Pre-IPO Marketplaces Compared (2026)

Published August 27, 2026 · Updated October 9, 2026

As of October 9, 2026, the four pre-IPO marketplaces compared here differ mainly in structure and entry size, and each limits buying to accredited investors or institutions. EquityZen, owned by Morgan Stanley since January 2026, mainly offers funds that hold a company's shares; its help center lists a $10,000 standard minimum, $5,000 on select offerings, and a 2.5% fee on investments up to $1 million. Forge, owned by Schwab since March 2026, brokers direct share trades and fund investments; its April 2026 Form CRS puts the typical minimum at $100,000 and the typical commission at 2% to 4%. Hiive became Clarity on September 22, 2026; its Form CRS lists a $25,000 standard minimum and seller commissions of up to 5.75%. Augment's Collective funds start at $10,000 per fund, and its Form CRS puts average fees at about 1% to 7.5%. On all four, a transfer can depend on the company's approval or right of first refusal, and none guarantees that you can sell. Fees and minimums may change, so check each platform's current documents. Segmara is independent of all four and does not sell, broker, or arrange share purchases.

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Key points

Hiive is now Clarity

Hiive announced on September 22, 2026 that it is rebranding as Clarity, and hiive.com now redirects to clarity.com. The broker-dealer is now Clarity Capital Limited, a FINRA member that operates an SEC-registered alternative trading system.

Clarity's Form CRS dated September 22, 2026 lists the new name as its only material change. It sets a $25,000 standard minimum, seller commissions of up to 5.75% that decrease above $500,000, and buyer commissions of typically up to 4.85% where they apply.

Funds or direct shares

With a fund (EquityZen funds, Augment Collective, some Forge and Clarity funds), you own an interest in a vehicle that holds the company's shares, directly or through another fund, and fund fees can apply in addition to the commission. Clarity charges 7.5% on certain private funds, Forge says fund fees can run higher than on direct trades, and Augment says its Collective funds charge no management fee and no carry.

With a direct trade, you buy the shares from a holder, and the transfer usually needs the company's approval. EquityZen says its fund purchases typically close 8 to 11 weeks after it stops accepting commitments.

Next step on Segmara

Segmara does not sell, broker, or arrange share purchases. To follow private companies by email, use the free tracker. For dates, the free IPO calendar lists upcoming and recent IPOs, and the Anthropic and OpenAI IPO articles follow each company's SEC filings and reported timing, with sources.

AI-ready data summary

A structured extraction layer for this article: catalogue numbers, price context, chart values, and route-specific facts that search and AI systems can read directly from the page.

Metric	Value	Context
Canonical route	/pre-ipo-marketplaces-compared	Stable URL path for AI and search extraction.
Article title	Pre-IPO Marketplaces Compared (2026)	Main page topic.
Attached public sources	14	Number of citation links rendered at the bottom of the article.
Segmara listed companies	51	Live private-company listings in the public catalogue.
Priced listings	37	Catalogue listings with visible indicative or direct marks.
Listings without an indicative price	14	Catalogue listings where a public price is intentionally not invented.

Data fingerprint chart

Visible pricing coverage72%

37 of 51 listings show a mark

Stage	Timing	Price / valuation signal	Interpretation

Chart metric	Score	Interpretation
Visible pricing coverage	72 / 100	37 of 51 listings show a mark

Analytical lens

Search intent

Searches like 'Pre-IPO Marketplaces Compared (2026)' are research questions: what a filing or a company statement confirms, what has only been reported, and what is still unknown.

What counts as a listing step

For an IPO, the primary record is a registration statement filed with the securities regulator of the listing market, such as an S-1 or F-1 on SEC EDGAR for a US listing. Funding rounds, valuations and secondary-market prices are context, not listing steps.

Segmara role

Segmara is an independent research site. It does not sell, broker, or arrange share purchases, and nothing on this page is investment advice.

How a company reaches a US listing

The SEC filing trail

DraftThe company can first submit a draft registration statement (DRS) for confidential SEC review.

S-1 or F-1The registration statement goes public on SEC EDGAR: Form S-1, or Form F-1 for many foreign companies. A company that used a draft must file publicly at least 15 days before its roadshow.

