Secondary Flow | Private Market & Pre-IPO Intelligence
Secondary Flow is a private-market and pre-IPO intelligence platform for tracking pre-IPO companies before they go public. Follow the private companies you care about, build watchlists, and stay ahead of valuation changes, new funding rounds, and company news — all in one ranked, comparable view.
Every company is scored by proprietary market analysis powered by machine-learning algorithms. The composite model weighs founder and investor quality, sector momentum, valuation versus public comparables, and secondary-market pricing, and is continuously backtested and self-calibrated against realized outcomes, so the ranking sharpens as more results resolve.
What you can do with Secondary Flow
- Track private-market & pre-IPO companies — keep a live portfolio of the private and pre-IPO names you follow, with valuations, funding history, and composite scores in one place.
- Build watchlists — group companies into custom watchlists and monitor them side by side.
- Create alerts — get notified on valuation changes, new funding rounds, and company news for any company you track.
- Proprietary machine-learning scoring — a transparent composite score ranks each company across team quality, sector momentum, valuation versus public comparables, and secondary-market pricing.
- Benchmark valuations — compare private and pre-IPO valuations against public comparable companies and track round-over-round growth.
- See what shares are trading at — current secondary-market prices per share for every tracked private company, with implied valuations and a share-value calculator on each company's page.
Frequently asked questions
How do I analyze a private company like OpenAI and its expected returns?
Secondary Flow scores each private and pre-IPO company with a proprietary composite model — team quality, sector momentum, valuation versus comparable companies, and secondary-market pricing — alongside valuation history and round-over-round growth, so you can analyze how a company like OpenAI is valued and how its valuation has moved. It is research and decision-support, not investment advice or a forecast of returns.
Can I track the performance of private companies?
Yes. Secondary Flow tracks valuations, funding rounds, round-over-round valuation growth, and composite scores for private and pre-IPO companies in one ranked, comparable view, updated as new data and outcomes come in.
Can I create watchlists of private companies?
Yes. Build custom watchlists of private and pre-IPO companies and monitor their valuations, funding history, comparables, and composite scores side by side, with alerts on valuation changes, new funding rounds, and company news.
What is OpenAI’s valuation and latest funding round?
Secondary Flow tracks OpenAI’s latest private-market valuation, revenue estimate, and funding-round history, updated as new information becomes known. OpenAI’s current figures appear in the In Demand list of the most sought-after private companies.
How does Anthropic’s revenue and valuation compare to OpenAI?
Anthropic and OpenAI are both tracked as top-ranked AI foundation-model companies. Secondary Flow lets you compare them side by side on private-market valuation, revenue, round-over-round growth, and composite score.
Which private companies have grown the most since their last valuation round?
Every company shows its round-over-round valuation growth versus its last priced round, and the ranked list can be sorted by valuation change to surface the biggest movers.
Who are the largest private companies today?
Secondary Flow’s In Demand list ranks the most sought-after private companies — including OpenAI, Anthropic, xAI, Databricks, and Stripe — and can be sorted by valuation to see the largest by private-market value.
Does Secondary Flow provide financial machine-learning model analysis of companies like OpenAI?
Yes. A proprietary composite model powered by machine-learning algorithms scores and ranks private companies, including names like OpenAI and Anthropic, weighing team quality, sector momentum, valuation versus comparable companies, and secondary-market pricing, and it is continuously backtested and self-calibrated against realized outcomes.
What is the composite score for a company like OpenAI?
The composite score is a single 0–100 rating built from weighted factors — team quality, sector trend, secondary-market pricing, and valuation versus comparable companies. Secondary Flow computes composite scores across tracked private and pre-IPO companies and shows the full factor breakdown for each.
Not investment advice. Secondary Flow is an independent research and decision-support tool for informational and educational purposes only, and is not a registered broker-dealer or investment adviser. All data shown is compiled from publicly available sources believed reliable but not independently verified, and is provided “as is” without warranty; Secondary Flow does not knowingly use confidential or material non-public information, and company names and trademarks are the property of their respective owners (no affiliation or endorsement implied).
Intelligence
Enterprise + sovereign AI foundation models
Cohere builds enterprise-grade large language models and AI agents, focused on secure, private, and sovereign deployments that can run inside a customer's own cloud or on-premises rather than only via public API. Its product line spans the Command generative models, embedding and reranking models for RAG, and the North agent platform.
Composite score: 100/100 · Implied valuation: $5.08B
Frontier AI foundation models
OpenAI builds frontier generative-AI models and sells access through the ChatGPT assistant (consumer and enterprise) and a developer API, plus image, video, and agentic products built on those models. Its revenue is a mix of consumer subscriptions, enterprise seats, and usage-based API.
Composite score: 97/100 · Implied valuation: $862.6B
Data + AI infrastructure (lakehouse)
Databricks is a data and AI platform built around the open lakehouse architecture, unifying data warehousing, data engineering, and machine learning on one governed system. Its cloud service lets enterprises store, process, and analyze large data sets and build, train, and deploy AI applications on that data.
