Pre-IPO Market Rankings

Executive Summary

For the fifth quarter in a row, SpaceX is the top-ranked pre-IPO name in our Power 20 rankings. Our scoring is based on market signals like buy and sell activity, trading volume, bid-offer ratios, relative bid-ask spreads, and price movement, as well as indicators of company traction like revenue and revenue growth.

• For the fourth quarter in a row, Anduril, Anthropic, OpenAI, and Databricks rounded out the top five, in that order.

The top 10 companies in the Augment Power 20 collectively represent $1.13T in market cap, accounting for 72% of the group’s total value of $1.57T. For context, the Power 20’s aggregate market cap is about 60% of NVIDIA’s current valuation and roughly double that of Tesla. Since the end of Q4'24, the group’s total market cap has risen 37.5%, up from $1.14T.

In Q1’25 Power 20 companies on average saw robust double-digit share price growth, though price gains decelerated slightly versus the final quarter of last year.

• On average, the names in the Augment Power 20 saw share prices grow 26.3% in the quarter. That’s a deceleration from the 33% growth in the previous Q4’24 quarter, but still higher than any other quarter last year. Augment Power 20 share prices grew on average 5.3% in Q3'24 (+9.3% in Q2’24 and +8% in Q1'24).

• A significant proportion of the price-growth and market cap gains was driven by the top five names — SpaceX, Anduril, Anthropic, OpenAI, and Databricks — which saw share prices jump an average of 32.4% (versus 37.1% in Q4’24, 4.5% in Q3’24, 8.5% in Q2'24, and 12.2% in Q1'24).
• Meanwhile, the bottom 15 names in the Power 20 posted lower growth: they averaged a 24.2% increase in Augment Price per share (vs. a 31% increase in Q4’24). 

The first quarter of 2025 underscored the concentration of buyer and seller activity in the top-ranked names in private markets.

• The top six companies in the ranking — SpaceX, Anduril, Anthropic, OpenAI, Databricks, and xAI in Q1’25 — together accounted for 54% of activity among the Power 20, and 32% of all activity on our platform. This was the highest proportion of concentration since we began this report in the final quarter of 2023. The top six accounted for 31% of activity in Q4’24, 18% of activity in Q3’24, 21% in Q2’24, 23% in Q1’24, and 27% in Q4'23.
• Despite the ongoing concentration in the top names, there’s no doubt that an influx of AI-centric companies is growing the overall base of active names in the secondary markets. These include a company that is new to the Power 20 in Q1’25: Crusoe (#20). But up-and-coming AI-centric companies — including Figure AI, Apptronik, Together AI, Lambda, Shield AI, and SambaNova Systems — are also driving significant activity. 

Groq (#14) entered our Power 20 rankings for the first time in Q3’24, and Glean (#13) joined in Q4’24. Along with Crusoe, these fast-rising companies contributed significantly to this overall widening of names in Q1’25, despite the concentration of activity at the top. Looking solely at activity, AI names Anthropic, Perplexity, and Glean were among the five most-active names, alongside Anduril and SpaceX.

xAI’s Augment Price growth of 63.3% was the highest among Power 20 companies, which is remarkable for a company approaching a $100B market cap. xAI’s price surge came amid an all-stock merger deal with X (formerly Twitter) this past quarter. Ramp (+61.2%), Crusoe (+56.1%), Anduril (+50.5%), and Anthropic (+42.2%) rounded out the top five for price jumps in the quarter.

Important Notices

Non-Advice Disclaimer: This report and the rankings contained herein do not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Data Limitations: The data and analysis presented in this report are based on information believed to be reliable, but we cannot guarantee its accuracy or completeness. The rankings and assessments are subject to limitations inherent in our methodology and the available data. Investors should not rely solely on this report for making investment decisions.

Revenue Data: Company revenue estimates for previous years are sourced from Sacra.com and are based on historical revenue growth and revenue milestone figures released by the companies, as well as bottom-up analysis and estimation based on other publicly-disclosed operating metrics. They are subject to limitations in data availability and methodology. We cannot guarantee the accuracy of these estimates. Revenue and revenue growth estimates should not be relied upon for making investment decisions.

Share Price Data: Share price data are estimates only, based on proprietary data from Augment Markets, Inc. and its affiliates.

Most Active Companies in Q1’25

Includes bid-ask and trading activity on the Augment platform during the first quarter of 2025.

