How to Invest in Perplexity AI Before It Goes Public
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Perplexity AI is still a private company and doesn’t have an IPO on the immediate calendar, yet the shares can be found in multiple secondary markets. Its last primary financing in September 2025 raised a further $200 million and gave the company a valuation of $20 billion. In total, the company has raised $1.72 billion including money from Nvidia, Softbank and Jeff Bezos.
These figures create interest among investors who want to invest in Perplexity AI before it goes public. To help navigate this opportunity, this guide, updated in August 2026, will evaluate five companies for investment.
1. Forge Global
Pre-IPO liquidity/secondary market: Forge facilitates direct transfers on a broker-dealer marketplace with over $15 billion in historical trading volume.
Accredited investor requirements: Requires documents from investors to verify accredited investor status under SEC regulation D guidelines being $200,000 income or $1 million net worth, excluding properties.
409A valuation and employee stock options: Forge has a tool for employees looking to sell vested ISOs and RSUs – the market bid determines the sale price, not the 409A strike value.
Company buyback/ROFR process: Right of first refusal notice period is usually 30-45 days and exercised at around 8%.
Perplexity AI funding rounds: Prices mentioned by Forge refer to the September 2025 funding round at which Perplexity was valued at $65 per share.
Fractional access via SPVs: Forge Global funds accepts investments starting at $5,000, compared to $100,000 direct transfers to the secondary market.
Pricing/fees: Direct secondaries will cost between 2%-4% of the $100,000 minimum, Forge Fund fees range from 1%-2% plus the cost of operating the fund.
Risk factors: The Forge Global price is not an estimate and could fluctuate; for example Cerebras Systems once priced at $36.72 on Forge Global versus $39-$57 on EquityZen.
Use cases: Useful for investments of $100,000 and more as well as for investors who value institutional data along with direct execution.
IPO timeline expectation: The Forge Price is a good proxy for the companies valuation before they are expected to list.
2. Hiive
Pre-IPO liquidity/secondary market: Hiive offers a live order book. Hiive’s Perplexity’s private share market is quoted at around $62 per share compared to Forge Global’s $65, savings which could substantially increase when buying shares.
Accredited investor requirements: Standard SEC thresholds apply and Hiive is FINRA/SIPC-registered and an exempt market dealer in Canada.
409A valuation and employee stock options: Employees selling exercised options get whatever the order book bids, independent of their grant’s 409A price.
Company buyback/ROFR processes: A direct transfer has an 18% right of first refusal exercise rate and there is a 10% canceled rate, meaning that 3 out of 10 deals have some form of termination.
Perplexity AI funding rounds: Hiive’s quote reflects the same $20 billion September 2025 round, just priced lower than Forge Globals’.
SPV structures for fractional access: Hiive Funds are managed by Sydecar and charge no management fees and a 0% carry on most offerings.
Pricing/fees: No fee for purchasers on Hiive and sellers can pay up to 5.75% although typical fees are between 2.5%-5%. The minimum investment amount is $25,000 for all shares rising to $100,000 for popular options.
Risk factors: The gap between Hiive and Forge Global’s price on identical stock is usually a bit abnormal for a high growth company.
Use cases: Best for investors who want transparent, real-time price discovery over a broker quote. Hiive frequently provides updates to its LinkedIn page for investors.
IPO timeline speculation: Hiive offers live pricing via its live order book and its Hiive50 Index gives a read on market prices, but it is not an indicator of an IPO date.
3. EquityZen
Pre-IPO liquidity/secondary market: Instead of transferring between peers, EquityZen pools the money into a special purpose vehicle that buys the stock directly.
Accredited investor requirements: The same SEC income thresholds of $200,000 per year or a net worth of $1 million dollar, excluding property will apply. These thresholds are validated before a deal’s funding.
409A valuation and employee stock options: Shares are bought from employees who are executing an ISO; and investors purchase at a price that is not the same as the 409A mark.
Company buyback/ROFR processes: EquityZen clears the ROFR before a deal opens and makes its shares available to accredited investors; which is EquityZen’s biggest leverage. Deal open and close quickly once the ROFR is cleared.
Perplexity AI funding rounds: Any EquityZen offering would price the same $20 billion funding round in September 2025 as was used by Forge Global and Hiive.
SPV structures for fractional access: EquityZen pioneered the retail SPV model with minimum investment threshold of anywhere from $5,000 to $10,000 for more than 800,000 investors.
Pricing/fees: Fees are tiered at 2.5% until investors deposit up to $1 million, and then decrease to 2% above. This tiered fee structure was implemented following Morgan Stanley’s 2026 acquisition of EquityZen.
Risk factors: Typically funds are locked in for 2-5 years and EquityZen’s quote can run well above other competitors, as is the case with Cerebras Systems.
Use cases: Deals on EquityZen are primarily aimed towards investors making their first secondary market investment and who would like ROFR risk addressed before committing any funds.
IPO timeline speculation: No platform-specific information was offered regarding the IPO timeline for any future offering.
