OpenEvidence Stock: Pre-IPO Prescription (How to Buy Guide)
This page contains links to our partners. We may be compensated when a link is clicked. Read the disclosures to learn more.
Explore opportunities to invest in OpenEvidence stock before, during, and after the IPO.
Buy and sell investments in pre-IPO startups via Hiive — a marketplace for private stock.
OpenEvidence Snapshot
- Company Status: Private, Series C+ – Dec 2025
- Focus: Healthcare AI, “ChatGPT for Doctors”
- IPO Timeline: 2-4 Years
- Retail Access: Limited (top-tier VCs only for now)
Table of Contents
Notable OpenEvidence News
12/14/2025: OpenEvidence Doubles Valuation to $12 Billion
07/15/2025: OpenEvidence Announces $210 Million Round
About OpenEvidence
OpenEvidence is an AI–driven medical information platform that Access IPOs has identified as a top-tier target pre-IPO investment for retail investors, particularly those in the medical field.
The company empowers doctors and medical professionals to quickly and thoroughly navigate and interpret scientific research.
It was founded in 2022 by Harvard- and MIT-trained founders Daniel Nadler and Zachary Ziegler, who saw physicians struggle with the volume of peer-reviewed medical literature and set out to build a tool that consolidates and vets that evidence into practical insights.
The company’s flagship products include an AI-enabled clinical search engine used in tens of thousands of hospitals and a specialized AI research assistant, DeepConsult, that synthesizes complex studies into actionable reports for doctors.
OpenEvidence also integrates licensed content from major medical journals, giving doctors immediate access to high-quality evidence at the point of care.
Headquartered in Cambridge, Massachusetts, the name reflects the company’s mission to make open, organized evidence the foundation of clinical decision-making.
In a crowded competitive landscape of general medical databases and transcription AI, OpenEvidence’s tight focus on physician workflows and real-time research relevance has helped grow adoption among a significant portion of U.S. physicians and improve patient outcomes.
Ownership
OpenEvidence is a venture-backed startup owned by its founders, employees, and multiple venture capital firms.
The company’s venture capital investors are top-tier firms, including Blackstone, Craft Ventures, GV, Kleiner Perkins, Conviction, Greycroft, Thrive Capital, and Sequoia Capital, which have likely bullied second- and third-tier VCs off the cap table.
Funding Rounds
| Round | Date | Est. Valuation | Raise Amount |
|---|---|---|---|
| Series C | 10/19/25 | $6.0B | $200.0M |
| Series B | 07/14/25 | $3.5B | $210.0M |
| Series A | 02/18/25 | $1.0B | $75.0M |
| Source: Caplight |
Valuation
The latest OpenEvidence valuation is $12 billion based on a funding round reported by The Information in December 2025.
The company is reportedly raising $250 million at the new valuation.
The last confirmed funding round closed at a $6 billion valuation in October 2025.
IPO Potential
Founded in 2022, OpenEvidence is a young company despite its rapid growth.
The start was reported to have 90% gross margins and surpassed $150 million in annualized recurring revenue (ARR) by the end of 2025. All indications are that the revenue model is sticky, and the product is crucial to Doctors’ workflows.
The revenue surge, market share penetration, and high margins suggest that top-tier VCs will encourage the company to stay private while in its growth phase.
Unfortunately, this will limit retail investor access until revenue and business operations stabilize in the coming years.
In typical fashion, VCs will benefit from the tremendous growth of top-tier startups while retail investors must wait for access.
That said, I am still optimistic about a potential IPO, as an open IPO window could lead to hundreds of startups choosing an earlier public listing over staying private in the next two to four years.
An S-1 filing (confidentially or publicly) is the most accurate sign that an IPO may be forthcoming.
The intent to move forward with an IPO is usually leaked to the press long before the S-1 filing becomes available to the public.
How to Invest in OpenEvidence Stock
OpenEvidence is a premium venture-backed startup with very high demand from private investors.
The company’s cap table — occupied by an elite group of venture capital firms — is likely to be hard to reach for many other VC firms, let alone retail investors.
Now that the company is estimated to be valued above $10 billion, we may start to see opportunities to invest in secondary markets or venture capital funds.
Here are some potential options to own OpenEvidence stock before, during, and after the IPO.
