# Ondo Launches Tokenized Notes Tied to Private AI Company By John Kim Canonical URL: https://www.tokenpost.com/news/business/27508 Published: 2026-10-07T15:26:49.000Z Updated: 2026-10-07T15:26:49.000Z Section: Business > The notes give eligible investors outside the United States economic exposure to a pre-IPO company without providing shares or ownership rights. Ondo Finance has launched Ondo Private Markets, a platform issuing transferable notes linked to the value of private companies, giving eligible non-U.S. investors access to pre-IPO exposure without owning the underlying shares. The platform currently offers exposure to one unnamed pre-IPO artificial-intelligence company. Secondary-market trading is expected during the week of Oct. 5, 2026, but the initial trading date and venues have not been identified. The notes are issuer obligations rather than equity in the referenced company. They do not provide voting, dividend or other shareholder rights. Instead, each note’s payout is linked to the per-share value realized on the reference company’s common shares during a qualifying liquidity event. Those events can include a public listing followed by six months of trading, a change-of-control acquisition, bankruptcy, substantial liquidation or the passage of 10 years after issuance. The notes are designed for transfers and secondary-market trading around the clock. Access remains limited by investor eligibility, jurisdictional restrictions, platform controls, maintenance and possible issuer pauses. The products are not available to U.S. investors. Tokenization places a digital representation of an asset or financial claim on a blockchain. In this case, Ondo is tokenizing notes tied to a company’s value rather than the company’s shares themselves. The model attempts to add continuous secondary-market trading to an asset class that typically has limited transferability and liquidity before an initial public offering. It extends Ondo’s existing tokenization business beyond public equities and Treasury-related products. [Ondo’s earlier portfolio-token expansion]() combined exposure to multiple assets through transferable tokens, while the new platform links each note to an individual private company. The platform plans to add exposure to companies in robotics, cybersecurity, biotechnology, defense, energy and space. Its initial product does not identify the underlying AI company. “Today, the top decile of high-growth companies are almost exclusively in the private markets,” said David George, general partner at Andreessen Horowitz. The notes’ next stage is expected during the week of Oct. 5, 2026, when secondary-market trading could begin subject to the platform’s eligibility and control requirements. ## Links in this article - [Ondo’s earlier portfolio-token expansion](https://www.tokenpost.com/news/business/25478)