P2P Shares is an AI-native financial technology platform that automates the $185 billion pre-IPO secondary market. Our peer-to-peer technology listing marketplace replaces legacy broker dealers by offering both investors and sellers a 90% savings in commissions.
Introduction
There are an estimated 3.5 million employee shareholders globally at active private unicorn companies (companies valued at $1 billion or more) who are actively seeking pre-IPO secondary market liquidity.
This group forms the foundation of our platform’s supply-side engine. Because global tech companies have been very successful in raising money privately, the average time a company stays private has stretched to a record 11 years, trapping trillions of dollars in paper wealth for employees and early investors.
“What you want to aim for is monopoly… You want to build a company that is one of a kind. That is so far differentiated from the competition that it’s not even competing.”
— Peter Thiel
The Problem
Employee shareholders are facing extreme friction when trying to cash out through traditional avenues, making competitors highly vulnerable to our disruption.
If an employee attempts to liquidate a $250,000 equity tranche via Forge Global or EquityZen, they are hit with predatory 3.0%–5.0% brokerage commissions — losing up to $12,500 of their hard-earned gains.
Our Solution
By positioning our platform as the most friction-free liquidity tool on earth, our outbound AI agents systematically siphon this massive employee supply line directly into our platform.
| Legacy broker average fee (4.0%) | $10,000 on $250k |
| P2P Shares flat infrastructure fee (0.25%) | $625 on $250k |
| Seller savings per transaction | 90% savings |
Our platform runs entirely on pure code, completely eliminating manual human broker payroll. By offering sellers a 0.25% flat infrastructure fee ($625 on a $250k match) we give these 3.5 million employees a 90% cost reduction compared to legacy broker platforms.
Market Opportunity
The global addressable buy-side market totals approximately 26.7 million participants worldwide. Our buy-side market opportunity includes High-Net-Worth Individuals (HNWIs), licensed financial securities professionals (Series 7, 65, and 82 holders), and institutional Venture Capital (VC) fund allocators.
The 25 million High-Net-Worth Individuals form the bedrock of our marketplace’s buy-side demand. This segment controls an estimated $85+ trillion in global investable wealth, yet they have historically been locked out of premium pre-IPO tech assets — because legacy investment banks systematically reserve late-stage unicorn allocations for mega-hedge funds and massive institutional sovereign networks.
High-net-worth doctors, corporate executives, and real estate developers are intensely eager to diversify their portfolios into explosive, late-stage private tech giants like SpaceX, OpenAI, and Anthropic.
We give investors the ability to invest in multiple unicorn companies. Bypassing legacy brokers offers them commission savings of 90%. This should create a flood of high-velocity, retail buy-side volume that traditional platforms cannot capture.
Incorporating the 18,500 global venture funds scales our transaction sizes radically. Because they trade blocks backed by pre-arranged corporate allocations where the ROFR has been contractually bypassed upfront, their transaction match success rate hits an elite 85% closure baseline. Siphoning just a minor sliver of this combined $185B+ in annual institutional deal velocity into our ecosystem supercharges our financial model.
VCs and Institutional (Sellers): Venture capital and institutional funds currently control an estimated $1.8 trillion in unrealized private unicorn equity globally, representing roughly 75% of the entire global unicorn cap table universe. Because the IPO window has extended over the last four years, this massive asset base is heavily bottlenecked. By offering institutional sellers an anonymous, automated dashboard with flat escrow setup fees, we save a fund liquidating a $10M block up to $300,000 in transaction friction — providing an endless reservoir of high-value supply lines to feed into our marketplace.
Licensed financial securities professionals integrated into a single unified buy-side addressable pool alongside HNWIs and VC allocators, creating a deep, institutionally-anchored demand stack.
Revenue Architecture
P2P Shares structures its financial growth entirely around fixed, non-contingent software infrastructure utility fees and automated data integration revenue. We operate as a pre-IPO marketplace within the regulatory parameters of the SEC Technology Safe Harbor guidelines for non-broker-dealer matching platforms.
Revenue Model
All software infrastructure fees are charged upfront upon campaign publication or seller-investor match and are non-refundable.
Institutional All-Inclusive Bundle Fee
P2P Shares interfaces directly with integrated third-party escrow APIs at wholesale pricing. We bundle these API costs into marketplace technology escrow fees and retain the remaining spread as high-margin platform revenue. Escrow cannot open until fees are collected.
