Pre-IPO refers to the phase in a company's lifecycle prior to its initial public offering (IPO), during which it remains privately held. This period allows select investors, such as venture capitalists and institutional investors, to invest in the company before it goes public. Pre-IPO investors often seek to capitalize on the potential for significant returns once the company becomes publicly traded. This stage is crucial for companies to fine-tune their business models, strengthen their financial positions, and prepare for the scrutiny of public markets.