How to invest in a Pre-IPO opportunity

With verified accredited investor status, you can invest in Pre-IPO opportunities directly at Questrade.

Before you start

• Pre-IPO is available on Questrade web only.

• You must be a verified accredited investor. If not verified yet, see How to get verified as an accredited or eligible investor.

• You need a self-directed non-registered individual account (Cash or Margin). Joint, corporate, trust, registered, and managed Questwealth accounts are not eligible.

• Pre-IPO investments are priced and settled in USD. You can invest using CAD or USD. To place an order, your combined USD buying power must be sufficient to cover the investment amount plus the transaction fee

• Questrade Plus subscribers get first access to each offering before it opens to all clients. During this window, non-Questrade Plus subscribers cannot place orders. Try Questrade Plus free until September 30, 2026.¹

Steps

1. Log in to Questrade web

2. Navigate to Products > Private Markets > Pre-IPO

3. Select an offering and review the details, including share price, implied valuation, minimum investment, fees, and terms/restrictions

4. Click Invest now to open the order submission window

5. Enter the number of units to purchase. Your order must meet the required minimum investment. Fractional units are not available

6. Select your individual non-registered account from the dropdown list

7. Review your order summary and the total cost to invest, which includes the transaction fee

8. Sign the subscription agreement. A new window opens for you to review and sign

9. After signing, return to the Questrade browser and submit your order

Your buying power is reduced by the total cost (investment amount plus transaction fee) on submission. For orders placed on weekends, buying power is reduced on the next available business day.

Order statuses

After you submit, your order moves through these stages:

Canceling or adjusting an order

You can cancel your order at any time before the offering closes. Buying power is restored by the end of the next business day (ET). To adjust an order, cancel your current one and submit a new request. Note that submitting a new order places it in the current queue — your previous spot cannot be reserved. Once the offering closes, all orders are final and cannot be canceled or adjusted.

After your order is executed

Your account is debited and you receive units of the Pre-IPO fund. Your units appear as a Private Markets holding in your account.

Your investment remains in the fund until a liquidity event (IPO or acquisition). Units cannot be sold, transferred, or redeemed before then. For more on how Pre-IPO investments work, including fees, NAV updates, and risks, see What is Pre-IPO investing?.

When a liquidity event occurs

When the company goes public, there is a post-IPO lock-up period (typically 90 to 180 days). Distribution typically occurs 10 to 15 business days after the lock-up expires. Your fund units are voided and replaced with public shares, cash, or a combination, net of applicable taxes and fees. If the company is acquired, the distribution mechanics are similar.

If something goes wrong

Your order is rejected 

The offering was fully subscribed before your order could be allocated, or your order did not meet the offering’s requirements. Buying power is restored by the end of the next business day (ET).

You received a partial allocation

If not enough units remain to fill your full order, you receive a partial allocation. Your original order is rejected and a new order is created for the quantity you were allocated. Buying power for the unfilled portion is restored by the end of the next business day (ET).

No permitted accounts found 

You see "Could not find any permitted accounts" when placing an order. Pre-IPO requires a non-registered individual account. Open a self-directed Cash or Margin account if you do not have one.

Insufficient USD buying power 

Your combined USD buying power does not cover the investment amount plus the transaction fee. Deposit additional funds before placing your order.

The Invest button is greyed out 

The offering is currently in the Questrade Plus or waitlist early access window. If you are not a Questrade Plus subscriber, you can subscribe to place orders during this access window or wait for general access to open. 

If your issue isn't listed here, call the Trade Desk at 1.866.980.9590 (Monday to Friday, 4 am – 8 pm ET) for help with your order. For general questions about Pre-IPO investing, contact Questrade support.