How to Invest in Intercom Pre-IPO

By Matthew DiLallo – Updated May 29, 2025 at 11:58 AM | Fact-checked by Frank Bass

Key Points

Intercom, an AI customer service platform, is not yet publicly traded as of mid-2025.
Accredited investors can buy pre-IPO shares on platforms like Forge Global and EquityZen.
Intercom may consider an IPO or other liquidity events in the future.

Intercom built a next-generation customer service platform for an artificial intelligence (AI)-first world. The company's technology combines an AI bot, AI Help Desk, and proactive support tools into a unified platform to help companies interact with customers. Over 25,000 companies use Intercom to send more than 500 million messages each month, including tech titans Amazon (AMZN -0.79%) and Microsoft (MSFT -0.38%).

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An infographic showing five examples of how artificial intelligence could be used in the customer service industry. — Image source: The Motley Fool.

The AI-powered customer service software company has quickly become a leader in helping companies improve customer communications. And it believes it's only scratching the surface of its potential.

That long growth runway has many investors eager to get their hands on its stock. Here's a look at everything you need to know about investing in Intercom stock ahead of a potential initial public offering (IPO).

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Stock

A stock represents an ownership interest in a business. When a business wants to raise money, its board of directors determines the number of shares to issue.

AI chatbot — Image source: Getty Images.

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IPO

IPO (Initial Public Offering) is the first sale of stock by a private company to the public, making it a publicly traded entity.

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Salesforce

Salesforce (CRM +0.21%) is the world's leading AI customer relationship management (CRM) platform. The company's unified platform, Einstein, combines CRM, AI, and data to empower companies to connect with customers.

It also offers a growing list of cloud-based products and solutions like Tableau, Slack, and MuleSoft. The company generated $37.9 billion in revenue in fiscal 2025 (a 9% increase from fiscal 2024) and $12.4 billion in free cash flow (31% growth). It returned $7.8 billion of that cash flow to investors via share repurchases and dividend payments.

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Someone uses a customer service chat feature. — Image source: Getty Images.

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Exchange-Traded Fund (ETF)

An exchange-traded fund, or ETF, allows investors to buy many stocks or bonds at once.

Since it's a private company, you can't get passive exposure to Intercom through ETFs. However, you can invest in the trends driving its growth through ETFs. Here are a few options to consider:

iShares Global Tech ETF (IXN -2.79%): The fund provides investors with exposure to the global technology sector. It had 120 holdings in mid-2025, including Salesforce (its eighth-largest holding, at 1.7% of its net assets). The fund had a 0.41% ETF expense ratio.
Global X Artificial Intelligence & Technology ETF (NYSEMKT:AIQ): The ETF seeks to invest in companies that should benefit from the development and utilization of AI. The fund had 85 holdings in mid-2025, including ServiceNow (its 12th-largest holding, at 2.8% of its assets) and Salesforce (its 17th-largest holding, at 2.6%). The ETF had a 0.68% expense ratio.
ARK Innovation ETF (ARKK -5.32%): The ETF, actively managed by Cathie Wood, focuses on technology companies delivering disruptive innovation. The fund typically has 35 to 55 holdings. Its top five technology themes were intelligent devices (19.4% of its holdings in mid-2025), next-gen cloud (15.2%), autonomous mobility (12.2%), neural networks (10.1%), and digital wallets (9.8%). It had a 0.75% expense ratio.

The bottom line on Intercom

Intercom is an early leader in using AI to help companies improve their customer communications. It's also a rarity among start-ups because it's already generating enough positive cash flow to self-fund its growth. Those features have investors eagerly awaiting its IPO.

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About the Author

Matt DiLallo has been a contributing Motley Fool stock market analyst specializing in covering dividend-paying companies, particularly in the energy and REIT sectors, since 2012. He also covers pre-IPO companies, ETFs, and other investing topics. He holds an MBA from Liberty University.

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John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Matt DiLallo has positions in Alphabet, Amazon, Ark ETF Trust - Ark Innovation ETF, HubSpot, Salesforce, and ServiceNow. The Motley Fool has positions in and recommends Alphabet, Amazon, HubSpot, Microsoft, Salesforce, and ServiceNow. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.