A structural shift
The fact that the most valuable companies remain private longer is not a passing trend but a structural change in the capital markets. In 2000, the average tech company went public after 4–5 years. Today it often takes 10–15 years. SpaceX was founded in 2002 and is still private after 23 years. Stripe was founded in 2010, Databricks in 2013 – neither has yet reached the stock market.
The consequence is that an ever-larger share of value-creating growth happens in the private market, out of reach for investors who limit themselves to the stock exchange. OpenAI's revenue increased tenfold between 2023 and 2025 – that kind of growth phase is rarely available after a listing.
Size comparison: American vs Swedish private companies
It is important to understand that "private" means entirely different things depending on the market. In Sweden, the private market is dominated by companies such as Doktor.se, Kry and Einride – innovative firms, but with valuations typically below SEK 10 billion and often without proven profitability.
The American private companies that Accumeo provides access to are an entirely different category. SpaceX has $8 billion in operating earnings. Stripe processes payments equivalent to 1.3 percent of the world's GDP and is profitable. OpenAI has over 800 million weekly users. These are global operations with massive revenue streams that happen to be private.
This means a fundamentally different risk profile. The risk of total loss of capital – which is real when investing in smaller companies – is considerably lower for companies with billions in annual revenue and established market positions. However, risks related to liquidity, valuation and access to information remain.
Portfolio diversification – real examples
Professional investors have long allocated part of their portfolios to private assets. Pension funds, university endowments and wealth managers typically hold 10–30 percent in private investments. The Yale Endowment, often cited as one of the world's best-managed university endowments, has historically held around 20 percent in venture capital and private assets.
The logic is simple: private assets have historically delivered a risk premium – a higher return that compensates for the lower liquidity. In addition, private assets correlate less with the daily swings of the stock market, which can provide portfolio diversification in a genuinely meaningful sense.
As a private individual, that doesn't mean you should put all your savings into unlisted shares. But an allocation of 5–15 percent of a diversified portfolio, invested in companies with strong fundamentals, can improve long-term risk-adjusted returns.
Sector access outside the stock market
A concrete advantage of American unlisted shares is that they give access to sectors and business models that barely exist on the listed market. Want to invest in generative AI? The three leading companies – OpenAI, Anthropic and xAI – are all private. Satellite-based internet? SpaceX/Starlink is private. Modern developer-model payment infrastructure? Stripe is private.
This means an investor who only buys listed shares misses some of the most transformative businesses of our time. The private market gives access to companies that are actively shaping the infrastructure of the future.
Practical considerations for Swedish investors
Currency risk: Investments in American private companies are denominated in dollars. A weakening of the dollar against the krona reduces the return in kronor, and vice versa.
Tax: Unlisted shares cannot be held in an ISK. Gains are taxed as capital income at 25 percent for non-qualified shares. Certain endowment insurance policies (kapitalförsäkring) may offer a more advantageous tax structure.
Time horizon: Expect an investment horizon of at least 3–5 years. Liquidity is limited and you should not invest capital you may need in the short term.
Information gathering: Unlike listed companies, private companies do not publish quarterly reports. You need to rely on secondary information, analyses and the platform's data.
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.
