Sim Desai

@RenoHemonc @Hiive_HQ @cerebras Staying independent! We’re too pricey to be acquired 😄

@SimDesai @Hiive_HQ @cerebras You guys staying independent or gonna be aquired by big guys like what happned with forge/ EZ etc?

Cerebras Systems investors on @Hiive_HQ over the last several years are probably in a good mood right now. Investors accessed @cerebras on Hiive in 2 ways. First, through direct share transfers, with the first trade on May 2023 at $12.50/share. Second, through Hiive Funds (SPVs) that pooled investor capital to purchase Cerebras shares at prices ranging from $14.80 to $45/share. Many Hiive investors realized gains even before Cerebras hit the public markets, selling their direct holdings or fund units to other pre-IPO buyers.  Post the lock-up, Cerebras’ transfer agent will manage the conversion of private shares into publicly tradable stock (for direct investors) and Hiive Fund investors will get their shares distributed in-kind to their brokerage accounts. Illustrative per-share returns based on yesterday's closing price for CBRS, $296.65. Gains shown are unrealized, calculated on a per-share basis. Prices will change during the lock-up period.

Past performance is not indicative of future results. Investing in private securities is speculative, illiquid, and involves the risk of loss. Not all private companies will IPO or have a liquidity event. This is not a recommendation to buy or sell any securities. Hiive is not affiliated or associated with, or endorsed by, Cerebras Systems Inc. Securities offered by Hiive Markets Limited, member FINRA/SIPC.

@bartdecrem Bart we obtain approvals when they are required. Our investor team will happily discuss the details of your specific investments with you. Please email them or email me at sim@hiive.com and I will happily connect them with you.

@SimDesai So where does this leave us Hiive customers? I have completed both an anthropic and an OpenAI transaction thru Hiive, both of which sure appeared to involve company approvals.

Honestly scratching my head about this statement from Anthropic (without any notice to us) and the ensuing wave of misinformed hot takes. Hiive is an Anthropic shareholder. We are a 200-person organization with an 11-person legal and compliance team. We are tracking for $4 billion in transaction volume and $120 million in revenues in 2026 with 100%+ growth. We have made it our mission over the last 5 years to bring transparency and standardization to the private market in order to address precisely the concerns that they raise. The market has rewarded us with hundreds of millions in transaction volume through our pipes every single month. We’ve facilitated transfers of shares in over 400 companies. Some companies use us exclusively to manage liquidity. We only facilitate share transfers with company approval.

@bmsesteve Thank you @bmsesteve for the support

@SimDesai Thanks Sim. This is why we invest exclusively key through Hiive

@Bkclaims The overwhelming majority of our business is direct share transfers and single layer SPVs. No I dont see any real legal or settlement risk as a result of our own activities

I hear you — you guys are probably one of the best firms in the space. But direct question: do firms like yours facilitate transactions off-cap table via forwards, derivatives, nominee structures, and SPVs? I would assume yes. If so, doesn’t the Anthropic situation now create real legal and settlement risk across the entire secondary market ecosystem

@TrevMcKendrick @mattdeuce Where we are investing in a single layer SPV, it would not be possible for the transfer into the first layer to have taken place without board approval.

@SimDesai @mattdeuce Big fan of Hiive - a more direct way of answering this that would be reassuring is saying that the Anthropic SPVs own shares directly and that the transfers were approved by the Anthropic board

Most founders treat liquidity as a distraction. The founders getting this right treat it like a hiring decision: deliberately, early, with a view of what they're building toward. Today at 11:05AM, I'm on Center Stage at @websummit Vancouver with @KyleHanslovan of @HuntressLabs. @susanliTV of Fox Business is moderating. If you're there, come find us after.

@hAirJordan01 Thank you for the well wishes.

@SimDesai Appreciate you coming out to state this publicly. At least they gave you the new offerings qualifier in the blog post.

@VictorKoch Thanks Vic. On it.

@SimDesai Sim, you need to contact the Anthropic legal department directly and explain that this is likely a mistake. I'm sure they just haven't grasped the full details of the situation.

@mattdeuce Thanks Matt. We are not aware of any legal basis for the suggestion that Anthropic can invalidate investments made via Hiive. With a few rare exceptions Hiive Funds only invest directly in companies or in single layer funds.

@SimDesai Thx for the message. I think the concern many Hiive investors have is less about whether the shares exist, and more about whether the full chain of SPV transfers was approved and how downstream investors are protected in a future liquidity event. Clarity there would help a lot.

