# Techdollar

> Techdollar is a dollar-denominated credit instrument backed by frontier private equity collateral. It enables employees and investors at leading private technology companies to borrow against illiquid equity without selling.

## What is Techdollar?

Techdollar lets employees and investors at top private technology companies — Anthropic, SpaceX, Anduril, Figure AI, Apptronik, and others — borrow against vested but illiquid equity. No sale, no taxable event, no cap table changes.

- Borrower coupon: 14–17% annually
- Depositor yield: low-to-mid teen percent
- Advance rate: 25–40% LTV (conservative underwriting)

## How It Works

1. Borrower deposits a verified equity position (employee stock, fund LP interest, or secondary market position) in a frontier tech company.
2. Techdollar underwrites the position at 25–40% LTV with concentration caps per name and sector.
3. Borrower receives dollar-denominated credit against their equity — no sale, no taxable event.
4. Capital providers (depositors) earn low-to-mid teen yields backed by frontier tech collateral.
5. Borrower repays at exit: IPO, tender offer, secondary sale, or refinance.

## Why This Market?

- Anthropic employees hold an estimated $18–41B in vested, illiquid equity — averaging $1.5M in stock comp per employee, 7x what Google disclosed at IPO (WSJ, 2026)
- SpaceX: $800B+ valuation, 13,000+ employees, most equity locked until IPO
- 73% of frontier tech companies are rejected for traditional loans
- Only ~2% of unicorn market value trades on secondaries — 98% remains illiquid
- $2.4T global credit gap for emerging technology sectors

## Eligible Companies

Techdollar supports borrowing against equity in 58+ leading private technology companies, including:

**AI & Compute**: OpenAI, Anthropic, xAI, Databricks, Mistral AI, Cerebras, Groq, Lambda, VAST Data, Together AI, ElevenLabs, Harvey, AnySphere, Runway, Replit, SSI, Perplexity, Glean, Cohere, Character AI, Hugging Face
**Aerospace**: SpaceX, Blue Origin, Relativity Space
**Robotics**: Figure AI, Apptronik, Physical Intelligence
**Defense**: Anduril, Shield AI, Saronic, Chaos Industries
**Fintech & Infrastructure**: Stripe, Ramp, Revolut, Rippling, Plaid, Kraken, Ripple, Polymarket, Supabase, ClickHouse, Cribl, Cohesity
**Autonomous Vehicles**: Waymo, Applied Intuition
**Other Frontier**: ByteDance, Discord, Neuralink, Scale AI, Canva, Epic Games, Deel, Notion, Vercel, Gusto, Zipline, PsiQuantum, TAE Technologies

Plus VC funds and LPs holding unrealized gains from 2020–2023 vintages.

## Partners & Infrastructure

- **Curve Finance** — Liquidity incentives to expand borrower capacity for capital partners
- **Caplight** — $5B+ in live private company interest and instant access to vetted counterparties
- **Agora** — Instant liquidity against USDC and USDT for borrowers who opt out of direct fiat loans
- **Top-10 national CPA firm** — Equity review, ownership verification, and share charge auditing

## For Borrowers

- **Founders** requiring capital without selling ownership
- **Employees** protecting their equity upside at any of the above companies
- **Venture capitalists** seeking structured secondary liquidity
- **Family offices** diversifying exposure to deep tech

## For Depositors

Institutional investors and DeFi participants seeking high-teen yields from credit exposure. No ownership, governance, or voting rights — just yield passed through to all holders. DeFi integrations planned with Pendle, Curve, and Fluid.

## Compared To

| Protocol | Collateral | Techdollar Advantage |
|----------|-----------|----------------------|
| Ondo Finance (USDY) | US Treasuries | 3x higher yield (14–17% vs ~5%) |
| Maple Finance | Institutional credit | Collateralized by identifiable frontier tech equity |
| Centrifuge | Real-world assets | Concentrated in highest-growth sector |
| Goldfinch | Emerging market debt | Lower default risk (tech equity collateral) |
| TrueFi | Uncollateralized DeFi | Fully collateralized lending |

## Entity Structure

- Techdollar Foundation — Delaware corporation
- USD Technology LLC — New York LLC

## Links

- Website: https://techdollar.com
- Contact: https://x.com/techdollarhq

## Last Updated

February 2026