Alternative Investing Report - January 19, 2026

*as of 1/18, Sources: S&P, BTC, FTSE, DJRE, GOLD

AI was the dominant force in VC in 2025, accounting for 65% of the total deal value and 40% of market value. As a consequence of massive AI funding rounds, half of all fundraising value went to the top 0.05% of deals. Overall, it was a positive year for VC, with deal counts up, exit activity nearly doubling from 2024, and a number of notable IPOs performing well. Another major story was the continuing emergence of secondaries and secondary market platforms, including EquityZen and Forge, being bought by bigger brokerages, indicating a move towards greater access to the asset class.

➨ TAKEAWAY: While 2025 was a good year for the asset class, the end of the year could just be setting the stage for a breakout 2026. Total value of unicorns now surpasses $4 trillion, and some of the biggest private companies are considering IPOs this year, including SpaceX, Anthropic, and OpenAI. An infusion of liquidity could lead to a boost in VC fundraising, which could lead to great VC funding numbers, lifting the entire asset class. Last week, Slava Rubin and Adam Katz discussed what 2026 could bring for pre-IPO and which companies could end up going public.

In this mini-episode of Smart Humans, Vincent co-founders Slava Rubin and Adam Katz preview the year ahead for crypto, particularly Bitcoin, and discuss the rise of stablecoins, and the evolving role of digital asset treasuries and tokenization in the financial ecosystem.

🤖 Ads in ChatGPT: In a widely expected move, OpenAI announced that it will start testing out ads in its ChatGPT AI model in the coming weeks, in what could be a major inflection point for both the company and the industry. If it is successful, it could lead to a massive revenue generator and justify the significant spending and funding numbers, but there is also the possibility of a user backlash.

🏡 Mortgage rates fall: The Freddie Mac 30-year fixed mortgage rate fell by 10 basis points last week to hit its lowest level since September 2022, which could lead to further increased activity in the housing market.

🚀 Cybersecurity stays hot: VC investors committed $18 billion in funding to cybersecurity startups in 2025, a 26% annual increase, and the highest level since 2022. As with most sectors, deal count fell, as bigger funding rounds went to fewer companies, with the biggest rounds going to Cyera, Saviynt, and NinjaOne.

🏀 Steph Curry jersey record: The jersey Golden State Warriors star Stephen Curry wore in the title-winning game 6 of the 2022 NBA Finals sold for $2.45 million, a record for any Curry jersey, cementing his status alongside Michael Jordan, LeBron James, and Kobe Bryant as an top-end target for collectors.

💵 Private credit loosening terms: More private credit firms are adopting looser “covenant-lite” terms and more attractive to try and attract larger borrowers, opening them up to more risk as the competition to write loans gets stiffer.

🚜 New biggest private landowner: Billionaire sports owner Stan Kroenke now owns 2.7 million acres of land, having just bought 1 million acres of ranchland in New Mexico. Bill Gates still holds the title of the largest owner of cropland, as billionaires are increasingly seeking out the asset class.

This week: The World Economic Forum’s Annual Meeting in Davos, Switzerland will take place.

Today: Martin Luther King Jr. Day, markets are closed.

Tuesday: The William I. Koch collection of Western Art will be auctioned at Christie’s, beginning with an evening sale;

Wednesday: Pending home sales report released.

Thursday: Personal Consumption Expenditures (PCE) and Core PCE indices, the Fed’s preferred inflation metrics, will be released; Oscar nominations will be announced.

Friday: Consumer sentiment report released.

Saturday: The Great American Whiskey collection will be auctioned at Sotheby’s.