Nous Research is a private AI company that develops open-source, human-centric large language models, simulators, and related research infrastructure. It was founded in 2023 and is headquartered in Saratoga, California.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Nous Research shares are not on public exchanges. UpMarket provides accredited investors access through secondary market transactions.
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Pre-IPO investments are illiquid, speculative, and involve risk of total loss of capital.
| Date | Round | PPS (split-adj.) | Valuation |
|---|---|---|---|
| Apr 2025 | Series A | ||
| Jan 2024 | Seed |
Startup Intros says Nous Research has raised $70.0M across 2 funding rounds, including a $50.0M Series A in April 2025. The company was founded in 2023 and is based in New York City, signaling rapid early financing momentum.
Startup Hub says Nous Research develops open-source large language models and infrastructure for distributed, unbiased training, alongside products such as Nous-Hermes and Nous Chat. Its privacy-first positioning and no-user-data approach on Nous Chat are framed as differentiators in the report.
Pictet says AI is still at an initial stage and may become an enabling technology across all sectors of the economy, creating attractive investment opportunities. Federated Hermes adds that cutting-edge industries such as AI offer potential upside when investors can separate hype from reality and back organic growth.
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No. As of March 2026, Nous Research is a private company and does not trade on any public stock exchange. Accredited investors can access Nous Research shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Nous Research 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 Nous Research 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. Nous Research 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.
Nous Research develops open-source, human-centric large language models and AI research infrastructure and says it has raised $70M across two funding rounds, positioning it as a private AI platform in pre-IPO markets — accredited investors can access Nous Research stock through UpMarket.