Secondary investors are beginning to treat shares of fintech Ramp and workforce management firm Rippling less like speculative startup bets and more like future IPO stocks.

Forge Global said Q1 2026 was a "defining quarter" for the late-stage VC-backed private market, as capital became increasingly concentrated in top-tier names despite volatility in public equities. Forge's fintech basket gained 0.68%, primarily driven by Ramp, which gained 2.14%, the report stated.

Secondary-market investors and research notes from platforms such as Forge often point to a cluster of "pre-IPO" trading signals, including tighter pricing spreads, repeat institutional participation, lower employee selling pressure, and more stable demand in secondary transactions.

Read Also:

SpaceX's $60 Billion Cursor Deal Brings New Rules For xAI Staff

Investors aren't just betting on growth anymore, they're betting on which private companies could realistically become durable public-market winners. Ramp ...