EquityZen @EquityZen

Is that new AI "Unicorn" actually worth $1B? Or is it just clever financial engineering? Silicon Valley has a new fundraising trend: "Dual-Price" funding rounds. To win competitive AI deals and manufacture massive headline valuations, some startups are selling shares at two completely different prices within the same funding round. Lead VCs get a grounded, lower price, while late-comers may pay a "FOMO premium" just to get on the cap table. As venture capitalist Wesley Chan puts it: "You can't sell the same product at two different prices. Only airlines can get away with this." (TechCrunch) For private market investors, this structural shift changes the game. If you want to protect your portfolio from market froth, you need to know how to look under the hood. 👇 Read our full breakdown to learn how dual-pricing works, why cap tables matter more than ever, and how to spot the difference between hype and true value: hubs.la/Q04mGHpp0 #VentureCapital #AI #Investing #StartupValuations #PrivateMarkets #EquityZen

From a $2.27 trillion global market cap to a historic wave of public debuts, #Cryptocurrency has officially reached mainstream maturity (Forbes).  But the real story isn't just about the coins… it's about blockchain technology reshaping how we transact, own, and create value across traditional industries. In our latest Innovating Industries blog, we break down:  💡 The fundamental technology stack driving Web3.  🌎 Real-world use cases, from DeFi and tokenized securities to supply chains and gaming.  ⚖️ Regulatory updates like the GENIUS Act and CLARITY Act that are helping to build institutional trust.  🌐 The private companies and unicorns (like Ripple, Consensys, and Alchemy) that are building the core infrastructure of the digital economy. Whether you are looking at the risks of asset volatility or the opportunities in private markets, understanding this foundational layer has the potential to unlock opportunities for today's investors. 👉 Read the full breakdown on the EquityZen blog: hubs.la/Q04lC1jH0 #Crypto #Blockchain #Web3 #PrivateMarkets #Investing #VentureCapital #DeFi #EquityZen Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. This information is intended for reference only and does not constitute a recommendation or personal financial advice. Use of this information is at the user's discretion and risk.

Congratulations to @SpaceX (Nasdaq:SPCX) on its IPO 🚀 Wishing the SpaceX team continued success in the public markets!

Morgan Stanley @MorganStanley

2 weeks ago

Today, @SpaceX (Nasdaq: SPCX) makes its public market debut with a $75Bn offering (pre-greenshoe) at $135 per share, marking the largest IPO in history. Congratulations to the SpaceX team. We are honored to serve as joint lead bookrunner and sole stabilization agent.

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The power of secondary markets, visualized.  As companies stay private longer, a significant amount of value creation happens before the opening bell (Source: Apollo). Case in point: Cerebras Systems. Our data shows that EquityZen investors paid an average net price per share of $32.94. At an IPO price of $185, that translates to a 5.62x return multiple. Curious about the institutional giants and early-stage investors who helped build Cerebras into the AI chip contender it is today? We mapped it all out on the blog. Read the full analysis here: hubs.la/Q04l2wy40 (hubs.la/Q04l2wy40) This is not intended to predict or project the performance of Cerebras Systems Inc. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

From a 2016 Series A to an exciting public market debut.   Cerebras Systems’ IPO has delivered notable returns to its earliest backers, including Fidelity, Benchmark, and Foundation Capital. Curious to see exactly who owns what? Check out our full breakdown of the top shareholders and IPO values 🔗👇 hubs.ly/Q04kJbf_0 This is not intended to predict or project the performance of Cerebras Systems Inc. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

From the red carpet to the cap table… 💎✨ The May edition of #MonthlyMovers is officially live, spotlighting the private companies that served the most significant surges in investor demand this past month. Forget the steps of the Met; these were the names that dominated investor watchlists in May. 🥇 ClickHouse  🥈 Form Energy 🥉 Isomorphic Labs  ⭐ Vectra AI ⭐ Skyroot Aerospace ⭐ Divergent 3D  ⭐ Tenstorrent  ⭐ Altos Labs ⭐ Physical Intelligence  ⭐ Blue Origin Who gets your vote for "Best Dressed" in the market right now? Let us know below. 👇 There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and hubs.la/Q04ksfZx0 information is intended for informational purposes only and does not constitute a recommendation or personal financial advice. Use of this information is at the user's discretion and risk. All company names and logos are trademarks or registered trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