Highest % Price Increases in Q1'25

Excludes companies with low overall activity.

Augment Power 20 by Share of Aggregate Market Cap

by % share of aggregate $1.57T in EoQ market value

The "Augment Power 20 by share of aggregate market cap" visualization takes the sum of the Power 20 companies' market caps at end-of-quarter on March 31st, 2025. Market cap is determined by Augment Price estimates for that day. The companies are listed by their percentage share of the aggregate market capitalization of the top 20 companies.

Up-and-Coming Companies

Based on overall marketplace activity in Q1’25, price movement, commercial traction, and news, we selected six up-and-coming names to watch in the rest of 2025: FigureAI, Shield AI, Apptronik, Saronic, SambaNova Systems and Together AI. They are ranked in the table below according to overall activity in the quarter.

• Notably, two of these names are in the defense space: Saronic and Shield AI are both involved in preparing state-of-the-art AI weapons, training, and navigation systems for the US military and its allies. Two other names, Apptronik and Figure AI, are robotics-focused companies.
• Figure AI, which leads the list, saw significant activity on the Augment Marketplace in Q1’25 and is a strong candidate for future inclusion in the Power 20.
• One of last quarter’s up-and-coming companies, Crusoe, graduated into the Power 20 ranking this quarter thanks to a steady increase in activity and clear commercial traction
• Together AI, grabbed attention in January 2025 with the release of its open-source Mixture of Experts (MoE) model, StripedHyena-7B, which rivaled proprietary models like GPT-4 in certain efficiency metrics. The launch was coupled with a $150M funding round valuing the company at $1.5B, and announcements of partnerships with cloud providers like AWS to host its inference platform.
• Figure AI secured $675M in funding at a $2.6B valuation, announced in late February 2025.

Methodology

For further detail, the ranking methodology includes 8 rankings in total. Companies were ranked by the following factors, normalized to a 0 to 1 scale:

•  Total volume as measured by the size of bid and ask orders on the Augment platform in Q1'25
• Total activity was based on the number of bid-ask orders and the number of trades. Trades weighed 2x, whereas bids and asks weighed 1x.
• Companies' revenue and revenue growth estimates are collected from Sacra, a third-party market data
• provider (please see "Revenue estimates" section at the bottom of this page for more detail). Companies' metrics were normalized and ranked on a 0 to 1 scale according to revenue and revenue growth in 2024.
• Spreads were measured as the negative of volume-weighted average price (VWAP) price differences
• between asks and bids, as a percentage of the asking price, for each name in Q1'25.
• Price change was measured as the starting Augment Price for each name on January 1st vs. the ending price on March 31st, 2025.

In the next step, all the percentile ranks were added together with adjustments made to account for companies with gaps in the data, e.g. missing 2023 and/or 2024 revenue. Price spread, revenue growth, and the previous quarter's aggregate rank are weighted approximately twice as much as the other factors, while revenue dollar amount is weighted one-tenth as much.

Unlike our Power 20 ranking, our "Up-and-Coming Companies" list is based on fewer factors, namely price movement, activity, and activity increases QoQ. The activity includes transactions involving SPVs and forwards. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in the quarter compared to previous quarters.

Our overall activity rankings, “Most Active Companies in Q1’25”  also include transactions involving SPVs and forwards, as well as trades. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in addition to trading activity in the quarter compared to previous quarters. For this measure, trades and bid-ask activity are weighted equally. The “Highest % Price Increases in Q1 '25” table excludes companies with low activity, meaning companies with less than 3 bids or asks in the quarter. The price change was measured as the starting Augment Price for each name on January 1st vs. the ending price on March 31st, 2025.

The Augment "Top 10 Quadrant" visualization included in reports corresponding to some quarters in each year uses a different, simplified version of our rankings index to visualize the relative strengths of the top 10 companies in the corresponding quarter, according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue volume and revenue growth; Market Sentiment tracks activity and price movement to reflect investors' sentiment as reflected in activity on the Augment platform. The quadrant uses only the corresponding quarter's data for its snapshot and does not factor in historical trends.

Revenue estimates

All revenue estimates in this document are based on data from Sacra.com. All estimates are based on current information and subject to change. These figures are not guarantees of future performance.

Sacra states utilizes data from media reports, company press releases and articles, and public filings to create its estimates of companies' historical revenue trajectories. The estimates are based on publicly-available information, but may not account for additional factors specific to individual companies' market and operations.