OpenAI’s IPO takes a rain check as Ondo opens a two-week private-market window

Ondo Finance will open exclusive subscriptions for its OpenAI Private Market Note (OPAIPon) during the week of November 2, with the primary market offering available for two weeks to eligible Ondo Private Clients.

Participation requires registration through Ondo’s Private Client program. The company has not disclosed minimum investment criteria or total allocation limits, while the ONDO price climbed more than 2% on Monday as Ondo expanded its tokenized private-market offerings.

The announcement follows the launch of Ondo’s private markets platform earlier this month, which enabled tokenized exposure to private AI businesses. OPAIPon already offers 24/7 secondary trading of assets on Ondo Perps, and eligible investors can subscribe directly to the primary offering through the platform.

The offering follows OpenAI CEO Sam Altman’s decision to exclude a 2026 IPO based on concerns about the safety of AI. In an interview in September, Altman called it “an ill-advised moment to go public.” OpenAI may now seek to be listed in 2027, though it has yet to announce an official listing date, while rival Anthropic filed its public IPO prospectus with the SEC on Monday.