Private-market pricing is difficult to assess because there is no public exchange providing a continuous, standardized price for shares in companies such as Glean. Secondary-market platforms can provide a clearer picture through bids, offers, completed trades, funding-round data and other valuation signals.
Glean has raised approximately $765 million across six funding rounds, with its Series F in June 2025 valuing the company at $7.2 billion. Updated September 2026, the following platform lists Glean.
Zanbato
Zanbato operates a private-market trading network and provides secondary-market data through ZXData. Its pricing information is particularly useful for investors who want to understand market-wide bid, ask and transaction trends.
Pricing/Fee Structure: Zanbato’s ZXData focuses more on market pricing intelligence than publishing a universal retail fee schedule. Its January 2026 data showed an average bid-ask spread of 12%, giving investors a useful indication of the gap between buyer and seller expectations.
Accredited Investor Verification Requirements: Access to private securities generally requires qualified investors, with eligibility determined by the specific transaction and applicable securities rules. Investors should expect verification before participating.
Bid/Ask Matching vs. Auction-Style Trading: ZX is built around orders and negotiated secondary transactions rather than a conventional public-stock auction. Its data incorporates both executed transaction values and bid-and-ask pricing.
Liquidity Events: The platform can support secondary transactions involving existing shareholders, while private-company liquidity can also occur through tender offers, direct secondaries or structured vehicles.
Use Cases: Zanbato is particularly relevant for institutional investors, funds and professional buyers seeking pricing intelligence. It processed order volumes in excess of $29 billion through its institutional private-market trading infrastructure.
Glean-Specific Context: Glean’s latest disclosed valuation is $7.2 billion from its Series F. Its private status means secondary pricing can differ substantially from that primary-round benchmark.
Regulatory Framework: Private-company transactions can involve Regulation D, transfer restrictions and issuer approval requirements.
Pros
- Strong market-data orientation
- Useful bid-ask information
Cons
- Pricing data may be less accessible to individual investors
Hiive
Hiive provides a centralized marketplace where qualified buyers and sellers can negotiate private-stock transactions. Glean’s shares first began trading on Hiive in July 2024, giving the platform direct historical relevance to Glean’s secondary market.
Pricing/Fee Structure: Hiive publishes market pricing updated hourly across thousands of pre-IPO companies. Buyers can place bids while sellers can list shares, creating observable price discovery rather than relying exclusively on a previous funding round.
Accredited Investor Verification Requirements: Participation is generally limited to investors who satisfy applicable eligibility requirements, including accredited-investor or qualified-purchaser standards for relevant opportunities.
Bid/Ask Matching vs. Auction-Style Trading: Hiive uses direct bids, offers and negotiations rather than a traditional exchange auction. Buyers and sellers can interact directly and agree on transaction terms.
Liquidity Events: The platform supports individual secondary sales and has also historically offered Glean exposure through funds. Issuers can use mechanisms such as batched transfers to manage shareholder liquidity.
Use Cases: Hiive can serve employees seeking liquidity, early investors selling positions, funds conducting secondaries and qualified investors seeking pre-IPO exposure.
Glean-Specific Context: Glean is part of the Hiive50, an index tracking the platform’s 50 most liquid securities. Its stock has traded on Hiive since July 2024, providing historical market activity beyond funding-round valuations.
Regulatory Framework: Hiive transactions remain subject to private-security rules, issuer transfer restrictions and eligibility requirements. Regulation D offerings can limit participation to accredited investors, while resale transactions require an applicable exemption or registration.
For a deeper look at Glean’s secondary-market valuation, see Hiive’s liquidity thesis on Glean. Investors can also review Hiive’s LinkedIn profile for company updates.
Pros
- Direct price discovery
- Hourly market updates
Cons
- Availability depends on sellers and issuer restrictions
Caplight
Caplight combines private-market transaction data with live order flow. Its model is particularly useful for investors who want to compare current secondary indications with funding rounds and other observable market signals.
Pricing/Fee Structure: Caplight does not publish one universal transaction fee or minimum for every opportunity. Instead, its platform emphasizes pricing intelligence, including historical trades, bids, offers and fund marks.
Accredited Investor Verification Requirements: Access is designed for institutional and qualified market participants, with verification required for relevant trading activity.
Bid/Ask Matching vs. Auction-Style Trading: Caplight displays live bids and offers from investors and brokers. Its MarketPrice model combines funding-round pricing, transaction data, order data and other signals.
Liquidity Events: Its infrastructure can support direct secondary transactions, while private-company liquidity may also occur through tenders, SPVs and other structured transactions.
Use Cases: Caplight is suited to institutional buyers, venture funds, shareholders and brokers assessing private-company valuations and potential transactions.
Glean-Specific Context: Glean’s $7.2 billion Series F valuation provides an important primary-market reference point, but Caplight’s secondary data can help investors assess whether current market indications support or discount that figure.
Regulatory Framework: Transactions remain subject to private-security restrictions, investor eligibility requirements, issuer approval and potential rights of first refusal.
