ONDO Finance has received approval from the U.S. Securities and Exchange Commission to tokenize pre-IPO equity in SpaceX, OpenAI, Databricks, and Anthropic. The clearance gives investors a regulated on-chain path into private-company exposure that has largely been limited to venture firms, insiders, and large institutional pools.
First offerings focus on high-profile private companies
Under the approved structure, ONDO can issue tokenized access to shares in leading private companies before they go public. The first names listed under the framework are SpaceX, OpenAI, Databricks, and Anthropic. That sets ONDO apart from many Real-World Asset projects, which have centered on Treasuries and yield products rather than private equity tied to high-demand unicorns.
The distinction is material. ONDO is not presenting tokenization as a broad concept alone; it is building a regulated format for private equity access on-chain. The company says the offerings operate under SEC supervision so that tokenized shares meet applicable regulatory standards.
Broader investor access to pre-IPO markets
The report says the approval opens a compliant channel for both retail and institutional participants to gain exposure before IPO events. Historically, those returns have tended to accrue to venture capital firms, insiders, and sovereign funds. ONDO’s model brings that segment into an on-chain framework with formal regulatory backing.
That also changes how the platform is positioned within the RWA sector. Much of the market has associated tokenized real-world assets with lower-risk instruments. ONDO is moving in a different direction by offering access to equity in private companies across several sectors, giving the platform a wider infrastructure footprint.
TVL growth points to infrastructure-driven demand
ONDO Finance’s total value locked (TVL) has continued to rise even while the token price has remained volatile. In the source material, that trend is described as a sign that incoming capital is targeting infrastructure and asset access rather than short-term trading. Capital is showing up first; market pricing has not necessarily caught up.
Institutional participation is also described as increasing as ONDO expands its compliant rails. SEC approval signals alignment with regulation, which tends to matter for professional allocators. The report also points to the 21Shares ONDO Trust as a source of added confidence by supporting ETF exposure to tokenized assets, while keeping the underlying equity products within a regulated structure.
Instead of staying in a narrow RWA niche, ONDO is building horizontal infrastructure around tokenized equities in multiple sectors. Based on the current framework, that places the company in a more defined role: an on-chain gateway for global capital seeking entry into pre-IPO markets.