5 Platforms to Buy Pre-IPO Shares of Private Companies

Every trade still runs through SEC rules built around Regulation D and transfer restrictions on the underlying company's own shares, which is why accreditation checks, right of first refusal (ROFR), and company approval show up at nearly every step. 

Polymarket is a good stress test for how this works in practice: it raised $2.3 billion across seven funding rounds, closed a round at a $15 billion valuation in April, and by early August was reportedly in talks for a raise that could value it above $20 billion, per Bloomberg reporting. This article, updated in August 2026,  breaks down how the main platforms for buying pre-IPO shares compare on price, access, and structure.

1. Forge Global

Forge is the biggest name in the category by volume, tracking more than 4,700 companies through its own pricing engine. The platform went public on the NYSE and was acquired by Charles Schwab in November 2025, giving it institutional weight that smaller platforms don't have.

• Who it's for: institutional investors and accredited individuals seeking large block trades, typically $250,000 or more
• Best feature: Forge Price, a proprietary data layer tracking real-time valuations across thousands of private issuers

Pro tip: Cross-check any Forge quote against Caplight's data before committing, since institutional accounts drive most of Forge's volume.

Pricing/fees: Around $100,000 minimum for direct deals, about $5,000 for Forge Funds; fees typically run 2 to 4 percent, usually seller-paid.

Accredited investor requirements: Net worth over $1 million excluding primary residence, or income over $200,000 individually ($300,000 joint) for the last two years.

Use cases: funds building or exiting a sizable secondary position, given the higher minimums; family offices seeking block trades.

Company-specific data points: As of December 31, 2025, Forge had facilitated more than 27,000 transactions across 650-plus private companies, with over 850,000 registered buyers and sellers.

Regulatory context: Forge Securities LLC is SEC-registered, FINRA member, SIPC-protected; direct secondaries are structured as Reg D private placements, subject to issuer ROFR.

Alternatives/competitors: Hiive, EquityZen, Nasdaq Private Market, and Zanbato.

Marketplace mechanics: Direct share transfer, subject to company approval and ROFR, or entry through a single-company or multi-company Forge fund.

Pros

• Deepest pricing data layer of the five platforms
• Institutional-grade infrastructure backed by Schwab

Cons

• $100,000 minimum prices exclude smaller individual trades
• Heavy institutional volume can leave retail accounts without the best execution

2. Hiive

A marketplace with a live order book connecting accredited buyers with existing shareholders directly, with Hiive Markets Limited acting as the registered broker-dealer. Hiive has published its own Polymarket's private share liquidity, breaking down the same valuation gap covered here.

• Who it's for: investors who want to see live pricing before committing capital, not just a fund manager's quote
• Best feature: a live order book with real-time bid and ask pricing across a reported 3,000-plus company catalog

Pro tip: Verify accreditation early and expect minimum deal sizes near $25,000; the order book itself doubles as a transparency check against quotes from other platforms.

Pricing/fees: Commissions up to 4.85 percent for buyers and 5.75 percent for sellers, tiering down at larger sizes, applied only once a transaction closes; Hiive Funds carry no recurring management fee or carried interest.

Accredited investor requirements: Net worth over $1 million, or income over $200,000 individually ($300,000 joint) for the last two years; investment professionals in good standing also qualify.

Use cases: An employee cashing out vested equity directly, or a fund entering or exiting a position at a visible market price rather than a negotiated one.

Company-specific data points: Hiive currently shows over $2 billion in live securities orders across its platform.

Regulatory context: Hiive Markets Limited is a FINRA/SIPC member broker-dealer, following SEC rules and issuer transfer restrictions.

Alternatives/competitors: Forge Global, EquityZen, Nasdaq Private Market, and Zanbato offer similar liquidity or data services.

Marketplace mechanics: Live order book for direct price discovery, plus a Hiive Funds SPV option for investors who want lower-friction entry while still navigating company transfer restrictions.

Hiive's LinkedIn profile describes it as a liquidity platform for private companies, and its order book gives buyers a visible read on where a name like Polymarket is trading day to day, rather than relying on the last funding round alone.

Pros

• Real-time price discovery across a live order book
• Funds carry no ongoing management fee

Cons

• Liquidity depends on the active seller supply for a given company on a given day

3. EquityZen

EquityZen is a marketplace that pioneered the SPV model for retail access to pre-IPO shares, now a wholly owned subsidiary of Morgan Stanley following a January 2026 acquisition.

• Who it's for: First-time private market investors who want a lower entry point and deal certainty over live price discovery
• Best feature: Fund-level company approval, so investors don't negotiate transfer terms deal by deal

Pro tip: Ask whether a name is offered through a Standard Fund or an Express Deal, since fees and timelines differ between the two.

Pricing/fees: entry as low as $5,000 post-acquisition; fees cut to roughly 2.5 percent per side in February 2026, down from 5 percent.

Accredited investor requirements: Net worth over $1 million, or income over $200,000 individually ($300,000 joint) for the last two years.

Use cases: An early investor or small syndicate member seeking a lower-friction partial exit; a first-time retail investor testing pre-IPO exposure.

Company-specific data points: EquityZen has processed more than 49,000 transactions across 450-plus companies for over 800,000 registered users since its 2013 founding, per Morgan Stanley's acquisition announcement.

Regulatory context: EquityZen Securities LLC is SEC-registered and a FINRA member with SIPC coverage; deals are structured as SPV LLCs that hold the shares on investors' behalf

Alternatives/competitors: Forge Global, Hiive, Nasdaq Private Market, and Zanbato.

Marketplace mechanics: SPV only; EquityZen negotiates company approval and manages ROFR at the vehicle level rather than per investor.