The software-as-a-service (SaaS) playbook is being rewritten 💻 For a decade, private tech investing chased capital-light software with sky-high margins. But the rise of Generative AI is shifting unit economics and compressing traditional software multiples. The response we’re seeing from our investors?  Re-architecting portfolios around a new framework: #HALO (Heavy Assets, Low Obsolescence). 🏗️⚡ The private tech market is rapidly transitioning into a physical, energy-intensive industrial race. Investors remain highly selective, demanding discounts for legacy software while assigning premium valuations to physical infrastructure, AI hardware, defense tech, and energy supply chains. From data center innovators like Crusoe Energy and Lambda, to next-gen silicon pioneers like Etched and d-Matrix, the big opportunities are no longer just pure software plays. They are anchored in real-world infrastructure that AI cannot automate away. Want to see how the private market leaderboard is reshuffling and how investors are navigating HALO opportunities? 👇 Read our full analysis on the EquityZen blog: ezen.fyi/3RP39GD Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. Investors must be able to afford the loss of their entire investment.

@morganstanley's latest analysis on the IPO market highlights a major shift in the 2026 rebound: retail investors are no longer just participating in the aftermarket; they are actively shaping how companies think about IPO structure, ownership, and long-term engagement. Growing retail participation stems from a demand for earlier access, broader availability, and long-term ownership opportunities. For companies going public, managing retail demand has become a strategic component of deal construction. At EquityZen, we’ve known this for over a decade: individual investors want a seat at the table before the opening bell rings. As companies stay private longer and build scale before going public, providing early access to the retail ecosystem isn't just a bonus for issuers; it’s a necessity for healthy markets. Read Morgan Stanley’s full breakdown on how retail participation and late-stage maturity are redefining the IPO lifecycle: hubs.la/Q04jrpVq0 #RetailInvesting #DemocratizeFinance #PreIPO #IPO2026 #EquityZen #CapitalMarkets #morganstanley

"It’s time to show that this business can go from millions in revenue to $5 billion in revenue." EquityZen Co-Founder and Managing Director Phil Haslett highlights a massive question looming over the tech sector: Can AI companies deliver the massive revenue expectations underwritten by investors, or are we seeing a replay of the 100x revenue multiples of 2021? While AI growth has been uniquely explosive, a hyper-competitive market means we’re about to see a handful of massive winners…and some flameouts. What’s your take? Is this AI growth sustainable, or are valuations getting ahead of reality? Let us know below! 👇 Catch the full breakdown of Q1 2026 private market investment trends here: hubs.la/Q04hKSwQ0 Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

From a Series A in 2016, which valued the company at $62.5M, to a Series H in 2026, which valued the company at $23B, Cerebras Systems' private market journey spans a decade of venture rounds. Our latest blog breaks down the company’s capitalization table, looking at historical valuations and return multiples relative to its $185/share IPO price. Read the full analysis: hubs.la/Q04hKzbP0 This is not intended to predict or project the performance of Cerebras Systems Inc. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

"Flight to quality" is redefining the private markets. ✈️💼 With 30+ private companies now worth over $20B, the late-stage universe is bigger than ever. EquityZen Co-Founder and Managing Director Phil Haslett explains why investors are favoring mega-cap stability over $1B–$10B companies in the current market. Read EquityZen’s Q1 2026 Private Company Investment Trends report here: hubs.ly/Q04hKxG80 #PrivateMarkets #VentureCapital #Investing #LateStage #MarketTrends #EquityZen The information is intended for reference only and does not constitute a recommendation or personal financial advice. Use of this information is at the user's discretion and risk.

