SpaceX’s $2 tn IPO was headline‑making, but the value that justified it was built over two decades in private hands. Private markets now represent 9% of global equities, a jump from 2% a decade ago, and companies are staying private longer to raise growth capital.

Republic Europe is expanding its focus to late‑stage secondary offerings to give non‑institutional investors a route into firms that were once only for a handful of banks. The WHOOP campaign illustrates this model: a subscription‑only hardware business with a $1.1 bn run rate, $575 m Series G, and a projected $10.1 bn valuation.

Structured secondaries provide liquidity before an IPO, changing risk dynamics from execution to valuation and unit economics. Investors can access companies such as SpaceX, WHOOP, and Kraken at negotiated prices, potentially shortening the path to liquidity.

On 16 July Republic Europe will host a webinar explaining how secondary markets work, how company‑led campaigns are structured, and what participants need to know before joining global growth campaigns.