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Pre-IPO markets let you go long or short on private companies — names that aren’t listed on any stock exchange yet. Which Pre-IPO markets are live right now is always shown in the app.

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How a Pre-IPO market works

Like every Turbo market, a Pre-IPO market is a perpetual future with its own live order book. You’re trading price exposure to the company, not actual shares — no private company is issuing stock to anyone here. The difference from a listed market: there’s no official exchange price for the contract to track. The price is discovered by the market itself — what traders are collectively willing to pay, shaped by funding rounds, secondary-market activity, and news.

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What that means for risk

Worth knowing before you trade one:
  • Prices can move sharply. With no official reference price, news — a funding round, a product launch, an IPO rumor — can reprice the market fast.
  • Liquidity is thinner than mega-cap stocks. Check the order book before trading size, and consider limit orders over market orders.
  • An IPO is a major event. When a company lists, the market gains an official reference price — expect a bumpy ride around listing day.
  • Pre-IPO markets trade on isolated margin. The most a position can lose is the margin you put behind it — your worst case is capped before you open the trade. See Margin.
The risk controls that matter everywhere matter more here: sensible leverage, a stop loss, and position sizes you can afford to be wrong about.
  • Markets — how all Turbo markets work.
  • Liquidation — what happens if a leveraged position moves too far against you.