Pre-IPO market rankings
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Depth of market activity
Price trends
Company scale and growth
This report is produced by Sacra, Inc. for informational purposes only.
Any securities transactions related to companies mentioned would be conducted through Augment Capital, LLC Member FINRA.
Rankings
The top companies in the pre-IPO private markets in Q3'25 based on Augment's blended index including depth of market activity, price trends, and company scale and growth.
See below for a more detailed methodology.
Rank
Company
Share Price
Estimated Market Cap
Total Funding
Annual Revenue
Revenue Growth*
This company is new to the Power 20.
*Please see the Methodology section for revenue data limitations. All estimates are from a third-party data provider, based on current information, and subject to change. These figures are not guarantees of future performance.
**Revenue/ARR listed is for EoY 2024 for equivalent comparisons across Power 20 companies.
Companies to watch
Based on overall marketplace activity in Q3’25, price movement, commercial traction, and news, we selected five up-and-coming names to watch in the remainder of 2025:
Executive summary
Q3’25 saw a flurry of record-breaking pre-IPO mega rounds including over $8.3B to OpenAI and $13B to Anthropic, while successful tender offers at SpaceX (at a $400B valuation) and OpenAI ($500B) also drove valuation gains.
Meanwhile, the exit window is opening for SaaS and fintech stalwarts — Figma and Klarna IPO’d, and Wealthfront filed to go public in Q3’25 — many of which are also benefiting from the AI wave. The mega-rounds, large tender offers, and liquidity events fanned activity and record price gains in the secondary markets.
- For the seventh quarter in a row, SpaceX is the top-ranked pre-IPO name in our Augment Power 20 rankings.
- For the sixth quarter in a row, Anduril, Anthropic, OpenAI, and Databricks rounded out the top five, in that order.
- These top five Power 20 names grew estimated share prices 63% on average, a massive acceleration from the 7.36% average gains seen in Q2’25 and higher also than the 32.4% seen in Q1’25. This was stronger price growth than the bottom 15 names (32.2%), reversing the trend last quarter when the top 5 grew 7.36% and the bottom 15 rose 17.4%.
- The top five companies accounted for 60.2% of the Augment Power 20’s $2.22T aggregate market capitalization.
Our scoring is based on market signals like buy and sell activity, trading volume, bid-ask ratios, bid-ask price spreads, and price movement, as well as fundamental indicators of company traction like revenue and revenue growth.
For context, this is the first time the Power 20’s aggregate market cap surpassed $2T since we began the report series in Q4’23. In rough terms, the $2.22T in aggregate valuation is greater than Meta’s current market cap at $1.8T, approaching Amazon’s at $2.4T, and about half of NVIDIA’s at $4.56T. In 2025, the Augment Power 20 companies’ total market cap has roughly doubled, rising 95% — up from $1.14T at the end of 2024
- On the whole, the Power 20 names averaged 39.9% growth in estimated per-share Augment Price in Q3’25.
This is the fourth quarter in a row that Power 20 companies averaged double-digit price growth, with Anthropic leading the price gains in Q3’25 with 145.7% estimated share price growth.
- The Augment Power 20’s average share price growth of nearly 40% marked the first acceleration in price growth since Q4’24 and the strongest performance since we began the report in the final quarter of 2023. The Power 20 averaged 14.9% growth in Q2’25, 26.3% in Q1’25, and 33% growth in Q4’24. Price growth was in the single digits in the first three quarters of 2024: 8.0% (Q1), 9.3% (Q2), and 5.3% (Q3).
- Healthy price appreciation helped the top 11 names retain their rankings vs. Q2’25, with changes in the Power 20 only occurring in the bottom half of the rankings in Q3’25. Strong bid-ask and trade volume, high bid-to-ask ratios, and tighter spreads also buoyed the top 11 names (which together averaged 40.4% Augment Price growth).
Pre-IPO market concentration: top names drive ¼ of all activity
A broader rise in volume was not enough to fully offset concentration in the most sought-after names. Investor interest — including bid-ask activity and completed trades — clustered intensely around the top-ranked companies, though slightly less so than the peak around Q4’24 and Q1’25.
