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443 The Rise of the Pre-IPO Round

The Information
Laura Mandaro @ The Information · 01/13/2026 18:10 EDT

The Rise of the Pre-IPO Round

A favorite trade of 2020 and 2021—buying into a startup shortly before the company is expected to go public, often through the sale of notes convertible into equity—is bubbling again as more startups inch toward public listings. These convertible notes can act as a strong signal the company is intent on an IPO, well before it files a prospectus. They can also flag that large institutional investors have faith in a company, even if they’re uncertain about when it could go public. As we reported last week, cl

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