What Nasdaq Private Market does

Nasdaq Private Market (NPM) is a regulated institutional marketplace for private company securities, founded in 2013 as a unit within Nasdaq, Inc. and spun out as an independent Delaware LLC in 2021. The company brings together private companies, banks, brokers, shareholders, and investors to transact in pre-IPO equity through a regulated broker-dealer (NPM Securities, LLC) operating an Alternative Trading System that is a member of FINRA/SIPC, with an SEC-registered investment adviser subsidiary (SecondMarket Financial, LLC). Its core products span five pillars: structured Liquidity Programs (tender offers, buybacks, secondaries), an Investment Platform / SecondMarket for accredited investors, Data & Intelligence (Tape D / NPM Price delivered via API, subscription, and license), a patented Settlement engine for private share transfers, and Capital Solutions for primary raises and fund structures.

NPM's underlying technology combines a patented clearing-and-settlement platform (U.S. Patent No. 12,572,980 granted March 10, 2026) with a regulated electronic secondary trading venue (SecondMarket), an institutional private-market data API (Tape D / NPM Price), and an AI-powered mobile private market agent ('Pam'). The settlement engine standardizes varied transfer inputs, automates right-of-first-refusal, generates transfer agreements, initiates fund wiring, and produces confirmations and tax documents, reportedly closing transactions an average of 12 days faster than off-platform. As of mid-2026, NPM reports facilitating $80B+ in cumulative liquidity across 1,000+ companies, 2,100+ settled trades, and 200,000+ participants, with ~$15B in tender offer volume executed in 2025.

NPM generates revenue through transaction fees on tender offers, secondary trades, and settlement services; recurring Tape D / NPM Price data subscriptions and API licensing (including exclusive distribution via Nasdaq); fees on Capital Solutions (primary raises, block trades, single-asset funds) where it acts as co-manager or sole manager; affiliate and referral fees on WealthConnect integrations routing participants to third-party RIAs; and paying-agent service fees for settlement transactions. GTM combines enterprise field sales for liquidity and capital engagements, a self-serve SecondMarket PLG funnel for accredited investors, an API-first distribution model for institutional data, and a growing channel-partner network including Cerity Partners, BBVA (LatAm), Goldman Sachs, Morgan Stanley, J.P. Morgan, Citi, Bank of America, Dynasty Financial Partners, Wealthfront, Goodwin, and Polymarket.

Name

Nasdaq Private Market

Legal name

Nasdaq Private Market, LLC

Website

https://nasdaqprivatemarket.com

Company type

Private

Founded year

2013

Operating status

Operating

Headcount range

51–100 employees

Short description

Nasdaq Private Market is a regulated institutional marketplace that runs tender offers, secondary trading, and patented private share settlement for 1,000+ private companies and 200,000+ participants, with data, AI, and wealth advisory integrations.

Ownership category

akta.pro rank

Product category

Private Market Trading Platform

NAICS

Investment Banking and Securities Intermediation (523150), Securities and Commodity Exchanges (523210)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Private Banking Alternatives & Private Markets Access (PE/VC, Hedge Funds, Real Assets) (FSABADAH)

akta.pro secondary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• Private market infrastructure
• Secondary share trading
• Tender offer services
• Pre-IPO liquidity
• Private share settlement

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Transaction Fees on Secondary Trading & Tender Offers: NPM earns fees on every transaction facilitated through its platform, including tender offers, buybacks, secondary auctions, and SecondMarket trades. Tender offer volume reached approximately $15 billion in 2025 across 35,000 individuals, and the company executed nearly $15 billion in tender offer volume in 2025 (up from ~$3 billion in 2023). Transaction volume scales with private market liquidity events.
2. Data & Intelligence Subscriptions and Licensing: Recurring revenue from Tape D / NPM Price data subscriptions, API licenses, and data feeds sold to banks, brokers, investors, and corporates. Delivered via API, subscription, or license; specifically priced per the Data License Terms. NPM Price data is also embedded into partner products (e.g., Stocktwits, Polymarket) as an institutional oracle.
3. Capital Solutions & Fund Management Fees: Revenue from primary raises, block trades, single-asset funds, and institutional-quality transactions where NPM acts as co-manager or sole manager. Includes fees on founder/executive block trades and fund structures.
4. Wealth Referral and WealthConnect Fees: SecondMarket Financial, LLC (SEC-registered investment adviser) earns compensation from third-party registered investment advisers for referring NPM liquidity-event participants; WealtConnect integrates tax and wealth advisory services into liquidity events.
5. Paying Agent Services: Fee-based paying agent services for settlement transactions administered through NPM Securities, LLC, including EBOC Account custody and wire transfer administration. Fees are disclosed in the Flow of Funds per transaction.

