--- title: "The \"HALO\" Tech Trend & Private Company Investments | EquityZen" description: Explore the shift in venture capital towards asset-heavy tech investments, highlighting opportunities in AI infrastructure and hardware innovations. image: https://blog.equityzen.com/hubfs/shutterstock_2131703791%20(1).jpg --- [![EquityZen](https://blog.equityzen.com/hubfs/equityzen-logo.svg "EquityZen")](https://equityzen.com/) - [Investments](https://equityzen.com/explore/) - [Explore](https://equityzen.com/explore-private-market/) - How it Works - [Investors](https://equityzen.com/investor/) - [Shareholders](https://equityzen.com/shareholder/) - [Institutions](https://equityzen.com/institutions/) - [Issuers](https://equityzen.com/issuers/) - [Financial Advisors](https://equityzen.com/financial-advisors/) - [Insights](https://blog.equityzen.com/) - [Login](https://equityzen.com/accounts/login/) - [Sign Up](https://equityzen.com/accounts/register/) [Back to insights](https://blog.equityzen.com) [Market Views](https://blog.equityzen.com/tag/market-views) # Beyond Code: Why Pre-IPO Investors are Chasing the "HALO" Tech Trend ![EquityZen](https://blog.equityzen.com/hs-fs/hubfs/image%20(5).png?width=96&height=96&name=image%20(5).png) Written by EquityZen • June 3, 2026 • 12 min read ![Beyond Code: Why Pre-IPO Investors are Chasing the ](https://blog.equityzen.com/hs-fs/hubfs/shutterstock_2131703791%20(1).jpg?width=1318&height=736&name=shutterstock_2131703791%20(1).jpg) In this article Like this article? Over the last decade, the classic venture capital playbook has been to seek out capital-light software-as-a-service (SaaS) companies with sky-high gross margins and predictable, recurring revenues. But a profound structural shift is rewriting the rules of the private markets. The traditional software moat is experiencing intense disruption anxiety driven by AI. Generative AI tools are shifting the unit economics of traditional software development. Because of this, general IT and software multiples have faced downward compression, sliding to a global median of 12.1x EV/EBITDA1. The response from the world's most sophisticated institutional allocators? Re-architecting their portfolios around a new framework coined earlier this year:[HALO (Heavy Assets, Low Obsolescence)](https://www.morganstanley.com/im/en-us/financial-advisor/insights/carons-corner/market-pulse-with-jim-caron-20260302.html). The [private tech market](https://equityzen.com/explore/) is rapidly transitioning into a hardware-heavy, [energy-intensive](https://blog.equityzen.com/_hcms/analytics/search/conversion?redirect=aHR0cHM6Ly9ibG9nLmVxdWl0eXplbi5jb20vZW5lcmd5LWlzLXRoZS1uZXctYWxwaGEtdGhlLXJhY2UtZm9yLWFpLWRvbWluYW5jZQ%3D%3D&ct=SEARCH&pid=20754585&cid=203009399892&t=ZW5lcmd5&d=blog.equityzen.com&c=2&rp=3&ab=false&opcid=&rs=UNKNOWN&hs-expires=1811602633&hs-version=1&hs-signature=APUk-v6h1NA855MIUtaMDhv3dNfiN6bgLQ)industrial race. Venture-capital investments in physical AI and [robotics](https://blog.equityzen.com/physical-ai-arrives-why-investors-are-betting-on-the-automation-mandate) grew by over 5x from 2019 to 2025, according to Pitchbook. This year alone, companies in those sectors [have raised over $23 billion](https://www.wsj.com/tech/ai/venture-capital-turns-to-hardware-bets-as-ai-threatens-software-companies-29b8b5f3), set to far outpace last year’s record of $26 billion. Advanced computing startups, chips and quantum computing companies, saw a similar growth trajectory having already raised $20 billion this year versus $28 billion in 2025. For [late-stage private market investors](https://blog.equityzen.com/_hcms/analytics/search/conversion?redirect=aHR0cHM6Ly9ibG9nLmVxdWl0eXplbi5jb20vd2hhdC1pcy1wcmUtaXBvLWludmVzdGluZw%3D%3D&ct=SEARCH&pid=20754585&cid=153499482756&t=cHJlLWlwbyBpbnZlc3Rpbmc%3D&d=blog.equityzen.com&c=2&rp=1&ab=true&opcid=&rs=UNKNOWN&hs-expires=1811602653&hs-version=1&hs-signature=APUk-v4dMcdioIXMhIfyX1HwY5g4gUGcRg), the potential big opportunities are no longer just pure software plays. They