Composite score: 95/100 · Implied valuation: $167.15B
AI video/image generation (creative tools layer)
Higgsfield AI is an AI-native video and image generation platform that lets users produce cinematic short-form clips from text prompts, images, or motion references, with a particular focus on precise camera control and character/brand consistency. Rather than training its own foundation model, it chains together and post-trains on top of third-party models (Veo, Kling, Sora, Seedance, etc.) inside a browser-based studio and developer API.
Composite score: 91/100 · Implied valuation: $1.3B
Open-weight LLM / foundation models
Mistral AI is a Paris-based AI lab that builds large language models and the Le Chat assistant, releasing many models under open weights. It positions itself as Europe's leading independent frontier developer with an emphasis on sovereign, on-premise, and customizable deployment for enterprises and governments.
Composite score: 89/100 · Implied valuation: $20B
Autonomous vehicles / robotaxi
Waymo is Alphabet's autonomous-driving subsidiary operating a commercial robotaxi ride-hailing service across several major U.S. metros, providing more than 400,000 paid rides per week. It builds its own full self-driving stack (the Waymo Driver) and partners with automakers on purpose-built vehicles rather than selling cars.
Composite score: 88/100 · Implied valuation: $126B
Humanoid robotics / embodied AI
Figure AI is a US developer of general-purpose humanoid robots that combines proprietary hardware with an in-house vision-language-action model (Helix) to automate physical labor. It runs its own BotQ manufacturing facility and has deployed robots with commercial partners such as BMW.
Composite score: 87/100 · Implied valuation: $33.11B
Defense technology / autonomous systems
Anduril Industries builds autonomous defense systems, hardware including drones, sensors, and counter-drone platforms, unified by its Lattice command-and-control software. It sells these as commercial off-the-shelf products to the U.S. and allied militaries rather than developing bespoke platforms under cost-plus contracts.
Composite score: 87/100 · Implied valuation: $100B
AI foundation models
Anthropic is an AI safety and research company that builds Claude, a family of large language models offered through a chat assistant, a developer API, and enterprise products like Claude Code. It positions around safety-focused, reliable frontier models for coding, agents, and enterprise workloads.
Composite score: 85/100 · Implied valuation: $1.12T
Blockchain analytics / crypto compliance
Chainalysis is a blockchain data platform that provides investigation, compliance, and risk-monitoring software to governments, financial institutions, and crypto businesses. It maps on-chain activity to real-world entities so customers can trace funds, screen transactions, and meet anti-money-laundering requirements.
Composite score: 82/100 · Implied valuation: $1.37B
Enterprise work AI / knowledge search
Glean is a work AI platform that unifies enterprise search, an AI assistant, and custom AI agents over a company's own internal content and tools, connecting to 100+ workplace apps to answer questions and automate tasks using company-specific context.
Composite score: 81/100 · Implied valuation: $6.69B
AI training-data infrastructure
Scale AI builds the data infrastructure behind modern AI models, providing human-labeled and annotated training data, reinforcement learning from human feedback (RLHF), and model evaluation for AI labs, enterprises, and government agencies. In June 2025 Meta invested about $14.3 billion for a roughly 49% stake, valuing Scale at about $29 billion, and founder Alexandr Wang left to lead Meta's superintelligence effort while Scale remained independent under interim CEO Jason Droege.
Composite score: 78/100 · Implied valuation: $17.23B
Brain-computer interface (implantable neurotech)
Neuralink is a US brain-computer interface company building the fully-implanted N1 device, which uses roughly 1,024 electrodes across flexible threads placed by a surgical robot to let people control computers with thought. It has expanded from its first human implant in early 2024 to about a dozen recipients by late 2025.
Composite score: 77/100 · Implied valuation: $48B
AI cloud infrastructure / vertically-integrated power + compute
Crusoe builds and operates AI-optimized data centers and a GPU cloud, vertically integrated down to power generation itself, starting from flare-gas capture and expanding into wind/solar/battery/gas-powered mega-campuses for AI training and inference.
Composite score: 77/100 · Implied valuation: $26.45B
Corporate spend management fintech
Ramp is a corporate card and spend management platform combining charge cards, bill pay, expense reporting, procurement, and treasury with software that automates finance operations and flags wasteful spending. It has leaned into AI agents that reconcile transactions and help finance teams cut costs.
Composite score: 76/100 · Implied valuation: $44.57B
Consumer fintech / digital neobank
Revolut is a London-based fintech super-app offering multi-currency accounts, cards, payments, foreign exchange, stock and crypto trading, savings, lending, and business banking to more than 60 million retail customers globally. It is the world's most valuable private fintech.
