Augment

Buy and sell shares in private tech companies.

Also private markets intelligence news: @TheAugmentPulse

[Augment @AugmentMarkets]

The Augment Power 20's aggregate estimated market cap crossed $4.25T in Q1'26. Up roughly $940B from Q4'25.

For context: that's roughly 2.5x Meta's current market cap. It exceeds Amazon's.

The quarter's biggest shift wasn't a new entrant — it was a departure. xAI's merger into @SpaceX marked the largest exit-via-acquisition in Power 20 history and continued an AI consolidation trend we first flagged in Q4'25 (Groq, Scale AI, now xAI).

Meanwhile, total platform activity surged 81% quarter-over-quarter. The top six ranked names — SpaceX, @AnthropicAI, @anduriltech, @OpenAI, @stripe, @databricks — accounted for 47% of all activity, up from 40% last quarter.

Worth a note: for nine consecutive quarters. SpaceX has held the #1 spot in the Augment Power 20.

New to the Power 20 this quarter: @Saronic, building autonomous surface vessels for the US Navy. Defense-tech now has four representatives in the rankings — the most ever.

The full Q1'26 report covers all 20 companies, price movements, and the sectors driving secondary market demand. Link in comments.

[Augment @AugmentMarkets]

87% of clients want their RIAs to help with non-liquid asset management. Only 5% are delivering.

We sat down with Stephanie after the #Q4FinancialForum hosted by @finlocity to hear what wealth managers are really asking about private markets, and what it will take to bridge the gap.

[The Pulse @TheAugmentPulse]

.@SpaceX's reported IPO could test retail allocation, index eligibility, and passive-demand assumptions.

Reported index-rule changes may shorten the potential path to index inclusion, but timing and inclusion are not guaranteed.

Today's Pulse from @AugmentMarkets:
https://t.co/hCEcJHcntS

Informational only.

[The Pulse @TheAugmentPulse]

Anthropic reportedly closed a $65B Series H at a $965B valuation, while OpenAI’s last reported primary mark was $852B.

A reported ~$36B chip-financing deal adds another layer to the AI buildout story: equity capital plus private credit.

Full wrap: https://t.co/JyKlesYsZ4

Informational only; reported figures not independently verified.

[Dave McClure @davemcclure]

"Liquidity is the New Comp" by Paul Smalera @smalera @AugmentMarkets

great piece on the $6B #secondary #tender offer last fall for #OpenAI employees, and the increasing use of #tender offers & liquidity as for incentive / retention.

https://t.co/SmNb3tJpNX

[Augment @AugmentMarkets]

SpaceX is 23 years old. Valued at over $1.5 trillion. And it still isn't public. A generation ago, companies went public faster.

Augment is an SEC-registered pre-IPO marketplace. Augment gives accredited investors a regulated, transparent way to access private company shares.
#PrivateMarkets #preIPO #SecondaryMarkets

[Noel Moldvai @noelregrets]

Our first @cerebras fund priced in 2024. Our most recent priced in late 2025. Both groups of LPs are now waiting out the same IPO lock-up.

Different cost basis. Same exit window. The earliest are up 804% on paper. The latest are up 140%.

That's the part of pre-IPO that doesn't exist in public markets. You hold a private position for years with no daily mark — real money, no scoreboard. The only way to find out if the view was right is to wait. And when the IPO comes, everyone in the cap table finds out together: early or late, $29 cost basis or $111.

For Cerebras shareholders at @AugmentMarkets, that moment is now in motion. The IPO process may create a future liquidity event, subject to market conditions, lock-up restrictions, and transaction completion.

Six vintages, one listing.

[Augment @AugmentMarkets]

Augment Markets, Inc. is a technology company offering software and data services, not a bank or financial institution. Cash Accounts are provided by Modern Treasury Corp. financial institution partners and through Augment's technology. Augment does not act as a money services business, provide money transmission, or serve as a custodian of funds. Funds held in your Cash Account are not FDIC insured unless expressly disclosed. Full terms available in the Augment Cash Account Agreement.

[Augment @AugmentMarkets]

New: Cash Accounts through the Augment platform are live.
Fund once. Invest instantly into any offering. Distributions come back automatically. Your account, your name.
For a limited time — save 20% on brokerage fees when funding via your Cash Account.*

→ https://t.co/hRnpRK40Uz

*Offer estimated to last 4 weeks. Subject to extension. Discount applies only to Augment brokerage fees on transactions funded from a Cash Account during the offer period. Other fees and third-party charges may apply. Subject to additional terms; see the Cash Account Agreement and offer terms at https://t.co/hRnpRK40Uz for full details.