are anchored in physical, real-world infrastructure that AI cannot automate away. ## **The Private Market Leaderboard: Heavy Asset Companies are Reshuffling Demand** The macro rotation toward heavy, asset-backed technology is explicitly visible in [EquityZen’s proprietary platform data](https://blog.equityzen.com/private-market-investment-trends-q1-2026-equityzen). While Artificial Intelligence retained its crown as the [#1 most sought-after sector](https://blog.equityzen.com/private-market-investment-trends-q1-2026-equityzen) amongst investors in Q1 of 2026, the rest of the leaderboard underwent a physical reshuffling as capital shifted toward asset-heavy, capital-intensive sectors. - **The Industry Leaderboard Shift:** Frontier tech and physical infrastructure took center stage, driving Aerospace to the #2 spot and pushing Manufacturing up steadily to #4 from its #6 ranking in late 2025. Meanwhile, traditional capital-light software and financial technology categories gave up ground, with Fintech dropping to the #5 spot. - **The Defense + Robotics Renaissance:** Driven by national security needs and physical automation, AI-powered drone provider [XTEND](https://equityzen.com/company/xtendltd/) grew more in popularity than any other private company, leaping +334 spots quarter-over-quarter. Defense tech innovators [Mach Industries](https://equityzen.com/company/machindustries/) (+156 spots) and autonomous vessel maker [Saronic](https://equityzen.com/company/saronic/) (+111 spots) also saw massive interest spikes, alongside commercial robotics platforms [Gecko Robotics](https://equityzen.com/company/geckorobotics/)(+111 spots) and [Miso Robotics](https://equityzen.com/company/misorobotics/) (+102 spots). - **The Energy + Resource Squeeze:** To power the computing evolution, investors are also targeting the raw materials supply chain. Machine-learning mining explorer [KoBold Metals](https://equityzen.com/company/koboldmetals/) saw the second largest spike in popularity, climbing +263 spots, while battery innovator [EnergyX](https://equityzen.com/company/energyxe10c/) logged a top-five popularity surge of +117 spots. - AI Infrastructure Backend: Meanwhile, foundation model scaling drove AI data storage platform[VAST Data](https://equityzen.com/company/vastdata/) up +85 spots. AI computing clusters are scaling at such a clip that[tech giants are projected to spend over $650 billion](https://bits-chips.com/article/big-techs-ai-arms-race-drives-650-billion-dollar-capex-surge/) in capital expenditures in 2026 to build out computing infrastructure. Players like VAST are growing in popularity as potential solutions to growing computing infrastructure needs. ### **The Valuation Barbell** An analysis of transactions on EquityZen’s platform in the first quarter of 2026 revealed a distinct bifurcation between the valuations assigned to HALO companies versus legacy software tech. Industrials and Traditional Tech (Software/Hardware) led the market, with 67% of companies in both sectors executing trades at a premium to a company’s last funding round. Conversely, sectors that dominated the previous market cycle are seeing more notable discounts. The Enterprise SaaS, Fintech, Healthcare, and Consumer Tech sectors saw all companies trade at a discount in Q1 of 2026. This data illustrates that investors remain highly selective, demanding discounts for traditional software while assigning value to physical infrastructure, AI, and energy. ## **Private Pioneers: Building the New Physical Stack** So who are the private companies aiming to solve today’s “hard tech” problems? For investors looking to allocate capital in the private markets, the AI infrastructure landscape includes a variety of well funded companies spanning hardware accelerators, quantum mechanics, silicon photonics, and sustainable data center operations. As hyperscalers seek to build out their technologies, substantial [private valuation shifts and large-scale financing](https://www.kkr.com/insights/ai-infrastructure) rounds