- The top six names accounted for 25% of all activity on the Augment platform — the fourth quarter in a row that the top six names concentrated 25% or more of all activity on Augment. This is a dip from 32% in Q1’25, but the sustained interest in the very top names means we have not returned to the more broadened pre-IPO markets last seen in early- to mid-2024.
- That said concentration within the Power 20 itself eased. The top half-dozen companies in the ranking — SpaceX, Anduril, Anthropic, OpenAI, Databricks, and Stripe — in Q3’25 accounted for 37% of activity among Power 20 companies. That’s down from 57% in Q2’25, mainly because of #7 xAI’s surge in activity, which offset the weight of the top half-dozen names. xAI on its own accounted for slightly less than one-fourth of Power 20 activity in the quarter.
- The top 10 companies, #1 SpaceX through #10 Neuralink drove nearly half (45.5%) of activity
Despite this concentration, there’s no doubt that the AI supercycle is growing the overall base of active names in the secondary markets. Two AI companies that were new to the Power 20 in Q2’25 also contributed significantly to activity this quarter.
Foundation model company xAI (#7) was the most-active name on Augment in Q3’25. Up-and-coming, but still unranked, AI-centric names — including Harvey, Apptronik, and Cognition AI— are also driving interest and trades. Unranked names like Eleven Labs and Cohere also saw significant activity.
Looking at concentration from a valuation perspective, the Power 20 is even more concentrated.
SpaceX and OpenAI alone account for 42% of the Power 20’s aggregate market cap. Add ByteDance, and the three most valuable names account for a majority (58%) of the Power 20’s market cap.
AI companies account for more than 50% of Power 20 activity for fourth quarter running
Although by this time virtually every company in the Power 20 markets an AI product and generates revenue with AI, we define this category conservatively to capture something close to “pure-play AI.” We limit the definition of AI companies to those that initially launched and built around AI-centric products.
Despite our strict definition, AI companies have come to dominate the rankings in the short 21 months since we launched the Power 20 in Q4’23.
- Ten or half of the companies in the Power 20 were AI companies in Q3’25, up from 9 in Q1’25, and 7 in Q4’24
- The 10 Al names accounted for 59% of the Power 20's aggregate market cap in Q3'25, versus 55% in Q2'25. They also gained more in price than non-AI peers: AI names saw 54.5% average share price gains in Q3'25 (compared to 39.9% share price growth for the Power 20 as a whole). The higher price gains underscore how AI names powered value accumulation — not just activity — in the quarter.
- In Q3’25, for the fourth quarter in a row, AI names drove a majority (65.3%) of the activity in the Power 20, up from the previous peak of 57% in Q1’25 and more than double the 22% proportion in Q2’24. The steep rise in Q4’24 was driven by a big quarter for Anthropic and several AI companies joining the rankings at once, but it’s significant that the share has remained well above 50% since, even with companies like SpaceX, Anduril, Stripe, and others continuing to draw investors.
- The 10 AI companies in the Power 20 on their own also drove more than two-fifths (44.2%) of the activity across the entire Augment platform in Q3’25.
Rising activity and share prices among AI names have been fueled by strong bottom-up investor demand across several segments:
- Foundation model leaders like Anthropic, OpenAI, and xAI
- App-layer breakouts such as Glean, Cursor, and Perplexity
- Infrastructure and chip plays including Crusoe, Lambda, and Groq, which have benefited from surging AI hardware investment and inference demands
Company-specific catalysts also helped, like OpenAI’s gradual relaxation of restrictions on employee and alumni share sales, not to mention a series of tender offers at the company.
Defense and aerospace account for nearly one-fifth of activity
SpaceX is one of three aerospace/defense companies on the Power 20 in Q3’25, alongside Anduril (#2) and Shield AI (#20).
- Together these three aerospace/defense companies accounted for 17.2% of Power 20 activity in Q3’25, spotlighting the significant role of defense companies in today’s pre-IPO markets.
SpaceX, with an estimated market cap of $400B, on its own accounted for 7% of all activity in the Power 20 or a bit less than 1 in every 14 bids, asks, or trades.
Saronic, which specializes in providing unmanned, marine surface vessels to US and allied defense buyers, saw significant trading activity in the quarter and is one of the Companies to Watch in Q3’25 (see “Companies to Watch” section, above).
