Guides on pre-IPO investing and private markets
What do these guides cover? These guides explain pre-IPO investing, the purchase of shares in private companies before their IPO, and the market around it: how secondary transactions, SPVs and funds work, who may invest, how private unicorns are valued and which risks remain. Each guide shows its publication and update dates and links every figure to a public source.
Key points
- Start with what is pre-IPO investing and what is a unicorn company for the definitions.
- Access, structures and costs are covered in the guides on qualified investors, SPVs and secondary transactions.
- Valuation, due diligence, risk and fraud each have a dedicated guide.
- The guides are general information for qualified investors and advisers, not investment advice.
Plain-language guides with sources, updated as facts change.
- Why invest in pre-IPO companies: the value created before the IPO
The largest technology companies grow for years before they list. What the Morningstar PitchBook Unicorn 20 Index shows, the latest valuations, and how to take part through club deals.
- Club deal, pre-IPO fund or platform: why choose a club deal
Club deals, funds, secondary platforms and listed funds: the ways into pre-IPO companies compared, and why a club deal gives you choice, focus and direct exposure.
- How to invest in pre-IPO companies with Unicorn Club club deals
Step by step: how to invest in OpenAI, Anthropic, Stripe and other large pre-IPO companies through Unicorn Club club deals, with the requirements and the minimums.
- What is a club deal? How pre-IPO club deals work
A club deal is one investment made together by a small group of qualified investors, usually through an SPV. How it works, who can join, what it costs, the risks, and how Unicorn Club runs its pre-IPO club deals.
- How to invest in pre-IPO unicorns
The direct answer and the full path: who can invest, the routes compared with published minimums and fees, the steps from eligibility to closing, costs, timelines and risks.
- How to track upcoming IPOs of unicorn companies
Unicorn Watch, the free tracker of the 100 largest private companies: IPO status from SEC filings, reported valuations, IPO calendar, community forecasts and alerts.
- Pre-IPO investment minimums explained
Why pre-IPO minimums are high, who can invest, the Unicorn Club minimum of 100,000 dollars per deal, and what to do with a smaller amount.
- 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.
- How pre-IPO risk compares with venture capital risk
Late-stage private companies fail far less often than early-stage start-ups. What the published failure data shows, and the risks a secondary buyer still carries.
- Pre-IPO investment scams and how to recognise them
The SEC and FINRA both publish standing alerts on pre-IPO fraud. The seven warning signs they list, the checks that take five minutes, and what a legitimate offering looks like.
- How many unicorn companies are there?
Published counts of unicorn companies range from 1,404 to 3,977 depending on the source. The five main counts side by side, with dates, and the four reasons they differ.
Crypto
Guides for investors who hold cryptocurrencies: how crypto relates to private markets and how to diversify into large private companies.
- How to invest in pre-IPO companies with crypto through Unicorn Club
Pre-IPO club deals in large private companies, paid in BTC, ETH, USDT or USDC: who can join, the minimums, how the crypto payment works, what it costs and what can go wrong.
- Bitcoin and ether ETFs and other indirect ways to invest in crypto
Spot bitcoin and ether ETFs as of October 2026: how they work, how they differ from owning crypto, what they cost, how big they are, plus staking ETFs, European ETPs, listed companies and the other indirect routes.
- Crypto security: common scams, phishing, rug pulls and real exchange hacks
Phishing, fake support, investment fraud, rug pulls: how the common crypto scams actually work, how to lock down accounts and seed phrases, and what the big exchange and wallet attacks teach, with dates and sources as of October 2026.
- Crypto wallets explained: custodial and self-custody, hot and cold, seed phrases
Crypto wallets as of October 2026: custodial versus self-custody, hot and cold storage, hardware and software, how a seed phrase works, and the main wallets with who each one suits.
