Weekly roundup
Secondaries in the news
The pulse of the private markets. Every major secondary transaction in tech — the tender offers, employee share sales, and pre-IPO deals that reveal what the world's top private companies are really worth. A running library, refreshed every week.
Week of July 20, 2026
- Revolut prices employee share sale at $115B, becomes Europe's most valuable startup
The secondary sale priced at $2,017 a share, up more than 50% from the $75B mark Revolut set in its November 2025 secondary and pushing its private-market value above Barclays, on the back of $2.3B in 2025 pretax profit.
- Lead Edge and Hamilton Lane lead Summit Partners' $625m deal for NinjaOne
Summit Partners ran a $625m GP-led continuation vehicle process for SaaS company NinjaOne, giving existing LPs the choice to roll into the new vehicle or cash out.
- Clipway Raises Record $6.4bn for Debut Secondaries Fund
The Ardian spin-out closed the largest-ever first-time secondaries fundraise at $6.4bn, backed by 186 LPs and its AI-driven TESS deal-sourcing platform, underscoring how much capital is chasing LP-led secondary transactions this year.
Week of July 6, 2026
- Anthropic's valuation hits $1.2 trillion on secondary market
Shares of Anthropic are changing hands on platforms like Caplight at a $1.2 trillion implied valuation, up 550% year-over-year and now ahead of OpenAI, though brokers say actual trades are scarce because almost no holders are willing to sell.
- Flipkart Launches Second ESOP Liquidity Event in 12 Months
Walmart-owned Flipkart is letting eligible employees cash out up to 5% of vested stock options at ₹713.4 per share, its second insider-liquidity window in under a year as the company eyes a potential India listing.
Week of June 29, 2026
- ElevenLabs explores $22 billion valuation in secondary sale
The AI voice startup is in early talks for a tender offer that would roughly double its February valuation to about $22 billion.
- Ardian Packages $1 Billion of Secondaries Stakes Into Debt Vehicle
The world's largest secondaries manager is bundling a portfolio of PE fund stakes into a ~$1bn collateralised fund obligation, a structured-liquidity tool that Evercore projects could exceed $30bn in total issuance this year.
- Wayve Launches $85M Employee Tender Offer at $8.5B Valuation
The UK autonomous-driving startup is letting staff sell vested equity to existing and new investors in its second liquidity event, part of a wider pattern of AI companies using tender offers to retain talent without an IPO.
Week of June 8, 2026
- Revolut explores secondary share sale at $115 billion valuation
The UK fintech is sounding out investors on a secondary share sale that would value it at $115B, giving early investors and staff liquidity without a public offering.
Week of February 23, 2026
- Stripe's valuation soars to $159B in latest secondary stock sale
A tender offer let current and former Stripe employees sell shares at a $159B valuation, up about 74% in a year, with Thrive, Coatue and a16z buying in.
- Anthropic plans employee share sale worth up to $6B
Anthropic earmarked $5–6B for a tender letting employees of 12+ months sell vested shares to outside investors at the company’s latest valuation.
Week of December 8, 2025
- SpaceX targets $800 billion valuation in secondary sale ahead of 2026 IPO
SpaceX’s twice-yearly insider share sale set a per-share price implying an ~$800B valuation, the highest of any private company, as it lines up a 2026 listing.
Week of September 29, 2025
- OpenAI's $6.6B secondary share sale gives it a record $500B valuation, topping SpaceX
Employees sold about $6.6B of existing stock in a secondary that valued OpenAI at $500B — at the time the most valuable startup in the world.