Ondo Finance has launched Ondo Private Markets, a new platform offering eligible investors tokenized exposure to privately held companies before they enter public markets. The platform's 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 move gives eligible investors a new avenue for economic exposure to private technology companies ahead of potential public listings. For most individual investors, this corner of the market has long been out of reach, with participation largely confined to institutional players and accredited buyers.

The offering will rely on 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 highlighted the platform's reach in a post on X, saying it will bring private-company exposure onchain for eligible non-U.S. investors, with 24/7 trading available through secondary markets:

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

After the initial AI-linked product, Ondo plans to add exposure to companies in robotics, cybersecurity, biotechnology and infrastructure.

Another Route Into Private Markets

Ondo Private Markets is structured around individual companies, allowing eligible investors to choose specific businesses rather than buying into a broad private-market fund. Once issued, the notes can be held in supported self-custody wallets or transferred between eligible holders and compatible trading venues.

The notes are designed to track the value of private companies at qualifying liquidity events. Secondary-market trading will also let investors adjust their positions before an IPO, addressing one of the main limitations of private-market investing, where buyers can face long holding periods and few options for selling smaller positions. Until such a liquidity event occurs, secondary-market activity gives investors a way to manage their exposure in the interim.

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. Those restrictions effectively scope the initial rollout to eligible non-U.S. participants, the group the 24/7 secondary-market access is designed to serve. Ondo detailed the launch in an announcement published on its official blog.

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. The unnamed firm is the pivotal detail, since payouts on the note will hinge on its per-share value at a qualifying liquidity event. Trading will start this week, followed by planned products linked to companies in technology-focused sectors.

Ondo pointed to the size of the private-company market as one reason for the launch. According to figures provided 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. Taken together, the figures frame the opportunity Ondo is pointing to: most large U.S. companies remain private through their growth years, and the asset class out-earned its public-market benchmark over the two decades the company cited.

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 total value locked (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. The near-term markers to watch are the start of secondary trading for the AI-linked note this week and the pace at which the planned sector products follow.