Composite score: 74/100 · Implied valuation: $75B
Personal AI hardware + foundation models · Series A
Hark is a stealth AI lab building a family of personal AI devices: foundation models, native hardware, and a new interface designed together from scratch, rather than bolting AI onto an existing device category (phone, glasses, earbuds).
Composite score: 71/100 · Implied valuation: $6B
Generative AI music creation
A generative AI platform that creates full songs - vocals, instrumentation, and lyrics - from a text prompt, aimed at consumer and creator music production rather than professional studio tools.
Composite score: 67/100 · Implied valuation: $5.06B
Space-based AI compute infrastructure
Starcloud builds solar powered satellites equipped with GPUs to run AI compute and data storage in low Earth orbit, aiming to supplement ground based data centers with an orbital constellation. It flew the first Nvidia H100 GPU to operate in space in November 2025 and is developing larger Starcloud-3 satellites for its planned network.
Composite score: 65/100 · Implied valuation: $2.15B
Visual design / creative software (SaaS)
Canva is an Australian visual communication platform offering a freemium, drag-and-drop design tool that lets non-designers create graphics, presentations, videos, and marketing assets in the browser. It has expanded into an AI-powered visual suite for consumers, teams, and enterprises.
Composite score: 65/100 · Implied valuation: $41.3B
HR / IT / workforce-management SaaS
Rippling is a workforce management platform that unifies HR, IT, and finance operations on a single system built around a central employee-data record. It automates payroll, benefits, device and app provisioning, and spend management so companies can run the full employee lifecycle from one place.
Composite score: 64/100 · Implied valuation: $16.15B
AI inference cloud / model-serving platform
An 'AI-native cloud' offering serverless and dedicated inference, GPU compute, and model fine-tuning/training across 200+ open-source models, positioned as a full-stack developer platform rather than raw compute rental.
Composite score: 63/100 · Implied valuation: $7.65B
Payments infrastructure / fintech
Stripe is a financial infrastructure company whose APIs let businesses accept online and in-person payments, issue cards, run billing and invoicing, and manage money movement. It processed roughly $1.9 trillion in total payment volume in 2025 and is one of the most valuable private technology companies.
Composite score: 62/100 · Implied valuation: $178.89B
Productivity / collaborative work software (SaaS)
Notion is a connected workspace app that combines notes, documents, wikis, databases, and project management into a single flexible tool, with an AI assistant layered across it. It serves individuals, teams, and enterprises who want to replace a stack of separate productivity tools with one customizable system.
Composite score: 61/100 · Implied valuation: $11B
Global payroll / EOR HR SaaS
Deel is a global payroll and HR platform that lets companies hire, onboard, and pay full-time employees and contractors in over 150 countries through a unified system. It combines employer-of-record (EOR) services, contractor management, and localized payroll infrastructure into one platform.
Composite score: 59/100 · Implied valuation: $15.61B
AI-powered search / answer engine
Perplexity is an AI-powered answer engine that combines large language models with real-time web search, returning direct, cited answers instead of a list of links, with specialized search modes (Academic, YouTube, Reddit) and a conversational, follow-up-aware interface.
Composite score: 58/100 · Implied valuation: $18.04B
Prediction markets / event derivatives
A crypto-settled prediction market platform where users trade shares (priced $0-$1) on the outcome of real-world events - politics, sports, crypto, and culture - with markets resolved on-chain via an oracle.
Composite score: 51/100 · Implied valuation: $13.47B
Humanoid robotics, home robots
1X Technologies, formerly Halodi Robotics, is a Norwegian-American robotics company building humanoid robots: the earlier EVE model for light commercial settings and the newer NEO model built for the home, which opened for consumer pre-order in late 2025 with shipments beginning in 2026. Unlike most humanoid-robotics competitors, which are targeting warehouses and factories first, 1X has bet on the home as the primary market for its bipedal robots.
Composite score: 49/100 · Implied valuation: $10B
Autonomous maritime defense shipbuilding
Saronic Technologies designs, manufactures, and operates AI enabled autonomous surface vessels, from small reconnaissance boats up to the 150 plus foot Marauder class ship, for the US Navy and allied defense customers. It is vertically integrated, building its own hardware, autonomy software, and shipyards rather than buying vessels from traditional shipbuilders and bolting on autonomy.
Composite score: 48/100 · Implied valuation: $9.27B
Blockchain payments infrastructure and digital assets
Ripple Labs builds blockchain-based payment infrastructure, most notably RippleNet, a network banks and payment providers use to settle cross-border transactions, and it created and holds a large reserve of XRP, the digital asset used as a bridge currency on the XRP Ledger. The company has more recently expanded into a dollar-backed stablecoin (RLUSD) and institutional digital-asset custody.
Composite score: 47/100 · Implied valuation: $36.62B
AI training/inference semiconductor design
Designs AI training and inference chips using an open, chiplet-based architecture (open RISC-V hardware, open-source software stack) as an alternative to NVIDIA's closed GPU ecosystem, and also licenses its chip IP to other companies.