Most-active names
Looking solely at activity — including bid-ask activity and trades on our platform — AI-native companies accounted for half (5) of the most-active names: xAI, Anthropic, Perplexity, OpenAI, and Crusoe. If we’re including Shield AI, which combines hardware with AI and autonomy software (Hivemind), it would be 6 of the 10 most active names.
Most Active Companies in Q3’25*
*Includes overall bid-ask and trading activity on the Augment platform during all of Q3’25. Any ties in bid-ask activity are broken by upranking the name with the most completed trades.
Largest price gains
Anthropic’s per-share Augment Price growth of 145.65% was by a significant margin the highest among Power 20 companies.
Crusoe (88.8%), Lambda Labs (74.7%), OpenAI (66%), and Cursor AI (64.9%) rounded out the top five for price jumps in the quarter.
Highest % Augment Share Price Increases in Q3’25*
Excludes companies with low overall activity
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Our ranking index uniquely blends more than 50,000 data points on market signals and commercial traction to rank the most promising pre-IPO names. For more detailed report Methodology and Disclosures, see “Methodology” and “Disclosures” sections, below.
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.
SpaceX
#
1
Activity
#1 SpaceX activity leveled off in Q3'25 following a surge in late 2024 and 1H’25. That surge was driven by a July 2025 tender offer that valued the company at $400B, which in turn was up from $350B in a December 2024 tender. Despite the cooldown, SpaceX remained highly active, ranking 3rd overall on our marketplace for Q3'25 (SpaceX also ranked 3rd for activity in Q2'25).
- For context, SpaceX dominated marketplace activity in 2024, ranking as the most active name by a significant margin—generating 20% more bid-ask activity than the second-most-active company that year.
Price Movement
SpaceX share prices grew 7% in Q3’25, reversing the negative price growth (-7.6%) the name saw in Q2’25. SpaceX started the quarter with an Augment Price of $210 per share, ending at $224.69.
- SpaceX’s 7% share price growth meant it ranked last for price growth among the top 10 companies in the ranking (just behind xAI), but the sustained activity and other positive market signals maintained it in the top position. Broadly, the company is being buoyed by increasingly bullish sentiment around its Starlink product and a successful tender offer (see “News” section, below).
Spreads
Revenue
News
In July 2025, SpaceX completed a tender offer valuing the company around $400B. At the same time, Elon Musk told investors to expect about $15.5B in revenue for 2025 – for modest 9% growth – with Starlink’s booming satellite-internet service (now over 6M users worldwide) driving much of that expansion.
#1 SpaceX was the 3rd most-active name on the Augment platform
Anduril
#
2
Activity
Price Movement
Anduril's per-share Augment Price was up 46.98%, from $57.75 per share to $84.88 at quarter's end. That was an acceleration from the 19.1% price gain in Q2’25.
Spreads
Revenue
We include full-year estimated revenue growth as a factor in the Augment Power 20 ranking as a proxy for commercial momentum. Anduril reached $1B in revenue in 2024, up from $420M in 2023. That represented 138% growth, a significant acceleration from the previous year, and a four-year peak in growth.
News
Anduril Industries, the defense-tech unicorn, doubled down on growth financing and big contracts. In June the company raised $2.5B Series G at a $30.5B valuation – more than 2x last year’s Series F valuation in August 2024 – and secondary trading has implied even higher prices since. In July 2025, Anduril announced a $100M US Army contract to build its next-gen command-and-control battle network. That prototype project (teaming with partners like Palantir) cements its role in modernizing strategic defense systems.
#2 Anduril’s per-share Augment price growth accelerated to 47%, more than 2x the 19% rate in Q2’25.
Activity
Anthropic was the 2nd most-active name on our marketplace in Q3’25. It was the most active name on the platform in the previous two quarters. Anthropic first rose to the top spot for activity in Q1’25 after being the second most-active name in Q4’24.
Anthropic also tied in the #5 rank for completed trades on the Augment platform (tied with Perplexity).
Price Movement
Anthropic's Augment Price per share ended Q3'25 at $170.85, up 145.65% from the start price of $69.55. That price gain meant Anthropic was the top price gainer in the Power 20 in Q3’25, and the only one to grow in the triple digits.
