Silicon Valley’s Secondary Markets Are Bigger Than Ever

Secondary transactions involving venture-backed startups are on track to hit a new high this year, as companies like OpenAI, SpaceX and Stripe Inc. organize tender offers to get employees paid, and investors look for ways to offload stakes outside of initial public offerings.

Tender offers give staffers, former employees and certain investors a way to sell their shares directly to other investors. It’s a break from past years, when major startups looking for a payday for staff would go public — the traditional route to fame and fortune in the tech world.

But with IPOs scarce, tender offers and other types of ...