Private market investing is getting more attention as many startups stay private longer before going public. That has more investors asking who can buy pre
Artificial intelligence is no longer an emerging theme. It is now embedded in enterprise infrastructure, capital allocation cycles, and public market expectations.
The IPO market in 2025 did not simply rebound—it reset expectations. After years of hesitation driven by inflation, interest rate volatility, and compressed valuations, companies returned to public markets with more discipline and clearer narratives. For pre‑IPO investors, the year offered hard data, not hype.
Pre-IPO investing sounds glamorous until you meet the fine print: limited availability, accredited-investor rules, chunky minimums, long holding periods, and pricing that isn’t as transparent as a public market quote. At the same time, Anduril’s growing profile and IPO chatter have made it one of the most watched private names in defense tech, drawing investor attention well before any ticker exists.
Selling pre-IPO shares involves navigating company restrictions, finding accredited buyers on secondary markets (like Forge, Secfi), getting company approval (often required due to Right of First Refusal), and understanding tax implications (capital gains vs. ordinary income), with most transactions happening privately before a potential public IPO and its post-listing lock-up period.
To evaluate a pre-IPO secondary deal, focus on thorough due diligence, including the company’s fundamentals, the deal’s specific terms, and the broader market context. These deals can offer early access, but they often come with limited information, strict rules on share transfers, and real liquidity risk, so the details matter before placing a bid.