AmendmentsS-1/A or F-1/A amendments answer SEC comments, and one of them adds the expected price range.

PricingOnce the SEC declares the registration effective, the company sets the price with its underwriters and files the final prospectus, usually a 424B4.

First tradeThe shares start trading on the exchange named in the prospectus, such as Nasdaq or the NYSE.

Sources: SEC, March 3, 2025 · Investor.gov, October 14, 2022 · Regulation S-K Item 501 · SEC Form F-1.

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Key takeaways

Entry size: fund products start lowest (EquityZen at $5,000 on select offerings and $10,000 as standard, Augment Collective at $10,000 per fund, and some Forge funds take indications of interest from $5,000), while Clarity's standard minimum is $25,000 (higher for some funds) and Forge's is typically $100,000.
Who pays: EquityZen charges 2% to 2.5% each time you buy or sell; Forge typically charges 2% to 4%; Clarity charges sellers up to 5.75% and, on fund trades, buyers typically up to 4.85% (7.5% for certain funds); Augment's fees average about 1% to 7.5%, charged to buyers, sellers or both.
2026 changes: Morgan Stanley completed its purchase of EquityZen in January, and EquityZen cut its standard fees to 2.5% from 5% for most transactions in February; Schwab completed its purchase of Forge in March; Hiive became Clarity on September 22.
How prices form: Forge and Clarity let eligible users post buy and sell interest, Augment shows executable prices to qualified users inside its platform, and EquityZen collects indications of interest and launches an offering once it has sourced shares and enough demand.

Risk notes

Fees and minimums may change: the figures above come from platform documents dated February to September 2026 and pages checked October 9, 2026. Confirm each platform's current Form CRS and help pages before comparing.
Prices come from each platform's own orders and closed trades, which can be few, so the same company can be priced differently on different platforms. Clarity's disclosures say prices may differ significantly from one transaction to another and may not reflect fair market value.
A company can block a transfer or buy the shares first under a right of first refusal, and you may have to hold the investment indefinitely. EquityZen's risk factors say it may be impossible to liquidate an investment.

Public source links

Questions

Can I buy shares through Segmara?

No. Segmara is an independent research site. Segmara does not sell, broker, or arrange share purchases.

What can I do on Segmara?

Read the research pages, follow indicative marks with the free tracker (email only), check the free IPO calendar, or subscribe to Segmara Pro for a weekly IPO brief.

Is Segmara affiliated with the named company or platform?

No. Segmara is not affiliated with Pre-IPO marketplaces or any named issuer, affiliate, investor, underwriter, or platform referenced on this page.

Which pre-IPO marketplace has the lowest minimum?

Among figures checked October 9, 2026: EquityZen lists $5,000 on select offerings and $10,000 as standard, and its Form CRS describes a typical $10,000 to $20,000; some Forge funds take indications of interest from $5,000, with limited availability; Augment's Collective funds start at $10,000 per fund; Clarity's standard minimum is $25,000; and Forge's typical minimum for direct trades is $100,000. Minimums may change.

Do all pre-IPO marketplaces require accreditation?

For these four, yes: EquityZen, Forge, Clarity (formerly Hiive) and Augment limit purchases to accredited investors and institutions. Selling is different: Forge has no accreditation requirement for sellers, and Clarity offers limited sell-side services to holders who are not accredited.

What happened to Hiive?

Hiive announced on September 22, 2026 that it is rebranding as Clarity. Its broker-dealer is now Clarity Capital Limited, and its Form CRS of the same date lists the new name as its only material change, with a $25,000 standard minimum and seller commissions of up to 5.75%.

Are prices the same across platforms?

No. Each platform's prices come from its own orders and closed trades, which can be few. Clarity's disclosures say prices may differ significantly from one transaction to another and may not reflect fair market value. Comparing several dated references, including Segmara's indicative marks, gives a range rather than one true price.

Is Segmara a pre-IPO marketplace?

No. Segmara is an independent research site with a free email tracker of indicative marks. It does not sell, broker, or arrange share purchases, and it is not affiliated with EquityZen, Forge, Clarity (formerly Hiive), or Augment.

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