Ryan Young

[Turner Novak 🍌🧢 @TurnerNovak]

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.

[Pete Blackburn @PeteBlackburn]

You can't stop Mitch Marner in big games when he puts that maple leaf on his chest

[Harry Stebbings @HarryStebbings]

Just seen @SetterVC's latest report on the most in-demand secondaries for private companies in Q4:

The big news @SpaceX reclaims the #1 spot (my bet… June 2026 they go public)

Top 3 Risers in the Top 30:

1. @Polymarket up 11 places to #15
2. @tryramp climbs 9 places up to #11
3. @cursor_ai rises 7 places to #18

Flip side, top fallers:

1. Ripple drops 12 places to #27
2. Kraken fell 10 spots to #20
3. Gleen also drops 10 places to #23

Several new entrants:

@Kalshi #24
@Lovable #30
@deel #19

The last 2 being 20VC portfolio companies…

👇
Visit https://t.co/V11Fh3hgCT for the full list

[SetterVC @SetterVC]

Introducing the latest edition of the Setter 30 - our ranking of the most sought-after venture-backed companies in the secondary market for Q4 '25 🚀

#VC #VentureCapital #Secondaries #PrivateMarkets

[Turner Novak 🍌🧢 @TurnerNovak]

The 30 most in-demand startup secondary shares in Q4 '25 (per Setter Capital)

Big takeaways:
- SpaceX is back at #1. It spent 2.5 years on top before Anthropic briefly surpassed it in Q3.
- Little change at very top of the list beside Perplexity and Kraken dropping. Kraken's was likely due to the round announced in November (there's always an uptick going into rounds). These top names continue scooping capital from the large asset allocators.
- 19 of the top 30 are AI companies. This is even higher if you consider the AI implications around the hardware / robotics companies on the list.
- Polymarket sees the biggest jump in Q4. After debuting in Q3, it cracked the top 15 in its second quarter on the list. Kalshi also makes their debut.
- Notion rejoins the list. This was likely boosted by recent news of crossing $600M in ARR, with half coming from AI products.
- Lovable also makes its debut. It joins Replit as the second vibe coding platform. Round names are sort of arbitrary today, but a bit wild in isolation that a Series A company (they announced a B in December) had the 30th most in-demand secondary shares.
- Crypto more broadly sees a softening. My hypothesis is we're likely seeing material amounts of crypto volume switching to prediction markets. Would not be surprised to see every crypto exchange launch prediction markets.

Also notable, the average last round valuation of companies on this list are up 47% from Q3 (was 34% last quarter) and 129% YoY (was 90%).

[Toronto Blue Jays @BlueJays]

WE'RE GOING TO THE WORLD SERIES!!!!! #WANTITALL

[FOX Sports: MLB @MLBONFOX]

Vladdy Jr. just did "DAAAAAA YANKEES LOSE!" 🤣

[Johnny @JohnnyGiunta_]

#GayForTrey

[Turner Novak 🍌🧢 @TurnerNovak]

The 30 most in-demand startup secondary shares in Q3 '25 (per Setter Capital)

My biggest takeaways:
- Anthropic dethrones SpaceX at #1, ending its 2.5 year reign at the top
- OpenAI close behind in 3rd. I believe this is the highest its ever been?
- Polymarket and the prediction markets make their debut. Replit and Eleven Labs also show up for the first time.
- Crusoe and Canva both saw big jumps, with Scale sliding post-Meta deal
- 20 of the top 30 most in-demand secondaries are AI companies, up from 17 in Q2
- 5 of 30 are fintech, up from 3 in Q2

Also notable, the average last round valuation of companies on this list are up 34% from Q2, and 90% YoY.

[SetterVC @SetterVC]

An IPO of Elon Musk's SpaceX would be one of the most anticipated in history 🚀

If @SpaceX went public today, what would its market cap be at the end of its first trading day?

#SpaceX #VC #VentureCapital #Unicorns #IPO #Investing #Secondaries @elonmusk

[Toronto Blue Jays @BlueJays]

TOP OF THE EAST!

[SetterVC @SetterVC]

If OpenAI (@OpenAI) went public today, what would be its closing valuation?

#AI #ArtificialIntelligence #OpenAI #Tech #IPO #VC #VentureCapital

[Minnesota Vikings @Vikings]

1 game.

1 award.

Your NFC Offensive Player of the Week.

🏅 @jjmccarthy09

[PFF @PFF]

JJ McCarthy in the 4th quarter tonight:

🧊 6/8
🧊 101 total yards
🧊 3 total TDs
🧊 149.5 passer rating

[Turner Novak 🍌🧢 @TurnerNovak]

The new Setter 30 report drops in 30 days, and they just launched self-serve onboarding for buyers where you can contribute to the list.

Simple and fun to play around with. Dropping a link to sign-up in the replies.

[SetterVC @SetterVC]

Who is the best VC fund in the U.S. today?

🌳 Sequoia Capital (@sequoia)
🧠 Andreessen Horowitz (@a16z)
🌎 Kleiner Perkins (@kleinerperkins)
🎯 Benchmark (@benchmark)

👇 Vote below & read the thread to see why each deserves the crown

#VentureCapital #VC #Investing

[SetterVC @SetterVC]

Who is the greatest venture company founder of our generation?

A question that always sparks debate

Four names dominate the conversation 🧵

Vote at the end 👇

[Harry Stebbings @HarryStebbings]

Just seen Setter Capital latest report on the most in-demand secondaries for private companies in Q2:

Top 3 Risers in the Top 25:

1.⁠ ⁠Perplexity up 12 places

2.⁠ ⁠Kraken up 15 places

3.⁠ ⁠Notable new additions: Glean, Crusoe, Cribl, Cursor

Flip side, top fallers:

1.⁠ ⁠Figure AI down 11 places

2.⁠ ⁠xAI down 5 places

3.⁠ ⁠Shield AI down 4 places

👇
#investing #business #startup #investment #founder #entrepreneur #vc #secondary