How to Buy Rippling Stock Before the IPO

Parker Conrad built a $4.5 billion company, watched it collapse under regulatory scandal, paid a $1 million SEC fine—and then did something most founders never get to do: he built an even bigger one.

The short answer: You cannot buy Rippling stock directly. The company is private with no public ticker. Accredited investors may have limited access through secondary market platforms like EquityZen or Hiive, typically requiring $25,000+ minimums. Retail investors have no direct path to ownership.

Rippling’s $16.8 billion valuation makes it one of the most valuable private HR technology companies in the world. But the story here isn’t just about valuation—it’s about a founder’s redemption arc, a product that genuinely solves a painful problem, and an ongoing corporate espionage drama that reads like a thriller.

This guide covers what Rippling actually does, why investors are interested, how accredited investors might access shares, and what alternatives exist for everyone else.

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Quick Summary

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What Is Rippling?

Rippling is a workforce management platform that unifies HR, IT, and Finance into a single system. Instead of using separate tools for payroll, benefits, device management, and expense tracking—each requiring manual data entry and constant synchronization—Rippling connects everything through a single employee record.

The Problem Rippling Solves

When you hire someone at a typical company, a cascade of manual tasks begins:

1. HR enters the employee into the payroll system
2. Someone provisions their laptop and software access
3. Benefits enrollment requires separate paperwork
4. Finance sets up their corporate card and expense account
5. IT configures their email, Slack, and security permissions

Each system operates independently. When the employee gets promoted, changes departments, or leaves the company, someone has to update each system manually. Data gets out of sync. Mistakes happen. IT forgets to revoke access. Payroll keeps running for terminated employees.

Rippling’s insight: all of this should flow from a single source of truth.

How It Works

Rippling maintains one employee record that automatically propagates across:

HR Management:

• Payroll processing (global capabilities in 100+ countries)
• Benefits administration
• Time and attendance tracking
• Performance management
• Recruiting and onboarding

IT Management:

• Device provisioning and inventory
• Software access and licensing
• Identity and access management
• Security policy enforcement

Finance Management:

• Corporate cards
• Expense management
• Bill pay and accounts payable
• Spend analytics

When you onboard an employee in Rippling, they automatically get their laptop configured, software provisioned, benefits enrolled, payroll set up, and corporate card issued. When they leave, one click revokes everything.

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The Parker Conrad Story

Understanding Rippling requires understanding its founder—and his spectacular fall and rise.

The Zenefits Saga

Parker Conrad co-founded Zenefits in 2012 with a radical idea: give away HR software for free and make money selling health insurance. The company grew explosively, reaching a $4.5 billion valuation by 2015.

But the growth came with corners cut. Zenefits’ insurance brokers weren’t properly licensed in many states. To speed up the licensing process, Conrad allegedly created a browser extension that allowed employees to cheat on licensing exams.

In February 2016, Conrad resigned. The SEC investigation resulted in a $1 million personal fine. Zenefits’ valuation was eventually cut in half, and the company was acquired by TriNet for a fraction of its peak value.

The Redemption

Most founders would disappear after that kind of public failure. Conrad started Rippling in 2016, launching the product in 2017.

The thesis was different this time: instead of giving software away to sell insurance, build genuinely excellent software that companies will pay for. No regulatory shortcuts. No growth-at-all-costs mentality.

It worked. Rippling reached a $16.8 billion valuation in May 2025—nearly four times Zenefits’ peak. Forbes estimates Conrad’s net worth at $2 billion, based on his approximately 22% stake in the company.

The Ongoing Feud

Conrad’s relationship with David Sacks—the investor who replaced him as Zenefits CEO—remains publicly hostile. The two have traded barbs on social media and in interviews for years. It’s Silicon Valley drama at its finest, and it occasionally spills into Rippling’s public narrative.

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Can You Buy Rippling Stock?

For retail investors: No. There is no way to directly purchase Rippling shares without accredited investor status.

For accredited investors: Technically yes, but availability is extremely limited. Rippling shares rarely appear on secondary market platforms, and when they do, minimums are high.

The Accredited Investor Barrier

The SEC defines accredited investors as individuals meeting at least one of these criteria:

Income Test:

• $200,000+ annual income for the past two years (individual), OR
• $300,000+ combined with spouse
• Plus reasonable expectation of the same income this year

Net Worth Test:

• $1 million+ net worth, excluding your primary residence

Professional Credentials:

• Series 7, 65, or 82 licenses
• Certain other professional designations

The Reality: Even if you qualify as an accredited investor, finding Rippling shares to purchase is difficult. The company has tight controls on secondary sales, and employee liquidity programs are limited. Don’t expect to simply log into a platform and buy.

