1/ If you're buying SpaceX in the pre-IPO market right now, what are you actually pricing in?
Shares are being bid at a $900B valuation (per @CaplightData). That's up from $800B just last month.
But now there's merger speculation with xAI, Tesla, or both ahead of a 2026 IPO. ๐
8/ There's no comp for this. You're pricing optionality on Musk consolidating rockets, satellites, AI, social media, energy, and robotics into one vehicle.
We're tracking it in real-time at @CaplightData . Get in touch if you want the data.
1/ 2025 was the strongest VC secondary market since 2021. ๐
Caplight Top 20 returned 148% in 2025. The Nasdaq 100? Just 20%.
Here's what's actually driving private markets and why it matters for 2026 ๐
๐ The $2T pre-IPO market is on the blockchainย ๐
Caplight is thrilled to see @injective launch the world's first perpetual futures on private Unicorn companies, powered by Caplight's secondary market data.
Injective is revolutionizing finance once again. Introducing, onchain Pre-IPO markets.
For the first time ever, anyone can trade major private companies like OpenAI on $INJ with leverage.
Unlike other Pre-IPO solutions from Robinhood and others, Injectiveโs Pre-IPO perps are built different:
โ Programmable
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The $2 trillion Pre-IPO market is being brought onchain with data from @sedaprotocol and @caplightdata.
We are starting off with access to Pre-IPO shares of OpenAI via major Injective apps such as @HelixMarkets with many new companies becoming available over the course of October.
This is only the beginning. Injective will bring every single financial market onchain.
The blockchain built for finance. For everyone, everywhere. Join the revolution on Injective today. ๐ฅท
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Most of that time? Noise.
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Plaid's ~10x rev. multiple is a slight premium to public comps and the ARK Fintech Innovation ETF, likely due to Plaid's revenue growth (20% YoY vs 7% average for comps).
See more public comps benchmarking on Caplight: https://t.co/6tqAeog5at
https://t.co/TZ7P2l59Eo
Plaid is on pace to do ~$370M in revenue this year, with 80% gross margins
Burning $50M this year, $140M in the bank, worth ~$3.8B today per @CaplightData
Needs to figure out the next act, core business isnโt growing very fast. The article is a good read!