Substack: Are Investors Ready to Subscribe?

Explore opportunities to invest in Substack stock before a potential IPO.

Invest in leading AI, fintech, and defense startups at Fundrise Venture*. $10 minimum to get started. 

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Notable Substack News

07/17/2025: Series C – A media future to believe in
03/11/2025: Substack Surpasses 5 Million Paid Subs 
11/18/2024: Substack Surpasses 4 Million Paid Subs 
03/30/2021: Substack confirms $65M raise
Older news…

About Substack

Substack is an online platform that enables writers and creators to publish newsletters and monetize their audiences through subscriptions.

It was founded in 2017 by Chris Best, Hamish McKenzie, and Jairaj Sethi, who sought to provide writers with a direct means of earning from readers without relying on advertising.

The company grew rapidly as independent journalists, authors, and experts sought alternatives to traditional media platforms.

Substack’s primary products include email newsletter publishing tools and a built-in payment system that allows creators to offer paid subscriptions.

It also hosts podcasts and supports community engagement features to deepen reader relationships.

The company is headquartered in San Francisco, California, and competes with platforms like Patreon, Medium, Discord, and Ghost. The name “Substack” reflects the idea of building independent media “stacks” beneath traditional publishing structures.

Ownership

Substack is a venture-backed private company. Its investors include the founders, employees, venture capital firms, and crowdfunding investors.

Notable venture capital investors include BOND Capital, TCG, The Chernin Group, Andreessen Horowitz, Wefunder, Lemonade Capital, Y Combinator, Fifty Years, Garage Capital, UpHonest Capital, VentureSouq, Jens Grede (CEO of Skims), 

Funding Rounds

WordPress Data Table Plugin

Valuation

The last confirmed Substack valuation is $1.1 billion based on the July 2025 funding round that raised $100 million. 

IPO Potential

The Substack IPO date is currently unknown. Leadership has not disclosed its intentions for the company. 

At a $1.1 billion valuation at the Series C round, Substack has room to grow before becoming profitable or going public.

Venture-backed private firms typically prefer to IPO at a valuation north of $5 billion to generate sizable returns for early investors and attract Wall Street funds. 

Substack is still in the early phases of growth, helping writers and creators maintain their independence by implementing a subscription model rather than advertising and affiliate marketing. 

Though it has proven scalability, it still must compete with social media networks, similar offerings like Beehiiv, and open web platforms like WordPress. 

Monitor this page for the latest news and updates as the company matures into the next phases of growth. 

How to Invest in Substack Stock

Since Substack is not a public company, it is challenging to become an equity owner today.

Its relatively small market cap means limited share availability in secondary marketplaces. 

However, you can take action to improve your chances of early equity ownership or acquire shares in the IPO. 

Otherwise, you’ll need to be patient for shares to begin trading after the IPO.

1. Invest in Substack on pre-IPO investing platforms

The author has seen limited evidence of Substack shares being available on pre-IPO platforms.

Accredited investors can monitor pre-IPO investing platforms such as Forge Global, EquityZen, Augment, and Hiive for share availability. 

Investment minimums range from $5,000 to $50,000 on these platforms.

As companies mature, gain more shareholders, and delay their IPO due to macro conditions, more equity holders may seek liquidation before the IPO. 

Non-accredited investors can invest in pre-IPO companies via venture capital funds targeted at retail investors. 

Fundrise Venture (review) is an accessible option for U.S. residents. However, Substack 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.

Check out our list of top pre-IPO investing platforms for current share availability. 

2. Participate in the Substack IPO through a broker

IPO investors may identify opportunities to invest during the IPO. That means acquiring shares at the IPO price the night before the company begins trading.

Once reserved for Wall Street’s wealthiest customers, IPO access has become more attainable to retail investors in the past five years. 

The online brokers listed below give customers free access to IPOs, even with low account minimums.

• TradeStation 
• Robinhood 

TradeStation has a longer track record of accessing more than 450 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 (e.g., Sweetgreen, Rivian).

