How to invest in Scale AI stock pre-IPO
A lot of private market AI attention has been on the companies behind large language models (LLMs), such as OpenAI (maker of ChatGPT), Anthropic (maker of Claude), and xAI (maker of Grok). Yet there's also a significant market for AI-related companies that provide more of the behind-the-scenes work that makes chatbots function effectively.
One of those companies is Scale AI, which specializes in providing clean data — along with related technologies — that some of the most popular AI models use to build and refine their products.
The company has worked with AI startups like Cohere to deliver cleanly labeled training data to help establish their models.3 It has also partnered with major players like ChatGPT4 and Anthropic5 so that enterprises can fine-tune these LLMs to meet more specific use cases.
Plus, Scale AI provides generative AI solutions built on top of existing models, such as offering a platform to build AI agents for the U.S. military.6
However, when Meta bought a 49% stake in Scale in June 2025 for $14.3 billion, which included Meta hiring Scale's co-founder and CEO, Alexandr Wang, some questioned what that meant for Scale's future.7
After that deal, several major AI companies like OpenAI, Google, and xAI reportedly cut work with Scale AI,8 although OpenAI claimed that didn't have to do with the Meta deal.9 And some investors questioned whether the company could still have an exit like an IPO or if it was essentially acquired already by Meta.10
Yet in November 2025, Scale's CFO, Dennis Cinelli, told CNBC that the Meta deal was not an acquihire or licensing deal, and he said that the company's data business has grown every month since the Meta deal.11
Just a few months later, however, in January 2026, Cinelli left to become CFO at Paramount Skydance.12
While the company's future remains somewhat unclear, for now, interested accredited investors may still be able to seek opportunities to purchase Scale AI stock pre-IPO through a private marketplace such as Forge (subject to availability and applicable eligibility requirements). Unaccredited investors may also be able to get indirect exposure through other assets, as we'll examine in this article.
Scale AI: Company background
Scale AI was founded in 2016 by Alexandr Wang and Lucy Guo, who were just 19 and 21, respectively, when starting the company.13 Wang came up with the idea for Scale in part by trying to use video footage to catch a suspected food thief stealing from his refrigerator at MIT, but there wasn't a good way to comb through all the footage.14
In the summer of 2016, Wang and Guo, who initially met working at Quora,15 received funding and joined a Y Combinator cohort to build out Scale AI.16 The company's focus on data labeling helps enable AI, including in applications like autonomous vehicles and generative AI chatbots.17
Guo left in 2018 over a reported disagreement with Wang, though she retained a 5% stake in the company.18 Wang stayed on as CEO until leaving that role to help Meta directly with its AI work, after Meta's 49% acquisition in 2025.19
Scale AI stock and funding history
Details on Scale AI's stock history and valuations are somewhat limited, although information about several major funding rounds has been at least partially disclosed.
In 2017, Scale announced its Series A, raising $4.5 million in a round led by Accel.20 The following year, Scale raised $18 million for its Series B, led by Index Ventures.21 In 2019, Scale hit unicorn status, raising $100 million at a valuation over $1 billion with its Series C, led by Founders Fund.22
In late 2020, Scale announced another big step forward, raising $155 million for its Series D, led by Tiger Global, at a valuation above $3.5 billion.23 Shortly after, in April 2021, Scale announced its Series E, raising $325 million in a round co-led by Dragoneer, Greenoaks Capital, and Tiger Global.24
Its next primary funding round didn't come until 2024, but this Series F included $1 billion in primary and secondary financing at a $13.8 billion valuation. The round was led by existing investor Accel, with most of its other existing investors joining in, including companies like Nvidia, along with new investors like Amazon and Meta.25
Most recently, in June 2025, Scale AI raised $14.3 billion from Meta at a $29.18 billion valuation.26
At this time, Scale AI's Forge Price is unknown. Check back here or create an account with Forge for more updates on Scale AI's stock/funding history, as well as more valuation information.
Forge Price is a derived data point that reflects the up-to-date price performance of venture-backed, late-stage companies, and is calculated based on a proprietary model incorporating pricing inputs from primary funding round information and secondary market transactions on Forge.
How to buy Scale AI stock
As a private company, Scale AI's stock is not for sale to the general public. However, accredited investors may be able to buy Scale AI stock through Forge's next-generation marketplace for private market trades, subject to availability.
Forge's technology and relationships can help facilitate the trading of private company shares in companies like Scale AI, along with other private market AI companies, when shares are available from willing buyers and sellers.
Who can invest in Scale AI pre-IPO?
Investment in a non-public company like Scale AI is typically limited to accredited investors, due to U.S. regulations that generally restrict the offer and sale of private company securities to such investors.
