Invest Intelligently in Pre-IPO Companies
Sign up now to access the SecondMarket® trading marketplace from NPM. Explore current inventory, submit orders to buy or sell, and view data on industry disruptors.
Trading Marketplace
Sign up to get started. Onboard to access the trading marketplace. Explore buying and selling opportunities.
Evaluate Pricing Data + More
Via our comprehensive platform, we provide actionable data to help inform your trading decisions.
Track Portfolio + Watchlist Activity
Manage your portfolio and watchlist, set up notifications, track companies of interest.
Free to Sign Up. Low 1% Fee on All Transactions.*
Both buyers and sellers pay an equitable 1% fee to sell or buy private company stock through the self-service SecondMarket platform from Nasdaq Private Market.* Gain access to opportunities to invest in pre-IPO startups and sell shares seamlessly.
Buyers and sellers can access the exclusive NPM network of issuers, employee shareholders, institutional investors and other market participants.
Institutional Investors
Asset managers, hedge funds, sovereign wealth funds, family offices, venture capital firms, private equity, and RIAs.
Accredited Investors
Individuals that meet specific financial thresholds, such as income, net worth, or specific financial licenses.
Entities
Limited liability companies, partnerships, trusts, small family offices, and corporations.
Self-Directed IRA Holders
Individuals that manage their own self-directed individual retirement accounts (SDIRAs).
Post a Buy or Sell Order + Match With an Existing Seller or Buyer
To buy stock, place a new bid to buy shares onto the marketplace or respond directly to an existing seller’s offer and start a negotiation. To sell shares, add your holdings and post a new offer on the marketplace or respond directly to a buyer’s bid and start a negotiation.
Negotiate With Counterparty
Buyers and sellers have visibility throughout the whole transaction process and can directly negotiate live bids and offers. Once buyers and sellers agree to terms, transactions move forward within the platform.
Transfer Funds + Settle Shares
Proprietary Transfer and Settlement technology from NPM helps buyers manage transfer activity from match to settlement, fast tracking transfer of funds alongside the company equity administration team.
Trading Marketplace ↓
01Self-service access to an online platform for secondary transactions. SecondMarket from NPM offers a transparent marketplace for buying or selling private company stock across unicorns, startups and other pre-IPO companies.
Invite-Only Transactions ↓
02Exclusive opportunities to invest in pre-IPO companies. Gain access to private market programs facilitated by NPM including tender offers and other company-sponsored transactions.
Portfolio + Watchlist ↓
03Track the value of shares, ongoing market activity, funding rounds, and price changes. Create a watchlist of companies you want to invest in and receive notifications on the platform or in your inbox.
Settlement Technology ↓
04Track transfer activity in real-time. Streamline stock transfer notices and management of investor documents. Simplify payments to ensure seamless delivery of funds.
Tape D Premium Data for Investors
Financing History
Get key insights into price per share, total capital raised, and estimated valuation history, offering a transparent look into a company’s funding journey. Track financing history of private companies through detailed Form D filings.
Pricing Data
Gain visibility into the price history of private companies with data from multiple sources, including NPM’s Tape D® Price, reported closed trades, bid/offer orders, 409a valuations, mutual fund marks, and more.
Waterfall Analysis
Explore breakpoints based on exit values and uncover how capital structures impact shareholder returns. Evaluate share classes and distribution prices per share with advanced waterfall analysis from Tape D Premium Data.
Portfolio Analysis
Analyze your portfolio performance over time. Compare your cost basis to current mutual fund marks. Gain insight into how other investors are valuing their positions relative to your standing.
Source Documents
Leverage hard-to-source documents and filings to make more informed investment decisions. Access a comprehensive library of regulatory filings, including COIs, EPENs, LOENs, annual reports, and more.
Most Viewed Companies
Source: NPM Data
Demystifying Private Company Investing.
How do I create an account?
01Click here to create an account and get started.
Am I eligible to buy private company stock?
02Institutional investors, individual accredited investors, accredited entity investors, and self-directed IRA holders are eligible to buy and sell stock on the NPM SecondMarket® Trading Marketplace. To determine whether you meet these definitions, refer to the link below: (https://www.sec.gov/resources-small-businesses/capital-raising-building-blocks/accredited-investors).
How do I buy private company stock?
03To buy private company stock, create an account on the NPM SecondMarket platform. Once onboarding is complete, you can buy from existing offers (sell orders) or place a bid (buy order) for the company of interest.
Click here to create an account and get started.
How do I sell private company stock?
04To sell private company stock, create an account on the NPM SecondMarket® platform. Once onboarding is complete, upload your holdings of the private company you own. After holdings are uploaded, you can post an order to sell shares from the applicable holdings and specify order details such as size and price you would like to sell on the platform. Orders can also be sold by responding to an existing buyer on the platform who has indicating interest in a specific company.
What role does NPM play?
05NPM is a registered broker-dealer and offers a platform that connects buyers and sellers. Upon a successful matched trade, NPM manages the transaction process from end to end with the company, the buyer, and seller. The transaction process includes noticing the company of the transaction, facilitating the communication between buyer, seller, and company, as well as the settlement process. NPM draws upon over a decade of experience working with hundreds of private companies and more than 200,000 individuals on secondary transactions to help facilitate a smooth selling and buying experience for clients.
How is price determined?
06- The price is determined by buyers and sellers in the marketplace. Buyers submit the price they would like to pay for shares and sellers submit the price they are willing to sell their shares. Read more about bids and offers, here.
- Additionally, NPM Tape D® premium data provides extensive private company insights including company profile information, valuation data, cap table and waterfall analysis, financing rounds, and proprietary share prices. To access the full universe of data available, subscribe to our premium data package that can be purchased through the NPM data team. Inquire here.
What fees does NPM charge?
07- NPM charges 1% to investors who are eligible for self-service access to the NPM SecondMarket platform.*
- *The discounted 1% fee applies to U.S. investors and employee shareholders who execute transactions by utilizing the self-service features of our SecondMarket® trading platform. Additional fees may apply to other individuals or entities executing on the self-service platform or through our market specialists. It is free to sign up for the platform, view market, upload holdings, and submit orders.
How long does the transaction process take?
08The end-to-end post-match transaction process typically takes 30-45 business days. Once a trade is matched between buyer and seller (in terms of dollar amount, price per share, share class, and share quantity), NPM notices the company. After the company acknowledges the order, the right of first refusal (ROFR) process begins and is typically a 30-day window for the company to approve the transfer and circulate the appropriate documentation, including the stock transfer agreement, to confirm the transfer of stock from seller to buyer.
Does the company need to approve every transaction?
09Most shares are subject to standard transfer restrictions that give the company the discretion to either approve or reject a secondary transfer of shares. The company may also choose to exercise the right of first refusal (ROFR).
What are the benefits of opening a NPM SecondMarket® account?
10Opening a NPM SecondMarket® account and completing the onboarding module provides access to the marketplace, the data platform, a portfolio monitoring tool, and potential invites to company-sponsored tenders offers or other programs, where NPM is facilitating capital introduction or SPV (special purpose vehicle) opportunities.
What is the minimum transaction size?
11The minimum transaction size is $25,000 per order.