Oct. 5: Ondo Announces Tokenized Private-Company Securities, Without Confirming Any Link to Anthropic
Key Facts
Ondo Finance announced on Oct. 5 the launch of “Ondo Private Markets,” a product offering tokenized exposure to the economic performance of private companies before their public listings. It said the first target would be an unnamed artificial intelligence company. The company did not announce Anthropic as the target, nor did it link the product to the timing of Anthropic’s IPO. According to Ondo’s announcement, the product offers tokenized securities whose returns are tied to the value of the reference company’s common stock upon a qualifying liquidity event. The announcement therefore does not confirm an offering of Anthropic shares through the platform. This description distinguishes a product for exposure to private companies before listing from another Ondo service aimed at newly listed companies.
Coverage makes clear that private-market securities are not shares in the companies concerned and do not give holders ownership or shareholder rights. Rather than owning a direct stake, the security is an obligation of its issuer, while its return is tied to the value realized for the stock at a qualifying liquidity event. The service targets eligible investors outside the United States, in jurisdictions where it is permitted. Ondo said those investors can trade the securities in secondary markets around the clock or hold them in their digital wallets. The exposure offered by the product therefore remains distinct from buying a share in a private company or owning shareholder rights in it.
In a separate offering, Ondo says its “Ondo Global Listing” service provides tokenized exposure to IPOs of companies listing on the New York Stock Exchange and Nasdaq on their listing day. The service covers the Ethereum, Solana and BNB Chain networks, according to the company, and targets users outside the United States. Ondo said the tokens provide economic exposure to shares of newly listed companies, with trading subject to certain restrictions and jurisdictions. This description does not establish that Anthropic will be among the companies covered by the service. The Global Listing product also differs from the private-market securities Ondo announced on Oct. 5, both in the timing of the exposure and the type of companies targeted.
Anthropic, meanwhile, confirmed in its filing with the U.S. Securities and Exchange Commission that it had applied to list its Class A shares on the Nasdaq Global Select Market under the ticker ANT. The amended prospectus available on Nov. 2 showed that the fields for the number of shares offered and the offering price range had not been filled in. The Associated Press reported when the company announced the filing on Oct. 26 that the offering’s valuation and the amount the company would raise had not been determined. The agency noted the possibility that the offering could exceed the record $86 billion raised by SpaceX’s June offering, but presented that as a possibility, not a settled outcome. Anthropic was founded in 2021, according to its prospectus.
The prospectus offers a picture of the company’s business growth and costs ahead of the offering. The number of customers generating more than $100,000 in revenue over the last 12 months rose from more than 950 as of Sept. 30, 2025, to more than 11,900 as of Sept. 30, 2026, Anthropic said. In the nine months ended Sept. 30, 2026, computing and infrastructure expenses reached $18,808 million, compared with $4,381 million in the same period of 2025. However, those expenses fell as a share of revenue from 172% to 57% between the two periods. In the third quarter of 2026, the company posted an operating loss of $567 million, after recording operating income of $974 million in the previous quarter. The company partly attributed the shift to $5.0 billion in computing commitments within short-term commitments and $2.0 billion in non-cash costs related to its donation-matching program.
Anthropic’s commitments include spending on computing and infrastructure, including data centers. The Associated Press reported on Nov. 2, citing the company, that it had committed to spending $895.4 billion on these items, including $70 billion due over the following twelve months. That puts infrastructure spending among the figures investors are watching alongside customer growth and quarterly losses. The financial terms of the offering, including the price range and number of shares, remain unspecified in the available prospectus. Ondo’s announcement of its private-markets product also does not confirm that its securities are linked to Anthropic. The next step in the IPO process remains tied to what the company provides in updates to its prospectus on the offering details.