4. Nasdaq Private Market
Pre-IPO liquidity/secondary market: Nasdaq Private Market uses company-sponsored tenders instead of an open market. Industry wide tenders reached $35 billion while IPOs topped off at around $45 billion.
Accredited investor requirements: Access depends on employer run programs; retail investors cannot go to Nasdaq Private Market to self-serve like with Forge Global or Hiive.
409A valuation and employee stock options: Employees that get a Nasdaq Private Market tender will sell their ISOs and RSUs at a company set price that is near to the 409A valuation.
Company buyback/ ROFR processes: Tenders are company-controlled liquidity events and ROFR risks are handled by design rather than in each individual transaction.
Perplexity AI funding rounds: The same $20 billion round would be cited by a Nasdaq Private Market auction, but no such program is public.
SPV structures for fractional access: Nasdaq Private Market focuses on direct tender participation rather than pooled SPVs for retail investors.
Pricing/fees: No fees are visible publicly. Works on a broker and employer contract basis.
Risk factors: Almost half of Nasdaq Private Market’s 2025 tenders were for earlier-stage companies. Late-stage liquidity events are not assured.
Use Cases: Suitable for the employees if the company is conducting a sponsored liquidity event. Not suitable if outside investors are sourcing shares by themselves.
IPO timeline speculation: Company preparation data indicates that tenders are close to matching IPO volume on an industry-wide scale. This signals that companies use tenders instead of listings.
5. Caplight
Pre-IPO liquidity / secondary market mechanics: Caplight is a data and derivatives platform for over 10,000 data points and $300 billion in secondary-market data.
Accredited investor requirements: Caplight sells to institutional investors (hedge funds, VC’s family offices) far more than individual buyers.
409A valuation and employee stock options: Caplight’s MarketPrice algorithm offers a way to value positions independently of 409A marks. This provides good benchmarks and analysis but is not for facilitating transactions themselves.
Company buyback/ROFR processes: Since Caplight does not act as a broker for direct transfers, the ROFR process would occur whichever broker had facilitated its execution, Caplight would simply support the pricing of that transaction.
Perplexity AI funding rounds: Caplight MarketPrice would use the same $20 billion September 2025 valuation.
SPV structures for fractional access: Caplight does not issue its own special purpose vehicles, although its data is usable by those using funds from other SPV providers.
Pricing/fees: A fee schedule is not public. The fee model for Caplight is likely based on its institutional subscribers, and potentially within the pricing for its network of brokers.
Risk factors: Caplight stated that secondary volume has grown over 50% year-on-year, however its pricing is directional, not executable.
IPO timeline speculation: The growing volume and attractiveness of secondary markets indicate that Caplight is acting as an increasingly viable alternative to going public, although no indication of timing is provided.
Platform Comparison
|
Platform |
Typical Minimum |
Fee Structure |
Best For |
Limitation |
|
Forge Global |
$100,000 direct; $5,000 fund |
2-4% direct; 0-2% fund |
Institutional data, large-block trades |
High direct minimum; Forge Price is an estimate |
|
Hiive |
$25,000 (up to $100,000 for popular products) |
0% buyer fee; up to 5.75% seller fee |
Live bid/ask price transparency |
18% ROFR exercise rate in direct transfers |
|
EquityZen |
$5,000 – $10,000 |
2.5% up to $1M, 2% above |
First-time investors, ROFR pre-cleared |
Multi-year lockups, deals move fast |
|
Nasdaq Private Market |
Varies by employer program |
Not publicly posted |
Employee in company-run tenders |
Retail investors can’t generally self-serve |
|
Caplight |
Institutional-focused |
Not publicly posted |
Pricing data, derivative exposure |
Not a direct retail share marketplace |
Frequently Asked Questions
Can I invest in Perplexity AI stock right now?
Only accredited investors who invest through a marketplace, special purpose vehicle, or employee sale with approval from the company will be able to invest in Perplexity AI stock.
What is the current price of Perplexity AI stock in the secondary market?
The exact quote is dependent on the platform. As of August 2026 the quotes for Perplexity are $65 per share on Forge Global and $62 per share on Hiive based on the same September 2025, $20 billion round.
How risky is it to invest in Perplexity AI stock before the IPO?
Illiquidity is the main risk. You will be certain about finding a buyer when you want to sell; the pricing could fluctuate widely across platforms and right of first refusal are applicable and can block the deal even after you have agreed and are committed to a transaction.
Conclusion
The Problem: Perplexity AI remains private, making pre-IPO investment difficult due to accredited investor restrictions, illiqudity, and price variations across platforms.
Key Takeaways: Accredited investors can acquire pre-IPO shares through platforms like Forge Global, Hiive, and EquityZen, each featuring distinct minimums, fees, and structures.
Next Steps:
- Verify accredited investor status under SEC guidelines.
- Compare platform pricing, fees, and ROFR risks.
- Fund an SPV or execute a direct trade.
