TLDR Tech / Founders
2026 Tech Private Markets Analysis
Caplight analyzed ~5,000 closed secondary trades, and the numbers should make every founder rethink their timeline. AI startups are reaching $1B valuations in 3.4 years - half the 7-year average. Secondary volume hit $3.5B in 2025, up 75% YoY. Cursor, Perplexity, and ElevenLabs hit liquid secondary markets within 3 years of founding. Of the 20 largest IPOs in 2025, 14 were below their IPO price by year-end.
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