The $120 billion market for coveted pre-IPO stock enters its scaling era
PitchBook estimates the pre-IPO secondary market for retail access is about $120 billion. In the past year, Morgan Stanley acquired EquityZen and Charles Schwab bought Forge Global, while Goldman Sachs launched a pre-IPO access initiative after acquiring Industry Ventures. Nasdaq Private Market partnered with G Squared. Forge reported 721,000 users in 2024; Morgan Stanley said EquityZen had 800,000.






