A research map of 2 private companies in this category, including verified access routes and the practical constraints around reaching them. This is a map of access, not a recommendation. Inclusion means a route is mapped, not that any company is a good investment.
The full list
- Sector
- Defense
- Founded
- 2017
- HQ
- Costa Mesa, CA
- Country
- United States
- Valuation
- No verified public mark
- Routes
- 3
- Status
- Unavailable
- Sector
- Defense
- Founded
- 2015
- HQ
- San Diego, CA
- Country
- United States
- Valuation
- No verified public mark
- Routes
- 2
- Status
- Unavailable
How we chose these this category
Selection is based on two objective criteria: sustained demand from people researching pre-IPO companies, and whether we can map at least one verifiable route to the shares. It is not a ranking by expected return, and nobody pays to appear here.
What these this category have in common
Late-stage private companies of this type share a set of features that shape any investment in them. They have stayed private far longer than the previous generation did, they raise large rounds from a small pool of institutional investors, and their valuations are set in negotiations you will never see rather than by a market.
How to invest in this category
The four structures are the same regardless of which company you pick: a direct secondary purchase, a pooled SPV, a listed fund with private holdings, or employee options financing. Your eligibility and ticket size decide which are actually open to you.
Compare every provider side by side on our fund comparison page, or read how to buy private company stock for the mechanics.
Risk disclosure
Concentrating in a single sector amplifies correlated risk: the companies above will tend to reprice together. Pre-IPO and private securities are illiquid and speculative. You may lose the entire amount invested. There is no guarantee of an IPO or any other exit, valuations are indicative rather than transactable marks, and future rounds can dilute or reprice your stake. This page is general information, not advice about your circumstances.
What drives this category valuations
Companies in a shared sector tend to reprice together, because the same handful of variables drives all of them. Understanding those variables is more useful than studying any single name in isolation.
Three forces dominate. Capital availability sets the floor: when late-stage funding is plentiful, secondary prices firm because holders are not forced to sell. Comparable public multiples set the ceiling, since buyers anchor private valuations to listed peers. Exit expectations decide the timeline, and that timeline drives everything about your return.
The practical implication is that buying three companies in one sector is closer to one position than three. If you want diversification within private markets, diversify across sectors rather than across names within a sector.
How to compare this category
Revenue quality over revenue growth. Recurring, contracted or repeat revenue survives a downturn; project revenue does not.
None of these require inside information. All of them can be assessed from public disclosure, product usage and hiring patterns, and all of them matter more than the headline valuation.
What happens to this category at IPO
For most people reading a list like this, the eventual question is what happens when one of these companies lists. Three things are worth understanding before that day arrives.
Listing is not liquidity. Pre-IPO holders are typically subject to a lock-up preventing sale for a defined period after the offering. The price that matters to you is the one at the end of that period, not the opening print.
The IPO price is set against public comparables, not your entry. A company can list successfully and still price below what late secondary buyers paid, because public markets value it on different metrics.
Share class matters at conversion. Preferred shares usually convert to common at listing, and any liquidation preference that protected earlier investors disappears at that moment. Know which class sits behind your position.
See lock-up periods and pre-IPO vs IPO for the mechanics.
How we keep this this category list current
Company status in this category changes without notice. A name on this page can file to go public, complete an IPO, be acquired, or simply cease to be available through any of the routes we track.
We review tracked companies on a schedule and update on event: a new funding round, a public filing, a confirmed listing, or a change in which platforms carry the name.
If you spot something stale here, tell us. The value of a directory is entirely in whether its readers can trust it, and that trust is built by correcting errors quickly rather than by never making them.
Building a position in this category
Investors who do well in this category tend to behave in a recognisably boring way. They decide the total sleeve first and never exceed it. They spread it across several positions. They read the offering document. They assume the hold will be longer than advertised.
The alternative - a single large position in whichever company is currently generating headlines - is the pattern behind most retail losses in private markets, and it is a process failure rather than a stock-picking failure.
Practically: decide your sleeve, divide it by at least four, and accept that some of those positions will return nothing. That distribution is normal and expected, not a sign that something went wrong.
Pre-IPO funds with access to this category
Access to these companies runs through a small set of regulated providers. We have mapped 3 that reach at least one name on this page: Forge Global · EquityZen · Hiive.
Which of these can actually serve you is decided by your investor status and jurisdiction rather than by which company you want - compare them side by side on the fund comparison table, or start from the full provider directory.
Where this category sits in the wider market
This page is one of several sector maps we maintain. The others cover Best AI Pre-IPO Stocks · Best Space Pre-IPO Stocks · Best Fintech Pre-IPO Stocks · Best Pre-IPO Unicorns 2026 · Elon Musk Companies to Invest In - worth reading if you are diversifying across sectors rather than concentrating in one, which is the more defensible approach given how dispersed private-market outcomes are.
Whether you can reach any of these companies depends on where you invest from, not on where the company is based. Our country guides cover the eligibility and cross-border rules that apply from India · Australia · United Kingdom · Canada · UAE · Singapore · Nigeria · Philippines.
Background reading before investing in this category
These guides explain the mechanics that apply to every company listed above: How pre-IPO investing works · Risks of pre-IPO investing · Accredited investor requirements · How to buy private company stock · Pre-IPO due diligence.
The honest caveat on this category lists
Lists like this exist all over the internet, and most are affiliate funnels dressed as research. Ours earns money too - some providers pay us a referral fee - but the ordering does not change based on who pays, and providers who pay nothing appear on identical terms.
Frequently asked questions
Are these recommendations?
Can retail investors access any of these?
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About the author
Ben Sim
Founder and head of research at PreIpoFunds. Writes about private-market access, fund structures, and how retail and accredited investors actually reach pre-IPO companies. Full profile and methodology →
Sources & further reading
Figures marked with a dotted underline are indicative and must be verified against the provider's own disclosures before you act on them.