How to invest in ThoughtSpot stock pre-IPO

Long before AI brought about trends like vibe coding, where individuals can create software through text-based prompts instead of code, ThoughtSpot has been democratizing analytics within enterprises. The AI-powered business intelligence (BI) platform aims to make BI as easy as a Google search for anyone within a company, even if you're not trained to analyze data.⁴

The company quickly grew since starting in 2012, reaching unicorn status in 2018. ThoughtSpot soon began gearing up for an IPO, such as by hiring its first CFO in 2020.⁵ Later that year, while the company was transitioning to a cloud offering, then-CEO Sudheesh Nair told Business Insider that an IPO could come as early as fall 2021.⁶

However, ThoughtSpot ended up conducting its Series F in fall 2021,⁷ and its previously discussed IPO timing did not materialize, amidst the difficult tech IPO conditions that followed. Yet by some measures, ThoughtSpot has kept growing, e.g., with 40% year-over-year growth for its SaaS offerings in 2024, according to publicly shared company statements. The company also brought in a new CEO that year, former Salesforce executive Ketan Karkhanis.⁸

While no new IPO plans have been announced, for now, accredited investors may be able to express interest in purchasing shares through a private marketplace such as Forge, subject to share availability and transfer restrictions. Retail investors may also be able to gain indirect exposure through other assets, as we'll examine in this guide.

ThoughtSpot: Company background

ThoughtSpot, based in Silicon Valley,⁹ was founded in 2012 by Ajeet Singh, Amit Prakash, and a team of five other co-founders¹⁰ with experience at several major tech companies like Google and Oracle.¹¹ Singh previously co-founded cloud computing company Nutanix, which conducted the largest tech IPO of 2016.¹²

In the early years, the company delivered BI services via on-premise and hybrid software. But it started moving toward a cloud-based SaaS model that enabled ThoughtSpot to broaden its customer base beyond large enterprises.¹³ In particular, in 2020, the company launched ThoughtSpot Cloud, which also helps companies leverage data they have stored in data warehouse platforms like Snowflake.¹⁴

With the recent rise of agentic AI, ThoughtSpot has also pivoted, such as by launching its agentic AI analyst, Spotter, in late 2024,¹⁵ as well as a unified agentic AI platform for BI in late 2025.¹⁶

ThoughtSpot stock and funding history

Forge Data as of 03/16/2026

ThoughtSpot has raised over $800 million since its founding. The ThoughtSpot Series A in 2012 raised over $10 million at a nearly $34 million valuation and a stock price of $0.88. Two years later, its Series raised over $30 million at a valuation just over $150 million and a stock price of $3.13.¹⁷

ThoughtSpot's next primary funding round came a little over two years later in late 2016, when its Series C raised almost $64 million at a valuation just over $315 million and a $4.94 price per share.¹⁸

A few months later, in early 2017, ThoughtSpot's Series C-1 raised another $60 million at a $5.76 stock price and a $430 million valuation. The next year, in 2018, ThoughtSpot reached unicorn status, with its Series D raising around $145 million at a valuation just north of $1 billion and a stock price of $9.69.¹⁹

In 2019, ThoughtSpot's valuation nearly doubled to just shy of $2 billion, with its Series E raising around $249 million, implying a stock price of $13.83. In early 2021, that bumped up to $15.60 and a $2.32 billion valuation, with ThoughtSpot's Series E-1 raising $20 million.²⁰

Then, in late 2021, a year that continued to have IPO buzz,²¹ ThoughtSpot raised $100 million for its Series F, jumping its valuation up to $4.2 billion and its stock price to $25.83.²²

And unlike many venture-backed tech companies that took down rounds in the post-2021 slump,  ThoughtSpot slightly grew its valuation again with a Series F-1 in mid-2023, raising nearly $125 million at around a $4.5 billion valuation, though its stock price remained the same at $25.83.²³

However, ThoughtSpot's Forge Price has tumbled over the past few years. In early 2023, ThoughtSpot's Forge Price was $11. While the Series F-1 very briefly brought its price back up, it has since been on a general downward trend and currently sits at $3.09. That implies a valuation of $537.09 million.²⁴

Forge Data as of 03/16/2026

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.

Some of ThoughtSpot's investors over the years have included Lightspeed Venture Partners, Khosla Ventures, General Catalyst, Capital One Ventures, March Capital, Snowflake Ventures, and Sapphire Ventures, to name a few.²⁵

How to buy ThoughtSpot stock

Although ThoughtSpot has expressed interest in going public in the past, it remains private for the time being, meaning its stock is not for sale to the general public. However, accredited investors may be able to buy ThoughtSpot stock through Forge's next-generation marketplace for private market trades, subject to availability. 

Forge’s technology and relationships help facilitate trading in private company share in companies like ThoughtSpot, along with other private market AI/analytics companies. 

