The hardest part of selling pre-IPO equity is figuring out what your shares are worth. In a private market marketplace, pricing becomes even more complex because 409A valuations on your equity statement are typically too low, while the most recent funding round headline reflects preferred—not common—equity. If you're still building context on how secondary pricing actually works in practice, review the complete guide to pre-IPO investing before comparing venue quotes. Different secondary venues quote different numbers, and secondary sale timing around funding rounds moves them further. Where's the truth?

The four reference points that matter

  1. Last closed trade. The most informative single signal. What did shares actually change hands for in the last 30 days?
  2. Most recent tender. Tender prices are publicly visible and clear above significant volume. Often the tightest reference for liquid names.
  3. Last primary round, share-class adjusted. Preferred-round price discounted appropriately for common (typically 25–50% discount). The discount you apply should reflect the underlying cap table structure — preference stack, participation rights, and the gap between preferred and common.
  4. Current bid book. The highest bid we have on your name today, with size and structure terms attached.

Where the gap is

There's typically a 5–15% spread between best bid and best ask on a liquid late-stage name. On illiquid names the gap can be much wider — 30%+ isn't uncommon. Where you should price within that spread depends on how motivated you are and how patient you can be.

If you need liquidity in 30 days, accept the bid. If you can wait three to six months, you can often clear closer to the ask by holding firm and letting buyers come up. The desk will tell you what we think is realistic, but the call is yours. For the full step-by-step process of selling pre-IPO shares from intake through wired proceeds, see the seller playbook.

What we don't recommend

Pricing off your 409A. We see this constantly — sellers who anchor on the 409A on their equity statement and accept secondary bids 30–50% below fair market value because they don't realize the 409A is a regulatory floor, not a market price. The 409A is for tax purposes. The secondary mark is what your shares are worth. Read our walkthrough on 409A vs secondary pricing for why the gap exists and how to use it without being trapped by it.

What we do

On every intake, the desk shows you the last three closed trades on your company, the current bid book, and our estimate of what we can clear given your size and timing constraints. You set the reserve. We work the book. No mystery, no withholding. To see how your pricing reflects current pre-IPO market conditions, read our 2026 market map, or browse live indications across our pre-IPO marketplace to see what comparable names are clearing at right now.