The quarter-ending price implies an estimated market cap of $221.8B.
Spreads
Revenue
News
Anthropic vaulted its valuation nearly 3x higher in Q3. In early September, it closed a $13B Series F round (led by ICONIQ, with Fidelity and others) at a staggering $183B post-money valuation. This comes just six months after a $3.5B raise valued Anthropic at $61B. The new funding is fueling growth as the AI startup’s run-rate revenue has surged from about $1B in December 2024 to over $5B in July 2025. Anthropic’s war chest will support heavier compute needs — it debuted its Claude 4.1 model in August — and global expansion.
#3 Anthropic’s Augment Price per share was up 147%, the largest price gain in the Power 20.
OpenAI
#
4
Activity
OpenAI ended Q3’25 #8 for activity, which includes bids, asks, and trades. That’s a couple of ranks down from Q2’25, when it first cracked the top 10 for activity and trade volume at #6. The company, once hard to find in secondary markets, has seen more activity this year as early investors and employees seek liquidity.
Price Movement
Along with OpenAI's Augment Price rise of 65.97% (compared to 9.2% in Q2’25), the company’s estimated market cap shot up to $514.9B. That valuation pushed it well past SpaceX’s $423.9B EoQ market cap as OpenAI became the Power 20’s most valuable company (see “News” section, below, for more on OpenAI’s massive funding event).
OpenAI’s price gain was the 4th-highest in the Power 20 this quarter.
Spreads
Revenue
OpenAI reached an estimated $5.5B in ARR by the end of 2024, for 244% YoY growth. That puts OpenAI among the fastest-growing Power 20 companies, behind only other major AI players like Anthropic (#3), xAI (#7), Perplexity (#14), and Cursor (#19).
News
OpenAI is on track to complete one of the largest private funding rounds ever. By late summer, the company had brought in $8.3B from backers like Dragoneer and Blackstone on top of $10B raised earlier in 2025 as part of its SoftBank-led round, holding a valuation around $300B. (The full round announced in March, and headlined at $40B, is reportedly oversubscribed by 5x.) Later, an employee tender offer completed just after the quarter closed valued the company at $500B. OpenAI’s valuation leaps meant it has topped ByteDance’s and SpaceX’s market caps.
OpenAI’s financials also have exploded: its ARR hit roughly $13B by July 2025, and ChatGPT’s user base swelled past 800 million weekly actives.
#4 OpenAI became the most highly-valued private company in Q3’25.
Activity
Databricks was the 4th most-active name on the Augment platform in Q3’25, after ranking 5th in Q2’25. Databricks was also the 11th most-traded name in Q3’25.
Price Movement
The Augment Price per share for Databricks ended the quarter at $168, up 49.6% from the quarter's start price of $112.30. That’s a significant acceleration from last quarter's price growth of 7.54%
Spreads
The spread between VWAPs (Volume Weighted Average Prices) for bids and asks was only 1.11% for Databricks in Q3’25. Narrow spreads are a sign of healthy price discovery and liquidity around a name.
Revenue
News
Databricks also seized a sharply higher valuation in Q3’s funding rush. In early September, the data-and-AI platform announced a $1B Series K raise that values it at $100B – a jump from ~$43B a year ago in September 2024. This fresh capital (co-led by Andreessen Horowitz, Thrive and others) will help Databricks accelerate product launches and even eye an IPO. Databricks served ~15,000 customers in Q2 and surpassed a $4B run-rate in August 2025 with ~$1B of that from new AI products.
#5 Databricks per-share Augment Price surged 50% in Q3’25.
Stripe
#
6
Activity
Stripe’s activity on Augment declined quarter-over-quarter. That said, looking at bid-ask volume alone, Stripe’s was roughly on par with that of other Power 20 stalwarts like Canva and Revolut, and equal to Glean’s. Stripe’s activity slip was outweighed by revenue and share price growth — along with strong bid-ask ratios — helping maintain Stripe’s #6 rank in the Power 20.
