Signal Large banks and brokerages acquire pre-IPO trading and cap table infrastructure

Summary

Established Wall Street firms are buying the infrastructure used to manage, value and trade shares of companies before they list. CB Insights records two such moves in late 2025. Morgan Stanley strengthened its private markets business by adding an integrated cap table and secondary trading platform. Schwab entered private markets trading by acquiring a pre-IPO platform that serves retail investors. The chief executive of EquityZen said first-time investors on its platform had risen 200 percent year over year, drawn by the chance to buy into AI, robotics and data leaders before they go public. The deals show incumbent institutions positioning themselves to capture demand for private shares.