are redefining the sector. Here are some of the key private players attempting to alter this ecosystem. [**Ayar Labs**](https://equityzen.com/company/ayarlabs/) - **EquityZen Popularity Score:** 87 - **What They Do:** Develops [co-packaged optics (CPO) and optical I/O chiplets](https://ayarlabs.com/about/) that aim to replace traditional electrical connections with light, reducing interconnect latency and power consumption in AI data centers. - **Last Funding Round:** Closed a $500 million [Series E funding](https://ayarlabs.com/news/ayar-labs-closes-500m-series-e-accelerates-volume-production-of-co-packaged-optics/) round in March 2026 led by Neuberger Berman, valuing the company at $3.75 billion. - **Recent News:** In March 2026, announced a [strategic partnership with Wiwynn](https://ayarlabs.com/news/ayar-labs-and-wiwynn-partner-to-bring-co-packaged-optics-to-rack-scale-ai-systems/), a cloud IT infrastructure provider for data centers, aiming to combine Ayar Labs’ CPO solution with Wiwynn’s rack-level system design and manufacturing capabilities. - **Risks:** The company faces steep operational hurdles as a result of high-volume back-end packaging, testing, and [complex supply chain](https://research.contrary.com/company/ayar-labs) synchronization. [**Crusoe Energy**](https://equityzen.com/company/crusoeenergysystems/) - **EquityZen Popularity Score:** 88 - **What They Do:** Operates [vertically integrated, sustainability-aligned](https://www.crusoe.ai/about/company) data centers designed to leverage clean energy resources and innovative microgrids to power massive GPU clusters. - **Last Funding Round:** Completed a $1.375 billion [Series E round](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-e-funding) in October 2025 led by Mubadala Capital and Valor Equity Partners, securing an implied baseline valuation of $10 billion. It subsequently added [$300 million in debt](https://www.reuters.com/technology/amd-backstop-300-million-crusoe-loan-information-reports-2026-02-19/) from Goldman Sachs in February 2026. - **Recent News:** In March 2026, Crusoe announced the development of a new AI factory campus in Texas, intended to support large scale AI workloads for [Microsoft](https://www.crusoe.ai/resources/newsroom/crusoe-announces-new-900-mw-ai-factory-campus-in-abilene-texas-to-support-microsoft-ai-infrastructure). - **Risks:** Capital intensity remains incredibly steep, requiring billions to fund physical facilities, while the company faces intense competition from scale-advantaged, specialized AI cloud providers like CoreWeave. [**d-Matrix**](https://equityzen.com/company/dmatrix/) - **EquityZen Popularity Score:** 63 - **What They Do:** Provides a generative AI inference compute platform [utilizing Digital-In Memory Compute](https://www.superbcrew.com/d-matrix-raises-275-million-in-series-c-funding-round/#:~:text=The%20company's%20Digital%20In%2DMemory,in%20von%20Neumann%20style%20designs.) (DIMC) and 3D DRAM-based chiplets to break through the memory wall and accelerate inference workloads. - **Last Funding Round:** Raised a [$275 million Series C](https://www.superbcrew.com/d-matrix-raises-275-million-in-series-c-funding-round/#:~:text=The%20company's%20Digital%20In%2DMemory,in%20von%20Neumann%20style%20designs.)round in November 2025, reaching a post-money valuation of approximately $2 billion. - **Recent News:** In April 2026, d-Matrix [acquired GigaIO's data center business](https://www.d-matrix.ai/announcements/acquisition-of-gigaio/#:~:text=SANTA%20CLARA%2C%20Calif.