EquityZen's fee cut earlier this year makes it one of the cheaper entry points on this list, though buyers hold a fund interest rather than Polymarket stock directly, which limits visibility into live pricing.

Pros

• Simplest onboarding of the five platforms
• Fees were cut in early 2026

Cons

• Fund structure means no real-time bid and ask visibility
• Investors hold a membership interest, not the underlying shares directly

4. Nasdaq Private Market

Nasdaq Private Market is a regulated secondary marketplace operating through NPM Securities, alongside structured, company-sponsored tender offer programs.

• Who it's for: Investors who want transparent, published fee schedules over negotiated rates, and employees selling into a company-run program
• Best feature: Patented Transfer & Settlement technology, built to cut typical private-share settlement times

Pro tip: Check whether the company you're interested in is running an active tender offer before assuming you can buy shares directly.

Pricing/fees: typical minimum trade size $25,000; its SecondMarket Employee Direct product charges a flat 1 percent fee, among the lowest published rates in this category.

Accredited investor requirements: Required for open-market secondary purchases; company-run tender offers may set their own eligibility terms.

Use cases: An employee selling into a company-sponsored liquidity program rather than seeking a buyer independently.

Company-specific data points:  Since it was established, Nasdaq Private Market has facilitated over $44 billion in transactional volume across 600-plus company-sponsored programs for over 160,000 market participants.

Regulatory context: Operates through NPM Securities LLC, a FINRA/SIPC member broker-dealer registered with the SEC, and is SOC 2 certified.

Alternatives/competitors: Forge Global, EquityZen, Hiive, and Zanbato.

Marketplace mechanics: Direct transfer through its Transfer & Settlement product, or participation in a structured, company-run tender offer.

NPM's fee model discloses the buyer and seller split up front inside the platform, though direct purchases outside an active tender offer aren't guaranteed for every company.

Pros

• Fee splits are disclosed up front, before you commit
• Lowest flat-fee option among the five, at 1 percent

Con

• Direct purchases outside a tender offer depend on which sellers are active

5. Zanbato

Zanbato is an SEC-registered alternative trading system that connects institutional investors to more than 100 broker-dealer trading desks for pre-IPO and late-stage private company shares, rather than running a retail-facing storefront itself.

• Who it's for: institutional investors who already work with a broker-dealer and want that broker to source counterparties through Zanbato's network
• Best feature: ZXData, a dataset built on more than $20 billion in closed trade volume plus over $200 billion in buy and sell pricing

Pro tip: If you don't already have a broker-dealer relationship, this isn't a self-serve platform. You'll need one to access Zanbato's network at all.

Pricing/fees: No published retail fee schedule; trades run through your existing broker-dealer, who typically layers a broker fee on top of Zanbato's own transaction fee.

Accredited investor requirements: Accreditation is verified at the broker-dealer level before a trade reaches Zanbato's system; company approval and significant share value are generally required to participate.

Use cases: Institutional investors and funds working through an existing broker relationship to source or exit late-stage private positions, rather than individual employees selling directly.

Company-specific data points: Founded in 2011 and based in Mountain View, Zanbato's ZXData platform incorporates more than $20 billion in closed-trade volume, over $200 billion in buy and sell prices, and more than $70 billion in reported marks.

Regulatory context: Operates as an SEC-registered alternative trading system; actual trade execution runs through registered broker-dealers rather than Zanbato directly.

Alternatives/competitors: Forge Global, EquityZen, Hiive, Nasdaq Private Market.

Marketplace mechanics: Broker-dealers post buy and sell orders on the ZX platform to identify counterparties, while Zanbato coordinates eligibility verification, compliance checks, and settlement rather than facilitating a direct retail order book.

Pros

• Access to a broad institutional broker-dealer network through a single routing layer
• ZXData's large dataset is useful for cross-checking valuations independent of any single deal

Cons

• You need an existing broker-dealer relationship to transact
• No published fee schedule, so the total cost isn't clear until your broker quotes it

Quick Comparison

Endnote

The Problem: Choosing the wrong marketplace for buying pre-IPO shares for private companies like Polymarket exposes you to thin liquidity, high fees, or a price that's disconnected from where the stock is actually trading. Some of these platforms also have high minimums or eligibility rules that rule out smaller investors entirely.

Key Takeaway: Match the platform to your accreditation status, trade size, and whether you want direct shares or a fund interest, then confirm pricing against more than one source before you commit.

Next Steps

• Confirm you meet SEC-accredited investor requirements before applying to any platform
• Decide whether a direct share transfer or an SPV structure fits your trade size
• Compare fees and minimums across at least two platforms before committing capital
• Check whether Polymarket has active sellers on your chosen platform right now

FAQ

Which pre-IPO platform has the lowest fees? 

EquityZen currently has the lowest published fee, at 2.5% on transactions up to $1 million, following its 2026 rate cut under Morgan Stanley.

Do I need to be an accredited investor to buy pre-IPO shares? 

Yes, on every platform in this list. Accreditation typically requires $200,000+ in annual income or $1 million+ in net worth, excluding a primary residence, verified before you can trade.

Can retail investors buy Polymarket shares before it goes public? 

Not directly through a public exchange. Platforms like Hiive facilitate secondary trades in Polymarket shares among accredited investors, subject to the company's own transfer restrictions and ROFR.

What's the difference between a secondary marketplace and a tender offer? 

A marketplace like Hiive or EquityZen matches individual buyers and sellers continuously through bid/ask pricing. A tender offer, Nasdaq Private Market's specialty, is a company-run program that buys back shares from a defined group at a fixed price and window.

How long does it take to sell pre-IPO shares? 

It depends on the platform and the company's demand. Forge Global reports average deal timelines around 42 days, while order-book platforms like Hiive can move faster for actively traded names and slower for thin ones.