1. Invest Pre-IPO
Pre-IPO investment platforms may offer OpenEvidence stock for purchase as employees or early investors seek to sell some of their shares before the OpenEvidence IPO.
Accredited investors may find access via special purpose vehicles (SPVs) typically assembled by syndication networks, secondary platforms, and smaller VC firms.
Monitor pre-IPO investing platforms such as Hiive, Augment, Forge Global, and EquityZen for share availability.
If shares become available, expect to pay at least a $10,000 investment minimum, often more.
Non-accredited investors can invest in pre-IPO companies via venture capital funds targeted at retail investors.
Fundrise Venture (review) is an excellent option. However, OpenEvidence is not currently in the portfolio.
Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.
2. Participate in the OpenEvidence IPO through a broker
When a startup IPOs, retail investors can often buy the stock during the IPO at the IPO price.
The trend of retail access has been improving for the last decade, but accelerated in 2025. We expect more retail access to IPOs in the coming years.
Some online brokers (like the ones listed below) allow investors to invest in IPOs for free, even if they have limited funds in their accounts.
TradeStation has a more established track record of accessing more than 400 IPOs and secondary offerings via its partnership with Click Markets.
Robinhood has the advantage of Silicon Valley networks and a history of getting allocations for high-profile IPOs.
Check out this list of the best brokers for IPO investing to learn more about IPO access for retail investors.
For investors eager to invest in some of the top companies emerging from private markets, the best strategy is to open accounts with multiple brokers, as allocations vary per deal.
3. Buy OpenEvidence stock after the IPO
Most retail (and institutional) investors will need to wait until after the IPO to invest.
Waiting for the IPO has advantages, like access to more established financials after the first quarter of trading. Pre-IPO investing has limited financials.
High-demand companies in AI and medicine may have exaggerated valuations initially. Investors can benefit by attempting to sell near the peak, but may suffer when prices revert to fair valuations.
IPOs often start with high valuations, but stock prices may fall after the first and second-quarter earnings reports expose significant numbers and trends.
Avoid chasing overpriced IPOs after their debuts.
Stock price declines can be excellent entry points for recent IPO stock. Avoid buying overvalued shares immediately after the IPO due to lockup expirations and earnings disappointments.
However, the most disruptive companies may perform better over a decade, so patience is key.
Investor Takeaways
OpenEvidence’s ascent is a result of a rare combination of fast revenue growth, deep clinical adoption, and firm capital backing for a company this young.
Its emphasis on licensed medical sources and workflow-specific tooling suggests a defensibility that generalist AI platforms (like ChatGPT, Mistral AI, and Grok) will struggle to replicate in regulated healthcare settings.
The presence of elite venture firms on the cap table signals both confidence in execution and a strong incentive to delay an IPO until operational metrics mature further.
For eager retail investors (including many doctors), this increases the likelihood that meaningful upside accrues privately, while public entry may face a higher valuation threshold.
Interested retail investors can watch IPO-related headlines (fund raises, key hires, talking to investment banks), continued adoption, customer retention rates, and international expansion.
If its market share holds, OpenEvidence could emerge as a public company in the next few years. However, as is often the case, early VCs will enjoy the best returns.
Frequently Asked Questions (FAQs)
Craig Stephens founded Access IPOs in 2016 to help ordinary investors explore IPO and pre-IPO opportunities. He also manages the Access Club, a membership community for IPO and startup investors. Craig studied Finance at Michigan State University and lives in Northern Virginia. Learn more about Craig.
* This is a testimonial in partnership with Fundrise, Hiive, Robinhood, and other affiliate partners. We earn a commission from partner links on AccessIPOs.com. All opinions are my own. If you sign up with one of our partners through certain on this website, Access IPOs will be compensated at no additional cost to the reader. See the full disclosure here. Risk Statement: Access IPOs is for informational purposes only and does not recommend buying or selling any specific pre-IPO company, IPO, or public company. Investing in IPOs and pre-IPO startups involves significant risk. Do not invest in companies based solely on what is included in this article. Only invest in IPOs and pre-IPO companies with money you can afford to lose. Mentions of specific investments should not be construed as financial advice. Conduct personalized research and consider consulting with an investment advisor before investing. Disclosure: The author may hold an active or pending position in this company either directly or indirectly through an investment fund.
