Gusto is a cloud-based payroll, benefits, and HR platform for small and midsize businesses in the US. It was launched in 2012 as ZenPayroll and serves hundreds of thousands of businesses.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$9.3B
Tender offer, Jun 2025, Perplexity
UpMarket Estimate
$9.3B
Based on UpMarket valuation model
Previous Price
$9.5B
Funding round 2024
How to Invest in Gusto Through UpMarket
Gusto shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
Step 01
Verify accredited investor status
Confirm eligibility under SEC Rule 501 of Regulation D. Income or net worth threshold applies.
Step 02
Create an UpMarket account
Complete KYC/AML onboarding. Typically 1–2 business days. Licensed rep assigned on signup.
Step 03
Review available Gusto offerings
Full offering memoranda and risk disclosures provided before any commitment is required.
Step 04
Complete subscription documents
Review and sign subscription agreement. All documents handled digitally through the platform.
Step 05
Fund your investment
Wire transfer or ACH. $50K minimum. Funds held in custodial account until close.
Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
$1.3B+
UpMarket has brokered over $1.3 billion in alternative investments*
*Includes principal invested and appreciation of investments originated via the UpMarket platform based on historical trade volume and valuation estimates through March 31, 2026. Of the total, approximately $301 million is managed by UpMarket Management, with the remaining originated investments managed by affiliates. Past performance is not predictive of future results.
Valuation Growth Over Time
Post-money valuation by round
Previous roundsMost recent
Date
Round
PPS (split-adj.)
Valuation
Jun 2025
Tender offer
$9.3B
2024
Funding round
$9.5B
2023
Funding round
$9.6B
Gusto Revenue and Growth
Annual revenue
Why Investors Are Watching Gusto
Growth Signal
Gusto topped $1B in trailing revenue and 500k customers
Fortune reported in May 2026 that Gusto crossed $1 billion in 12-month trailing revenue. The company also recently reached more than 500,000 customers, underscoring continued SMB adoption.
Competitive Moat
Over half of Gusto revenue now comes from non-payroll
Dealroom said more than 50% of Gusto's trailing revenue now comes from non-payroll products such as benefits, 401(k), HR, and tax credits. That mix suggests a broader platform and deeper customer lock-in beyond payroll.
Market Opportunity
Gusto targets SMB HR stack after $200M Series D
Gusto raised $200 million in Series D at a $3.8 billion post-money valuation, with proceeds earmarked to double down on R&D. The company positions itself as a people platform for small businesses, spanning payroll, benefits, and HR workflows.
Interested in Gusto stock? Fill out the form above or sign up directly. Subject to availability. Accredited investors only.
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No. As of March 2026, Gusto is a private company and does not trade on any public stock exchange. Accredited investors can access Gusto shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Gusto does not have a public stock price because it is privately held. The most recent known share price comes from its last funding round. Pre-IPO share prices on the secondary market may differ from the last round price depending on supply, demand, and market conditions.
Yes. Accredited investors can indicate interest in Gusto shares through UpMarket by filling out the form on this page or creating an account at upmarket.co. All pre-IPO offerings are subject to availability and require a $50,000 minimum investment. UpMarket is a FINRA-registered broker-dealer and has brokered more than $500M in alternative investments since 2019.
Pre-IPO investments carry significant risks. Gusto shares are illiquid, meaning there is no public market to sell them quickly. There is no guaranteed exit timeline or return. The investment is speculative in nature, and investors should be prepared for the possibility of total loss. Valuations of private companies can fluctuate substantially between funding rounds. Investors should consult their financial advisor and review all offering documents before investing.
In a pre-IPO transaction, accredited investors purchase shares from existing shareholders (such as employees, early investors, or other holders) through secondary market platforms. The company itself does not issue new shares in these transactions. UpMarket facilitates these trades as a FINRA-registered broker-dealer, handling compliance, documentation, and settlement on behalf of both parties.
There are two primary exit paths for pre-IPO holdings: selling your shares on the secondary market to another buyer, or holding until the company completes an IPO or is acquired. Both paths are subject to transfer restrictions, company approval (right of first refusal), and market conditions. The timing of any exit is unpredictable, and investors should plan for a multi-year holding period.
The minimum investment for most pre-IPO offerings on UpMarket is $50,000. This amount may vary depending on the specific offering and share availability. There are no fees to create an UpMarket account or browse available investments. Investors only pay transaction-related fees when they complete an investment.
UpMarket's valuation estimate of is derived from a proprietary model that incorporates multiple data sources: funding round data (Caplight), revenue estimates (Sacra), secondary market pricing, and public company comparables. The model applies a private company discount to the public comp multiple to account for illiquidity and information asymmetry. This estimate is not investment advice and may differ substantially from the price at which shares actually trade.
Gusto provides cloud-based payroll, benefits, and HR software for small and midsize U.S. businesses, and topped $1B in trailing revenue with 500k customers while being valued at $9.3B — accredited investors can access Gusto stock through UpMarket.