Nasdaq Private Markets (NPM) says initial public offering (IPO) type liquidity is now available in both primary and secondary markets. This means that private companies can stay private for longer as they move towards becoming public companies.
IPOs in the US have decreased in recent years. This is largely due to the high cost caused by excessive compliance demands; This means that only the largest firms aim to become reporting companies. While today there is an ocean of private capital willing to finance private firms as they grow, the most promising of these firms aim to remain private for as long as possible, while some never want to go public.
NPM reported that tenders (structured) in secondary markets in 2025 exceeded $35 billion, while public offerings were slightly higher, reaching $45 billion.
Meanwhile, private markets like NPM provide a level of liquidity to early shareholders, often early employees, who need some cash or want to diversify their holdings. Additionally, block trades executed through NPM more than doubled from 2024 to 2025, underscoring the growth of private marketplaces.
NPM notes that “secondaries are no longer an afterthought” as GP-led secondaries grow 68% to $47bn in the first half of 2025. For LP-led secondary students, this increased by 40% to $56 billion.
While private firms can control some trading in their shares, NPM reports that issuers that allow shares to be traded often experience an increase in their share prices. This supports more trading as firms see value at a stronger price.
2026 is set to be a big year for IPOs; Private markets such as SpaceX, OpenAI, Kraken and other companies are already heralding this.
The current leadership is now Securities and Exchange Commission It aims to develop secondary markets as well as primary markets. Both sides of the capital equation can benefit U.S. markets. At the same time, changes in its definition are expected. Accredited Investor By expanding access to secondary resources, it can enable smaller investors to enter the asset class that reportedly accounts for 55% of value creation before these firms go public.