Price Movement
Spreads
Revenue
Stripe grew net revenue an estimated 28% YoY in 2024, an acceleration from 25% growth in the previous year. Stripe’s growth was in part buoyed by a thriving Billing business with many well-known AI companies as customers. The company announced that its revenue and finance automation suite, with Stripe Billing at its core, reached $500M in ARR in January 2025.
News
Payments leader Stripe has seen its internal valuation rebound dramatically in 2025. The company completed an employee share tender in Q1 that valued it at $91.5B, and secondary-market activity has since pushed Stripe’s implied worth above the $120B mark by late Q3 – eclipsing its 2021 peak of $95B. Notably, Stripe turned profitable in 2024 and continues to grow (accelerated to ~28% net revenue growth in 2024 from 25% in 2023). It’s also investing in new lines like stablecoin initiatives and benefiting from running billing for the new crop of AI giants.
#6 Stripe reignited per-share Augment price growth in Q3’25, after seeing a price decline in Q2’25.
xAI
#
7
Activity
xAI’s activity surged 1.5x in the quarter, making it the most-active name by overall platform activity in Q3’25. In Q2’25 it was the 4th most-active name on Augment, and 9th in Q1’25, showing how it has steadily become a more in-demand name and a significant competitor to OpenAI and Anthropic at the foundation model layer.
Price Movement
xAI ended the quarter with an Augment Price of $45.29 per share, up 7.83% from the start price of $42. That implied a quarter-ending market cap of $140B for xAI . That valuation is already $60B higher than the $80B valuation xAI pinned on itself for its March 2025 acquisition of sister company X (Twitter).
Spreads
Revenue
News
xAI open-sourced its Grok 2.5 large language model in August (and pledged to do the same for Grok 3 soon) – a move aimed at fostering wider AI adoption and winning mind share in the developer ecosystem. It also launched “grok-code-fast-1,” a new AI coding assistant model offered free in partnership with GitHub Copilot. Elon Musk’s venture has reportedly been in talks to raise a massive round (around $20 billion) that would value xAI at $120B. Secondary trading has already bid xAI’s implied market cap well above that, reflecting this buzz.
#7 xAI was the most active name on the Augment platform in Q3’25.
Ramp
#
8
Activity
Ramp activity declined slightly QoQ, and remained low relative to the names higher in the Power 20 ranking. Activity for Ramp was roughly on par with that of other non-AI peers like ByteDance and Rippling. In general, non AI-native names trailed AI names in activity (with defense tech as one exception).
Price Movement
For the third quarter in a row Ramp’s Augment Price growth trajectory was in the double digits, with the estimated per-share price starting at $47.18 and ending the quarter at $75.65 per share for 60.3% growth.
Spreads
Revenue
News
Only weeks after raising $200M at a $16B valuation in June, Ramp closed another $500 million in late July led by Iconiq’s Continuity Fund that catapulted its valuation to $22.5B. The company is now cash-flow positive and serves 40K businesses. Management also rolled out new AI “finance agents” to automate expense audits and fraud detection.
#8 For the third quarter in a row Ramp’s estimated share price growth was in the double digits.
Revolut
#
9
Activity
Revolut saw activity increase significantly in the quarter (up 17%), after nearly doubling activity on Augment in the previous quarter, but like Ramp and Stripe, activity was relatively low compared to sought-after AI names in the Power 20 — even lower-ranked Power 20 names like Perplexity, Crusoe, and Groq saw more volume.
Price Movement
Revolut’s price gain of 10.93% in the quarter was less than half the 43.9% growth in Q2’25, and put it 15th for estimated share price gains in Q3. That said, the improvements in activity cited above helped Revolut maintain its spot in the rankings. Another factor was revenue growth, given Revolut is growing faster than many Augment Power 20 peers despite being a 10-year-old company.
Spreads
Revenue
News
The London-based neobank entered H2 2025 with financial momentum – FY 2024 revenue jumped an estimated 75% and it earned a £1.1 billion pretax profit. In Q3, Revolut reportedly considered acquiring a US bank to speed up securing a banking license, reflecting its ongoing push into new markets. It also announced plans to apply for full bank licenses in India and South Africa to fuel international growth. Despite regulatory hurdles — its UK banking license remains pending — Revolut’s lofty private valuation ($45B in a late 2024 tender offer) and strong income trends had secondary investors pushing up Revolut's estimated market cap above $70B.