Check out this list of the best brokers for IPO investing to learn more about IPO access for retail investors.

3. Invest During the Next Crowdfunding Campaign

In March–April 2023, Substack held an equity crowdfunding campaign on WeFunder called a “Community Round” aiming to involve writers and readers as investors. 

The company raised $7.8 million from 6,688 backers — far exceeding its $2 million goal — with an average investment of $250.

Beyond fundraising, Substack’s founders saw the effort as a way to strengthen feedback loops and deepen ties with the platform’s community, a key asset for the company’s future.

If Substack decides to conduct another crowdfunding round for either creators or the broader public, it would be another opportunity to invest. 

4. Participate in the Substack Directed Share Program (Creators)

Another possibility is a directed share program.

When companies file their S-1 SEC filing (to begin the IPO process), they sometimes include a directed share program for executives, affiliates, and others who helped the company grow.

Substack can attribute its success to the creators earning a living on the platform and subscribers paying them.

This presents a unique opportunity to offer IPO shares to the Substack community. 

Substack could offer IPO shares to creators first to gauge interest. The company could also offer IPO shares to subscribers. 

Similar IPO participation has occurred in the past. 

For example:

• Uber offered shares to drivers who completed a certain number of trips
• GoPro offered shares to its email list
• Airbnb offered IPO shares to hosts
• Robinhood offered IPO access to the Robinhood IPO

Considering Substack’s focus on the creator community, a directed share program would be an excellent way to express gratitude.

In addition, directed share programs reduce the number of shares allocated to Wall Street’s best customers, further emphasizing the important role of individual creators in our society. 

5. Buy Substack stock after the IPO

Though waiting for the IPO requires patience, there are advantages to waiting for the stock to become publicly traded before owning. 

First of all, the IPO allows investors to review financials. Pre-IPO investing has limited financials available. 

Second, IPO stock prices typically rise with high-demand companies. You can benefit if you’re in early and sell when the price overheats.

Many IPOs start with an immediate price increase (“the pop”). Then the stock falls once quarterly earnings reports become available.

In 2021, both Rivian and Robinhood became high-flying IPO stocks. But six months after the IPO, both stocks were more than 80% below their price peak. 

The stock price declines after the IPOs could become excellent entry points if you were not allocated IPO shares. 

Avoid buying overvalued shares immediately after the IPO. Shares often fall after the IPO due to lockup expirations and quarterly earnings disappointments. 

However, the most disruptive companies will be higher in a decade. Patience pays. 

Frequently Asked Questions (FAQs)

Is Substack publicly traded?

No. Substack is not publicly traded. 

What is the Substack stock symbol? 

Substack is still a private company, so there is no Substack stock symbol yet. 

Here are a few Substack ticker suggestions that are available in the U.S.: 

• STCK
• SUBK
• SBST

What is the Substack stock price?

There is no public Substack stock price yet. The company is private. 

The July 2025 Series C round transacted at $34.19 per share.

Where is the Substack IPO S-1 Filing?

Substack has yet to submit an S-1 filing to the SEC. When the company does, we’ll share it here. 

In the meantime, you can check out the most recent S-1 filings in our S-1 filings feed. 

Substack News Archive

07/17/2017: A better future for news

Conclusion

Substack’s own story continues to be told as one of the most closely watched in digital media transformation.

Its steady growth in paid subscribers and successful crowdfunding campaign signals a strong base of loyal users and investors who believe in its mission. The company’s growing valuation reflects both its progress and the distance yet to be traveled before a potential IPO.

By prioritizing direct relationships between creators and audiences, Substack has proven a model distinct from advertising and affiliate-driven platforms.

Its ability to sustain momentum will depend on balancing creator incentives with profitability and scaling responsibly.

Investors and users alike will be watching how Substack evolves from a niche platform to a broader publishing force.

Whether it becomes a public company or remains independent, Substack has already reshaped how writers earn and readers connect.

Investors eager to invest in Substack stock or participate in the IPO can monitor this page for the latest.