Pricing tiers

Go-to-market motion4 records

Distribution channels7 records

Marketing channels9 records

Core offering

Nasdaq Private Market operates a regulated institutional marketplace for private company securities, offering structured liquidity programs (tender offers, buybacks, secondaries), the SecondMarket electronic secondary trading platform for accredited investors, a patented clearing and settlement engine, and the Tape D private market data and intelligence product delivered via subscription, license, and API. The platform serves private companies, employees and shareholders, institutional investors, banks, brokers, and wealth managers via direct sales, self-serve, channel partners, and API distribution.

Product overview

Nasdaq Private Market operates as a platform-plus-modules architecture serving the private company secondary market. Its core offering, NPM Liquidity, provides a venue for private company shareholders and investors to transact, complemented by NPM Price, which delivers private market valuation and pricing data powering third-party platforms such as Stocktwits. NPM Data extends the platform through Open Cap Table Format Protocol interoperability with cap table systems such as Mantle, while integrations with Pulley streamline direct access to company liquidity. The Nasdaq Tape D API exposes private market pricing data programmatically, tying together NPM's pricing, liquidity, and data modules into a unified private market infrastructure.

Differentiator

Problem solved

Functional benefit

Brands

• SecondMarket: NPM's next-generation electronic secondary liquidity and trading platform where accredited investors can buy and sell pre-IPO private company shares and funds.
• Tape D
• NPM Price
• SecondMarket Employee Direct
• WealthConnect

Products and services

• Liquidity Programs Structured liquidity programs for private companies, employees, and shareholders including tender offers, buybacks, and bespoke solutions. NPM works with the company to design a liquidity strategy on its terms. Engagements are custom and end-to-end from offer design through settlement.
• SecondMarket Investment Platform Electronic secondary marketplace where accredited investors can buy and sell pre-IPO private company shares and funds on a regulated marketplace. Includes SecondMarket Employee Direct for company-driven liquidity programs. Available via web self-serve and a mobile app with the Pam AI agent supporting 90-second sign-up.
• Tape D / Data & Intelligence Premier private market data and market intelligence platform delivering pricing, analytics, firmographics, capitalization details, and 409a/FMV valuations based on primary and secondary transactions across 1,000+ companies. Delivered via subscription, license, and the Nasdaq Tape D API, and licensed as the resolution oracle for Polymarket's private-company prediction markets and embedded in Stocktwits.
• Settlement Engine (Patented Private Share Transfer Technology) Patented clearing and settlement engine for private company securities (U.S. Patent No. 12,572,980) that standardizes and automates the historically manual process of private share transfers. Converts varied transfer inputs into standardized workflows, automates right-of-first-refusal, generates transfer agreements, initiates fund wiring, and produces transaction confirmations and tax documents. Transactions close an average of 12 days faster than off-platform.
• Capital Solutions Experienced capital markets partner connecting private companies and institutional investors for primary and secondary fundraising and other institutional-quality transactions. Covers founder and executive block trades and single-asset funds, as co-manager or sole manager, delivering liquidity and access professionally and responsibly.
• WealthConnect Equity-specific tax and wealth advice offering that connects liquidity program participants to financial advisors, integrated with SecondMarket. Includes Wealth Referral Services through SEC-registered investment adviser SecondMarket Financial, LLC, with compensation from third-party RIAs for referring participants.
• Nasdaq Tape D API Programmatic API providing access to private market pricing and liquidity data feeds distributed via Nasdaq's infrastructure. Enables developers and partner platforms to integrate institutional-grade private company pricing and FMV data, with Order Form-based licensing and strict use restrictions.

Quantifiable outcome

• Transactions close an average of 12 days faster than off-platform (vs. 90+ day historical private settlement timelines)
• +5 more outcomes

Named customers16 records

Segments6 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, flagship and minor.

