Jan 15, 2026

2025 Secondary Market Update

2025 VC Secondary Market Update:

  • Caplight captured $3.5B in secondary trades—the strongest market since 2021.

  • Private tech outperformed public markets 7x, driven by a concentrated set of breakout winners.

  • Public investors missed the real AI rally; private AI companies were up 5x vs public peers.

  • Have AI valuations peaked? Sell interest doubled in Q4 as shareholders rushed to market.

  • Can market newcomers fill the gap? 70 names traded for the first time in 2025, but legacy giants led volume.

© Copyright Caplight Technologies, Inc. 2025. All rights reserved.

Disclaimer

All investments involve risk, including the risk of loss of principal. You should carefully consider your investment objectives, risks, transaction costs and other expenses before deciding to invest in options, swaps or other investments.

This does not constitute an offer by Caplight Technologies, Inc. to sell, or a solicitation of an offer to buy, any securities and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement(s), and will be subject to the terms and conditions and risks delivered in such documents. Any securities offered are offered through Caplight Markets LLC, member FINRA/SIPC.

© Copyright Caplight Technologies, Inc. 2025. All rights reserved.

Disclaimer

All investments involve risk, including the risk of loss of principal. You should carefully consider your investment objectives, risks, transaction costs and other expenses before deciding to invest in options, swaps or other investments.

This does not constitute an offer by Caplight Technologies, Inc. to sell, or a solicitation of an offer to buy, any securities and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement(s), and will be subject to the terms and conditions and risks delivered in such documents. Any securities offered are offered through Caplight Markets LLC, member FINRA/SIPC.

© Copyright Caplight Technologies, Inc. 2025. All rights reserved.

Disclaimer

All investments involve risk, including the risk of loss of principal. You should carefully consider your investment objectives, risks, transaction costs and other expenses before deciding to invest in options, swaps or other investments.

This does not constitute an offer by Caplight Technologies, Inc. to sell, or a solicitation of an offer to buy, any securities and may not be used or relied upon in connection with any offer or sale of securities. An offer or solicitation can be made only through the delivery of final offering document(s) and purchase agreement(s), and will be subject to the terms and conditions and risks delivered in such documents. Any securities offered are offered through Caplight Markets LLC, member FINRA/SIPC.