Visualize $40B+ of pre-IPO market growth. 🤯The steepest part of that curve? The value unlocked over the last two years. From Cerebras’ founding in 2015 to executing one of the most talked-about AI infrastructure IPOs: head to the link to see a full breakdown of the early investors and major shareholders who caught the pre-IPO wave ➡️ hubs.la/Q04hJc6m0 This is not intended to predict or project the performance of Cerebras Systems Inc. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns

A huge thank you to the hundreds of Accredited Investors who joined our recent webinar with Georgia Edwards (AVP, Private Markets) and Brianne Lynch (Head of Market Insight)! We had a great time diving into key #PrivateMarkets insights and exploring how EquityZen’s tools can help you navigate the market. Want to stay informed? Join our community today: hubs.la/Q04hKd9f0 #PrivateMarkets #AlternativeInvesting #MarketInsights #EquityZen There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

In 1997, Amazon went public at a $500M valuation. Today, we’re seeing companies stay private until they hit $500B+. 💡 The "Amazon Era" allowed everyday investors to ride the wave of hypergrowth in public markets. But as EquityZen Co-Founder and Managing Director Phil Haslett points out, the script has flipped. Unicorn companies are staying private longer, fueled by institutional capital, leaving retail investors on the sidelines. At EquityZen, we’re changing that narrative by opening the doors to private market opportunities that were once out of reach. Ready to bridge the gap? Check out our latest deep dive on the evolution of access: hubs.la/Q04hGv0J0 #PrivateMarkets #Investing #EquityZen #PreIPO #StockMarketHistory This is not intended to predict or project the performance of any company. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns.

Prediction markets are transitioning from fringe betting to embedded financial infrastructure, with trading volumes projected to hit $1T by 2030 (CNBC). 🔮 But while retail demand is booming, automated HFT bots are capturing the lion's share of profits, leaving 69% of participants on platforms like Polymarket in the red (Bloomberg). 🤖📉 Instead of trying to out-trade the algorithms, smart capital is betting on the platforms themselves. Read Brianne Lynch’s deep dive into the mega-rounds, regulatory battles, and public incumbents shifting the landscape. Link in bio. Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. This information is intended for reference only and does not constitute a recommendation or personal financial advice. Use of this information is at the user's discretion and risk.

Source: EquityZen data and S-1 filing.

A massive congratulations to Cerebras Systems on their successful #IPO! (NASDAQ: CBRS) 🤝 Since EquityZen’s first deal with Cerebras in 2020, we have been proud believers in their mission, helping thousands of early accredited investors gain access to AI hardware innovation while providing liquidity to employees along the way. 💵 Our investors were able to invest in Cerebras pre-IPO at an average net price of $32.94/share (with a low of $11.55/share) with investment sizes as little as $5,000. 🎉 With an IPO price established at $185.00, Cerebras tells the story of the growth happening in the private markets that we give more investors access to every day. #CerebrasSystems #IPO #PreIPO #AI #AIHardware #SecondaryMarket #PrivateMarkets #NASDAQ Past performance is not indicative of future results. Investment in private companies involves significant risk.

Hunger for the heavyweights! 🍔 In Q1 2026, transactions in companies valued at $20B+ surged to 57% of all trades on the EquityZen platform, a major reversal from the recent trend of investing in younger startups. Two reasons why: 1️⃣ Decacorn valuations are the new normal. 2️⃣ Focus on near-term IPO contenders. Check out the full Private Company Investment Trends, Q1 2026 report hubs.la/Q04g-6rR0

Is hardware back? ⚡️ In Q1 2026, Industrials and Hard Tech led private market valuations on the EquityZen platform, while 100% of Enterprise SaaS and FinTech companies traded at a discount. Investors are paying for infrastructure, AI, and energy. See the full breakdown: hubs.la/Q04gPNwr0 #Investing #PrivateMarkets #FinTech #SaaS