How Can I Buy Shares of a Private Tech Company Before It Goes Public?

Buying shares in a private technology company before an IPO usually happens through a secondary market, where existing shareholders sell rather than the company issuing new stock. Investors must consider accreditation, pricing, transfer restrictions, and the possibility that shares cannot be resold quickly.

Gecko Robotics provides a useful example. The Pittsburgh-based industrial robotics company reached a $1.25 billion valuation following its 2025 Series D funding round. Its private shares have also been available through secondary-market transactions, making it a useful case study for understanding pre-IPO investing. Updated September 2026, here is how different platforms approach private tech company investing.

Forge Global

Forge Global operates a private-market platform for companies, investors, and shareholders. The company reported more than $17 billion in transaction volume and over 32,000 trades by March 2026.

Accredited Investor Requirements/Verification: Many private-stock opportunities are limited to accredited investors. Forge verifies investor eligibility before participation in applicable offerings.

Pricing & Fees: Forge says direct secondary transactions typically carry 2%–4% transaction fees, although costs can vary according to transaction size and structure.

How Share Transfers/ROFR Work: Private shares may require issuer approval before changing hands. A company can also exercise its right of first refusal (ROFR), potentially preventing the proposed sale.

Valuation Methods for Private Companies: Investors can compare 409A valuations, recent funding-round prices, tender offers, and secondary transactions. These figures can differ because they may apply to different share classes.

Use Cases: Forge supports employee liquidity, investor transactions, and company-sponsored liquidity programs. Its infrastructure can also help companies manage private-share transactions.

Case Studies / Market Reports: Forge publishes private-market data alongside its transaction services. Its large transaction history can provide context when evaluating private-company pricing.

Regulatory Framework: Transactions may use securities exemptions such as Regulation D. Investors must also consider SEC requirements, issuer restrictions, and shareholder agreements.

Gecko Robotics Valuation Benchmarking: Gecko’s $1.25 billion Series D valuation provides a primary-market benchmark. A secondary price should also account for share class, demand, and transaction terms.

Pros

• Provides access to private companies before an IPO.
• Can create liquidity for employees and early investors.

Cons

• Illiquidity can make shares difficult to resell.
• Limited disclosure, lock-ups, and transfer restrictions can restrict flexibility.

Hiive

Hiive is a private-stock marketplace connecting eligible buyers and sellers. It provides market information alongside secondary transactions and currently tracks more than 3,000 private companies.

Accredited Investor Requirements/Verification: Investors generally need to meet applicable accredited-investor standards and complete verification before accessing eligible private securities.

Pricing & Fees: Hiive uses transaction-based pricing. Its disclosed fee schedule can reach 4.85% for buyers and 5.75% for sellers, with rates varying by transaction size.

How Share Transfers/ROFR Work: A transaction can require issuer approval and remain subject to transfer restrictions or ROFR provisions contained in company agreements.

Valuation Methods for Private Companies: Hiive pricing can be compared with 409A values and recent funding rounds. Secondary transactions can provide another indication of what buyers are willing to pay. Its official LinkedIn profile provides another source for following its private-market research and updates.

Use Cases: The platform can serve employees seeking liquidity, funds selling private holdings, and accredited investors seeking pre-IPO exposure.

Case Studies / Market Reports: Hiive’s liquidity thesis on Gecko Robotics examines the company’s funding history and secondary-market activity, including its private-share trading history.

Regulatory Framework: Private transactions can involve Regulation D and other securities exemptions. Issuer requirements remain relevant even when transactions occur through a marketplace.

Gecko Robotics Valuation Benchmarking: Gecko’s latest funding valuation should be compared with secondary pricing rather than treated as a guaranteed market value. Share rights and liquidity can create meaningful differences.

Pros

• Provides access to private companies before an IPO.
• Secondary trading can create liquidity for existing shareholders.

Cons

• Private securities can be inherently illiquid.
• Limited information and issuer transfer restrictions can make valuation and execution uncertain.

