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Summary
The secondary market for private company shares is growing rapidly, but its size is difficult to determine due to a lack of transparency. PitchBook estimates that the U.S. direct secondaries market traded between $62.5 billion and $120.9 billion in 2025. The market is driven by companies staying private longer and investors seeking ways to return cash to their limited partners. The top 20 startups on private stock marketplace Hiive accounted for 86.4% of secondary trading value in the fourth quarter of 2025.
Our Reading
The numbers tell one story.
The secondary market is a black box, with a massive range of estimated size. PitchBook’s midpoint estimate of $91.7 billion is likely conservative. The market is driven by a simple problem: companies are staying private longer, and investors need inventive ways to return cash to their LPs. The top five startups on Hiive accounted for 55.6% of secondary trading value in the fourth quarter of 2025. We’ve lost track of an elephant.
Author: Evan Null
Market Size: A Moving Target
The secondary market’s size is difficult to pin down, with estimates ranging from $62.5 billion to $120.9 billion.
Opaque Market Structure
The market is structurally opaque, with few rules forcing disclosure, and investors often buying shares with incomplete information.
Top Startups Dominate Trading
The top 20 startups on Hiive accounted for 86.4% of secondary trading value in the fourth quarter of 2025, with the top five accounting for 55.6% of that volume.
