Secondary transactions in venture-backed startups are set to reach new heights in 2024, driven by companies like OpenAI and SpaceX facilitating tender offers for employees and investors. This shift away from traditional IPOs allows employees and investors to sell shares directly, enhancing liquidity. NewView Capital projects startup transactions to hit $21 billion in secondary markets by 2024, doubling 2023’s record. Despite a decline in IPOs, the secondary market is growing, with institutional investors increasing allocations to secondary shares. This evolving landscape offers opportunities, as buyers seek shares of companies expected to go public soon, often at discounts.