The logic behind buying unlisted shares before an IPO
The basic idea is simple: buy unlisted shares in a company that is likely to go public, and take part in the value appreciation that often happens around the listing. In practice it is of course more complicated, but history shows the strategy can deliver good returns for those who make the right judgement.
During 2025 a series of high-profile IPOs took place. Figma and StubHub were among the more successful, and the third quarter of 2025 became the strongest three-month period for IPOs in four years, with $14.6 billion in new capital. Investors who owned shares in these companies before their listing benefited from value increases that were not available to those who bought on the exchange on day one.
Which private companies could go public in 2026?
The IPO market is expected to keep strengthening during 2026. According to industry observers, there are over 100 pending listings. The most talked-about names include:
Stripe has carried out repeated secondary transactions interpreted as IPO preparations. With a valuation of $107 billion, profitability and a dominant market position, only an official decision is missing.
SpaceX / Starlink has reportedly planned what could become by far the largest IPO ever, with a potential valuation of $1.5 trillion.
Databricks has grown to a valuation of $100 billion and is described as a likely listing candidate for 2026.
Anthropic is reportedly discussing an IPO in 2026–2027, depending on market conditions.
Cerebras, an AI-chip company, was reported to be preparing an IPO in the first half of 2026 and saw a sharp price increase on the secondary market in the fourth quarter of 2025.
How the process actually works
Buying unlisted shares before an IPO does not require you to have a network among venture capitalists. Via the secondary market, private individuals can buy shares sold by existing owners – often employees with stock options who want to turn paper wealth into actual money, or early investors who want to take profit.
The process via a platform like Accumeo broadly looks like this: you identify a company you want to invest in, review the available information about the company and the current terms, place an order, and Accumeo handles matching with a seller, legal review and execution of the transaction. The entire process takes place digitally.
What sets the secondary market apart from the exchange is that there is no continuous pricing. The price is based on the most recent completed transactions and the supply-demand balance. It can take time to find a counterparty, and the price can vary depending on when you buy.
What history shows – and doesn't show
Historically, early investors in companies such as Meta, Google and Amazon have made extraordinary returns. But it is important to avoid survivorship bias – the companies we remember are the ones that succeeded. Many private companies never reach the stock market, and some that do are listed at valuations that disappoint secondary-market investors.
During 2025 we saw the share of IPOs that were primarily liquidity-driven increase – that is, the IPO aimed to give early owners the chance to sell, rather than to raise new capital.
Risks of the strategy
There are no guarantees. An IPO can be delayed by a year, cancelled entirely, or take place at a lower price than expected. Unlisted shares also have limited liquidity during the waiting period – you cannot always easily sell if you change your mind. The stock-market climate, regulatory changes and company-specific events can all affect the outcome.
A wise strategy is to spread investments across several private companies rather than betting everything on a single name, and to see it as a long-term part of your total portfolio.
How to invest in US private companies via Accumeo
Investments in large US private companies such as SpaceX, OpenAI and Stripe must in practice be made through so-called SPVs (Special Purpose Vehicles). These are separate companies that pool capital from several investors in order to make a single investment in a private company. In the event of an IPO, the SPV's holding is converted into listed shares in accordance with the listing terms.
Just like other early investors, SPVs are generally subject to a lock-up period, often around 180 days. During this period the shares cannot be sold. The exposure, however, remains unchanged. After the lock-up, the manager may choose to sell shares and distribute the proceeds to investors, or distribute shares directly to investors (an in-kind distribution), if the structure allows it. The method is determined by the SPV agreement and the manager's strategy.
There is no way for an individual private person to buy directly onto these companies' cap tables – the SPV structure is the established standard in the US private market.
Not all SPVs are alike, however. In the industry it is common to see fee models that include both a management fee and performance-based compensation (carried interest), often on the order of 2 percent in annual fees and 20 percent of profits – a structure known as "2/20". Some players also stack fees across multiple layers, which can erode returns considerably.
Accumeo sets up and administers its own SPVs for each investment. We are the only platform in Sweden that offers a 0/0 structure: no management fee and no carried interest. You pay only a fee of 5–10% at the time of investment – we take no share of your profit. That means your entire upside accrues to you as the investor.
We structure investments in accordance with applicable regulations, and you get full clarity on what you own, how the structure works and which terms apply.
If you have questions about how it works, you are very welcome to contact us. If you would like to see which investment opportunities are available right now, you can create an account and explore our platform.
