The market for private-company shares has become increasingly active as startups stay private longer. EquityZen, operating since 2013, facilitates trading of shares in venture-backed companies before IPO or acquisition. In October 2025, Morgan Stanley announced plans to acquire EquityZen, completing the deal in January 2026.

Phil Haslett, co-founder and chief strategy officer, discusses secondary-market pricing insights. He notes the IPO market is better than three to six months ago, with tech stocks recovering. While Space X dominated recent IPO activity, the broader market shows promise, though post-IPO performance has been mixed.

Haslett observes a shift toward AI infrastructure, space tech, and robotics in investor interest. Companies like Figure AI, Scale AI, and Redwood Materials reflect this trend. These sectors require significant capital and longer paths to predictable revenue compared to traditional SaaS models, with secondary investors taking a closer look at hard tech opportunities.