Pre-IPO liquidity allows startup employees, early investors, and venture funds to sell private-company shares before an IPO or acquisition. Rather than waiting years for a traditional exit, eligible investors can use secondary marketplaces to transfer ownership under company-approved conditions. According to PwC, private secondary transactions have evolved into a “critical mechanism” for shareholders to achieve liquidity, often well before an initial public offering (IPO) is feasible or even desirable.
Glean illustrates this trend well. The AI-powered enterprise search company has attracted strong investor interest through successive funding rounds, making it a closely watched private company for accredited investors evaluating secondary-market opportunities.
Updates August 2026, the following comparison examines how Forge Global, Hiive, EquityZen, and Nasdaq Private Market approach pre-IPO liquidity.
Forge Global
Forge Global operates one of the largest institutional private-market marketplaces, facilitating secondary transactions between accredited investors and existing shareholders. The platform combines marketplace services with custody, settlement, and market data designed for private-company investing.
Pricing/Fee Structure: Pricing is negotiated between buyers and sellers, while transaction fees vary depending on deal structure and execution. Minimum investment requirements differ by company and available inventory.
Platform Features: Forge supports marketplace matching, transaction support, settlement services, and private-market data. The company reported facilitating more than $17 billion in trading volume since inception, making it one of the largest established secondary marketplaces.
Secondary Marketplaces vs Direct Secondaries/Tender Offers: Forge enables negotiated secondary transactions outside formal company-organized tender offers. Compared with direct secondaries, its marketplace can improve pricing transparency by bringing together multiple market participants.
Use Cases: The platform serves employee shareholders seeking liquidity, institutional investors purchasing late-stage private shares, and venture funds managing portfolio positions before exit events.
Eligibility/Compliance: Participation generally requires accredited investor status, while transactions remain subject to issuer approval, transfer restrictions, and contractual ROFR provisions where applicable.
Valuation Methodology: Forge publishes private-market pricing data that investors can compare with 409A valuations and the company’s latest funding round. Secondary pricing often reflects current investor demand more quickly than historical fundraising valuations.
Glean-Specific Context: As investor interest in enterprise AI continues to grow, companies such as Glean have become increasingly relevant to secondary-market participants. Any available Forge transaction would still depend on shareholder supply, company approval, and prevailing market demand rather than the company’s headline valuation alone.
Hiive
Hiive is a secondary marketplace that connects accredited investors with employees, founders, and existing shareholders looking to buy or sell private-company stock. Rather than operating pooled investment funds, it focuses on direct marketplace transactions across thousands of venture-backed companies.
Pricing/Fee Structure: Transaction pricing is determined by market activity rather than fixed valuations. Investment minimums and transaction costs vary by listing, allowing pricing to reflect real-time buyer and seller demand instead of standardized offerings.
Platform Features: Hiive matches buyers and sellers through a marketplace model with bid-and-ask functionality. Transactions generally proceed through verification, company approval where required, escrow, and settlement. According to the company, its marketplace tracks pricing across more than 3,000 private companies.
Secondary Marketplaces vs Direct Secondaries/Tender Offers: Unlike direct secondary sales negotiated privately, marketplaces centralize discovery and pricing. Tender offers are typically organized by the issuing company, while marketplace transactions depend on willing buyers and sellers and may occur throughout a company’s private lifecycle.
Use Cases: Hiive may be suitable for employee shareholders seeking partial liquidity, venture funds rebalancing portfolios, and accredited investors looking for exposure to late-stage startups before a public listing.
Eligibility/Compliance: Marketplace participants generally need to satisfy SEC accredited investor requirements. Transactions may also require company consent and remain subject to rights of first refusal (ROFR) or other transfer restrictions contained in shareholder agreements.
Valuation Methodology: Investors often compare a company’s latest 409A valuation, last primary funding round, and observable secondary-market pricing. Differences between these figures may reflect changing investor sentiment, liquidity needs, or expectations surrounding a future IPO. Updates are often shared on Hiive’s LinkedIn account.
Glean-Specific Context: Glean has become one of the most closely followed AI infrastructure startups after raising successive venture rounds. Investors monitoring private-market demand can also review Hiive’s Glean stock analysis alongside broader valuation trends.
EquityZen
EquityZen is a private-market investment platform that gives accredited investors access to late-stage startups through pooled investment vehicles. Rather than matching buyers and sellers directly, many investments are structured through special purpose vehicles (SPVs).
Pricing/Fee Structure: Investment minimums typically start around $10,000, although they vary by offering. Investors should also review platform fees and SPV costs because they can affect overall returns.
