Jul 1, 2025

Q2 2025 Secondary Market Update

The first half of 2025 ended on a high note, with a reopened IPO market, extensive deal activity (primaries, M&A, acquihires), and private and public valuations at all-time highs.


Attached is our Q2 2025 Secondary Market Update. Highlights include:

  • The Caplight Top 20 Index is now up 122% since 2024 and 31% YTD, outpacing the Nasdaq-100 on both timeframes.

  • 5% of Unicorns accounted for 94% of buy interest in 1H '25.

  • AI companies dominate headlines, but account for less than a 1/3rd of actual transaction volume.

  • Exits have returned in the form of IPOs, M&A, and tenders. Recent exits will return $50B+ in cash to investors.

© 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.