Pre-IPO investing is generally restricted to investors who meet specific eligibility requirements. For many private offerings, accredited-investor status is the key threshold. The SEC says individuals can generally qualify through net worth above $1 million, excluding their primary residence, or annual income above $200,000 individually or $300,000 with a spouse or partner for the previous two years, with an expectation of meeting the threshold in the current year.
However, qualification does not guarantee access. Companies can impose transfer restrictions, approval requirements and rights of first refusal (ROFR). Updated September 2026, the following providers trade pre-IPO shares.
Forge Global
Forge Global operates a private-market marketplace for buying and selling shares in private companies, supporting direct transactions and fund structures.
Pricing/Fees: Direct secondary transactions typically carry a 2% to 4% fee. The standard direct-secondary minimum is $100,000, while some fund offerings may start at $5,000.
Accredited Investor Verification and Eligibility Rules: Eligibility varies by security and offering. Investors may need to provide documentation demonstrating that they meet applicable requirements.
409A Valuations vs. Secondary-Market Pricing: A 409A valuation estimates private-company common-stock value for tax purposes. Secondary prices instead reflect current buyer and seller demand.
Deal Structure: Forge supports direct secondary transactions and fund structures. The structure affects ownership, fees and liquidity.
Liquidity Events: Liquidity can come through company-approved sales, tender offers or an eventual IPO. ROFR can give the company an opportunity to purchase shares first.
Use Cases: Employees can monetize vested shares, existing investors can seek liquidity, and qualified buyers can pursue private-company exposure before an IPO.
Regulatory Considerations: Forge Securities LLC is an SEC-registered broker-dealer and FINRA/SIPC member. Private securities remain subject to securities rules and transfer restrictions.
Company-Specific Context: Gecko Robotics: Gecko Robotics develops robotic inspection and AI systems for energy, manufacturing, oil and gas, and defense. It reached a $1.25 billion valuation in 2025.
Market Trends: Forge reported more than 27,000 transactions involving over 650 private growth companies through December 2025, showing the scale of secondary-market activity.
Pros
- Potential access years before a public listing.
- Employees and early investors may obtain liquidity sooner.
Cons
- Shares can remain illiquid and subject to restrictions.
Hiive
Hiive is a private-market platform where eligible investors can review opportunities in private-company securities, including Gecko Robotics.
Pricing/Fees: Pricing and transaction terms vary by opportunity. Hiive provides market activity and pricing information rather than a public-market quote.
Accredited Investor Verification and Eligibility Rules: Hiive indicates that opportunities such as Gecko Robotics may require accredited-investor or qualified-purchaser status.
409A Valuations vs. Secondary-Market Pricing: A 409A valuation serves tax purposes, while secondary-market pricing reflects transactions, bids, asks and current demand.
Deal Structure: Opportunities may involve direct share purchases or funds holding private-company securities, depending on the offering.
Liquidity Events: Company approval, ROFR and other transfer restrictions can affect transactions. Tender offers or an eventual IPO may provide additional liquidity.
Use Cases: Employees may seek liquidity, while investors can pursue exposure to private companies before public-market access.
Regulatory Considerations: Accredited status is only one requirement. Company transfer rules and approvals can determine whether a transaction closes. Updates are shared on the official LinkedIn profile.
Company-Specific Context: Gecko Robotics: Gecko became a unicorn in June 2025 at a $1.25 billion valuation after its Series D. The company remains private and has indicated that an IPO is not imminent. Investors can also review the Gecko Robotics stock analysis and current private-market information available through Hiive.
Market Trends: Gecko is part of Hiive50, which tracks private-company securities based on liquidity measures including transaction frequency and volume.
Pros
- Investors may gain access before Gecko becomes public.
- Secondary transactions can provide earlier liquidity.
Cons
- Availability depends on company restrictions and approvals.
EquityZen
EquityZen provides private-market investments through individual opportunities and funds, giving investors access to late-stage private companies.
Pricing/Fees: The standard investment minimum is $10,000, with some opportunities starting at $5,000. Standard deals generally charge 2.5% up to $1 million and 2% above that.
Accredited Investor Verification and Eligibility Rules: Requirements vary by offering and applicable securities regulations. Investors must review the specific offering terms.