For more information on SPV investing, check out:  okt.to/EYSGAC okt.to/nMsyid okt.to/v0SUgm okt.to/y1NxYH To read the full NYT piece, check it out here: okt.to/JfkjeX *For informational purposes only. Post may include forward-looking statements and third-party information provided “as is,” with no guarantee of accuracy or completeness. Hiive is not, by this post, providing financial, legal, tax, or other professional advice, nor should this be the basis for making any decision that may affect your financial or other interests. Hiive is not affiliated with, associated with, or endorsed by any of the companies mentioned herein. All services or trademarks are the property of their respective owners.

When the @SpaceX lockup clears, a lot of investors are going to find out what they actually own. Some of it won't be what they thought. Four questions investors should be asking before the wire goes out, not after: 1. Are the fund's financial statements audited? 2. Does the GP provide due diligence on their own funds, and what due diligence do they do on the target assets and/or manager? 3. What do the fees add up to across every layer. 4. Is the manager an RIA/ERA, associated with a FINRA member, or neither? And who's on their legal and compliance team.

For informational purposes only. Past performance is not indicative of future results. Implied or estimated valuations at a given price are provided using information from third-party sources; Hiive has not verified that these sources for accuracy or completeness. Not all matches result in a completed transaction. Matches include transactions where Hiive Markets Limited provides a service. Hiive Price data is provided on a best-efforts basis and may be incomplete or subject to change. Hiive does not guarantee the accuracy or completeness of the information and may update or correct it as appropriate.

@Cerebras is reportedly going public. It would be the first pure-play AI chip company to list and a direct competitor to @nvidia. The public market will be hopping a train that the private market has already been riding for 3 years. First Cerebras trade on @Hiive_HQ: May 2, 2023. $12.50/share, ~$3B implied valuation. Most recent reported round: ~$23B, $89/share. Hiive Price in recent days: as high as $164. The IPO will price against a benchmark the private market has already established. #liquidity

Source: Hiive platform data, as of April 25, 2026. Each match represents a transaction agreed in principle either to purchase shares in private companies, or funds investing in shares of private companies. The historic rate of conversion from match to closing of transactions on Hiive is about 50%, but closing rates can vary across transaction formats. Matches include transactions where Hiive Markets Limited provides a service. Data is provided on a best-efforts basis and may be incomplete or subject to change. Hiive does not guarantee the accuracy or completeness of the information and may update or correct it as appropriate.

The difference between a brokerage and a marketplace is network effects. And you only have a credible claim to network effects when growth starts 𝘢𝘤𝘤𝘦𝘭𝘦𝘳𝘢𝘵𝘪𝘯𝘨; when the marketplace starts driving 𝘪𝘵𝘴𝘦𝘭𝘧 forward. We founded @Hiive_HQ 5 years ago, chasing that magical feeling of network effects in the institutional market for late-stage venture. It's been arduous. Turning a traditional financial services business into a fully integrated technology platform is staggeringly complex. But 5 years in, I'm starting to get that magical feeling.

Public markets love a benchmark. That’s why the smartest private companies are using secondaries to shape their IPO before they file. These charts show the trading histories of @rubrikInc and @Chime on Hiive, their IPO prices, and their closing prices a few weeks post IPO. In both cases there was meaningful, controlled secondary trading ahead of the IPO. Not fire-sale liquidity. Not hype-fueled bidding wars. Just real price discovery: buyers and sellers aligning on value over time. Instead of the roller coaster ride many companies experience upon going public, it’s easy to see the market already had an understanding of the intrinsic value these companies had, possibly due to the secondary trading both companies allowed on @Hiive_HQ (and other platforms). That process does more than move shares around. It actually builds structure into the market: → A trading range emerges, anchoring expectations → Overhang gets absorbed, further reducing day-one downward trading pressure → Cap tables consolidate, improving post-IPO float quality and providing confidence to new institutional investors In other words: secondary trading becomes a quiet rehearsal for the main event, providing the market with information it never had before. This isn’t anecdotal anymore—it’s a repeatable pattern. And it’s rewriting how companies think about IPO prep. Liquidity is no longer just a late-stage employee benefit or investor pressure valve. It functions as a pre-listing signal, a market primer, and a cap table optimization strategy—especially for companies planning to list in the next 6–18 months. As the IPO window cautiously reopens, this may become a defining feature of the strongest offerings: companies that went public with a price, not just a guess. #liquidity