Hiive Co., an online marketplace that enables trading of shares in private companies, has been in discussions with investors about a potential secondary sale of existing stock that would value the firm at approximately $780 million, according to a document seen by Bloomberg.
The contemplated secondary share offering would tap into surging interest tied to an anticipated wave of large initial public offerings, which market observers expect to be led by SpaceX, OpenAI and Anthropic. Each of those companies is expected to target post-IPO valuations in the range of hundreds of billions of dollars or even above $1 trillion.
The move to sell existing shares would follow a primary funding round Hiive completed late last year. That financing sought a pre-money valuation of $650 million and was arranged through Hiive's own platform. As part of that raise, Hiive invited investors to commit capital into an internally managed fund structured to purchase and hold preferred stock in the company.
Founder and chief executive Sim Desai noted in a LinkedIn post in January that an initial tranche of the Series B financing closed in late December after a six-week period. Details on subsequent tranches were not provided in the post.
Hiive did not provide comment on the prospective secondary transaction. In an emailed statement, Desai said the platform has recorded heightened activity, including record sign-ups, transaction volume and trading volume. He added that while the first quarter typically brings a seasonal slowdown, that usual dip has not materialized this year.
The potential secondary sale reflects interest among investors and shareholders to access liquidity in the private markets ahead of a crowded IPO calendar. The discussions reported in the document represent an effort to monetize existing stakes rather than a fresh primary issuance of shares.
Key points
- Hiive held talks about a secondary sale that would value the company at about $780 million.
- The company completed a primary raise late last year that targeted a $650 million pre-money valuation, executed via Hiive's own platform and an internally managed fund for preferred stock.
- Management reports record sign-ups and trading activity, and notes the usual first-quarter seasonal dip has not occurred this year.
Risks and uncertainties
- The potential secondary transaction remains subject to change - Hiive declined to comment on the reported deal.
- Market interest tied to a wave of large IPOs may influence demand for secondary shares, creating uncertainty for timing and pricing.
- Seasonal patterns, such as typical first-quarter slowdowns, did not appear this year, but future volumes could change.