Apr 14, 2026

Q1'26 Secondary Market Update

  • The Caplight Top 20 Index returned +15.9% in Q1 vs. -5.7% for the Nasdaq 100.

  • 6 VC funds raised 75% of all Q1 venture fundraising.

  • 5 megadeals absorbed 60% of all primary capital; the top 15 names drove 90% of secondary volume.

  • 3 potential IPOs could raise more than the entire 2025 IPO market combined.

  • Secondary market sentiment is diverging sharply between Anthropic and OpenAI.

© 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.