I Tried Buying Pre-IPO Shares on Hiive – Here's What I Learned
For buyers
Where individual investors actually buy secondary shares
Buying into a private company you missed the first time around isn't as informal as it sounds — a handful of established marketplaces handle most of this activity. Here's what each one does.
Open marketplace
Forge Global
The largest pre-IPO secondary platform by historical trading volume, with institutional-grade pricing data.
Minimum: Commonly cited around $100K+View profile →EquityZen
One of the more accessible entry points, with lower minimums and many pre-cleared listings.
Minimum: Often starting around $10KView profile →Hiive
A single-company-at-a-time marketplace with a transparent, real-time order book.
Minimum: Commonly cited around $25K+View profile →Augment
One of the original pre-IPO secondary marketplaces, formerly known as SharesPost.
Minimum: Varies by listingView profile →UpMarket
A marketplace connecting accredited individual investors to pre-IPO opportunities, including secondary shares and SPVs.
Minimum: Generally aimed at individual accredited investors, lower end of the rangeView profile →Company-run liquidity infrastructure
Nasdaq Private Market
Best known for administering company-run tender offers on behalf of the company itself.
Minimum: Access is usually by invitation, tied to a specific company's tenderView profile →CartaX
Carta's own private-securities marketplace, built on top of its cap-table platform.
Minimum: Access is company-initiated, tied to a specific liquidity eventView profile →Data & institutional trading
Before you commit capital
Every platform above requires accredited investor status, and every listing carries the same underlying risks: limited information rights, no board access, and a private-market illiquidity that can last years. None of this is investment advice — verify current fees, minimums, and available listings directly on each platform, and treat any specific company opportunity with the same diligence you'd apply to a primary investment.
If you're the one selling rather than buying, the process looks different — see how a sale actually happens.
Watch
How EquityZen Democratized Pre-IPO Investing
Frequently asked questions
Do these platforms also work if I want to sell, not buy?
Yes — most of them match buyers and sellers on the same marketplace, and Nasdaq Private Market specifically specializes in company-run tender offers, which are primarily a selling mechanism for existing shareholders. See the guide for the seller's side of the process.
What fees should I expect?
Fee structures vary by platform and change over time, but a buyer-side fee in the low single digits (as a percentage of the transaction) is common, sometimes with a separate seller-side fee too. Confirm current fees directly with the platform before transacting — don't rely on any figure that isn't on the platform's own site.
Can I browse and buy immediately, or is there a waiting period?
It depends on the platform and the specific company. Some listings are available to browse and commit to quickly; others — especially company-run tender offers — only open during a defined window and may require an invitation. Timelines from agreement to closing commonly run 30–60 days given the paperwork and company approvals involved.