- How to buy your first cryptocurrency, step by step
Buying crypto for the first time, step by step: picking a regulated platform, verifying your identity, placing the first order, moving coins to your own wallet and reading the fees. Updated 27 October 2026.
- How to choose a crypto exchange: licenses, custody, fees and security
How to compare crypto exchanges in October 2026: MiCA authorization in Europe, US registrations, custody and proof of reserves, fees, security, support and which countries each platform serves, plus a neutral look at the main names.
- Staking, DeFi and crypto yields: how they work, where the return comes from, the risks
Staking, liquid staking, DeFi lending and liquidity pools: who actually pays the yield, what can go wrong, and how US and EU rules treat each one. Data as of October 2026.
- The main cryptocurrencies beyond Bitcoin and Ethereum: Solana, XRP, BNB and more
BNB, XRP, Solana, Tron, Dogecoin, Cardano, Avalanche and the other big names: what each one does, how they differ and how large they are, with CoinGecko market capitalizations from 27 October 2026.
- What are stablecoins? USDT, USDC, reserves, rules and risks
Stablecoins for beginners: what USDT, USDC and the rest are, what sits behind them, how they hold one dollar, how MiCA and the US GENIUS Act regulate them, and where they can break. Data as of 27 October 2026.
- What is Bitcoin and how does it work? Blockchain, mining, halving and storage
Bitcoin for beginners: what it is, how the blockchain and mining actually work, why there will never be more than 21 million coins, what the halving changes and how to keep your bitcoin safe. Data as of 27 October 2026.
- What is Ethereum? ETH, smart contracts, proof of stake and layer 2
Ethereum from the ground up: what ETH is for, how smart contracts and proof of stake work, why layer 2 networks exist and what people actually build on it. Data as of 27 October 2026.
Art
Guides for investors in blue-chip art: how the market works, what it costs to own a masterpiece and how to invest artist by artist.
- How to invest in blue-chip art through Unicorn Art Club
How Unicorn Art Club works: one club deal per artist on 30 modern and post-war masters, a work owned together by the members, minimums, who can join, payments by wire or crypto, costs and the planned exit.
- Art as an asset class: what the data says about returns, correlation and art indices
What the Art Basel and UBS Art Market Report 2026, the Sotheby's Mei Moses repeat-sales indices and academic studies say about art returns and correlation with equities, and why art indices overstate what an investor actually earns.
- Art investing: taxes and rules by country, from import VAT to export licences
The public rules an art investor meets in the EU, the United Kingdom and the United States: import VAT, the artist's resale right, anti-money laundering checks on art dealers, export licences and the US tax on collectibles. General information, not tax advice.
- The costs of owning art: buyer's premium, seller's commission, VAT, insurance and storage
Every cost of buying, holding and selling a blue-chip artwork: the 2026 buyer's premium schedules at Christie's, Sotheby's, Phillips and Bonhams, seller's commission, artist's resale right, import VAT in the UK, France and Italy, insurance, storage, appraisals and shipping.
- Fractional art, art funds and artist pools: how they work and what they cost
Fractional shares in paintings through SEC-qualified offerings, art investment funds and pools dedicated to one artist compared: structure, fees, exit and how they differ from a club deal by artist, as of October 2026.
- How the art market works: auctions, galleries, private sales and guarantees
Primary and secondary art markets explained: what galleries do, how Christie's, Sotheby's and Phillips run their sales, how private sales work, and what auction guarantees and irrevocable bids mean for buyers, with 2025 and 2026 data.
- How to invest in high-value art: market, costs, checks and club deals
A practical guide to investing in major works by modern and post-war masters: how prices are set, what you pay on top of the hammer, the checks before you buy, how long a sale takes, and the four ways in, from buying alone to a club deal.
- How to read auction results: hammer price, buyer's premium, estimates and guarantees
What the hammer price and the price with fees mean, how buyer's premiums are calculated at Christie's and Sotheby's, what estimates, reserves, guarantees and unsold lots tell you, and how to read an auction record.