Platform Features: EquityZen offers curated private-company opportunities, investor education, transaction support, and portfolio tracking. The company reports facilitating investments in more than 500 private companies through its marketplace.
Secondary Marketplaces vs Direct Secondaries/Tender Offers: Unlike direct secondary transactions, EquityZen commonly pools investors through SPVs. This simplifies participation for smaller investors but may provide less direct ownership than purchasing shares from an existing shareholder.
Use Cases: The platform may suit accredited investors seeking exposure to late-stage startups, employees looking to monetize equity, and investors who prefer a managed investment structure over negotiating individual transactions.
Eligibility/Compliance: Most offerings require accredited investor status. Transactions remain subject to securities regulations, company approval where required, and shareholder agreements that may include ROFR provisions.
Valuation Methodology: EquityZen investors typically compare a company’s latest funding valuation with current private-market demand. Secondary prices can trade above or below a 409A valuation depending on investor sentiment and expected liquidity events.
Glean-Specific Context: Growing demand for enterprise AI has increased interest in companies like Glean. Before its IPO, any EquityZen opportunity would have depended on shareholder availability rather than the company’s valuation alone.
Nasdaq Private Market
Nasdaq Private Market (NPM) provides liquidity solutions for private companies by supporting structured secondary transactions, tender offers, and company-sponsored liquidity programs. Its focus is often on issuer-managed transactions rather than an open marketplace.
Pricing/Fee Structure: Pricing is generally established through company-sponsored transactions or negotiated secondary sales. Minimum investments and transaction costs vary depending on the specific liquidity event.
Platform Features: NPM provides transaction management, shareholder administration, settlement services, and tender-offer support. The platform has facilitated more than $60 billion in private-company transactions, according to Nasdaq.
Secondary Marketplaces vs Direct Secondaries/Tender Offers: Unlike continuous marketplaces, NPM frequently supports organized liquidity programs initiated by the company. Tender offers may provide greater pricing consistency but occur less frequently than marketplace transactions.
Use Cases: The platform serves startup employees seeking liquidity, venture-backed companies managing shareholder programs, institutional investors, and funds participating in organized secondary events.
Eligibility/Compliance: Company-sponsored transactions typically include investor verification, issuer approval, securities-law compliance, and transfer restrictions. ROFR provisions may still apply depending on shareholder agreements.
Valuation Methodology: Tender-offer pricing often references the latest financing round while considering current investor demand and company objectives. Investors should compare the transaction price with both recent funding valuations and broader secondary-market activity.
Glean-Specific Context: If Glean were to conduct a company-sponsored liquidity event before an IPO, a platform such as Nasdaq Private Market could facilitate the transaction under company-approved terms. Pricing would likely reflect both recent fundraising and current market demand.
Summary Snapshot
| Platform | Primary model | Best suited for | Notable feature |
| Forge Global | Institutional secondary marketplace | Institutions and accredited investors | Extensive private-market pricing data |
| Hiive | Buyer-seller secondary marketplace | Employees, VCs, accredited investors | Marketplace pricing with direct bid/ask matching |
| EquityZen | SPV-based private investing | Individual accredited investors | Curated investments with lower entry points |
| Nasdaq Private Market | Company-sponsored liquidity platform | Private companies and institutional investors | Tender offers and managed liquidity programs |
Conclusion
The Problem: Venture-backed startups often remain private for longer than in previous decades, leaving employees and early investors with valuable but illiquid equity. While secondary marketplaces provide a potential solution, pricing transparency, transfer restrictions, and investor eligibility continue to create challenges.
Key Takeaways: Hiive, Forge Global, EquityZen, and Nasdaq Private Market each address pre-IPO liquidity differently. Marketplace models prioritize ongoing buyer-seller matching, while structured platforms and tender offers emphasize company-managed transactions.
Next Steps:
- Verify accredited investor eligibility
- Review shareholder restrictions
- Compare secondary pricing with recent funding rounds
- Evaluate the company’s long-term outlook
Frequently Asked Questions
How does pre-IPO liquidity work for venture-backed startups?
Pre-IPO liquidity allows existing shareholders to sell private shares before an IPO or acquisition through secondary marketplaces, tender offers, or company-approved transactions.
Can anyone invest in venture-backed startups before an IPO?
No. Most opportunities are limited to accredited investors and may also require company approval before shares can be transferred.
How are pre-IPO shares valued?
Investors commonly compare the latest funding valuation, 409A valuation, and observable secondary-market prices. Supply, demand, and expected liquidity events can also influence pricing.
Why don’t employees simply wait for the IPO?
Employees may seek liquidity for diversification, tax planning, or personal financial needs rather than concentrating their wealth in a single private company.
