Pre-IPO Research
Weekly research on private, venture-backed companies from AG Dillon & Co.
Weekly research newsletter
Each Saturday we send This Week in Pre-IPO Stocks, a short email for financial advisors and investors following private markets. It includes our latest Weekly Pre-IPO Stock Secondary Market Update, a round-up of the week's pre-IPO company news such as funding rounds, valuations and product launches, and a link to our weekly secondary market reports.
Weekly Pre-IPO Stock Secondary Market Update
Our weekly research on pre-IPO companies, funding rounds and secondary market valuations, with a recorded discussion for each edition.
CoreWeave's 15% Bonds vs. $104B Backlog, Modal, ElevenLabs & Science Corp
Weekly Pre-IPO Stock Secondary Market Valuations
Each week we publish implied valuations for 30 leading pre-IPO companies, based on secondary market prices, alongside each company's last primary round valuation and date.
| Rank | Company | Current Implied Valuation ($B) | Last Round | 2ndary Since Last Round | |
|---|---|---|---|---|---|
| Valuation ($B) | Date | ||||
| 1 | Anthropic | $1,554.1 | $965.0 | May-25 | 61.0% |
| 2 | OpenAI | $1,280.0 | $1,280.0 | Sep-26 | Primary |
| 3 | Databricks | $212.8 | $190.0 | Aug-26 | 12.0% |
| 4 | Stripe | $188.4 | $159.0 | Feb-26 | 18.5% |
| 5 | Anduril | $127.7 | $90.0 | Oct-26 | 41.9% |
| 6 | Revolut | $112.6 | $115.0 | Jun-26 | -2.1% |
| 7 | Ramp | $64.1 | $60.0 | Sep-26 | 6.8% |
| 8 | Neuralink | $57.5 | $9.7 | May-25 | 496.2% |
| 9 | Fireworks AI | $40.0 | $40.0 | Oct-26 | Primary |
| 10 | Figure AI | $38.0 | $39.0 | Feb-25 | -2.5% |
| 11 | Perplexity AI | $38.0 | $38.0 | Aug-26 | Primary |
| 12 | Canva | $33.9 | $42.0 | Aug-25 | -19.2% |
| 13 | Baseten | $26.0 | $26.0 | Sep-26 | Primary |
| 14 | Reflection AI | $25.8 | $27.5 | Mar-26 | -6.1% |
| 15 | ElevenLabs | $22.0 | $22.0 | Jul-26 | Tender |
| 16 | Lambda Labs | $18.5 | $18.5 | Aug-26 | Primary |
| 17 | Sierra | $17.0 | $15.8 | May-26 | 7.4% |
| 18 | Rippling | $16.9 | $17.5 | May-25 | -3.2% |
| 19 | Modal | $15.8 | $15.8 | Sep-26 | Primary |
| 20 | Harvey | $15.1 | $15.5 | Feb-26 | -2.3% |
| 21 | OpenEvidence | $15.0 | $15.0 | Sep-26 | Primary |
| 22 | Ripple | $14.9 | $40.0 | Dec-25 | -62.7% |
| 23 | Together AI | $9.7 | $8.3 | Mar-26 | 16.5% |
| 24 | Fractile | $7.1 | $7.1 | Aug-26 | Primary |
| 25 | Clay | $7.1 | $7.1 | Sep-26 | Primary |
| 26 | Positron | $6.3 | $5.0 | Jul-26 | 27.0% |
| 27 | Apptronik | $6.1 | $5.7 | Nov-25 | 6.2% |
| 28 | Glean AI | $6.0 | $7.2 | Jun-25 | -16.7% |
| 29 | Factory.Ai | $5.0 | $5.0 | Jul-26 | Primary |
| 30 | Hydra Host | $0.7 | $0.8 | Mar-26 | -15.0% |
AG Dillon Asset Management LP is an SEC-registered investment adviser (CRD 328384, SEC File No. 801-136045). Registration does not imply a certain level of skill or training. 1167 2nd Ave, Suite 2N, New York, NY 10065. aaron.dillon@agdillon.com | +1 347 642 2640. Form ADV: adviserinfo.sec.gov.
This page is for informational purposes only and is not an offer to sell or a solicitation of an offer to buy any security. Offers are made only through each fund's confidential offering documents, which should be read in full. AG Dillon Funds are offered under Rule 506(c) and are available only to qualified clients (generally, $2.7 million or more in net worth, excluding primary residence) whose status has been verified. Pre-IPO stocks are speculative and illiquid, and investors may lose their entire investment. There is no public market for fund interests, and transfers are restricted. AG Dillon is not affiliated with the companies in which its funds invest and has not been pre-approved by them. CNB Custody is not affiliated with AG Dillon. Implied valuations are estimates based on secondary market data and may differ from actual transaction prices. Nothing here is tax, legal or investment advice for any individual.
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