[Augment @AugmentMarkets]

No growth-into-new-customer story for the autonomous-systems names.

The TAM is the budget of a defined set of allied governments, scaled by export-control admissibility.

Two dual-use names — Skydio, Hadrian — travel differently.

https://t.co/Sj5IqCFnTr

Augment Markets, Inc. is a technology company offering software and data services. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser.

[The Pulse @TheAugmentPulse]

Three reported S-1 developments in roughly 72 hours: SpaceX publicly filed; Oura and https://t.co/JKXL0FHRy1 reportedly filed confidentially; OpenAI is reportedly preparing.

Today's Pulse from @AugmentMarkets looks at what this may signal for the late-stage IPO pipeline:

https://t.co/JMDw0vq2A1

[The Pulse @TheAugmentPulse]

$67B utility merger. $1.25B/month compute contract. $25B in GPU cloud debt. $725B in hyperscaler capex. Everyone's building. The question: which layer of the chain is most exposed if the demand forecasts are even slightly off?

Today's Thesis in @AugmentMarkets Pulse:

https://t.co/nVZG1uPb6L

[Cyrill Wiget @Cyrill_Wiget]

A signed contract is not yet recognized revenue.

Defense names recognize against milestone deliveries on government timelines. ARR multiples do not apply. Anduril's reported $20B Army vehicle is a contracting envelope, not booked revenue.

https://t.co/GlP4o8vkZ6

Augment Markets, Inc. is a technology company offering software and data services. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser.

[Augment @AugmentMarkets]

Our latest newsletter covering the private markets:

[The Pulse @TheAugmentPulse]

A jury rejected @elonmusk's @OpenAI suit in under 2 hours. Statute of limitations.

The substance of the verdict matters less than the timer it shut off. OpenAI is reportedly targeting a $1T IPO valuation. Watch the secondary tape this week.

Today's Pulse from @AugmentMarkets:

https://t.co/3OQMyIhkzX

[The Pulse @TheAugmentPulse]

A jury rejected @elonmusk's @OpenAI suit in under 2 hours. Statute of limitations.

The substance of the verdict matters less than the timer it shut off. OpenAI is reportedly targeting a $1T IPO valuation. Watch the secondary tape this week.

Today's Pulse from @AugmentMarkets:

https://t.co/3OQMyIhkzX

[Augment @AugmentMarkets]

$3.6B+ raised across four late-stage defense rounds in 19 months — Anduril, Saronic, Hadrian, Helsing.

The capital is funding factories, not runway. The use-of-proceeds curve does not match the late-stage software cohort.

New Augment whitepaper: https://t.co/Sj5IqCFnTr

Augment Markets, Inc. is a technology company offering software and data services. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser.

[Cyrill Wiget @Cyrill_Wiget]

I have spent my career evaluating private market transactions where the playbook ran. Late-stage defense technology is a different asset.

@smalera and I just published Augment's framework for it.

https://t.co/rScTL9YvJh

Augment Markets, Inc. is a technology company offering software and data services. Brokerage services are offered through Augment Capital, LLC, an affiliated broker-dealer and member FINRA/SIPC. Investment advisory services are offered through Augment Advisors, LLC, an SEC-registered investment adviser.

[Augment @AugmentMarkets]

"It's a hack to take advantage of a very steep demand curve without any supply."
@adamcrawley1 on the new wave of retail-accessible private VC, on @TradingVCs with @davemcclure.

[The Pulse @TheAugmentPulse]

.@cerebras priced at $185, opened at $385.

$5.5B raised. $56.4B fully diluted. 110x trailing revenue.

By an AI chip company on its second filing attempt.

@SpaceX 's S-1 is reportedly next.

https://t.co/hy502U0Wue

[Cyrill Wiget @Cyrill_Wiget]

In 25 years across private banking and capital markets, the hires that mattered most were the ones who strengthened the connective layer between client work and execution. @AugmentMarkets is making one of those hires now.

Read more and apply here:

https://t.co/R14yRjSAS6

[The Pulse @TheAugmentPulse]

.@anduriltech closed a $5B Series H on Wednesday at $61B. Eleven months ago: $30.5B.

Q1 2026 defense-related VC funding: $4.5B.

A category that didn't exist as a venture vertical ten years ago is now second only to AI labs.

Full Pulse from @AugmentMarkets :

https://t.co/OIMlqw0Qaq