# Unicorn Private Research

> Unicorn Private Research is the independent research publication of Unicorn Private (Unicorn Private LLC), a private equity firm established in 2015 and founded by Lorenzo Gussoni. It publishes sourced guides, data and definitions on pre-IPO investing, private markets and unicorn companies. Content is educational and is not investment advice.

Key facts: publisher https://unicornprivate.com; data as of 2026-09-20; SpaceX listed on Nasdaq (SPCX) on 12 June 2026 and is no longer private; highest reported private valuations in the tracker are Anthropic (about $965 billion, May 2026), OpenAI and ByteDance.

## Guides
- [What is pre-IPO investing?](https://www.unicorn-club.com/guides/what-is-pre-ipo-investing/): Pre-IPO investing means acquiring shares of a private company before its stock market listing. The main routes, the constraints, the costs and the risks, explained.
- [SpaceX IPO: what pre-IPO investors should know](https://www.unicorn-club.com/guides/spacex-ipo-what-pre-ipo-investors-should-know/): SpaceX priced its IPO at $135 on 11 June 2026 and trades on Nasdaq as SPCX. Key facts on pricing, lock-up periods and the xAI merger, and what changes for pre-IPO holders.
- [How to invest in OpenAI, Anthropic, Stripe and Databricks before an IPO](https://www.unicorn-club.com/guides/how-to-invest-in-openai-anthropic-stripe-before-ipo/): The realistic routes to pre-IPO exposure to OpenAI, Anthropic, Stripe and Databricks in 2026, the latest reported valuations, and the constraints every buyer faces.
- [Secondary transactions and right of first refusal (ROFR)](https://www.unicorn-club.com/guides/secondary-transactions-and-rofr/): How secondary sales of private company shares work, what a right of first refusal is, and why transfer restrictions can delay or block a pre-IPO deal.
- [SPV vs direct purchase vs fund in pre-IPO investing](https://www.unicorn-club.com/guides/spv-vs-direct-vs-funds/): Compare the three main structures for holding pre-IPO shares: direct ownership, a single-company SPV and a diversified fund, with their fees, control and risks.
- [Pre-IPO investing for qualified investors: Switzerland, the EU and the US](https://www.unicorn-club.com/guides/pre-ipo-investing-qualified-investors-switzerland-eu-us/): Who can access pre-IPO investments: the concepts of qualified, professional and accredited investors in Switzerland, the European Union and the United States, at a general level.
- [How to value a private unicorn](https://www.unicorn-club.com/guides/how-to-value-a-private-unicorn/): How private company valuations are set from funding rounds and secondary sales, why post-money figures differ from market prices, and the checks investors should run.
- [Pre-IPO investing vs private equity vs venture capital](https://www.unicorn-club.com/guides/pre-ipo-vs-private-equity-vs-venture-capital/): A comparison of pre-IPO secondary investing, traditional private equity and venture capital by stage, risk profile, target companies and exit path.
- [Pre-IPO due diligence checklist](https://www.unicorn-club.com/guides/pre-ipo-due-diligence-checklist/): Ten questions a qualified investor should answer before acquiring pre-IPO shares: share class, transfer restrictions, ROFR, valuation, fees, structure and exit path.
- [What is a unicorn company?](https://www.unicorn-club.com/guides/what-is-a-unicorn-company/): A unicorn is a privately held startup valued at over 1 billion dollars. Definition, origin of the term, decacorns and hectocorns, and why unicorns stay private longer.

## Data
- [Unicorn tracker](https://www.unicorn-club.com/unicorns/): most valuable private companies with dates and sources
- [unicorns.json](https://www.unicorn-club.com/data/unicorns.json) and [unicorns.csv](https://www.unicorn-club.com/data/unicorns.csv): the same data, machine readable

## Reference
- [FAQ](https://www.unicorn-club.com/faq/)
- [Glossary](https://www.unicorn-club.com/glossary/)
- [About and editorial policy](https://www.unicorn-club.com/about/)
- [Sources and method](https://www.unicorn-club.com/sources/)

## Publisher
- [Unicorn Private](https://unicornprivate.com): private equity firm acquiring secondary stakes in late-stage technology companies
- [Newsletter](https://unicornprivate.substack.com)

## Optional
- [Full text of this site in one file](https://www.unicorn-club.com/llms-full.txt)