Composite score: 47/100 · Implied valuation: $3.21B
Commercial space stations / space infrastructure
Axiom Space is building a commercial space station, starting with modules that dock to the ISS before detaching into an independent free-flying station once the ISS retires; it also runs private astronaut missions and is developing new EVA spacesuits.
Composite score: 47/100 · Implied valuation: $1.57B
Composite score: 43/100 · Implied valuation: $1.92B
AI copilot for investment banking / capital markets
An AI platform purpose-built for investment banking and finance professionals that unifies internal firm data with external sources (SEC filings, secondary research, FactSet, S&P) to automate research, slide decks, company profiles, and investment memos.
Composite score: 41/100 · Implied valuation: $2.17B
Photonic computing / AI interconnects · Series B-2
Lightmatter builds photonic (light-based) computing hardware for AI infrastructure: the Envise photonic processor for AI acceleration, and the Passage photonic interconnect for high-speed chip-to-chip networking inside AI supercomputers, aiming to cut the power consumption of AI compute and data movement.
Composite score: 35/100 · Implied valuation: $4.65B
Video game publishing and 3D engine licensing
Epic Games develops and publishes video games, most prominently Fortnite, one of the largest live-service game ecosystems in the world. It also builds and licenses the Unreal Engine, a real-time 3D engine used across game development, film, architecture, and enterprise simulation, and separately operates the Epic Games Store, a PC game marketplace that competes with Steam.
Composite score: 34/100 · Implied valuation: $6.97B
Partner/affiliate marketing software (MarTech)
impact.com is a partnership management platform that helps enterprises discover, manage, and optimize all types of business partnerships, including affiliates, influencers, commerce content publishers, and B2B partnerships, from a single unified dashboard. It provides tracking, fraud detection, contracting, and payment automation for brands such as Walmart, Uber, Shopify, and L'Oreal.
Composite score: 33/100 · Implied valuation: $1.5B
Nuclear fusion power generation
Helion Energy is developing modular fusion generators using a pulsed field-reversed-configuration approach that aims to generate electricity directly from the fusion reaction (no steam turbine), targeting aneutronic deuterium-helium-3 fuel. Its Polaris prototype reached 150M°C in Feb 2026, and Helion has a power-purchase agreement with Microsoft for its first 50MW commercial plant (targeting 2028).
Composite score: 30/100 · Implied valuation: $15.5B
Regulated prediction-market exchange
Kalshi is a CFTC-regulated US derivatives exchange where users trade contracts on the outcome of real-world events (politics, sports, economics). As of mid-2026 it holds roughly 57% of US prediction-market volume, well ahead of Polymarket.
Composite score: 30/100 · Implied valuation: $20B
AI cloud infrastructure / GPU compute
Lambda is a GPU-native cloud infrastructure provider focused exclusively on AI compute: on-demand NVIDIA H100/H200 GPU clusters, private superclusters, and pre-built AI workstations/servers, with priority chip allocation from a direct NVIDIA partnership.
Composite score: 29/100 · Implied valuation: $7.04B
Advanced nuclear microreactors
Aalo Atomics builds factory-fabricated, sodium-cooled microreactors (10 MWe units bundled into 50 MW "Aalo Pods") designed to deliver low-cost, predictable nuclear power to data centers and industrial sites.
Composite score: 25/100 · Implied valuation: $3B
Robotic industrial inspection + asset-health software
Gecko Robotics builds wall-climbing and multi-terrain robots paired with an AI software platform (Cantilever) that inspects industrial assets like power plant boilers and ship hulls, generating far denser inspection data than manual methods to predict failures before they happen.
Composite score: 24/100 · Implied valuation: $1.13B
Defense AI autonomy software
Builds Hivemind, an AI autonomy software stack that lets military and commercial aircraft/drones fly and operate without GPS, communications, or a human remote pilot - designed to be multi-role and multi-vehicle.
Composite score: 22/100 · Implied valuation: $13.35B
AI inference chips + enterprise AI systems
SambaNova Systems designs its own AI chip, the Reconfigurable Dataflow Unit (RDU), and sells complete hardware-plus-software systems built on it, letting enterprises run and serve large language models on premises instead of renting GPU capacity from a cloud provider. It positions itself against NVIDIA's GPU/CUDA ecosystem with an architecture built specifically for fast, efficient inference.
Composite score: 19/100 · Implied valuation: $11B
Direct-to-consumer home insurance (insurtech)
Kin is a direct-to-consumer home insurance company that sells homeowners, condo, landlord, and mobile-home policies online, cutting out traditional agents. It focuses on natural-disaster-prone U.S. states such as Florida and Texas, underwriting with proprietary data including property records, permit filings, and aerial imagery, and issues much of its coverage through policyholder-owned reciprocal exchanges.