#9 Activity — bids, asks, and trades taken together — in Revolut was up 17% in the quarter.
Neuralink
#
10
Activity
Price Movement
In Q3, Neuralink reached a pivotal milestone in human trials after bolstering its funding by $656M in June at a $9.6B valuation. Neuralink has implanted its chip in at least five patients and in late September submitted a paper to The New England Journal of Medicine detailing results from the first 3 patients. This would be Neuralink’s first peer-reviewed, published human study, a key step toward proving safety and efficacy.
Spreads
Revenue
News
Neuralink reached a pivotal milestone in human trials after bolstering its funding by $656M in June at a $9.6B valuation. By Q3, Neuralink had collected first-in-human data: it had implanted its chip in at least five patients and in late September submitted a paper to The New England Journal of Medicine detailing results from the first 3 patients. This would be Neuralink’s first peer-reviewed human study, a key step toward proving safety and efficacy.
#10 Neuralink saw share prices run up 11.5% in the quarter.
ByteDance
#
11
Activity
Price Movement
ByteDance started the third quarter with an Augment Price of $190.12 a share, moving up 12% to $213.03 by quarter end. That was an acceleration from the 4.9% price gain in Q2’25. ByteDance was the 2nd most valuable company in the Power 20 as recently as Q1’25, but SpaceX and OpenAI’s recent rises in valuation mean ByteDance now has the third-largest market cap in the Power 20, after OpenAI and SpaceX .
Spreads
Revenue
News
Perplexity
#
12
2
Activity
Perplexity, which only entered the Power 20 in Q4’24, saw activity levels — bids, asks, and trades taken together — ratchet up 21% vs. Q2’25, after two quarters of steady activity.
It ranked 6th in overall activity and tied for 5th in completed trade volume for the quarter.
Perplexity’s Augment Price per share was up 57.8% in Q3’25, higher than 6.7% in Q2’25 and 17.15% in Q1’25, but a deceleration from the 147% growth it saw in Q4’24.
After raising money at a $14B valuation earlier in 2025, Perplexity took an additional $100M in July at an $18B valuation. Then in September it reportedly secured $200M more, pushing its valuation to $20B.
Price Movement
Spreads
Revenue
News
Rippling
#
13
1
Activity
Rippling activity on the Augment platform declined moderately in the quarter compared to Q2’25 (the second quarter in a row of lagging interest), and there was roughly twice as much sell interest as there was on the buy side.
Price Movement
Rippling’s per-share price dropped -8.1% in the quarter and ended the quarter with a $16.9B market cap.
Spreads
Revenue
Glean
#
14
1
Activity
Activity in Glean rose moderately in Q3’25 and it climbed to the 14th spot in the activity rankings, after being the 17th most-active name overall in Q2’25, and the sixth-most active name on Augment in Q1’25. Glean was also the 8th most-traded name. But relatively lower revenue and revenue growth, as well as decelerating price growth meant it dropped a spot in the rankings: Glean Augment Price per share climbed only 2.2% in the quarter compared to 6.8% estimated share-price growth in Q2’25. That said, Glean still ended the quarter with a market cap of $8.5B, well above the $7.2B valuation notched in the latest June 2025 Series F round led by Wellington Management
Price Movement
Decelerating price growth pushed Glean down a spot in the rankings: Glean Augment Price per share climbed only 2.2% in the quarter compared to 6.8% estimated share-price growth in Q2’25. That said, Glean still ended the quarter with a market cap of $8.5B, well above the $7.2B valuation notched in the latest June 2025 Series F round led by Wellington Management.
Spreads
Revenue
News
Canva
#
15
1
Activity
Price Movement
Spreads
Revenue
News
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Cursor AI
#
16
2
Activity
Anysphere, the team behind Cursor, has seen eye-popping revenue growth, with ARR up an estimated 9,900% in December 2024. Though that is sure to slow, the pre-IPO secondary markets have received the name warmly, pushing its per-share estimated Augment Price up 64.9% in the quarter, a slight acceleration from the 63.3% price growth in Q2’25. Cursor ranked 5th for price gains in Q3’25, after ranking #1 in Q2’25.