Some accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in Scale AI if selected to participate in primary funding rounds or strategic investment partnerships. Institutional and more retail accredited investors may access Scale AI stock through a private stock marketplace like Forge, subject to the availability of shares.
Where to buy pre-IPO Scale AI stock
Although pre-IPO Scale AI stock is not for sale to the general public, accredited investors may be able to find shares for sale through Forge's marketplace for private market trading.
Through Forge, you can typically access a private market company's Forge Price, which provides real-time transparency by synthesizing data from various sources, including secondary market transactions, recent funding rounds and active bids and asks on Forge.
These contextual pricing insights are intended to provide private market investors with additional background when reviewing or negotiating an existing ask, or see if they would like to create a new bid for Scale AI shares. That said, Scale AI's Forge Price is not available at this time, but that could change going forward.
Potential indirect exposure to Scale AI for non-accredited investors
While direct pre-IPO investment in Scale AI is generally not available to retail investors, there are publicly available investment options that may provide exposure to broader trends in the AI space, which could, in turn, impact companies like Scale AI.
We can note that broader AI industry trends may influence market sentiment toward various companies, though outcomes can vary widely. Industry trends may influence market sentiment toward various companies, though outcomes can vary widely.
The following are general categories of publicly traded companies that operate in areas related to Scale AI:
1. Publicly Traded Tech Companies Building LLMs
Several publicly traded tech companies like Alphabet, Microsoft, and Meta have a significant focus on building LLMs, which connects to Scale AI's data labeling work. And Meta has a more direct connection to Scale AI, given that it now owns 49% of the company. That said, these tech companies also have significant exposure to other areas besides LLMs, so there may only be partial correlation. Plus, performance may vary significantly between companies, due to differing strategies, market positions, and financial conditions.
2. AI Hardware Companies
Another option includes publicly traded AI hardware companies, like chipmakers Nvidia, AMD, and Intel. While these companies have a different focus than Scale AI's software-based and data labeling approach to AI, there could be overlap in the sense that overall AI industry performance could affect all of these companies in similar directions. Granted, each company carries its own unique risk/reward profiles and could be affected by market conditions and strategic decisions differently.
3. Broader Tech Sector Investments
While not quite the same as investing directly in AI companies, making broader tech sector investments could still provide indirect exposure to Scale AI. In addition to many tech ETFs and mutual funds holding a diverse range of AI companies, these funds also often hold companies in areas like fintech, robotics, and consumer software, which could overlap with some of Scale AI's customers. Note however, that market-wide factors—like macroeconomic trends or regulation—may influence AI and other types of tech companies differently.
How to analyze Scale AI stock
In general, private companies do not face the same disclosure requirements as public companies, so analyzing private market stocks can be more challenging. However, there have been some reports on Scale AI's financial data that could provide directional insights.
For example, in 2024, Scale AI reportedly had around $870 million in revenue, with a $1.5 billion annual run rate by the end of the year and expectations to hit $2 billion in sales in 2025, according to Bloomberg.27
Former CFO Cinelli also told CNBC in November 2025 that the company had $1 billion on its balance sheet.28
So, investors might evaluate this data against other AI companies that release similar information, especially those listed on Forge's private stock marketplace that have valuation data, which might provide a benchmark for analyzing Scale AI. Similarly, investors could compare Scale AI's financial data to what publicly traded AI companies disclose, which might provide some valuation signals (while recognizing the limitations inherent in private market data).
Still, even when looking at this type of information, private market stocks are generally more opaque than public market ones. So, there can be more subjectivity involved in analyzing Scale AI stock, along with the valuations of other private market companies.
Get started investing in Scale AI on Forge
If you want to invest in Scale AI pre-IPO if/when shares become available, you may create an account with Forge marketplace to access our deep marketplace of private market securities.
For the investors that meet the qualification requirements and have a Forge account, they can continue to submit bids for Scale AI via Forge’s marketplace and check our real-time Market Opportunities dashboard. We also offer a how to invest in private companies guide for the individuals unfamiliar with our marketplace.
Sample of active market opportunities available on Forge marketplace as of 2/4/2026
FAQs about how to invest in Scale AI
Where do I buy Scale AI stock?
For now, Scale AI remains a private company, so its stock is generally limited to accredited investors. If eligible, however, you may be able to buy and sell Scale AI stock through a private marketplace such as Forge.
Who can invest in Scale AI?
Typically, only accredited investors can invest in private market companies like Scale AI. This can include institutional investors such as VC firms that might participate in primary funding rounds, as well as high-net-worth individuals who may qualify to trade private market stocks in companies like Scale AI, subject to availability, through a secondary marketplace such as Forge.
Who are Scale AI's competitors?
Scale AI operates in a few different areas of AI, but for its core data labeling focus, some of its top competitors include SuperAnnotate, Labelox, Labellerr, Surge AI and Snorkel AI, to name a few.