Composite score: 16/100 · Implied valuation: $2.3B
Autonomous drone delivery logistics
Builds and operates an end-to-end autonomous drone delivery system - its own aircraft, launch/landing infrastructure, and logistics software - delivering blood, medical supplies, food, and retail goods, with over 2 million deliveries completed across Africa, the US, and Japan.
Composite score: 15/100 · Implied valuation: $6.2B
Solid rocket propulsion / additive manufacturing for defense-space · Series D
Firehawk Aerospace manufactures solid rocket motors using 3D-printed thermoplastic propellant, aiming to cut production time from months to under a day and enable more precise, tunable thrust profiles for defense and space applications.
Composite score: 14/100 · Implied valuation: $1.25B
Humanoid robotics for industrial automation
Apptronik builds Apollo, a general-purpose humanoid robot aimed at industrial and warehouse labor with NASA-derived robotics heritage, currently piloting with partners including Mercedes-Benz, GXO Logistics, and Jabil.
Composite score: 9/100 · Implied valuation: $5.34B
Payments orchestration / e-commerce checkout (LatAm) · Series A Ext.
DEUNA is a Latin America-focused payments orchestration and one-click checkout platform that helps merchants integrate multiple payment methods, reduce fraud, and increase conversion through a shared shopper-identity network.
Composite score: 1/100 · Implied valuation: $127M
Aerospace / commercial aircraft manufacturing
JetZero is developing a blended-wing-body commercial aircraft (the Z4) targeting the 200-270 seat "middle of the market" segment once served by Boeing's 757/767, claiming up to 50% lower fuel burn than a conventional tube-and-wing design of similar capacity. Backed by airline investors and the US Air Force, targeting a full-scale demonstrator flight in 2027 and certification by 2030.
Composite score: 0/100 · Implied valuation: $686.2M
AI coding assistants / developer tools
Anysphere builds Cursor, an AI-native code editor (a VS Code fork) that uses large language models to autocomplete, refactor, and autonomously execute multi-file coding tasks inside the IDE.
Implied valuation: $53.35B
In Demand
Demand 96/100 (Very hot) · AI / Foundation Models
OpenAI is the most-requested AI name on secondary desks with persistently oversubscribed demand and a priced SoftBank-led round near $500B. Its late-June decision to postpone a public listing to 2027 slightly cooled IPO-timing bets but did nothing to dent bid interest against very thin available supply.
Valuation: $500B as of 2026-05 · Revenue: $13B (est.)
Demand 95/100 (Very hot) · AI / Foundation Models
Anthropic closed a $65B Series H at a $965B post-money valuation and submitted a draft IPO registration on June 1, with run-rate revenue reported crossing well into the tens of billions. It ranks #1 for activity on Augment's platform, and demand far outstrips the scarce secondary shares changing hands.
Valuation: $965B as of 2026-06 · Revenue: $8B (est.)
Demand 91/100 (Very hot) · Data / AI Infrastructure
Databricks is in talks for a fresh round at $165B-$175B, up sharply on 65% ARR growth to a $5.4B run-rate, and is openly in IPO-preparation mode targeting a listing as soon as late 2026. That when-not-if status plus steady secondary volume keeps it near the top of every most-wanted list.
Valuation: $165B (est.) as of 2026-06 · Revenue: $3.7B (est.)
Demand 89/100 (Very hot) · Defense Tech
Anduril is raising ~$4B toward a $60B valuation after doubling revenue to about $2.2B in 2025 and winning a $20B U.S. Army counter-drone contract. Defense-tech is one of the hottest secondary sectors, and repeated markups are pulling in a widening base of institutional bids.
Valuation: $60B (est.) as of 2026-06 · Revenue: $2.2B (est.)
Demand 88/100 (Very hot) · AI / Foundation Models
xAI trades actively on secondary desks even after its reported all-stock merger into SpaceX at a ~$1.25T combined value, with Notice still pricing the standalone ticker. Aggressive fundraising cadence, Grok momentum and heavy news interest keep bid/ask demand elevated across marketplaces.
Valuation: $200B (est.) as of 2026-02 · Revenue: $2B (est.)
Demand 87/100 (Very hot) · Fintech
Stripe runs one of the deepest, most liquid secondary markets of any private company, and a February 2026 tender cashed out employee shares at a $159B valuation, up from $91.5B a year earlier. Management says it is in no rush to IPO, so tenders anchor strong, recurring demand.
Valuation: $159B as of 2026-02 · Revenue: $5.5B (est.)
Demand 86/100 (Very hot) · Autonomous Vehicles
Waymo raised about $16B near a $110-126B valuation in early 2026 as driverless ride-hailing scaled across U.S. markets, and its Notice price has climbed steadily to roughly $200/share. Autonomy is a top-heat theme, and scarce founder/employee supply keeps secondary bids firm.
Valuation: $126B as of 2026-02 · Revenue: $200M (est.)