Financial Projections
All figures are forward-looking projections based on modeled assumptions. Not a guarantee of results.
| Revenue Segment | Yr 1 | Yr 2 | Yr 3 | Yr 4 | Yr 5 |
|---|---|---|---|---|---|
| Escrow Fee Revenue | |||||
| Institutional Escrow Fees | $642,191 | $1,770,234 | $5,221,777 | $12,114,063 | $23,182,617 |
| Individual Escrow Fees | $2,154,919 | $6,901,875 | $23,484,266 | $61,350,000 | $129,409,570 |
| Platform Banking Yield Layer | |||||
| Escrow Float | $4,199,981 | $11,570,363 | $34,082,639 | $79,395,491 | $94,459,808 |
| Wallet Float | $1,406,250 | $3,600,000 | $9,562,500 | $20,250,000 | $29,250,000 |
| Total Gross Revenue | $8,403,340 | $23,842,472 | $72,351,182 | $173,109,554 | $276,301,995 |
| Total Operating Costs | $2,280,000 | $3,080,000 | $4,430,000 | $6,450,000 | $8,600,000 |
| Net Operating Profit | $6,123,340 | $20,762,472 | $67,921,182 | $166,659,554 | $267,701,995 |
| Net Profit Margin | 72.87% | 87.08% | 93.88% | 96.27% | 96.89% |
Operating Drivers
We expect total secondary listings to scale from 843 listings in Year 1 to 28,125 listings by Year 5. Individual seller matches account for 210 trades in Year 1, growing to 12,656 matches by Year 5. Each match enforces our flat 0.50% fee layer (0.25% buyer / 0.25% seller), generating $129.4 Million in individual escrow segment revenues by Year 5.
Due to pre-arranged blocks with waived corporate ROFR barriers, institutional fees are paid at the time of listing. We expect 239 SPVs listed in Year 1, growing to 7,968 by Year 5. This channel pays a flat 0.25% gross escrow fee, projecting $23.1 Million in institutional escrow revenues by Year 5.
This sub-segment tracks interest revenue generated continuously on an accrual basis from cash balances actively moving through our 90-day time-weighted transaction clearing windows. Our transaction velocity drives the time-weighted Average Daily Active Escrow Float to $2.6 Billion by Year 5, allowing us to recognize a projected $94.4 Million annually.
Our projected buyer wallet capital scales to $812.5 Million by Year 5. Operating under absolute user interest waivers, this idle wallet float is estimated at $1.4 Million in Year 1, scaling to $29.2 Million by Year 5. Total human development, executive C-suite salaries, account-based data marketing pipelines, and safe-harbor regulatory legal protection scale from $2.28 Million in Year 1 to $8.6 Million in Year 5 — maintaining a Year 5 Net Profit Margin of 96.89% with $267.7 Million in net operating profit.
Competitive Landscape
Legacy competitors are being absorbed at significant premiums — validating the pre-IPO secondary market as a high-value segment and creating a structural opening for an AI-native, low-cost alternative.
| 2021 Peak Standalone Valuation: | ~$700 million |
| Total Early-Stage VC Raised: | $6.5M – $10.2M |
| Last Major Venture Round: | $3M Series A — 2017 (Draper Associates) |
| Acquisition Price: | $660 million (all-cash) |
| Per-Share Value: | $45.00 per outstanding common share |
| Market Premium: | 72% premium over prior closing price |
| Current Valuation (June 2026): | $780 million |
| Series B Pre-Money (Nov 2025): | $650 million |
| Historical Valuation (2023): | $77 million post-money |
Hiive’s valuation surge comes as the platform gears up for an anticipated uptick in IPO activity — further validating the structural demand for secondary market infrastructure.
Reach out directly to discuss the opportunity, accredited investor requirements, or to request a one-on-one briefing with our team.
SAFE HARBOR STATEMENT FOR FORWARD-LOOKING STATEMENTS: This document contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this document — including statements regarding our future financial position, business strategy, budgets, projected revenues, operational costs, net profit margins, capital sweep yields, strategic metrics, plans, and objectives of management for future operations — are forward-looking statements. These forward-looking statements are based on current management assumptions, good faith estimates, and information currently available to us. These statements are not guarantees of future performance and reflect our current views with respect to future events. This document does not constitute an offer to sell or a solicitation of an offer to buy any securities. Investment in private securities involves significant risk and is available to accredited investors only.