CEO Rishabh PoddarFounded 2019HQ San Francisco, US
Opaque is a confidential AI platform that runs AI on encrypted data with verifiable privacy and compliance controls. It targets regulated enterprises needing secure analytics, collaboration, and AI deployment on sensitive data.
Access to pre-IPO shares is available to accredited investors through UpMarket.
Latest Price
$300M
Series B, Feb 2026, Perplexity
UpMarket Estimate
$362M
Based on UpMarket valuation model
Previous Price
$87M
Series B Jun 2022
How to Invest in Opaque Through UpMarket
Opaque 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 Opaque 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
Feb 2026
Series B
$300M
Jun 2022
Series B
$87M
Why Investors Are Watching Opaque
Growth Signal
OPAQUE raised $24M Series B at $300M valuation
OPAQUE announced a $24 million Series B in February 2026, led by Walden Catalyst with returning support from Intel Capital, Race Capital, Storm Ventures and Thomvest. The round valued the company at about $300 million post-money and lifted total funding to $55.5 million.
Product Milestone
Series B funds Confidential AI for enterprise data trust
OPAQUE said the new capital will advance its Confidential AI platform, which helps enterprises protect sensitive data while deploying AI with verifiable trust. The company describes itself as defining the trust layer for enterprise AI.
Team & Talent
2022 Series A planned to double team to about 100
After closing a $22 million Series A in June 2022, CEO Rishabh Poddar said the proceeds would go to product development and team expansion. He said Opaque aimed to double headcount to close to 100 employees by the end of that year.
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No. As of March 2026, Opaque is a private company and does not trade on any public stock exchange. Accredited investors can access Opaque shares through UpMarket, a FINRA-registered broker-dealer that specializes in pre-IPO investments.
Opaque 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 Opaque 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. Opaque 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.
Opaque builds a confidential AI platform for encrypted-data analytics with verifiable privacy and compliance controls and is valued at $362M, following its $24M Series B at a $300M valuation — accredited investors can access Opaque stock through UpMarket.