Demand 85/100 (Very hot) · Robotics / Humanoids
Figure AI raised a Series C around a ~$39B valuation, a huge step-up from $2.6B, as humanoid robotics became one of 2026's most sought-after deep-tech themes. Commercial pilots in manufacturing plus intense investor FOMO drive active secondary demand despite very limited float.
Valuation: $39B (est.) as of 2025-09 · Revenue: $30M (est.)
Demand 84/100 (Hot) · Prediction Markets
Polymarket's usage and mainstream attention surged through the 2026 news cycle, and a fresh raise near a $9B valuation multiplied its mark ninefold in two years. Prediction markets are a breakout sector, and the up-round is fuelling strong secondary bids on thin supply.
Valuation: $9B as of 2026-06 · Revenue: $100M (est.)
Demand 84/100 (Hot) · Defense Tech
Shield AI raised $2B in a Series G that more than doubled its valuation to $12.7B, with revenue projected above $540M this year. Riding the same defense-autonomy tailwind as Anduril, its Hivemind pilots and rapid markup keep it high on secondary buyers' lists.
Valuation: $12.7B as of 2026-03 · Revenue: $540M (est.)
Demand 83/100 (Hot) · AI / Search
Perplexity's ARR pushed toward $500M as it markped up to a ~$20B valuation, and its shares trade actively on the secondary market at roughly $59. Rapid consumer-AI-search growth and frequent up-rounds keep it a fixture near the top of most-wanted secondary lists.
Valuation: $20B (est.) as of 2026-05 · Revenue: $500M (est.)
Demand 82/100 (Hot) · AI / Foundation Models
Mistral raised $3.5B in June 2026 at a $20B valuation and took on debt to buy ~13,800 Nvidia chips for a major data-center build-out. As Europe's flagship open-weight lab it draws cross-border secondary demand, and each raise has stepped the mark meaningfully higher.
Valuation: $20B as of 2026-06 · Revenue: $150M (est.)
Demand 82/100 (Hot) · AI / Foundation Models
Ilya Sutskever's SSI has raised $6B and carries a $32B valuation despite having no commercial product, the highest-valued pre-product AI lab. Would-be buyers massively outnumber sellers on secondary platforms, so demand reads very high even as actual trading stays thin.
Valuation: $32B (est.) as of 2025-04 · Revenue: pre-revenue
Demand 82/100 (Hot) · Fintech
Ramp keeps posting rapid revenue growth with back-to-back up-rounds lifting its valuation to about $22.5B, and its Notice price sits near $140. Consistent employee-liquidity demand and a fast-scaling spend-management franchise sustain healthy two-sided secondary interest.
Valuation: $22.5B as of 2026-06 · Revenue: $700M (est.)
Demand 81/100 (Hot) · Neurotech / BCI
Neuralink raised a $650M Series E in April 2026 on top of a $9.6B mark, extending human implant trials and drawing intense retail and institutional curiosity. Brain-computer interfaces are a marquee moonshot theme, so demand outpaces the small pool of tradable shares.
Valuation: $9.6B as of 2025-05 · Revenue: pre-revenue
Demand 80/100 (Hot) · AI Infrastructure / Energy
Crusoe's pivot to AI data-center capacity drove a sharp step-up toward a ~$28B valuation and a wave of fresh bids across the secondary market and Notice. AI-infrastructure and power buildout is the market's hottest sub-theme, and its markup has been among the steepest in the group.
Valuation: $27.97B (est.) as of 2026-06 · Revenue: $400M (est.)
Demand 79/100 (Hot) · SaaS / Design
Canva's secondary marks have recovered toward roughly $49B as it grew past 250M users and multi-billion-dollar ARR while layering in generative-AI design tools. Its large, well-known franchise makes it a steady liquidity name that trades reliably on the secondary market and the secondary market.
Valuation: $49B (est.) as of 2025-08 · Revenue: $3B (est.)
Demand 79/100 (Hot) · Fintech
Revolut's secondary valuation reached about $45B on employee tenders with reports of talks pushing higher, backed by fast-growing global banking revenue. As one of the largest fintechs it sees consistent cross-border secondary demand and frequent inclusion on most-traded lists.
Valuation: $45B (est.) as of 2025-08 · Revenue: $4B (est.)
Demand 78/100 (Hot) · Prediction Markets
Kalshi's regulated event-contract volume boomed alongside the broader prediction-market craze, lifting its valuation to roughly $5B. Rising retail engagement and its CFTC-regulated moat translate into growing investor demand for a still-scarce secondary supply.
Valuation: $5B (est.) as of 2026-06 · Revenue: $100M (est.)
Demand 78/100 (Hot) · AI Infrastructure / Compute
Lambda rode the GPU-cloud demand wave to an estimated ~$15B valuation as enterprises scrambled for training and inference capacity. AI-compute names are seeing elevated secondary interest, and its rapid markup keeps it firmly on institutional buyers' radar.
Valuation: $15B (est.) as of 2026-03 · Revenue: $500M (est.)
