2026-04-06XQuote

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Am an investor in 3 of the top 7. Bought secondaries in 2 of the others. The other two: one I don’t know very well, one I think will have to reinvent themselves in a post-AI world. If returns are what you’re after (me), secondary markets are the most effective way I’ve found to correct investment mistakes of the past. I’ve sold dogs, I’ve bought winners I missed.

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The 30 most in-demand startup secondary shares in Q1 '26 (per Setter Capital): - Anthropic hits #1, bumping out SpaceX as the most desired shares on the list. - Five of the top six companies are big IPO candidates in the next 12-18 months. They've been absorbing a lot of investor interest and capital over the past few quarters, it will be interesting to see what happens as they list. - Prediction markets are still hot! Polymarket and Kalshi are two of the fastest risers. Anything crypto that hasn't rebranded as prediction markets continues softening. - Replit and Shield AI are the two other fastest risers on the list. Lovable and Cursor also move up a few spots. - ElevenLabs debuts at #9, tied (with Shield AI) for the highest ever. OpenEvidence and Saronic also make what I think is their first ever appearance on the list. - Perplexity, Crusoe, and Figure both sliding significantly. Anecdotally feels like I haven't seen them discussed as much recently. One notable data point, the average last round valuation of companies on the list was $120B (up 122% YoY). This compares to the average S&P 500 company valuation of $122B. Insane how big the private markets have gotten.
TurnerNovak ↗