Secondaries & Pre-IPO Liquidity

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Tracking the shadow market for pre-IPO equity. Who's trading, at what price, and what it tells you about real valuations before the S-1 drops. For startup employees wondering what their paper wealth is actually worth, and investors trying to read price signals the primary market won't give you.

Secondaries & Pre-IPO Liquidity10/06/2026, 18:26:44

SpaceX files its S-1 and exits the secondary market. Anthropic freezes transfers and voids SPVs at a $965B preferred valuation. OpenAI trades above its last round on Forge. Databricks runs 27% above primary. A market-wide snapshot of secondary premiums, discounts, and the widening gap between preferred headlines and common reality — June 2026.

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