Demand 78/100 (Hot) · Robotics / Humanoids
Apptronik's Apollo humanoid and a large Series C (with Google backing) put it among the most-watched robotics names as the humanoid theme runs hot. Manufacturing-floor pilots and sector FOMO drive rising indications of interest despite limited tradable stock.
Valuation: $5B (est.) as of 2026-05 · Revenue: $50M (est.)
Demand 76/100 (Hot) · SaaS / HR Tech
Rippling's last primary mark was $16.8B and its secondary shares trade at a modest discount, providing reliable liquidity for a large HR-and-IT platform. Steady revenue growth and broad name recognition keep it a frequently-quoted most-traded name.
Valuation: $16.8B (est.) as of 2025-05 · Revenue: $600M (est.)
Demand 76/100 (Hot) · AI / Data Labeling
Scale AI's ~$29B mark from Meta's $14.3B investment for a 49% stake has been frozen since, and the deal cost it customers including Google and OpenAI. Demand persists on its data-labeling franchise, but customer attrition and a stalled mark temper the secondary bid.
Valuation: $29B as of 2025-06 · Revenue: $1B (est.)
Demand 75/100 (Hot) · AI Semiconductors
Jim Keller's Tenstorrent, backed by a large Series D, is a leading merchant AI-chip challenger and allows direct stock transfers, easing secondary access. Surging appetite for non-Nvidia AI silicon keeps its Notice price near $110 and buyer interest strong.
Valuation: $4B (est.) as of 2026-01 · Revenue: $50M (est.)
Demand 74/100 (Hot) · SaaS / HR Tech
Deel's global-payroll and EOR platform carries a ~$12.6B valuation on roughly $1B ARR, making it a large, liquid secondary name. Rapid international revenue growth sustains steady demand even as its mark has held roughly flat.
Valuation: $12.6B (est.) as of 2025-06 · Revenue: $800M (est.)
Demand 74/100 (Hot) · Robotics / Industrial
Gecko Robotics' wall-climbing inspection robots and Cantilever software won expanding defense and energy contracts, supporting a ~$1.25B valuation. Industrial-robotics-plus-defense positioning makes it a rising favorite among thematic secondary buyers.
Valuation: $1.25B (est.) as of 2025-06 · Revenue: $100M (est.)
Demand 73/100 (Hot) · Enterprise AI
Glean's enterprise AI-search and agents saw fast adoption, and a recent up-round lifted its valuation to about $7.2B on roughly $100M ARR. Enterprise-AI is a durable demand theme, keeping steady interest from secondary buyers seeking software exposure.
Valuation: $7.2B as of 2026-06 · Revenue: $100M (est.)
Demand 73/100 (Hot) · AI Infrastructure / Compute
Together AI's open-model cloud and GPU-cluster business rode strong developer demand to a multi-billion mark, with Notice pricing shares near $185. As a pure-play AI-infrastructure name it benefits from the sector's heat and sees consistent buyer inquiries.
Valuation: $3.3B (est.) as of 2025-03 · Revenue: $200M (est.)
Demand 72/100 (Hot) · AI / Foundation Models
Cohere, Canada's most valuable AI startup at about $7B, grew annualized revenue past $150M with enterprise-focused models and expects to clear $200M. Its enterprise-LLM niche draws steady if less frenzied secondary demand than the frontier labs.
Valuation: $7B (est.) as of 2025-09 · Revenue: $150M (est.)
Demand 72/100 (Hot) · SaaS / Productivity
Notion's collaborative-workspace franchise and aggressive AI feature rollout keep it a widely-held, liquid secondary name around a $10B+ mark. Broad brand recognition and a large employee base ensure regular two-sided trading on the secondary market and Notice.
Valuation: $10B (est.) as of 2025-06 · Revenue: $400M (est.)
Demand 70/100 (Hot) · Energy / Fusion
Helion's fusion program, anchored by a marquee Microsoft power-purchase agreement, drove a step-up to a ~$15.5B valuation. Fusion is a high-conviction long-horizon theme, so investor demand stays warm even with pre-revenue status and low secondary float.
Valuation: $15.5B (est.) as of 2026-07 · Revenue: pre-revenue
Demand 70/100 (Hot) · AI / Music
Suno's generative-music app raised roughly $2.45B in late 2025 and drives viral consumer growth, though label lawsuits create overhang. Strong ARR momentum and consumer-AI heat keep secondary interest solid despite the legal risk premium.
Valuation: $2.45B (est.) as of 2025-11 · Revenue: $100M (est.)
Demand 69/100 (Warm) · Logistics / Drones
Zipline's autonomous-delivery drones scaled across healthcare and retail partners, supporting a ~$5B valuation. Its category leadership in instant logistics attracts thematic buyers, keeping modest but consistent secondary demand.
Valuation: $5B (est.) as of 2025-04 · Revenue: $100M (est.)
