Ondo Finance launches an on-chain tokenization product for private markets, with its first underlying asset being a Pre-IPO company in the AI sector.

Ondo Finance has announced the launch of Ondo Private Markets, which enables investors to gain on-chain economic exposure to top private companies through tokenized notes. Its first offering will target a pre-IPO artificial intelligence firm, with trading set to open on secondary markets this week. The platform later plans to expand to private enterprises in sectors including robotics, cybersecurity, biotech, and infrastructure. Ondo clarifies that these tokens do not correspond to company stock or equity; instead, tokenized notes grant holders exposure to the performance of the company’s common stock during eligible liquidity events such as IPOs or mergers and acquisitions. The tokens are freely transferable on-chain and can be integrated with the DeFi ecosystem. Built on Ondo’s existing on-chain asset infrastructure, its combined tokenized stock and U.S. Treasury platform holds roughly $3.7 billion in total value locked (TVL) and has over 1 million cumulative holders. Ondo Finance notes that most large U.S. companies remain private—approximately 87% of firms with annual revenue exceeding $100 million are unlisted, making early growth opportunities difficult for traditional investors to access. Ondo Private Markets aims to provide a more flexible trading channel via blockchain secondary markets, allowing eligible investors to adjust their private market exposure around the clock.