iCapital is a financial technology platform for alternative investments and private markets. It helps wealth managers and accredited investors access, manage, and operate non-traditional investment products with digital tools and workflow automation.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$7.5B
Latest financing round, 2025, Perplexity
UpMarket Estimate
$7.7B
Based on UpMarket valuation model
How to Invest in iCapital Through UpMarket
iCapital 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 iCapital 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.
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Valuation Growth Over Time
Post-money valuation by round
Previous roundsMost recent
Date
Round
PPS (split-adj.)
Valuation
2025
Latest financing round
$7.5B
iCapital Revenue and Growth
Annual revenue
Why Investors Are Watching iCapital
Growth Signal
iCapital said assets on its platform topped $108B
iCapital said it ended the year servicing more than $108 billion on its platform, up $40 billion or 59% from the prior year. The company also said its global workforce exceeded 700, indicating rapid operating scale.
Product Milestone
iCapital broadened its private-markets offering for advisors
iCapital says it offers a curated menu of carefully selected private-market strategies to eligible investors through their financial advisors. Its hedge-fund page also says its technology platform helps wealth managers deliver alternatives with efficiency.
Market Opportunity
iCapital highlighted AI private-market capital rising to $1.3T
In a 2025 paper, iCapital said AI-related private-market investment is moving from an already meaningful $140 billion baseline to $1.3 trillion by 2032. It also noted AI took about 36% of venture capital dollars in the first nine months of 2024.
Interested in iCapital stock? Fill out the form above or sign up directly. Subject to availability. Accredited investors only.
UpMarket curates and conducts independent diligence on every investment opportunity before it reaches the platform.
Strategy, fees & legal reviewed in full
We review every offering's strategy, risk management, liquidity, fees, valuation methodology, tax matters, and all third-party providers — legal counsel, auditor, administrator, and custodian.
Disciplined managers only
We offer investments exclusively from disciplined managers that pursue unique strategies across an array of asset classes.
Built around your objectives
Our goal is to empower you to build a portfolio that best meets your individual investment objectives.
No. As of March 2026, iCapital is a private company and does not trade on any public stock exchange. Accredited investors can access iCapital shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
iCapital 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 iCapital 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 alternative investments since 2019.
Pre-IPO investments carry significant risks. iCapital 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.
iCapital operates a financial technology platform for alternative investments and private markets, with assets on its platform topping $108B and 2025 revenue of $110M; the company is valued at $7.7B — accredited investors can access iCapital stock through UpMarket.