• StocktwitscoreGTM or Marketing Partner · 8 June 2026Stocktwits launched dedicated private market pages powered by NPM Price data, giving its 10 million registered users access to institutional-grade private company data including firmographics, valuations, and financing information. The integration also features Polymarket prediction market modules on select private company pages.
• PolymarketflagshipStrategic or Co-development Partner · 19 May 2026Polymarket and NPM entered an exclusive data partnership in which NPM is the exclusive resolution data provider for prediction market contracts on private company valuations, IPO timing, secondary share prices, and other milestones for ~1,600 unicorns (OpenAI, SpaceX, Anthropic, Stripe, Databricks, Kraken, etc.). NPM's regulatory-compliant secondary trading data is used as an institutional oracle to settle smart contracts on-chain, addressing the historical 'resolution problem' for on-chain private equity contracts.
• BBVAflagshipStrategic or Co-development Partner · 7 May 2026BBVA's specialized banking unit for high-growth companies partnered with NPM to provide liquidity solutions for Latin American private companies through a referral agreement. BBVA portfolio companies gain access to NPM's institutional-grade platform for tender offers and private secondaries. Initial focus on later-stage companies in Mexico, Colombia, and Argentina.
• G SquaredflagshipStrategic or Co-development Partner · 8 January 2026Strategic alliance with global venture capital firm G Squared to facilitate and fund company-driven secondary liquidity events. G Squared serves as the primary investor for eligible programs while NPM provides service, technology, and infrastructure for execution, enabling private companies to provide liquidity to employees and shareholders without requiring public market entry.
• aprilcoreTechnology or Integration · 13 November 2025Partnership to launch a real-time, personalized tax calculator for equity transactions within NPM's platform and SecondMarket. Helps private company shareholders make tax-informed decisions during liquidity events by providing estimated tax outcomes.
• Goodwin Procter LLPcoreGTM or Marketing Partner · 17 July 2025Goodwin was named NPM's Top Referral Partner in 2025, reflecting a high-volume referral relationship with the law firm advising private companies on equity, governance, and liquidity events that funnel clients to NPM's platform.
• Cukierman & Co.minorGTM or Marketing Partner · 17 March 2025Cukierman & Co. partnered with Nasdaq Private Market to boost startup liquidity, leveraging Cukierman's investment banking and cross-border advisory network.
• WealthfrontcoreStrategic or Co-development Partner · 14 January 2025Partnership to provide automated wealth management services to private company shareholders using NPM's secondary liquidity platform. NPM clients gain access to Wealthfront's products including a 4.00% APY cash account, low-fee automated investment tools, and Tax-Loss Harvesting, helping employees manage proceeds from equity sales.
• MantlecoreTechnology or Integration · 9 December 2024Mantle and NPM partnered to integrate their platforms, allowing private companies to manage liquidity programs through advanced API technology and secure data transfer. The integration incorporates the Open Cap Table Format Protocol, streamlining tenders and auctions for company liquidity initiatives and shareholder value management.
• Dynasty Financial PartnerscoreChannel Partner/ Reseller/ Distributor · 4 December 2024Partnership to connect private company shareholders to top wealth managers through Dynasty's network. Dynasty serves as a distribution channel for NPM's liquidity solutions, routing participants to wealth advisory services aligned with their equity events.
• PulleycoreTechnology or Integration · 2 October 2024Pulley and NPM launched platform integration providing direct access to company liquidity for Pulley cap table customers. The integration enables streamlined tenders and auctions for companies managing their cap table on Pulley.

Scale indicators15 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Hiive: Vancouver-based private securities secondary marketplace and the most direct competitor to NPM's SecondMarket platform. Subject of NPM's May 2026 patent infringement and trade secret lawsuits; competes head-to-head in pre-IPO secondary trading for accredited and institutional investors.
• Zanbato: Institutional secondary marketplace for private company shares, connecting buy-side institutions with sellers of late-stage private securities. Directly comparable to NPM in serving institutional investors in private market transactions.
• Forge Global: Operator of one of the largest private securities secondary marketplaces, connecting buyers and sellers of pre-IPO shares across thousands of private companies. Directly competes with NPM on liquidity programs, secondary trading, and private market data.
• SharesPost: Private company securities marketplace offering secondary trading, research, and liquidity programs. Directly comparable to NPM's SecondMarket platform for accredited investors and institutional buyers of pre-IPO shares.
• EquityZen: Pre-IPO secondary marketplace that facilitates share transactions between investors and company shareholders. Overlaps directly with NPM's SecondMarket in serving employees and early investors seeking liquidity in late-stage private companies.

Others

• PrivCo: Private market data and business intelligence provider serving investors, M&A advisors, and corporations. Adjacent to NPM's Tape D data business but does not directly compete in trading or settlement infrastructure.
• G Squared: Global venture capital firm that is NPM's strategic alliance partner, providing primary investment capital for eligible secondary liquidity programs. Enables the secondary capital layer rather than competing with NPM's trading and settlement platform.

Broad incumbents

• Carta: Cap table management leader that has expanded into secondary trading, fund administration, and liquidity services. Broader in scope than NPM but offers overlapping capabilities in settlement, secondaries, and private company data.
• Nasdaq, Inc. Former parent and current investor/trademark licensor of NPM; operates public exchange infrastructure and distributes NPM's Tape D API exclusively. Broader market infrastructure incumbent with overlapping data and market visibility capabilities.

Emerging players

• Caplight: Secondary market data and analytics platform focused on private securities pricing and trade intelligence. Emerging competitor/alternative in the data layer where NPM's Tape D / NPM Price operates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/npm
• YouTubeyoutube.com/channel/UCaHf0_Viwl2BYgaUexb8ScQ
• LinkedInlinkedin.com/company/nasdaq-private-market
• Facebookfacebook.com/NasdaqPrivateMarket

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nasdaq Private Market