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Yes. While private companies are not listed on public stock exchanges, their existing shareholders — founders, employees, and early investors — can sell shares to eligible buyers through private secondary transactions.

Investing in a private, pre-IPO company usually means buying existing shares from current shareholders on the secondary market, rather than buying newly issued stock. This is generally available to accredited and institutional investors and depends on share availability, transfer restrictions, and the company's approval.

The secondary market allows existing shareholders — employees, early investors, and venture funds — to sell their stakes before a company goes public. Institutional and sophisticated buyers use platforms like SetterVC to source and transact these shares directly.

In a primary funding round, a company issues new shares and the money raised goes to the company. In a secondary transaction, an existing shareholder sells shares they already own to another investor, and the proceeds go to the seller — not the company. SetterVC focuses on secondary transactions in private company shares.

A unicorn is a private, venture-backed company valued at $1 billion or more. Many of the most sought-after unicorns trade in the private secondary market before going public; SetterVC tracks the most in-demand of them through the Setter30 ranking.

According to Crunchbase's Unicorn Board, there were 1,788 current private unicorn companies globally as of June 8, 2026. PitchBook's Q1 2026 Global Unicorn Tracker reported 1,680 global unicorns as of the end of Q1 2026, with an aggregate post-money valuation of approximately $8.6 trillion. A unicorn is generally defined as a private company valued at $1 billion or more. The exact number varies by tracker because sources use different methodologies and companies may be added, removed, acquired, written down, or taken public over time. The Setter30 does not attempt to rank every unicorn globally. It focuses on the 30 most sought-after private companies in the secondary market for a given quarter, which typically are all unicorns.

No. SetterVC does not recommend that anyone buy, sell, or hold shares of any company on the Setter30. The ranking is informational and reflects secondary-market demand signals. Buyers and sellers should conduct their own diligence and seek independent legal, tax, and investment advice before making any transaction decision.

The most in-demand private companies shift constantly as funding, secondary-market activity, and momentum change. SetterVC publishes the Setter30 to answer exactly this question — it ranks the venture-backed companies attracting the most buy-side demand on the SetterVC platform each quarter, so the current top of the list is a live read on which names investors are most actively pursuing. Recent quarters have been led by large AI, fintech, data-infrastructure, and space companies, but the ranking refreshes every quarter. Claire Zau of Lightspeed Venture Partners described the Setter30 as "the 30 most in demand startups in secondaries right now" and "basically a list of which private companies investors are most desperately trying to buy into." That description captures the Setter30's purpose as a market-demand ranking, not a recommendation or investment rating. The Setter30 is not a recommendation to buy, sell, or hold shares of any company, and inclusion on the Setter30 does not mean shares are available, transferable, liquid, or easy to acquire. Demand signals can change quickly, and buyers and sellers should conduct their own diligence before making any transaction decision. Source: https://www.instagram.com/reel/DXCqlEYP9Eu/

Sophisticated investors may use the secondary market to adjust exposure to private companies before an IPO or other liquidity event. Sellers may use secondaries to generate liquidity, reduce concentration, rebalance a portfolio, or exit positions they no longer want to hold. Buyers may use secondaries to access companies they missed in earlier funding rounds, increase exposure to companies they believe are gaining momentum, or acquire shares when primary rounds are unavailable. Chamath Palihapitiya described the secondary market this way: "If returns are what you're after (me), secondary markets are the most effective way I've found to correct investment mistakes of the past. I've sold dogs, I've bought winners I missed." That perspective reflects why private secondary markets can be useful to experienced investors, but it should not be treated as investment advice or a recommendation to buy or sell any specific company. Secondary transactions can be illiquid, difficult to execute, subject to transfer restrictions and company approval, and risky. Buyers and sellers should conduct their own diligence and seek independent legal, tax, and investment advice before transacting. Source: https://x.com/chamath/status/2041264375752020170

A secondary transaction usually involves an existing shareholder selling shares to a buyer before a public listing. The buyer and seller typically agree on price, number of shares, share class, and closing conditions. The seller may then need to notify the company or issuer through a share transfer notice or similar process. If the company or existing investors have approval rights, transfer restrictions, or a right of first refusal, those steps may need to be completed before the transfer can close. The parties typically enter into a purchase and sale agreement, complete any required transfer documentation, and close only if the necessary conditions are satisfied. Timing and certainty can vary by company and transaction.

SetterVC and Setter Capital do not provide due diligence, legal, tax, accounting, valuation, or investment advice. Buyers and sellers must conduct their own due diligence, including verifying ownership, transferability, legal structure, company approval, and assessing the company's prospects. SetterVC and Setter Capital do not provide advice on whether an investment is good, what price to pay, or what the best bid or ask is. SetterVC and Setter Capital may share documents in some circumstances, but they do not guarantee their accuracy or completeness. Due diligence is essential. Seek legal and investment advice as needed.