409A Valuations vs. Secondary-Market Pricing: 409A valuations and secondary prices serve different purposes. Supply, demand and transaction terms can create substantial differences.
Deal Structure: EquityZen offers standard deals, direct share acquisitions and fund-based structures, each with different terms.
Liquidity Events: Companies may exercise ROFR before closing. EquityZen says this typically gives the company 30 days to purchase shares on the same terms.
Use Cases: The platform can serve employees seeking liquidity and investors seeking exposure to private companies.
Regulatory Considerations: EquityZen Securities LLC is an SEC-registered broker-dealer and FINRA member. Company-specific restrictions still apply.
Company-Specific Context: Gecko Robotics: Gecko provides exposure to robotics, AI and industrial infrastructure technology while remaining privately held.
Market Trends: EquityZen reflects continued demand for private-company exposure before conventional IPO liquidity becomes available.
Pros
- Some opportunities have relatively low minimums.
- Investors can potentially enter before an IPO.
Cons
- ROFR and other conditions can delay or prevent transactions.
Nasdaq Private Market
Nasdaq Private Market (NPM) facilitates private-market transactions and fund-based investments, including opportunities involving technology, AI and robotics companies.
Pricing/Fees: NPM says typical minimum trade size is $25,000, although minimums vary by company, transaction type and structure.
Accredited Investor Verification and Eligibility Rules: Eligibility depends on the security and transaction. Investors may need to meet investor and company-specific requirements.
409A Valuations vs. Secondary-Market Pricing: A 409A valuation is not necessarily the price an investor pays. Secondary pricing reflects current market conditions.
Deal Structure: NPM supports direct share purchases and managed funds, providing different ways to obtain private-company exposure.
Liquidity Events: Employee sales can occur through marketplace transactions or company-sponsored programs, although ROFR and approval requirements may apply.
Use Cases: Employees can sell vested shares, while investors and funds can pursue exposure before an IPO.
Regulatory Considerations: Transactions remain subject to securities regulations, transfer restrictions and company approval procedures.
Company-Specific Context: Gecko Robotics: Gecko’s robotics-based inspection technology fits NPM’s broader focus on private AI and robotics companies.
Market Trends: Direct transactions and private funds reflect growing demand for liquidity and investment access before public listings.
Pros
- Investors can potentially enter before public trading.
- Private-company programs can create earlier employee liquidity.
Cons
- Access depends on availability and company policies.
Summary Snapshot
| Platform | Typical Minimum | Structures | Key Consideration |
| Forge Global | $100,000 direct | Direct, funds | Larger direct transactions |
| Hiive | Varies | Direct, funds | Private-market pricing data |
| EquityZen | $10,000 | Direct, funds | Lower standard minimum |
| Nasdaq Private Market | $25,000 typical | Direct, funds | Company-specific terms |
Conclusion
The Problem: Accredited-investor status does not make private shares equivalent to public stocks. Investors must also consider valuation differences, limited liquidity, company approval, transfer restrictions and the possibility that an expected IPO never occurs.
Key Takeaways
- Accredited-investor status is a common gateway to pre-IPO investing.
- The SEC recognizes several qualification routes beyond income and net worth.
- Secondary-market prices can differ from 409A valuations.
- Company approval and ROFR can affect whether a transaction closes.
- Each platform has different minimums, structures and fees.
Next Steps: Investors should first confirm their eligibility, then review the specific offering’s documents, valuation, fees, transfer restrictions and liquidity terms. For Gecko Robotics, reviewing current private-market information can help investors understand its valuation, trading activity and potential liquidity options.
Frequently Asked Questions
Who can invest in pre-IPO shares?
Many private offerings are limited to accredited investors, although other exemptions and eligibility categories exist.
How do I qualify as an accredited investor?
Individuals can qualify through specified income, net-worth or professional criteria.
Does accreditation guarantee access to pre-IPO stock?
No. Available shares, company approval, transfer restrictions and ROFR can still prevent a transaction.
Can non-accredited investors buy pre-IPO shares?
Some exemptions permit participation by non-accredited investors, but many private offerings restrict participation.
