
THE SECONDARY MARKET BOOM How startup employees are cashing out without an IPO – and why private liquidity is the new exit
For most of startup history, there was only one way for employees to turn their stock options into real money: wait for an IPO. That could take a decade. If it happened at all. And if the company succeeded. Many did not. But that brutal calculus has changed. Over the past three years, a new ecosystem of secondary markets has emerged – platforms that allow employees, early investors, and even founders to sell their shares to private buyers long before a public offering. The result is a revolution in startup liquidity, one that is reshaping compensation, retention, and the very meaning of "building for the long term." The numbers are staggering. According to Forge Global, one of the largest secondary trading platforms, $60 billion in private shares changed hands in 2025 – up 150% from 2023. Carta and Hiive have seen similar growth. And the trend is accelerating. "Employees used to have one lottery ticket: the IPO," says Kelly Rodriques, CEO of Forge Global. "Now they have multiple liquidity events along the way. They can buy a house, pay for college, diversify their portfolio – all while staying at the company. That is a game‑changer.








