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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.

Discover how to buy pre-IPO stock smarter. Learn effective strategies to track stock value and make informed investment decisions today.

Pre-IPO shares represent a company’s phase before it reaches the public market. That early window is what draws investors in: the possibility of getting in ahead of broader demand, capturing more upside, and backing businesses that already show real momentum.