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How to Invest in Rippling (If Accredited)

For accredited investors determined to pursue Rippling shares, here’s what the landscape looks like:

Secondary Market Platforms

EquityZen

• Minimum investment: $10,000-$25,000+ typical
• Fees: 5-10% depending on transaction
• Process: Create account, verify accreditation, express interest
• Reality: Rippling shares are not consistently available

Hiive

• Minimum investment: $25,000+ typical
• Fees: 2-5% transaction fees
• Process: Similar accreditation verification
• Reality: Limited Rippling inventory

Forge Global

• Minimum investment: $100,000+ for many transactions
• Fees: Variable based on transaction size
• Process: More institutional focus
• Reality: May have better access for larger transactions

Why Rippling Shares Are Scarce

Several factors limit secondary market availability:

1. Company Restrictions: Rippling, like many private companies, has right of first refusal on share sales and can block transactions it doesn’t approve.

2. Employee Lock-ups: Many employees have contractual restrictions preventing sales before an IPO or specified holding periods.

3. Investor Discipline: Early investors often hold through IPO rather than selling at secondary market prices.

4. Growth Trajectory: With the company still growing rapidly, existing shareholders may see more upside ahead.

What to Expect If You Find Shares

Secondary market transactions typically involve:

• Extended Timelines: Weeks or months from expressing interest to closing
• Company Approval: Rippling must approve the transfer
• SPV Structures: You may buy through a Special Purpose Vehicle rather than holding direct shares
• Premium Pricing: Shares may trade above the last funding round valuation
• No Guarantees: The deal can fall through at multiple stages

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Alternatives for Retail Investors

If you can’t access Rippling directly, several public companies operate in the same HR technology space:

Public HR Software Competitors

Workday (WDAY) is the enterprise market leader in cloud HR and finance software. It’s the closest public comparable to Rippling’s vision, though focused on larger enterprises rather than the mid-market.

ADP (ADP) is the dominant payroll processor in the United States, serving over 1 million clients. It’s a more traditional player but offers exposure to the same workforce management trends.

Paycom (PAYC) focuses on the mid-market segment that Rippling also targets. It offers a unified platform for payroll, HR, and talent management.

The Rippling Difference

None of these public companies fully replicate Rippling’s unified HR/IT/Finance approach. Workday focuses on HR and Finance but not IT management. ADP is primarily payroll-focused. Paycom doesn’t handle device management or software provisioning.

Rippling’s integration of IT management into the HR platform is genuinely differentiated—which is partly why investors are willing to pay a premium for private shares.

Wait for the IPO

Rippling has not announced an IPO timeline, but based on its valuation trajectory and market conditions, most analysts expect a public offering in the 2027-2028 timeframe.

When the company does go public, retail investors will have equal access to shares at the IPO price (or in the secondary market immediately after).

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Rippling Valuation History

Rippling’s funding trajectory demonstrates consistent investor confidence:

The SVB Crisis Response

In March 2023, Silicon Valley Bank collapsed. Rippling, like many startups, had funds at SVB. Within days, Greenoaks Capital led a $500 million investment to shore up the company’s balance sheet—a vote of confidence during a moment of industry-wide panic.

Valuation Context

At $16.8 billion, Rippling trades at a premium to most public HR software companies on a revenue multiple basis. The company doesn’t disclose exact revenue figures, but estimates suggest $500 million+ in ARR, implying a 30x+ revenue multiple.

For comparison:

• Workday trades at approximately 8-10x forward revenue
• Paycom trades at approximately 8-12x forward revenue
• ADP trades at approximately 5-6x forward revenue

Investors are paying a significant premium for Rippling’s growth rate and market position.

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The Deel Lawsuit: Corporate Espionage Drama

Any discussion of Rippling’s investment case must address the elephant in the room: the company is locked in a legal battle with competitor Deel that involves allegations of corporate espionage.

What Happened

In March 2025, Rippling filed a lawsuit in Ireland alleging that Deel engaged in systematic corporate espionage. The key allegations:

• A Deel employee allegedly posed as a Rippling customer to gain access to internal systems
• Proprietary documents and competitive intelligence were allegedly stolen
• The alleged spy (Keith O’Brien) admitted to the conduct in court filings

Deel’s Response

Deel filed a counter-suit in Delaware with several allegations of its own:

• Rippling allegedly stole Deel’s Employer of Record (EOR) product design
• Claims of anti-competitive behavior
• Anti-SLAPP motion to dismiss Rippling’s lawsuit

What It Means for Investors

The lawsuit creates uncertainty but also validates Rippling’s competitive position. Companies don’t allegedly spy on irrelevant competitors.

Key considerations:

1. Legal Costs: Extended litigation consumes management attention and resources
2. Reputation Risk: Ongoing public drama could affect enterprise sales
3. Competitive Intensity: The HR tech market is clearly high-stakes
4. Resolution Timeline: Lawsuits can drag on for years

Fortune called it “a major scandal rocking the HR world.” For potential investors, it’s a risk factor that requires monitoring.

