Alternative Investing Report - October 20, 2025

*as of 10/19, Sources: S&P, BTC, FTSE, DJRE, GOLD

Quarter-end reports from two different pre-IPO trading platforms both mark SpaceX as the most popular pre-IPO company among investors, a status it has held now for the better part of two years. EquityZen’s report has crypto exchange Kraken at #2, followed by AI companies OpenAI, Cerebras, and Scale AI. Augment’s report puts defense tech startup Anduril at #2, followed by AI companies Anthropic, OpenAI, and Databricks. AI remains the dominant sector in pre-IPO investing, but robotics and quantum computing startups are rising up the ranks. EquityZen also found that the average discount to the last valuation that pre-IPO shares traded at widened to 29%, up from last quarter, but still less discounted than shares were in 2023.

➨ TAKEAWAY: SpaceX’s standing at the top is not surprising, and our latest pre-IPO briefing looked in-depth at the Elon Musk-led company. Though there is still room to grow for the top pre-IPO companies, what can potentially be more useful than looking at the companies at the top is looking at the companies and sectors rising up the ranks. Secondary shares tend to come at a discount to previous valuations because of the demand for liquidity, making it a particularly appealing option for investors who can hold for the long-term.

🏡 New listings up, pending sales down: New listings of U.S. homes are up 4.1% year-over-year, but pending sales have fallen by 1.2% in that same timeframe, as homebuying demand has fallen significantly.

🪙 Florida crypto proposal: The state is considering a bill that would allow its CFO and pension board to invest up to 10% of certain public funds into digital assets and ETFs, which could set a precedent for other states to follow if it eventually becomes law.

🚀 Beta Technologies IPO: The electric aircraft startup is aiming to raise $825 million at a $7.2 billion valuation in its upcoming public offering, which launch in the next few weeks despite the government shutdown. Its previous known valuation was $2.4 billion in 2022.

💵 Moody’s not worried about private credit: Despite the recent bankruptcy of the auto parts manufacturer First Brands, the ratings agency does not believe there is a systemic issue that could affect the private credit market.

🎨 Christie’s London Day sale: Following the modest success of its evening sale, Christie’s postwar and contemporary day auction generated $16.4 million in sales, with 90% of the sold items falling within or above their pre-sale estimates.

🚀 Deel funding round: The HR software startup raised $300 million at a valuation of $17.3 billion, nearly a 50% increase over its last valuation of $12 billion back in 2022.

Today: Diwali, the Hindu Festival of Lights.

Tuesday: The NBA season kicks off with the Houston Rockets facing the defending champion Oklahoma City Thunder, and the Los Angeles Lakers matching up with the Golden State Warriors.

Wednesday: The American Greats auction at Christie’s, featuring sports and entertainment memorabilia, including a Lou Gehrig jersey estimated to sell for between $2 million and $4 million.

Thursday: Existing home sales report released.

Friday: The Consumer Price Index (CPI) and core CPI inflation reports are reportedly going to be released, even with the government shutdown, New home sales report (though not if government remains shut down); Sotheby’s Surrealism and its Legacy auction in Paris.

_{^*Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. Diversification does not assure a profit or protect against market loss. Securities offered through EquityZen Securities LLC, member FINRA/SIPC.}