- Italian Post-War art: the market for Fontana, Burri, Castellani, Manzoni, Morandi and de Chirico
Auction records and market depth for Lucio Fontana, Alberto Burri, Enrico Castellani, Piero Manzoni, Giorgio Morandi and Giorgio de Chirico, the London and Milan sales, artist archives, and Italy's export rules for notified works, as of October 2026.
- The market for Modern and Post-War masters: records, depth and who really trades
How the top of the art market works for Picasso, Monet, Klimt, Warhol, Basquiat, Richter and Kusama: auction records, recent results, number of lots and sell-through rates, and what market depth means for an investor, as of October 2026.
- Provenance, authenticity and due diligence before you buy blue-chip art
How to check a blue-chip artwork before buying it: provenance, catalogues raisonnés and artist foundations, stolen art databases such as the Art Loss Register, condition reports and anti-money laundering checks, as of October 2026.
- What is blue-chip art investing? Modern and Post-War masters, who buys them and why
What blue-chip art means in the Modern and Post-War market, which masters sit at the top, why families and collectors put money into them, and the risks, costs and holding periods involved, with 2025 and 2026 market data.
A suggested reading order
- What is pre-IPO investing? The definition, how a transaction works, who can invest, fees, risks and exits.
- What is a unicorn company? The companies most pre-IPO investing is about, and what happens at their IPO.
- Pre-IPO investing for qualified investors: the eligibility tests in the US, the EU and Switzerland.
- SPV vs direct purchase vs fund and secondary transactions and ROFR: how a stake is held and transferred.
- How to value a private unicorn and the due diligence checklist: the checks before buying.
- Pre-IPO risk vs venture capital risk and pre-IPO scams: what can still go wrong.
For individual companies, see the pre-IPO company profiles and the unicorn tracker; for short definitions, the glossary; for quick answers, the FAQ.
Frequently asked questions
Where should someone new to pre-IPO investing start?
- With what is pre-IPO investing, which explains how buying shares of a private company before its IPO works, who can do it, what it costs and what the risks are, and then with what is a unicorn company.
Which guide explains who can invest in pre-IPO companies?
- The guide to pre-IPO investing for qualified investors covers accredited investors in the United States, professional clients in the European Union and qualified investors in Switzerland.
Are these guides investment advice?
- No. They are general educational information and do not take any reader's situation into account. Investing involves the risk of losing capital, and readers should take independent legal, tax and financial advice before investing.
How are the guides kept up to date?
- Each guide shows the date it was published and last updated, and every figure carries its own date and a link to a public source, so a reader can check whether a number has changed since it was written.
This page in other languages
- Guide sugli investimenti pre-IPO e sui mercati privati (Italiano)
- Guides sur l'investissement pré-IPO et les marchés privés (Français)
- Leitfäden zu Pre-IPO-Investments und Private Markets (Deutsch)
- Guías sobre inversión pre-IPO y mercados privados (Español)
- Guias sobre investimento pré-IPO e mercados privados (Português)
- Руководства по инвестициям pre-IPO и частным рынкам (Русский)
- 上市前投资与私募市场指南 (中文)
- プレIPO投資とプライベート市場に関するガイド (日本語)
- प्री-आईपीओ निवेश और प्राइवेट मार्केट पर गाइड (हिन्दी)
- 상장 전 투자와 비상장 시장에 관한 가이드 (한국어)
- Halka arz öncesi yatırım ve özel piyasalar üzerine rehberler (Türkçe)
- Panduan tentang investasi pra-IPO dan pasar privat (Bahasa Indonesia)
- أدلة الاستثمار قبل الطرح العام الأولي والأسواق الخاصة (العربية)
- Hướng dẫn về đầu tư tiền IPO và thị trường tư nhân (Tiếng Việt)
- Poradniki o inwestowaniu pre-IPO i rynkach prywatnych (Polski)