Until ~2020, employees of private companies had effectively no way to sell vested shares before IPO. Hiive and Forge changed that. They're not exactly stock exchanges — they're matched-buyer marketplaces, with the company holding ultimate veto power.
How a sale actually works
You list your shares (or your options, after exercise) on Hiive or Forge at an asking price. A buyer (typically an accredited investor or fund) matches at your price or counter-offers. Once you agree, the company gets notified.
The company has 30–60 days to exercise its Right of First Refusal (ROFR) — they can either approve the sale or buy the shares themselves at the same price. Some companies (like Stripe) almost always approve. Others (more guarded) block routinely.
Realistic pricing
Secondary trades clear at varying discounts to the last primary round:
- OpenAI, Anthropic, SpaceX: 0–5% discount (or even premium). Very liquid, high-quality.
- Stripe, Databricks: 5–15% discount. Established secondary markets.
- Smaller / less liquid unicorns: 20–40% discount. Wide bid-ask spreads.
Fees and timing
Hiive charges 5% to the buyer; Forge similar. As a seller, the fee shows up as a lower received price. Timing: from listing to wired money, typically 60–120 days, mostly because of ROFR review.
Before listing, check your grant agreement and stock plan for transfer restrictions. Some companies bar employee transfers entirely except in company-organised tenders. Selling without permission can invalidate your shares.