Substack Stock

Substack is currently a private company. This means that the company is not listed on any public exchange and so there is no public market for its stock. However, there may still be ways to monetize Substack stock. Depending on Substack’s policies, you may be able to:

1. find a private buyer in the secondary market to purchase your stock
2. borrow against your stock
3. exchange Substack stock into the Collective Exchange Fund for a limited partnership interest and then borrow non-recourse against your interest to generate immediate cash

This last alternative can be much quicker and net you more after-tax cash than your other options. An exchange into our fund also reduces your risk by diversifying your holdings out of an over-concentrated position.

Collective Liquidity can provide liquidity to shareholders of Substack stock in two ways. First, Substack employees can exchange shares into the Collective Exchange Fund and then borrow non-recourse to generate immediate cash. This can net you more after-tax cash than a stock sale. It also reduces your risk by diversifying your holdings out of an over-concentrated position. In some cases, Collective may also be able to purchase your Substack stock. Note that all transactions in Substack shares are subject to the company’s policies regarding secondary transactions. Schedule a call with a Collective Liquidity representative to learn more about your private market liquidity alternatives.

Substack stock is not listed on any public exchange and so there is no public market for its shares. Therefore, there is no single, centralized price for Substack stock. Typically, shares of private companies like Substack are set with buyers in one off negotiations. Collective Liquidity, however, uses a proprietary algorithm to determine its bids so we almost always have an immediately actionable price for you.

On Jul 2025, Substack is reported to have closed an equity financing in which the investors valued the company at $1.1B. This valuation is typically calculated by multiplying the per share price of the preferred stock sold in the financing by the number of Substack shares outstanding assuming the conversion of all stock options, warrants, etc.

Tickers are used to identify company’s shares on public markets like the NYSE or Nasdaq. Because Substack is not currently publicly traded, it does not have a ticker symbol.

Substack has not yet conducted an initial public offering (“IPO”) and so remains a private company. Though Substack is a well-known, successful company, there can be no assurance that it will ever go public or be sold. Because of the risk this imposes on Substack shareholders, many investors elect to gain liquidity for at least some of their shares before the IPO. Schedule a call with a Collective Liquidity representative to discuss your private market liquidity alternatives.