Alternative Investing Report - July 17, 2026

*as of 7/16; Sources: S&P, BTC, FTSE, DJRE, 30YM

Trading volume for Pre-IPO secondaries is expected to reach a record high of more than $250 billion in 2026, and like in VC funding, much of that is being concentrated in the AI sector and on a handful of companies. AI remains most popular, followed by Aerospace, Space Travel, and IT. More than half of all transactions went to companies valued at $20 billion or more, with 75.7% of transactions going to companies that have been around 10 years or longer. The average transaction on EquityZen closed at a 38% discount to the company’s last funding round, a significant change from the 8% average discount in Q1. However, most AI transactions closed at a premium, while every transaction in Fintech, Healthcare, and Media closed at a discount.

➨ TAKEAWAY: The private secondary market has become a major source of liquidity for investors and employees, and savvy investors are snapping up discounted stakes. Many of these are still valuable, late-stage companies that have chosen to stay private longer, leaving prior investors desperate for liquidity. If possible, investors should diversify their Pre-IPO portfolios by including both highly desirable late-stage AI companies and startups in other sectors that are trading at steep discounts.

Vincent's Slava Rubin is joined by Sacra's Jan-Erik Asplund to explore the rapidly growing AI infrastructure market, focusing on Fluidstack and other key companies alongside technological trends and investment opportunities. They discuss the energy demands of AI, the business models of neoclouds, and the risks and rewards of investing in this dynamic space.

🎬 Lightsaber auction: The original, screen-used lightsaber from “The Empire Strikes Back” sold for $3.75 million at Heritage Auctions, nearly doubling pre-sale estimates and becoming the most expensive Star Wars prop ever sold. The lightsaber was used by Luke Skywalker (Mark Hamill) during the climactic duel with Darth Vader, one of the most famous movie scenes in history.

🚀 Helsing fundraise: The German defense tech startup raised a massive $1.8 billion round at a $18 billion valuation, up from its $14 billion valuation last year and triple its $5.4 billion valuation from two years ago. It is the latest massive fundraise by a defense tech startup this year as the sector remains one of the hottest in the Pre-IPO world.

🏢 Multifamily rents flattening: U.S. advertised apartment rents rose 0.7% in Q2 and are up just 1% this year, with vacancy rates creeping higher, particularly in Sun Belt metros that saw historically high rates of apartment completion. The cities with the highest annual rent growth were New York, San Francisco, and Chicago, while the cities with the highest declines were Austin, Denver, and Phoenix.

🪙 Crypto.com valuation: Citadel Securities made a $400 million investment into Crypto.com at a valuation of $20 billion, which marked the crypto exchange’s first ever institutional funding round.

🏡 College towns stay hot: Home prices in college towns such as Morgantown, WV, Syracuse, NY and Tuscaloosa, AL are rising five times faster than the national average, driven by steady demand from students and buyers searching for affordable cultural hubs.

🎨 Christie’s sales up: The auction house reported $4.5 billion in sales during the first of the year, with sales rising 71% year-over-year. This rise follows similar sales increases at Sotheby’s and Heritage Auctions, as the art and collectibles markets continue to have a strong 2026.

Monday: 🤖 AI chip fundraises, 🏢 Construction costs climb
Tuesday: 📊 Rally pivot, 🚀 AI dominating VC
Wednesday: 🦖 T-Rex sale, 📊 CPI reports
Thursday: 🚀 Sector update, 🏡 Strongest buyer’s markets

Have a great weekend!