Ondo Finance launches tokenized notes for pre-IPO firms, starting with an AI company and 24/7 secondary-market trading.
Ondo Finance has launched Ondo Private Markets, a new platform offering eligible investors tokenized exposure to privately held companies before they enter public markets. Its first product will track the economic performance of a pre-IPO artificial intelligence company and is expected to begin secondary-market trading this week.
The offering will use tokenized notes rather than direct ownership of private-company shares. Payouts will be linked to the per-share value realized on the referenced company’s common stock when a qualifying liquidity event takes place.
Fintech journalist Frank Chaparro said the platform will bring private-company exposure Onchain for eligible non-U.S. investors, with 24/7 trading available through secondary markets. After the initial AI-linked product, Ondo plans to add exposure to companies in robotics, cybersecurity, biotechnology and infrastructure.
Ondo Opens Another Route Into Private Markets
Ondo Private Markets structures around individual companies, allowing eligible investors to choose specific businesses rather than buying into a broad private-market fund. Investors can hold the notes in supported self-custody wallets or transfer them between eligible holders and compatible trading venues.
Chaparro said the notes will track the value of private companies at qualifying liquidity events. Secondary-market trading will also let investors adjust their positions before an IPO. That feature addresses one of the main limitations of private-market investing, where buyers can face long holding periods and few options for selling smaller positions.
Ondo Finance is bringing private-company exposure onchain.
Its new Ondo Private Markets platform will offer tokenized notes tied to the value of private companies at qualifying liquidity events, with 24/7 secondary-market trading for eligible non-U.S. investors.
The first…
— Frank Chaparro 🇸🇬 (@fintechfrank) October 6, 2026
Ondo said investors will be able to increase, reduce or exit their exposure through secondary trading without waiting for the referenced company to list publicly. The tokens remain subject to eligibility requirements, including restrictions affecting U.S. investors.
First Offering Will Track a Pre-IPO AI Firm
The first note will reference a leading pre-IPO AI company, although Ondo has not named the business. Trading will start this week, followed by planned products linked to companies in other technology-focused sectors.
Ondo pointed to the size of the private-company market as one reason for the launch. According to figures by the company, 87% of U.S. businesses generating more than $100 million in annual revenue are privately held.
The company also cited long-term performance data showing that U.S. private equity funds produced annualized returns of 13.2% over the 20 years ending December 2025. That compared with 11.3% for an S&P 500 public-market equivalent over the same period.
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Ondo Builds Beyond Tokenized Public Stocks
Ondo Private Markets extends the company’s existing tokenization business into pre-IPO assets. The same broader infrastructure already supports Ondo’s tokenized stocks and Treasury products, which the company said have reached $3.9 billion in total value.
Ondo Stocks currently offers more than 450 tokenized stocks and exchange-traded funds and has surpassed $1 billion in TVL. The new platform applies a similar model to private-company exposure while keeping participation limited to eligible investors.
Ondo said additional offerings will follow the first AI-linked note, with planned expansion into robotics, cybersecurity, biotech, defense, energy, space and infrastructure.
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