Demand 68/100 (Warm) · Crypto / Data
Chainalysis, the leading blockchain-analytics provider to governments and exchanges, holds an ~$8.6B mark as crypto-compliance spending rebounds. Renewed digital-asset momentum lifts demand, though its Notice price reflects a discount to the 2022 peak.
Valuation: $8.6B (est.) as of 2025-06 · Revenue: $190M (est.)
Demand 68/100 (Warm) · AI Semiconductors / Photonics
Lightmatter's photonic interconnects for AI data centers underpin a ~$4.4B valuation as compute-fabric bottlenecks become a top concern. Photonics is an emerging deep-tech theme, drawing selective but growing secondary interest ahead of commercialization.
Valuation: $4.4B (est.) as of 2024-10 · Revenue: $20M (est.)
Demand 67/100 (Warm) · Fintech / AI
Rogo's AI research platform for finance won rapid Wall Street adoption and a Series C near a $1.4B valuation. Vertical-AI-for-finance is a hot niche, generating fresh secondary interest as its ARR and enterprise logos scale quickly.
Valuation: $1.4B (est.) as of 2025-06 · Revenue: $50M (est.)
Demand 66/100 (Warm) · Aerospace / Space
Axiom Space's commercial space-station program and NASA-adjacent contracts support an estimated ~$2.5B valuation. Space/aerospace ranks among the secondary market's most popular sectors, sustaining thematic buyer interest despite a capital-intensive, long-dated model.
Valuation: $2.5B (est.) as of 2025-05 · Revenue: $250M (est.)
Demand 66/100 (Warm) · Energy / Nuclear
Aalo Atomics' modular nuclear reactors target AI-data-center power demand, and its funding stepped up to a ~$800M valuation. Nuclear-for-AI-power is a breakout deep-tech theme, driving rising early-stage secondary curiosity despite pre-revenue status.
Valuation: $800M (est.) as of 2025-09 · Revenue: pre-revenue
Demand 65/100 (Warm) · Aerospace
JetZero's blended-wing-body aircraft, backed by a large Series C and Air Force support, carries an estimated ~$3B valuation. Next-gen aerospace momentum and government backing attract thematic secondary buyers ahead of a lengthy certification path.
Valuation: $3B (est.) as of 2025-06 · Revenue: pre-revenue
Demand 64/100 (Warm) · Neurotech / BCI
Precision Neuroscience's minimally-invasive brain-computer interface won early FDA clearance milestones, supporting an estimated ~$500M valuation. As a Neuralink alternative it benefits from BCI enthusiasm, drawing selective secondary interest at an early clinical stage.
Valuation: $500M (est.) as of 2025-06 · Revenue: pre-revenue
Demand 62/100 (Warm) · Aerospace / Defense
Firehawk Aerospace's 3D-printed solid rocket propellant targets defense and launch customers, supporting an estimated ~$500M valuation. Defense-plus-space positioning fits two hot secondary themes, generating early but growing buyer interest.
Valuation: $500M (est.) as of 2025-06 · Revenue: pre-revenue
Demand 61/100 (Warm) · Energy / Climate Tech
Hark Labs, an early-stage energy/climate-tech company, closed a Series A that put it on thematic buyers' radar at an estimated ~$200M valuation. Interest is nascent and secondary supply is scarce, but the sector tailwind supports emerging demand.
Valuation: $200M (est.) as of 2026-01 · Revenue: pre-revenue
News
Latest news on the private companies tracked here, ranked by significance.
Trending now
Most unusual news activity across the private companies tracked here over the last 24 hours: Anthropic (1.36x normal coverage), OpenAI (1.02x normal coverage), Suno (12.0x normal coverage), Polymarket (2.0x normal coverage), Kalshi (0.97x normal coverage).
OpenAI · Axios · 2026-08-06
Anthropic · TNW | Investors-funding · 2026-08-05
Revolut · Sifted · 2026-08-05
Anthropic · Mondaq · 2026-08-05
Polymarket · newsnet5.com · 2026-08-05
Polymarket · Business2Community · 2026-08-05
Scale AI · TNW | Investors-funding · 2026-08-04
Ramp · TechCrunch · 2026-08-03
Kalshi · Daily Sitka Sentinel · 2026-08-06
Kalshi · newsnet5.com · 2026-08-04
Zipline · SEC EDGAR · 2026-08-03
Databricks · CNBC · 2026-07-31
Deel · TNW | Artificial-intelligence · 2026-08-04
Scale AI · Hydrocarbonprocessing · 2026-07-31
Deel · Biometric Update | Biometrics News, Companies and Explainers · 2026-08-04
Scale AI · Crunchbase News · 2026-07-30
Anduril · TNW | Investors-Funding · 2026-07-30
Mistral AI · Observer · 2026-07-30
Deel · Scoop · 2026-08-04
Perplexity · TechCrunch · 2026-07-29
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