These two acquisitions are interesting to look at together: Morgan Stanley acquired EquityZen, a secondary equity trading platform. Coinbase acquired Echo, a private equity financing platform. AI giants are aiming for hundreds of billions or even trillions of dollars before going public; pre-IPO transactions will account for an increasingly larger share of the market. Pre-IPO is the new IPO. If you can't join the early stages of the game, don't easily become a sucker for trillion-dollar companies.