%2C%20April,infrastructure%20and%20high%2Dperformance%20interconnects.) to boost its rack-scale capabilities. This acquisition gives them access to data center technologies such as SuperNODE and the FabreX PCIe-based memory fabric to accelerate the deployment of low-latency AI inference at scale. - **Risks:** d-Matrix must overcome the significant hurdle of competing directly against entrenched AI chip leaders like Nvidia, requiring substantial capital to commercialize their DIMC platform. [**Etched**](https://equityzen.com/company/etchedai/) - **EquityZen Popularity Score:** 65 - **What They Do:** Develops an[ASIC accelerator](https://techcrunch.com/2024/06/25/etched-is-building-an-ai-chip-that-only-runs-transformer-models/) called “Sohu”, designed specifically to execute transformer-based AI models rather than general-purpose compute. - **Last Funding Round:** Raised [$500 million](https://techfundingnews.com/nvidia-rival-ai-chip-maker-etched-founded-by-harvard-dropouts-lands-500m-at-5b-valuation/#:~:text=They%20wanted%20to%20build%20chips,Sohu%2C%20Etched's%20custom%20AI%20accelerator.) in January 2026 led by Stripes and Peter Thiel, valuing the company at $5 billion. - **Recent News:** Etched is actively preparing its first major chip through a manufacturing [partnership with Taiwan Semiconductor’s](https://techfundingnews.com/nvidia-rival-ai-chip-maker-etched-founded-by-harvard-dropouts-lands-500m-at-5b-valuation/#:~:text=Instead%20of%20chasing%20broad%20workloads,technical%20ambition%20and%20manufacturing%20credibility.) Emerging Businesses Group. - **Risks:** The company is taking a massive architectural gamble by hardwiring its silicon exclusively for transformer models; if the fundamental architecture of leading AI models shifts, their highly specialized chips could face immediate obsolescence. [**Lambda**](https://equityzen.com/company/lambdalabs/) - **EquityZen Popularity Score:** 96 - **What They Do:** Operates specialized, high-density [cloud infrastructure and supercomputing clusters](https://lambda.ai/about) tailored for public cloud rentals, enterprise operations, and large language model training. - **Last Funding Round:** Raised $1.5 billion in a [Series E round](https://lambda.ai/blog/lambda-raises-over-1.5b-from-twg-global-usit-to-build-superintelligence-cloud-infrastructure) led by TWG Global in late 2025. - **Recent News:** In May 2026, Lambda named former Sprint CEO Michel Combes as its [new Chief Executive Officer](https://www.bloomberg.com/news/articles/2026-05-05/ai-cloud-provider-lambda-taps-former-sprint-ceo-as-new-leader), closing a $1 billion [senior secured credit facility](https://lambda.ai/blog/lambda-closes-1-billion-senior-secured-credit-facility) arranged by J.P. Morgan in the same month aimed squarely at accelerating Lambda's gigawatt-scale AI factory deployment. - **Risks:** Lambda’s business is [heavily dependent](https://www.theinformation.com/articles/nvidia-quietly-boosts-cloud-ally-1-5-billion-deal-rent-ai-chips?rc=ly55wh) on the availability and pricing of GPUs, particularly from NVIDIA. This reliance exposes Lambda to supply chain risks, potential price increases from NVIDIA, and the threat of NVIDIA's own strategic decisions, such as investing in other cloud partners or developing its own direct-to-customer services. [**PsiQuantum**](https://equityzen.com/company/psiquantum/) - **EquityZen Popularity Score:** 97 - **What They Do:** Develops large-scale, [fault-tolerant quantum computing systems](https://www.psiquantum.com/) and quantum chips, aiming to commercialize utility-scale quantum computation for advanced AI workloads. - **Last Funding Round:** Secured a massive $1 billion [Series E round](https://www.psiquantum.com/news-import/psiquantum-1b-fundraise) in September 2025 led by BlackRock at a post-money valuation of $7 billion. - **Recent News:** In January 2026, PsiQuantum announced a [collaboration with Airbus](https://www.psiquantum.com/news-import/airbus), seeking to advance applications in aerospace for fault-tolerant quantum computers. - **Risks:** Quantum computing remains a [highly capital-intensive](https://www.reuters.com/technology/quantum-computing-startup-psiquantum-raising-least-750-million-6-billion-2025-03-24/), largely unprofitable technology with prolonged development horizons that face significant execution and deployment timeline risks. [**SambaNova Systems**](https://equityzen.com/company/sambanovasystems/) - **EquityZen Popularity Score:** 94 - **What They