Guides on pre-IPO investing and private markets

Plain-language guides with sources, updated as facts change.

• What is pre-IPO investing?

  Pre-IPO investing means acquiring shares of a private company before its stock market listing. The main routes, the constraints, the costs and the risks, explained.

• SpaceX IPO: what pre-IPO investors should know

  SpaceX priced its IPO at $135 on 11 June 2026 and trades on Nasdaq as SPCX. Key facts on pricing, lock-up periods and the xAI merger, and what changes for pre-IPO holders.

• How to invest in OpenAI, Anthropic, Stripe and Databricks before an IPO

  The realistic routes to pre-IPO exposure to OpenAI, Anthropic, Stripe and Databricks in 2026, the latest reported valuations, and the constraints every buyer faces.

• Secondary transactions and right of first refusal (ROFR)

  How secondary sales of private company shares work, what a right of first refusal is, and why transfer restrictions can delay or block a pre-IPO deal.

• SPV vs direct purchase vs fund in pre-IPO investing

  Compare the three main structures for holding pre-IPO shares: direct ownership, a single-company SPV and a diversified fund, with their fees, control and risks.

• Pre-IPO investing for qualified investors: Switzerland, the EU and the US

  Who can access pre-IPO investments: the concepts of qualified, professional and accredited investors in Switzerland, the European Union and the United States, at a general level.

• How to value a private unicorn

  How private company valuations are set from funding rounds and secondary sales, why post-money figures differ from market prices, and the checks investors should run.

• Pre-IPO investing vs private equity vs venture capital

  A comparison of pre-IPO secondary investing, traditional private equity and venture capital by stage, risk profile, target companies and exit path.

• Pre-IPO due diligence checklist

  Ten questions a qualified investor should answer before acquiring pre-IPO shares: share class, transfer restrictions, ROFR, valuation, fees, structure and exit path.

• What is a unicorn company?

  A unicorn is a privately held startup valued at over 1 billion dollars. Definition, origin of the term, decacorns and hectocorns, and why unicorns stay private longer.