Alternative Investing Report - November 11, 2025

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*as of 11/10; Sources: S&P, BTC, FTSE, DJRE, CL50

So far this year, there have been 21 VC-backed rounds of $1 billion or more, tied for the most ever, led by OpenAI’s record-breaking $40 billion fundraise. This is more than twice as many as the 10 U.S. IPOs that have raised more than $1 billion, and the total deal value of private fundraises is around eight times greater than what IPOs have brought in. This is a stark reversal of market dynamics from just a few years ago, when IPOs were the preferred method of fundraising for startups.

➨ TAKEAWAY: As companies grow more creative in obtaining liquidity for their employees and investors, whether through tender offers, or allowing them to sell shares in fundraising rounds, the pressure to go public has declined. This is a trend that is likely to continue as long as desirable companies can raise capital without going public, and investors now have more options than ever to get access to private shares. And as startups — especially high-profile ones such as OpenAI or Databricks — stay private for longer, the importance of private markets will only continue to grow.

🪙 Crypto rally: Bitcoin is up around 6% in the last two days, and crypto as a whole has rebounded after a 20% drawdown. The catalyst was President Trump’s proposed $2,000 “tariff dividends,” which investors think will boost Bitcoin. However, if these dividends do not come through — and prediction markets give it a 15% chance of being enacted this year -- the crypto market could react negatively.

🏢 Retail volume up: Over the past year, retail real estate sales volume hit $16.1 billion, a 43% increase, while values rose by 5.3%, the best of any commercial sector.

🎰 Google and prediction markets: In what could be a major move for the industry, Google is going to integrate odds from prediction markets Kalshi and Polymarket into Google Finance, a move that will likely increase the userbase of the two companies.

🤖 Meta’s data center spend: The tech giant is planning to spend $60 billion over the next ten years on U.S. infrastructure, a large portion of which will go to data center infrastructure to support its AI endeavors.

💵 Credit ratings probe: The SEC is investigating the ratings company Egan-Jones, looking specifically at how it evaluates private credit loans and whether those ratings have been inflated.

🎬 Movie memorabilia auction: Next month, Propstore is auctioning off a trove of movie memorabilia, including Boba Fett’s blaster from “The Empire Strikes Back,” which could fetch seven figures, and Will Ferrell’s costume from “Elf.”

Do you or a Swiftie you know have $24 million and want to own the estate and recording studio where Taylor Swift recorded her debut album? Located in Franklin, Tennessee, around 20 miles south of Nashville, the Dark Horse Estate has been a artists’ retreat for more than 30 years, and along with Taylor Swift, artists including Dolly Parton, Carrie Underwood, and Neil Diamond have recorded music there. The 10-acre property includes more than 14,000 square feet of living space across the main house and guest cottages, as well as multiple recording studios, a “party barn,” and a 3-car garage.