Ondo Finance Opens Private Markets with Tokenized AI Company Notes
Ondo Finance has launched Ondo Private Markets, a platform designed to give regular investors access to private companies, starting with a pre-IPO artificial intelligence firm. The platform, which went live on October 6, 2026, offers tokenized notes tied to the per-share value of private company stocks during liquidity events like IPOs or acquisitions. These notes do not confer ownership or voting rights but represent obligations of the issuer.
The first tokenized notes, linked to a leading pre-IPO AI company, are expected to begin trading on secondary markets this week, offering 24/7 trading, a significant departure from traditional private share transactions. The offering is currently limited to non-US investors in permitted jurisdictions.
Ian De Bode, acting CEO of Ondo, highlighted a structural wealth gap, noting that 87% of US companies generating over $100 million in revenue remain private. Ondo plans to expand into sectors like robotics, cybersecurity, biotech, and space. The move builds on Ondo’s existing tokenization framework, which includes tokenized US Treasuries and equities with over $3.7 billion in total value locked.
Investors should be aware that the notes are issuer obligations, not equity, meaning exposure includes both the underlying company and the issuer. The current exclusion of US investors may change, serving as a key signal for regulatory perspectives on such instruments.