Pros
- $10 billion+ in captured secondary trade volume
- Data on 500+ companies
Cons
- Primarily institutional in orientation
ClearList
ClearList combines private placements with access to secondary securities through electronic trading, including an affiliated SEC-registered alternative trading system.
Pricing/Fee Structure: ClearList’s disclosures state that transaction-based compensation for private secondary transactions is generally 2%–6% of the amount bought or sold, although exact terms vary by transaction. Its ATS commission is typically 1%.
Accredited Investor Verification Requirements: ClearList serves accredited investors, qualified purchasers and institutional accounts. Its private-market products are not designed for unrestricted retail participation.
Bid/Ask Matching vs. Auction-Style Trading: Its affiliated ATS provides electronic access to secondary securities. The structure differs from a public exchange and may involve negotiated transactions and available inventory.
Liquidity Events: ClearList can facilitate secondary transactions, while private placements and structured funds provide additional routes to private-company exposure.
Use Cases: The platform can be relevant to investors seeking private-company securities, institutions and shareholders looking for potential secondary liquidity.
Glean-Specific Context: Glean’s multiple institutional backers and $7.2 billion Series F valuation create a meaningful benchmark, but investors still need current secondary evidence because private-company values can move between financing rounds.
Regulatory Framework: ClearList’s broker-dealer structure provides a formal regulatory framework, but private securities can remain restricted and illiquid. Transfer limitations and issuer rights can prevent an investor from selling when desired.
Pros
- SEC-registered broker-dealer
- FINRA and SIPC member
Cons
- Fees can materially affect returns
Linqto
Linqto historically offered private-company exposure through fund structures. Its user comprises more than 750,000 registered users spanning 110 countries.
Pricing/Fee Structure: Linqto’s published model describes a purchase premium that varies according to market conditions, risk factors and operating costs, with no separate carry, profit, legal or administrative fees listed.
Accredited Investor Verification Requirements: Private-market investments generally require investor eligibility checks, with requirements determined by the security and structure offered.
Bid/Ask Matching vs. Auction-Style Trading: Rather than requiring investors to match directly with sellers, Linqto’s model historically involved investors purchasing units in a fund holding underlying private-company shares.
Liquidity Events: The fund structure was designed around eventual company liquidity events such as an IPO or other exit, rather than requiring investors to find a secondary buyer themselves.
Use Cases: The model was aimed at investors seeking simplified exposure to private companies and shareholders seeking eventual liquidity through an underlying company exit.
Glean-Specific Context: Glean’s $7.2 billion Series F valuation remains the most recent disclosed primary-round benchmark, while its lack of a public IPO filing means investors must distinguish secondary pricing from confirmed public-market value.
Regulatory Framework: Private funds and secondary transactions can involve Regulation D, transfer restrictions and issuer consent. Investors should examine the specific fund documents and resale limitations rather than assuming an eventual IPO guarantees liquidity.
Pros
- All-in pricing model
- Fund structure could simplify ownership
Cons
- Transparency concerns are significant
Summary Snapshot
| Provider | Pricing Data | Trading Model | Key Strength |
| Zanbato | Bids, asks and executed trades | Institutional secondary market | Market-data depth |
| Hiive | Live market pricing and orders | Direct bid/ask negotiation | Glean-specific trading history |
| Caplight | Trades, bids, offers and MarketPrice | Institutional order flow | Broad pricing dataset |
| ClearList | Transaction and offering pricing | Electronic/ATS and negotiated | Regulated brokerage structure |
| Linqto | All-in purchase pricing | Fund-based ownership | Simplified structure |
Conclusion
The Problem: There is no single authoritative public price for a private company such as Glean. Funding rounds provide useful valuation benchmarks, but they represent specific transactions at specific points in time. Secondary markets can produce different prices, making pricing transparency a matter of comparing multiple signals rather than finding one definitive number.
Key Takeaways
- Glean’s $7.2 billion Series F valuation remains an important benchmark, not a guaranteed current secondary value.
- Zanbato provides strong institutional secondary-market pricing data.
- Hiive offers direct Glean market history and observable bid/ask activity.
- Caplight combines live order flow with extensive transaction and valuation data.
- ClearList provides electronic secondary access within a regulated brokerage structure.
- Linqto’s published all-in model is simple, but its recent legal developments make careful due diligence particularly important.
Next Steps: Investors should examine recent bids, asks and completed transactions alongside the company’s latest funding round. They should also verify accreditation requirements, transfer restrictions, fees, issuer approval and any right of first refusal before relying on a quoted price.
Frequently Asked Questions
Does Glean have a confirmed IPO date?
No. As of September 2026, Glean has not publicly filed for an IPO or committed to a listing timeline.
Can anyone buy Glean secondary shares?
Not necessarily. Private-market offerings commonly restrict participation to accredited investors or other qualified participants. SEC rules define accredited status using financial and professional criteria.
Why can Glean’s secondary valuation differ from $7.2 billion?
The $7.2 billion figure came from its June 2025 primary financing. Secondary prices can reflect changing demand, liquidity discounts, company restrictions and differences between buyer and seller expectations.