Do:** Designs specialized AI chips and integrated hardware-software systems utilizing proprietary [Reconfigurable Dataflow Units (RDUs)](https://sambanova.ai/products/dataflow-architecture), aiming to handle massive [workloads optimized](https://sambanova.ai/) for enterprise and agentic AI. - **Last Funding Round:** Raised a $350 million [Series E round](https://www.wsgr.com/en/insights/wilson-sonsini-advises-sambanova-on-dollar350-million-series-e-financing.html) in February 2026, led by Vista Equity Partners and Cambium Capital. - **Recent News:** In early 2026, the company launched the latest iteration of its ultra-fast chip tailored for agentic AI, [the SN50 AI chip](https://sambanova.ai/press/sambanova-unveils-fastest-chip-for-agentic-ai-collaborates-with-intel-and-raises-350m). SambaNova claims that scale and distribution efforts will occur in collaboration with Intel. - **Risks:** The company's recent valuation reflects a drop from its peak private valuation of $5 billion in 2021, while reported acquisition [talks with Intel](https://www.reuters.com/business/vista-equity-partners-intel-lead-investment-ai-chip-startup-samba-nova-sources-2026-02-06/) are said to have collapsed in late 2025. [SiFive](https://equityzen.com/company/sifive/) - **EquityZen Popularity Score:** 56 - **What They Do:** Acts as a supplier of [high-performance RISC-V processor IP and custom silicon solutions](https://www.sifive.com/press/sifive-raises-400-million-to-accelerate-high-performance-risc-v-data-center-solutions), building open-source instruction set architectures for edge AI, automotive, and data center processors. - **Last Funding Round:** Raised[$400 million](https://www.sifive.com/press/sifive-raises-400-million-to-accelerate-high-performance-risc-v-data-center-solutions) in an oversubscribed Series G in April 2026, valuing the company at $3.65 billion. - **Recent News:** In May 2026, SiFive [launched its third-generation Performance P570 out-of-order processor IP](https://www.sifive.com/press/sifive-sets-new-bar-for-high-performance-risc-v-with-third-generation-performance-p550-and-p570-ip). Earlier in the year, the company announced it is integrating NVIDIA NVLink Fusion into its data center platform to enable coherent connectivity with NVIDIA GPUs. - **Risks:** As a pure IP provider, SiFive's growth depends heavily on third-party silicon designers adopting RISC-V at scale across data centers before proprietary architectures entirely lock up the market. [**Tenstorrent**](https://equityzen.com/company/tenstorrent/) - **EquityZen Popularity Score:** 86 - **What They Do:** Tenstorrent specializes in AI processors created to enhance algorithm training and adaptability. Their processors utilize [software-programmable application-specific integrated circuit chips](https://equityzen.com/company/tenstorrent/). The company aims to lead a new era in AI and deep learning through their architecture and software. - **Last Funding Round:** Raised a $800 million Series E in November 2025, at a $3.2 billion post-money valuation. - **Recent News:** In May 2026, the company demonstrated production-ready LLM inference on its [Tenstorrent Galaxy architecture](https://tenstorrent.com/newsroom/tt-deploy), which aims to run any model, giving users flexibility. - **Risks:** As an alternative AI chip designer utilizing open-source architecture, Tenstorrent faces intense competition and must successfully scale its custom architecture against both legacy incumbents and well-funded start-ups. ## **The Investor Playbook: Navigating HALO Opportunities** For private market secondary investors looking to allocate capital, the emergence of the HALO framework requires a shift in the vetting process: - **Audit for Real-World Moats:** When evaluating a late-stage company, look past top-line growth. Ask yourself: Does this company own a specialized hardware layer, a custom physical deployment infrastructure, a regulatory moat, or a unique data loop that cannot be replicated by a generic large language model