For indirect exposure, investors could review opportunities to buy private market shares in other types of AI/analytics companies like:

• SambaNova Systems: Provides a holistic AI platform across areas like hardware, software, and models 
• Dataminr: Focuses on real-time event and risk detection 
• SandboxAQ: Uses large quantitative models (LQMs) instead of LLMs to try to tackle problems in scientific contexts like healthcare and cybersecurity
• DataRobot: Provides a platform for implementing enterprise AI, such as for building and managing AI agents

Who can invest in ThoughtSpot pre-IPO?

Generally, investment in ThoughtSpot pre-IPO is limited to accredited investors, as U.S. regulations mainly limit private companies when offering securities for sale.

Some large accredited investors, such as VC funds and certain high-net-worth individuals, may be able to invest in ThoughtSpot if selected to participate in primary funding rounds or strategic investment partnerships. Smaller accredited investors may choose to purchase ThoughtSpot stock through a private stock marketplace like Forge, subject to the availability of shares.  

Where to buy pre-IPO ThoughtSpot stock 

As a private company, pre-IPO ThoughtSpot stock is not for sale to the general public, but accredited investors may may gain access to opportunities to invest in shares through Forge’s marketplace, subject to share availability and transfer restrictions.

Through Forge, you can access ThoughtSpot'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 help provide context that investors can review when evaluating their own decisions.

Potential indirect exposure for ThoughtSpot for non-accredited investors

While retail investors may be able to invest in ThoughtSpot if it eventually conducts an IPO, for now, direct pre-IPO investment in ThoughtSpot is generally limited to accredited investors. However, there are publicly available investment options that may provide exposure to broader trends in the AI or data analytics sectors, which could, in turn, impact companies like ThoughtSpot.

Some examples include:

1. Publicly Traded Analytics Companies

Some publicly traded analytics companies include Domo, MicroStrategy. Or you might review broader tech companies like Microsoft, Salesforce, or Alphabet that have BI and other analytics platforms that more directly overlap with ThoughtSpot. Still, the degree of correlation varies, with many of these companies having exposure to many other areas of tech. Plus, performance may vary depending on factors like how these companies fare in competing for customers and optimizing capital.

2. Publicly Traded AI Companies

To gain indirect exposure to the AI aspect of ThoughtSpot, consider investing in publicly traded AI companies, such as Nvidia, AMD, and Palantir Technologies. Here too, investing in broader tech companies like Microsoft, Alphabet, or Meta, which are making big pushes into AI, could also provide some correlated exposure. Again, however, the degree of correlation varies, as these companies often have exposure to other markets and trends that ThoughtSpot does not.

3. Broader Tech Sector Funds

Retail investors might look for broader tech exposure by allocating to ETFs or mutual funds that hold a range of companies in areas like AI, cloud computing, analytics, but also some companies that are less connected to AI and analytics, such as some consumer tech companies. These funds might have varying degrees of overlap with ThoughtSpot, so investors have to weigh what level of indirect exposure to ThoughtSpot they want vs. more diversified tech exposure.

How to analyze ThoughtSpot stock

Considering private companies generally do not face the same disclosure requirements as public companies, analyzing ThoughtSpot stock can be challenging.

However, you can look at the financial data that has been publicly disclosed, such as some of ThoughtSpot's revenue numbers, along with valuation history.

For example, ThoughtSpot's former CEO Nair told Business Insider that the company was on track to cross $100 million in annual recurring revenue (ARR) in 2020, which he said was a key milestone for going public.²⁶ In 2023, the company acquired Mode Analytics, which helped it hit $150 million in ARR.²⁷ However, more up-to-date revenue is hard to come by, although the company did report 40% SaaS growth in 2024.²⁸

So, investors might compare this data to similar AI/analytics companies. That, combined with reviewing ThoughtSpot's valuation data across its funding rounds and its current Forge Price, could help investors determine how ThoughtSpot's stock compares to similar private companies listed on Forge's private stock marketplace.

In addition to looking at real-world market signals informing ThoughtSpot's current Forge Price, investors can discover other available investments and review market interest signals in real time. Seeing how other AI/analytics companies are trading on Forge can offer context that investors may review when assessing private market activity. There also might be some parallels to draw with public market AI/analytics companies.

Still, even when looking at what ThoughtSpot has disclosed and the real-time pricing insights on Forge, private market stocks are generally more opaque than public market ones. So, there can be more subjectivity involved in analyzing ThoughtSpot stock, along with the valuations of other private market companies.

Get started investing in ThoughtSpot on Forge

Those interested in exploring potential access to ThoughtSpot shares, if and when shares become available, can start creating a free Forge account to view opportunities for accredited investors (subject to share availability and transfer restrictions). Forge operates a leading marketplace that seeks to connect accredited investors with shareholders of private company stock. 

After verifying your accreditation, you may gain access to tools and insights intended to support your experience in the private market, including active private market opportunities and a platform experience designed for independent investors. If you're unfamiliar with the process, our buyer’s guide aims to offer a helpful starting point. And should you need additional support, Forge’s knowledgeable team is available to assist.

Sample of active market opportunities available on Forge marketplace as of 03/16/2026