 } from "@/hooks/use-llama-update-pref";
 import { LOCALE_STORAGE_KEY, useT } from "@/i18n";
+import { isTauri } from "@/lib/api-base";
+import { copyToClipboard } from "@/lib/copy-to-clipboard";
+import { toast } from "@/lib/toast";
 import { cn } from "@/lib/utils";
 import { useNavigate, useRouterState } from "@tanstack/react-router";
 import { Check, Eye, EyeOff } from "lucide-react";
@@ -34,6 +34,13 @@ import {
   loadHelperPrecacheSettings,
   updateHelperPrecacheSettings,
 } from "../api/helper-precache";
+import { type ModelsFolder, loadModelsFolder } from "../api/models-folder";
+import {
+  type PreviewSharingSettings,
+  loadPreviewSharing,
+  rotatePreviewLinks,
+  updatePreviewSharing,
+} from "../api/preview-sharing";
 import {
   DEFAULT_UPLOAD_LIMIT_MB,
   type UploadLimitSettings,
@@ -146,6 +153,14 @@ export function GeneralTab() {
     null,
   );
   const [isSavingHelperPrecache, setIsSavingHelperPrecache] = useState(false);
+  const [previewSharing, setPreviewSharing] =
+    useState<PreviewSharingSettings | null>(null);
+  const [previewSharingError, setPreviewSharingError] = useState<string | null>(
+    null,
+  );
+  const [isSavingPreviewSharing, setIsSavingPreviewSharing] = useState(false);
+  const [revokePreviewOpen, setRevokePreviewOpen] = useState(false);
+  const [isRevokingPreview, setIsRevokingPreview] = useState(false);
   const [modelsFolder, setModelsFolder] = useState<ModelsFolder | null>(null);
 
   const draftRef = useRef(draftToken);
@@ -220,6 +235,27 @@ export function GeneralTab() {
     };
   }, [t]);
 
+  useEffect(() => {
+    let cancelled = false;
+    void loadPreviewSharing()
+      .then((settings) => {
+        if (cancelled) return;
+        setPreviewSharing(settings);
+        setPreviewSharingError(null);
+      })
+      .catch((error) => {
+        if (cancelled) return;
+        setPreviewSharingError(
+          error instanceof Error
+            ? error.message
+            : t("settings.general.previewSharing.loadError"),
+        );
+      });
+    return () => {
+      cancelled = true;
+    };
+  }, [t]);
+
   useEffect(() => {
     let cancelled = false;
     void loadModelsFolder()
@@ -274,6 +310,44 @@ export function GeneralTab() {
     }
   };
 
+  const savePreviewSharing = async (enabled: boolean) => {
+    setIsSavingPreviewSharing(true);
+    setPreviewSharingError(null);
+    try {
+      const settings = await updatePreviewSharing(enabled);
+      setPreviewSharing(settings);
+      // Toggling sharing changes whether /api/train/runs returns preview_sig, so
+      // refresh the history grid (hide/show the Copy preview link buttons).
+      emitTrainingRunsChanged();
+    } catch (error) {
+      setPreviewSharingError(
+        error instanceof Error
+          ? error.message
+          : t("settings.general.previewSharing.saveError"),
+      );
+    } finally {
+      setIsSavingPreviewSharing(false);
+    }
+  };
+
+  const revokePreviewLinks = async () => {
+    setIsRevokingPreview(true);
+    try {
+      await rotatePreviewLinks();
+      // The secret rotated, so any preview_sig the history grid still holds is
+      // now stale. Refresh so copied links use freshly minted signatures.
+      emitTrainingRunsChanged();
+      setRevokePreviewOpen(false);
+      toast.success(t("settings.general.previewSharing.revoked"));
+    } catch (error) {
+      toast.error(t("settings.general.previewSharing.revokeError"), {
+        description: error instanceof Error ? error.message : undefined,
+      });
+    } finally {
+      setIsRevokingPreview(false);
+    }
+  };
+
   const saveUploadLimit = async () => {
     const parsed = Number(draftUploadLimit);
     if (!Number.isInteger(parsed)) {
@@ -454,6 +528,42 @@ export function GeneralTab() {
         </SettingsRow>
       </SettingsSection>
 