Price Movement
Spreads
Revenue
News
Groq
#
17
2
Activity
Groq drew nearly four bids for each available offering and ranked as the 12th most actively traded company on the Augment platform (11th in Q2’25). Despite this strong demand, trading and bid-ask activity decreased compared to the second quarter of 2025. This decline, along with its relatively low revenue base at $90M in 2024, caused Groq to drop two spots in rank.
Price Movement
Spreads
Revenue
News
In mid-September Groq raised $750M, valuing it at $6.9B post-money – more than 2x its valuation a year ago ($2.8B in August 2024). The round was led by Disruptive and joined by BlackRock, Samsung, Cisco, and others.
Lambda
#
18
1
Activity
In August, Lambda was reportedy in talks to raise a new round at $4B valuation, after raising at $2.5B in March 2025. Lambda is already being rated at $3.5B in secondary markets, as investors bet that compute providers will continue to be a strong bet after comp CoreWeave’s successful IPO earlier this year.
Price Movement
Spreads
Revenue
News
Crusoe
#
19
Activity
Price Movement
Spreads
Revenue
News
Shield AI
#
20
Activity
Shield AI, a provider of advanced autonomous aerial technology to the US military, has seen activity triple two quarters in a row. It was the 10th most active name on the Augment platform in Q3’25.The company has benefited from increased defense expenditures by the United States and allied governments, with its unmanned aircraft demonstrating successful performance during real-world testing in Ukraine's combat zones. In Q3’25 Shield AI completed a flight test of the BQM-177A target drone for the Navy, demonstrating that its Hivemind AI software is able to autonomously pilot conventional air platforms.
Price Movement
Spreads
Revenue
News
Up-and-coming companies
Based on overall marketplace activity in Q3’25, price movement, commercial traction, and news, we selected five up-and-coming names to watch in the remainder of 2025: Polymarket, Apptronik, Saronic, Harvey, and Cognition AI (Devin). They are ranked in the table below according to overall activity in the quarter.
- Polymarket, a prediction market, announced a strategic investment of $2B from NYSE owner Intercontinental Exchange just after the quarter closed, valuing the company at $9B post‑money. Sports markets now represent over 60% of Polymarket's volume, with $1B wagered on 2025 sports events alone.
- Apptronik, a robotics-focused company, saw significant trade and bid-ask activity on the Augment Marketplace throughout 2025— ranking as the 23rd most active name on Augment in Q3’25.
- Defense companies have played a significant role on this watchlist in the past few quarters: Shield AI (#20) was a company to watch in Q1’25 and moved into the Power 20 last quarter. Saronic, which was also on this watch list in Q1’25 and Q2’25, is a bit earlier in its product and commercialization cycle, but saw significant trade activity on Augment in Q3’25, ranking as the 13th most-traded name.
- Harvey, which provides domain specific AI to law firms, was the 13th most-traded name overall on Augment in Q3’25. It tied in that spot with Saronic.
- Cognition AI, dba as Devin, made news in July 2025 when it acquired competing coding agent product Windsurf, positioning it as a significant competitor to Cursor AI and agentic coding products from ranked companies including (#3) Anthropic and (#7) xAI.
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 Q3'25
- 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 Q3'25.
- Price change was measured as the % difference ending Augment Price for each name in the previous quarter and the ending price in the current calendar quarter.
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 Q3’25” 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 Q3 '25” table excludes companies with low activity, meaning companies with less than 3 bids or asks in the quarter.
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 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.
Important disclosures
Please read these risk disclosures carefully
This market report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. The information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy or completeness. The opinions expressed in this report are those of Augment Markets, Inc., as of the date of this report and are subject to change without notice.
Affiliate Disclaimer: This report was prepared in partnership with Sacra, Inc. Data was sourced from Sacra.com as well as proprietary data from Augment Markets, Inc. and its affiliates.
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.
The "Augment Power 20" ranking is based on a proprietary methodology that incorporates various data points and subjective factors, which may be weighted differently than an investor's own analysis. The ranking is not a recommendation to buy, sell or hold any security, and past rankings are not indicative of future results.
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