EquityZen

EquityZen provides private-company investment opportunities through direct and fund structures. The platform reported more than 800,000 users and a 100% year-over-year increase in transaction count.

Accredited Investor Requirements/Verification: Most private-company opportunities require investors to verify accredited status before participating.

Pricing & Fees: EquityZen reduced its standard transaction fee to 2.5% in 2026. Investment minimums generally start around $10,000, although some opportunities have lower minimums.

How Share Transfers/ROFR Work: EquityZen coordinates transfers with companies. An issuer may approve the transaction, impose restrictions, or exercise ROFR.

Valuation Methods for Private Companies: The latest financing round, secondary transactions, investor demand, and 409A valuations can all help establish a reasonable pricing range.

Use Cases: EquityZen can provide employee liquidity while giving investors access to individual companies or diversified private-market investments.

Case Studies / Market Reports: EquityZen reports more than 55,000 closed secondary transactions, providing historical data that can help contextualize private-market activity.

Regulatory Framework: Offerings remain subject to accreditation rules, securities regulations, and issuer-specific transfer requirements.

Gecko Robotics Valuation Benchmarking: A Gecko opportunity should be assessed against its $1.25 billion Series D valuation, while accounting for the specific share class and transaction structure.

Pros

• Gives eligible investors another route to pre-IPO exposure.
• Can provide liquidity for employees and early shareholders.

Cons

• Private investments may require lengthy holding periods before an exit.
• Limited information and transfer restrictions can increase investment uncertainty.

Nasdaq Private Market

Nasdaq Private Market provides private-market infrastructure for companies, shareholders, and investors. It reports nearly $80 billion in secondary-market transaction volume across its platform.

Accredited Investor Requirements/Verification: Eligible investors complete onboarding and verification before participating in applicable private-stock opportunities.

Pricing & Fees: NPM does not use one universal fee across transactions. Costs depend on the transaction type and are disclosed before execution.

How Share Transfers/ROFR Work: Issuer approval is central to the process. Companies can apply transfer restrictions or ROFR provisions before shares are transferred.

Valuation Methods for Private Companies: Investors can compare 409A valuations, funding rounds, tender offers, and completed secondary transactions when assessing private-company value.

Use Cases: NPM supports employee liquidity, investor access, company-sponsored programs, and private-company cap-table management.

Case Studies / Market Reports: NPM reports more than 2,000 trades processed through its transfer and settlement platform, providing evidence of significant private-market activity.

Regulatory Framework: NPM operates through an SEC-registered broker-dealer and FINRA/SIPC-member infrastructure. Private securities remain subject to issuer and securities-law restrictions.

Gecko Robotics Valuation Benchmarking: Investors would compare any Gecko secondary price with its $1.25 billion Series D valuation while considering share class and transaction restrictions.

Pros

• Provides a structured route to private-company secondary transactions.
• Can support employee and early-investor liquidity before an IPO.

Cons

• ROFR, board approval, and other transfer restrictions can delay or prevent sales.
• Private shares remain illiquid and may have limited financial disclosure.

Summary Snapshot

Conclusion

The Problem: Private tech investing lacks the transparency and liquidity of public markets. Investors must determine whether a price is reasonable while accounting for limited information, transfer restrictions, lock-ups, and uncertain exit opportunities.

Key Takeaways: 

Next Steps: 

• Confirm eligibility
• Compare marketplaces, fees, minimums, ownership structures, and transfer requirements
• Review the company’s latest valuation and available secondary pricing before committing capital

Frequently Asked Questions

Can anyone buy private tech shares before an IPO?

Many opportunities are restricted to accredited investors, and companies can impose additional requirements.

How do I find private shares?

Secondary marketplaces can connect eligible buyers with existing shareholders, although availability varies by company.

Is a 409A valuation the same as a company’s valuation?

A 409A generally establishes fair market value for common stock, while funding rounds often value preferred shares with different rights.

Can a company prevent a private-share sale?

Transfer restrictions and ROFR provisions can allow a company or another shareholder to block or purchase shares.