



Want a hot pre-IPO company in your portfolio? Proceed with caution
Subscribe to enjoy similar stories.It sounds like the investment opportunity of a lifetime: a chance to get in on one of the hottest names on Wall Street, before the company’s stock even starts trading.Financial advisers say buyer beware.It is technically possible for ordinary investors to get ahead of the coming oversize and high-profile public offerings expected in 2026—including SpaceX, OpenAI and Anthropic. Investors can get access through direct secondary marketplaces, exchange-traded funds that advertise private-company exposure and even crypto tokens that seek to mirror the performance of the company’s shares.But all those methods vary greatly in risk level and degree of actual ownership on offer, highlighted by Anthropic’s market-rattling warning this past week that it won’t recognize investments not approved by its board.
Advisers said that many private-market investments come with layers of complexity and fees that, for most people, might just not be worth the hassle.Here’s what to know.Once upon a time, companies like Amazon and Apple made their stock-market debut with market capitalizations under $2 billion. Now, firms wait much longer to go public—SpaceX was recently valued at $1.25 trillion—while institutions and wealthier private-market investors benefit from the growth.While that leaves many investors curious about snagging a piece of big-name privately held firms, advisers said they rarely recommend it to clients.
Those best suited to private-market investing are usually long-term, sophisticated investors who don’t mind taking on quite a bit of risk, they noted. Some platforms for buying private shares are available only to accredited investors, meaning you’ll need at least $1 million in net assets,
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