Pre-IPO

The 2026 IPO market entered the year with strong momentum. A backlog of issuers, improving equity markets, and expectations for multiple Federal Reserve rate cuts created the foundation for what many believed could be a record-breaking year, particularly with high-profile …

According to Caplight, the 2025 market cycle marked a turning point for late-stage private technology companies. Performance, liquidity, and capital formation all improved materially, with private markets outperforming public benchmarks by a wide margin. This shift reflects more than cyclical …

Private market exits surged in 2025, converting approximately $15.7 billion of invested capital into more than $154 billion in exit value. The scale of liquidity realized across late-stage private companies reinforced a structural shift already underway: value creation is increasingly happening before companies reach the public markets.  …

As IPO activity remains muted, investor demand for private company shares has accelerated sharply. Capital is increasingly flowing into late-stage private markets as investors search for the next breakout success story, often comparing today’s most sought-after unicorns to Nvidia’s historic public-market run.  …

Popular gaming and online community platform Discord has confidentially filed for an initial public offering (IPO), according to reporting by Bloomberg. The move marks a significant step toward the public markets for one of the most influential consumer technology platforms …

Elon Musk has confirmed that reports suggesting SpaceX may pursue an initial public offering in 2026 are accurate. The confirmation marks a significant milestone for one of the world’s most valuable private companies and signals a strategic push to secure …

Private Investors Accelerate the Next Wave of Compute Growth  Artificial intelligence is advancing faster than traditional markets can accommodate, pushing private capital to the center of AI’s infrastructure build-out. The demand for high-density compute, power-optimized data centers, and vertically integrated GPU …

The New Standard in Private Market Value  Artificial intelligence has become the defining force of private capital formation. From frontier model developers to enterprise data platforms, valuations of late-stage private companies now rival the largest public corporations. This shift has …

What Are Private Company Shares?  Private companies issue shares that are not listed on public exchanges. Instead, these shares of private companies are held by early investors, employees, and select stakeholders. Unlike public stock, they can only be traded through …

Record transaction volumes, shifting allocator sentiment, and rising liquidity needs are reshaping the private market landscape. The secondary market is in the midst of a historic expansion. Global secondary transaction volume reached an all-time high of $162 billion in 2024, …

Institutional portfolios are being reshaped by a powerful force: the accelerated maturation of private markets. With IPO timelines extending, public market opportunities narrowing, and innovation increasingly occurring within private companies, capital allocators are shifting toward pre-IPO secondary investments to remain …

Key Takeaway Private markets posted a powerful first quarter in 2025, driven by strong institutional demand, valuation growth, and momentum in artificial intelligence and M&A. However, risks tied to public market volatility, interest rate policy, and deal concentration warrant a …