Q3 2025 Secondary Scene Quarterly Report

The secondary market for private stock is outperforming public markets year-to-date.

The top 50 names in our proprietary dataset (TapeD) are up 54% YTD versus 16% for the S&P 500. Here are a few potential drivers:

• First, private companies offer exposure to emerging secular growth industries, such as AI and robotics, that are not yet easily replicated through public market investments.
• Second, the proliferation of products and platforms allowing access to private markets has resulted in a greater level of investor engagement in the asset class.
• Third, the US IPO market has opened up, giving investors renewed optimism about future exits. Notable IPOs during the third quarter included Klarna ($1.3 billion value), Figma ($1.0 billion), Firefly Aerospace ($729 million), Bullish ($629 million), Via Transportation ($471 million). (nb: The government shutdown began 10/1, so Q3 transactions were not impacted.)

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