+      <SettingsSection
+        title={t("settings.general.previewSharing.sectionTitle")}
+      >
+        <SettingsRow
+          label={t("settings.general.previewSharing.enableLabel")}
+          description={t("settings.general.previewSharing.enableDescription")}
+        >
+          <div className="flex flex-col items-end gap-1">
+            <Switch
+              checked={previewSharing?.enabled ?? false}
+              disabled={!previewSharing || isSavingPreviewSharing}
+              onCheckedChange={(enabled) => void savePreviewSharing(enabled)}
+            />
+            {previewSharingError ? (
+              <span className="max-w-[260px] text-right text-xs text-destructive">
+                {previewSharingError}
+              </span>
+            ) : null}
+          </div>
+        </SettingsRow>
+        <SettingsRow
+          destructive={true}
+          label={t("settings.general.previewSharing.revokeLabel")}
+          description={t("settings.general.previewSharing.revokeDescription")}
+        >
+          <Button
+            variant="outline"
+            size="sm"
+            onClick={() => setRevokePreviewOpen(true)}
+            className="text-destructive hover:text-destructive hover:border-destructive/60"
+          >
+            {t("settings.general.previewSharing.revokeAction")}
+          </Button>
+        </SettingsRow>
+      </SettingsSection>
+
       <SettingsSection title={t("settings.general.uploads.sectionTitle")}>
         <SettingsRow
           label={t("settings.general.uploads.maxUploadSize")}
@@ -561,6 +671,36 @@ export function GeneralTab() {
           </DialogFooter>
         </DialogContent>
       </Dialog>
+
+      <Dialog open={revokePreviewOpen} onOpenChange={setRevokePreviewOpen}>
+        <DialogContent className="max-w-md">
+          <DialogHeader>
+            <DialogTitle>
+              {t("settings.general.previewSharing.revokeConfirmTitle")}
+            </DialogTitle>
+            <DialogDescription>
+              {t("settings.general.previewSharing.revokeConfirmDescription")}
+            </DialogDescription>
+          </DialogHeader>
+          <DialogFooter>
+            <Button
+              variant="outline"
+              onClick={() => setRevokePreviewOpen(false)}
+            >
+              {t("common.cancel")}
+            </Button>
+            <Button
+              onClick={() => void revokePreviewLinks()}
+              disabled={isRevokingPreview}
+              className="bg-destructive hover:bg-destructive/90 text-destructive-foreground"
+            >
+              {isRevokingPreview
+                ? t("settings.general.previewSharing.revoking")
+                : t("settings.general.previewSharing.revokeConfirmAction")}
+            </Button>
+          </DialogFooter>
+        </DialogContent>
+      </Dialog>
     </div>
   );
 }
diff --git a/studio/frontend/src/features/studio/history-card-grid.tsx b/studio/frontend/src/features/studio/history-card-grid.tsx
index 75ef1c2d85..5ff9f3bf82 100644
--- a/studio/frontend/src/features/studio/history-card-grid.tsx
+++ b/studio/frontend/src/features/studio/history-card-grid.tsx
@@ -387,8 +387,9 @@ export function HistoryCardGrid({
           const isRunning = run.status === "running";
           const canResume = run.can_resume && !wasContinued;
           const isResuming = resumeTarget === run.id;
-          // Backend /p ref, gated on previewability + route-expressible depth.
-          const canCopyPreview = !!run.preview_ref;
+          // Backend /p ref + its capability token. Both are required: the link
+          // is useless (404s) without the signature, so don't offer to copy it.
+          const canCopyPreview = !!run.preview_ref && !!run.preview_sig;
           return (
             <div
               role="button"
@@ -456,7 +457,9 @@ export function HistoryCardGrid({
                       serverUrl ??
                       window.location.origin
                     ).replace(/\/+$/, "");
-                    const url = `${base}/p/${ref}`;
+                    // The signature is a bearer capability carried as ?k=; the
+                    // recipient's page forwards it on its chat requests.
+                    const url = `${base}/p/${ref}?k=${encodeURIComponent(run.preview_sig ?? "")}`;
                     const ok = await copyToClipboard(url);
                     toast[ok ? "success" : "error"](
                       t(
diff --git a/studio/frontend/src/features/training/types/history.ts b/studio/frontend/src/features/training/types/history.ts
index 480a3daa6b..45d83a31d2 100644
--- a/studio/frontend/src/features/training/types/history.ts
+++ b/studio/frontend/src/features/training/types/history.ts
@@ -17,6 +17,7 @@ export interface TrainingRunSummary {
   resumed_later: boolean;
   has_preview_model: boolean;
   preview_ref: string | null;
+  preview_sig: string | null;
   duration_seconds: number | null;
   error_message: string | null;
   loss_sparkline: number[] | null;
diff --git a/studio/frontend/src/i18n/locales/en.ts b/studio/frontend/src/i18n/locales/en.ts
index 84ab92bb8b..019a23a891 100644
--- a/studio/frontend/src/i18n/locales/en.ts
+++ b/studio/frontend/src/i18n/locales/en.ts
@@ -142,6 +142,25 @@ export const en = {
         loadError: "Failed to load Helper LLM settings.",
         saveError: "Failed to save Helper LLM settings.",
       },
+      previewSharing: {
+        sectionTitle: "Preview sharing",
+        enableLabel: "Public preview links",
+        enableDescription:
+          "Let anyone with a signed link chat with a finished model, no login required. Turn off to take the public preview surface offline; shared links stop working.",
+        loadError: "Failed to load preview sharing settings.",
+        saveError: "Failed to save preview sharing settings.",
+        revokeLabel: "Revoke all preview links",
+        revokeDescription:
+          "Rotate the signing secret so every link you've shared stops working. Newly copied links keep working.",
+        revokeAction: "Revoke links",
+        revoking: "Revoking...",
+        revokeConfirmTitle: "Revoke all preview links?",
+        revokeConfirmDescription:
+          "Every preview link you've shared will stop working immediately. This can't be undone.",
+        revokeConfirmAction: "Revoke all links",
+        revoked: "All preview links revoked",
+        revokeError: "Couldn't revoke preview links",
+      },
       notifications: {
         sectionTitle: "Notifications",
         showLlamaUpdates: "llama.cpp update notifications",
@@ -161,8 +180,7 @@ export const en = {
       storage: {
         sectionTitle: "Storage",
         modelsFolder: "Models folder",
-        modelsFolderDescription:
-          "Where downloaded models are stored.",
+        modelsFolderDescription: "Where downloaded models are stored.",
         openAction: "Open",
         copyAction: "Copy path",
         copied: "Path copied",