or deemed obsolete? - **Capitalize on Corporate Capex Tailwinds:** Companies focusing on specialized compute factories and modular physical deployments are scaling rapidly because their business models plug directly into the multi-hundred-billion-dollar infrastructure buildout required by global tech firms. Backing the essential "pick-and-shovel" providers of this physical landscape may create a stable market opportunity. - **Position for Multi-Channel Exits:** Traditional IPO execution remains highly selective, but corporate cash [buyouts and strategic private-equity integrations](https://pitchbook.com/news/reports/q1-2026-global-m-a-report) are showing they can deliver high-valuation exit events. Late-stage companies that own their entire operational stack are uniquely positioned to command maximum value from incoming corporate buyers looking for turn-key scale. The era of tech investing relying solely on capital-light code is taking a breather. In 2026, the physical, asset-backed foundation is proving its value. By incorporating hard tech, specialized compute infrastructure, and energy-innovative private companies into a diversified portfolio, individual investors can align their portfolios with the structural forces reshaping the future of technology. To explore current opportunities in Hard Tech, AI Infrastructure, and Energy, visit [EquityZen](https://equityzen.com/). ###### Disclosures Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. ###### Footnotes 1. PitchBook, Q1 2026 Global M&A Report Join Investors and Shareholders Exploring the Private Markets Today [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe) ### Related Articles ![The Hypergrowth Mandate: 10 Private Powerhouses Building the Next Tech Era](https://blog.equityzen.com/hs-fs/hubfs/shutterstock_2481973067.jpg?width=812&height=446&name=shutterstock_2481973067.jpg) ##### The Hypergrowth Mandate: 10 Private Powerhouses Building the Next Tech Era Discover the top private companies with explosive headcount growth and what it signals for the futur... Market Views 11 min read ![Secondary Spotlight: Private Company Investment Trends, Q1 2026](https://blog.equityzen.com/hs-fs/hubfs/Screenshot%202026-04-14%20at%202.53.04%20PM.png?width=812&height=446&name=Screenshot%202026-04-14%20at%202.53.04%20PM.png) ##### Secondary Spotlight: Private Company Investment Trends, Q1 2026 Explore the remarkable trends in private company investments for Q1 2026, highlighting record fundin... Market Views 11 min read ![EquityZen IPO Tracker: The Latest IPO News](https://blog.equityzen.com/hs-fs/hubfs/EZ%20IPO%20Tracker%5B76%5D.jpg?width=812&height=446&name=EZ%20IPO%20Tracker%5B76%5D.jpg) ##### The Latest IPO News: EquityZen's IPO Tracker Stay ahead in the IPO market. Get the latest news, insights, and analysis on upcoming public debuts ... Market Views 12 min read #### The Potential to Shape the Future Join over 700,000 investors and shareholders accessing the private markets with EquityZen [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/b1b6ba1b-ed6d-4097-8816-bcd01b3b9828.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/b1b6ba1b-ed6d-4097-8816-bcd01b3b9828) #### Company - [About](https://equityzen.com/about/) - [Careers](https://equityzen.com/careers/) - [Press](https://equityzen.com/press/) #### Policies & Disclosures - [Disclosures](https://equityzen.com/disclosures/) - [Business Continuity Plan](https://equityzen.com/bcp/) - [Privacy Policy](https://equityzen.com/privacy/) - [Allocation Policy](https://equityzen.com/allocation-policy/) - [Form CRS](https://equityzen.com/form-crs/) #### Help - [Help Center](https://help.equityzen.com/en/) - [Getting Started](https://help.equityzen.com/en/collections/5549447-getting-started) - [Status Page](https://status.equityzen.com/) #### Connect - [![Facebook](https://blog.equityzen.com/hubfs/facebook-1.svg)](https://www.facebook.com/EquityZen) - [![Instagram](https://blog.equityzen.com/hubfs/instagram-1.svg)](https://www.instagram.com/equityzen_/) - [![Vector (8)](https://blog.equityzen.com/hubfs/Vector%20(8).svg)](https://twitter.com/EquityZen) - [![Linked In](https://blog.equityzen.com/hubfs/linkedin-1.svg)](https://www.linkedin.com/company/equityzen) Investment opportunities posted on this website are "private placements" of securities that are not publicly traded, are subject to holding period requirements, and are intended for investors who do not need a liquid investment. Investing in private companies may be considered highly speculative and involves a high degree of risk, including the risk of substantial loss of investment. Investors must be able to afford the loss of their entire investment. See [our Risk Factors](https://equityzen.com/risk-factors/) for a more detailed explanation of the risks involved by investing through EquityZen’s platform.   EquityZen Securities LLC (“EquityZen Securities”) is a subsidiary of EquityZen Inc. EquityZen Securities is a broker/dealer registered with the U.S. Securities and Exchange Commission and is a [FINRA](http://www.finra.org/)/[SIPC](https://www.sipc.org/) member firm.   Equity securities are offered through EquityZen Securities. Check the background of this firm on [FINRA’s BrokerCheck](https://brokercheck.finra.org/firm/summary/281820).   EquityZen Inc. was awarded a 2024 Fintech Breakthrough Award by Tech Breakthrough LLC on March 19, 2025, based on the prior year and covering calendar year 2024, and has compensated FinTech Breakthrough LLC for use of its name and logo in connection with the award. FinTech Breakthrough LLC is a third party and has no affiliation with EquityZen.   EquityZen created the ticker symbols referenced on this page for use solely on the EquityZen platform. They do not refer to any publicly traded stock. EquityZen does not have an affiliation with, formal relationship with, or endorsement from any of the companies featured and none of the statements on the site should be attributed to those companies.   “Market Activity” and other transactional data displayed on this website is compiled by EquityZen and is confidential and historical in nature. Unauthorized use, distribution or reproduction is prohibited. Transactional information does not guarantee future investment results. EquityZen cannot guarantee finding or approving a transaction at any displayed price.   EquityZen.com is a website operated by EquityZen Inc. ("EquityZen"). By accessing this site and any pages thereof, you agree to be bound by our [Terms of Use](https://equityzen.com/terms/). EquityZen and logo are trademarks of EquityZen Inc. Other trademarks are property of their respective owners. © 2026 EquityZen. All rights reserved. EquityZen 1 New York Plaza 12th floor New York, NY 10004 [Trustpilot](https://www.trustpilot.com/review/equityzen.com) [![Secured via DigiCert Extended Validation certificate](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/digicert-site-seal.png)](https://seal.digicert.com/seals/popup/?tag=eoBY_h-N&url=equityzen.com&lang=en_US&cbr=1411486682292) [![FINRA's BrokerCheck](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/broker-check.png)](https://brokercheck.finra.org/firm/summary/281820) [![SIPC](https://dioguwdgf472v.cloudfront.net/assets/equityzen/image/common/sipc.png)![FinTech Breakthrough Award](https://dioguwdgf472v.cloudfront.net/assets/equityzen/img/fintech-award.png)](https://www.sipc.org/) ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "EquityZen", "url" : "https://blog.equityzen.com/author/equityzen" }, "dateModified" : "2026-06-03T22:56:57.867Z", "datePublished" : "2026-06-03T22:56:57.000Z", "headline" : "The \"HALO\" Tech Trend & Private Company Investments | EquityZen", "image" : [ "https://blog.equityzen.com/hubfs/shutterstock_2131703791%20(1).jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.equityzen.com/beyond-code-why-pre-ipo-investors-are-chasing-the-halo-tech-trend", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.equityzen.com/hubfs/EZ_logo_h_color-bk_RGB-1.png" }, "name" : "EquityZen, Inc." } } ```