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Risks of Pre-IPO Rippling Investment

Beyond the standard risks of private company investing, Rippling carries specific concerns:

Founder Risk

Parker Conrad’s Zenefits history is both a strength and a weakness. He clearly learned from past mistakes—Rippling has no regulatory scandals. But the SEC fine and forced resignation remain part of his record. Some institutional investors may hesitate based on this history.

Competitive Risk

Rippling faces competition from multiple directions:

• Deel ($17.3B valuation) dominates international hiring
• Workday ($70B+ market cap) owns the enterprise market
• ADP ($110B+ market cap) has unmatched payroll infrastructure
• Gusto and others compete in the SMB segment

The HR tech market is crowded, well-funded, and intensely competitive.

Valuation Risk

At $16.8 billion, Rippling is priced for continued hypergrowth. If growth slows—due to competition, economic conditions, or execution challenges—the valuation could compress significantly.

Public market HR software companies trade at 5-12x revenue. Rippling reportedly trades at 30x+ revenue in private markets. That gap has to close eventually, either through revenue growth or valuation decline.

Liquidity Risk

Secondary market shares are extremely illiquid. If you invest:

• You cannot sell easily
• Transaction times can take months
• You may need to accept significant discounts to exit
• Company approval is required for transfers

Treat any investment as locked capital for 3-5+ years.

Legal Risk

The Deel lawsuit creates ongoing uncertainty. While Rippling appears to have the stronger position based on public filings, litigation is unpredictable. A negative outcome could impact valuation, management focus, and competitive positioning.

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When Will Rippling Go Public?

Official Statements

Rippling has not announced an IPO timeline. Parker Conrad has not made public statements about specific plans.

Analyst Speculation

Based on the company’s valuation trajectory and market conditions:

• Earliest: Late 2026
• Most Likely: 2027-2028
• Factors: Market conditions, growth metrics, legal resolution

Comparable Timelines

Rippling is on track for a faster path to public markets than most HR software predecessors, though the exact timing remains uncertain.

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The Bottom Line

Rippling represents a compelling pre-IPO opportunity—but one that’s nearly impossible to access.

If you’re an accredited investor: Secondary market platforms offer theoretical access, but Rippling shares are scarce. Expect high minimums ($25,000+), extended timelines, and no guarantee of finding available shares. The company’s tight controls on secondary sales make this one of the harder pre-IPO stocks to acquire.

If you’re a retail investor: Your best alternatives are public HR software companies like Workday (WDAY), ADP (ADP), or Paycom (PAYC). None perfectly replicate Rippling’s unified platform, but they provide exposure to the same workforce management trends.

For everyone: The Parker Conrad redemption story is compelling, and the product genuinely solves a real problem. But the $16.8 billion valuation prices in significant future growth, the Deel lawsuit creates uncertainty, and the competitive landscape is intense.

If you can access shares and believe in the long-term vision, Rippling could be a meaningful investment. But for most investors, waiting for the IPO—or investing in public alternatives—is the more practical path.

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Frequently Asked Questions

Can you buy Rippling stock?

No, Rippling is not publicly traded. The company remains private with no stock ticker. Accredited investors may have very limited access through secondary market platforms, but shares are scarce and minimums are high ($25,000+).

Is Rippling publicly traded?

No. Rippling is a private company valued at $16.8 billion as of May 2025. The company has not announced an IPO timeline, though analysts expect a public offering in the 2027-2028 timeframe.

How much is Rippling worth?

Rippling was valued at $16.8 billion in its May 2025 Series E funding round, led by Coatue Management. This represents a 24% increase from its $13.5 billion valuation in April 2024.

When will Rippling IPO?

Rippling has not announced a specific IPO date. Based on the company’s growth trajectory and typical private company timelines, most analysts expect an IPO in 2027 or 2028, depending on market conditions.

Who is Parker Conrad?

Parker Conrad is the CEO and co-founder of Rippling. He previously co-founded Zenefits, which reached a $4.5 billion valuation before collapsing amid regulatory scandals. Conrad resigned from Zenefits in 2016 and founded Rippling later that year. Forbes estimates his current net worth at $2 billion.

What is the Rippling vs Deel lawsuit about?

Rippling filed a lawsuit against competitor Deel in March 2025, alleging corporate espionage. Rippling claims a Deel employee posed as a customer to steal proprietary information. Deel filed a counter-suit alleging Rippling stole its product design. The litigation is ongoing.

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Sources

• Wikipedia: “Parker Conrad”
• Wikipedia: “Rippling (company)”
• Wikipedia: “TriNet Zenefits”
• TechCrunch: “Rippling raises $450M at a $16.8B valuation” (May 2025)
• TechCrunch: Rippling vs Deel lawsuit coverage
• Rippling Company Website: About page
• SEC: Accredited Investor Definition, Rule 501
• Hiive: Platform documentation
• EquityZen: Platform documentation
• Forge Global: Platform documentation