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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.
The top companies in the pre-IPO private markets in Q1'25 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.
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.
Based on overall marketplace activity in Q1’25, QoQ activity increases, and price movement, we selected 6 up-and-coming names to watch in the first half of 2025:
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.
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.
The first quarter of 2025 underscored the concentration of buyer and seller activity in the top-ranked names in private markets.
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.
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.
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.
Includes bid-ask and trading activity on the Augment platform during the first quarter of 2025.
Excludes companies with low overall activity.
Share of activity among names with significant bid-ask and/or trade activity on the Augment platform.
Based on observed secondary market trading activity volume. Past activity not indicative of future results. Includes only pure-play AI companies. For informational purposes only.
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Top six companies on Augment Power 20 rankings - share of platform activity, inc. bid-ask activity and trades.
Based on observed secondary market trading activity volume. Past activity not indicative of future results. Includes only pure-play AI companies. For informational purposes only.
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Top price gains on Augment for companies with significant bid-ask and/or trade activity in Q1’25
Based on observed secondary market trading activity volume. Past activity not indicative of future results. Includes only pure-play AI companies. For informational purposes only.
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by % share of aggregate $1.57T in EoQ market value.
Based on observed secondary market trading activity volume. Past activity not indicative of future results. Includes only pure-play AI companies. For informational purposes only.
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#1 SpaceX continued to be in high demand in Q1’25 after being the most active name on our marketplace in 2024 by a significant margin, with 20% more bid-ask activity than the 2nd most-active name in that year, Klarna. Bid-ask activity for SpaceX rose 33% QoQ in Q1’25. Despite the increase, Anthropic and Anduril still surpassed SpaceX in overall activity during the quarter.
SpaceX continued to gain but decelerated significantly from the 80.5% share price growth it saw last quarter, amid news in December 2024 of a tender offer and a large valuation bump. SpaceX’s market cap reached $430B at quarter-end, based on an Augment Price of $227.30 per share, up from $193.24 at the start of the quarter.
Even at SpaceX’s scale — with $14.2B in estimated revenue and a workforce of over 14,000 employees — revenue growth is still in the mid-double digits, estimated at an impressive 63% in 2024.
Even at SpaceX’s scale — with $14.2B in estimated revenue and a workforce of over 10,000 employees — revenue growth is still in the mid-double digits, estimated at an impressive 63% in 2024.
In Q1’25, SpaceX’s increased Falcon 9 launch cadence to 36 missions — a 16% year-on-year improvement — and secured seven of nine National Security Space Launch contracts worth $845.8M from the U.S. Space Force. The Fram2 mission, launched on the final day of the quarter, marked the first human spaceflight to orbit over Earth’s poles.
#1 SpaceX accounted for 5% of all activity on the platform in Q1’25
In Q1’25, Anduril was the second-most active name on our marketplace overall, and the most active in terms of bids and asks, which were up 87.5% in the quarter.
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.
#2 Anduril saw the highest share price increase among the top five in the Augment Power 20.
Anthropic, founded in 2021, was the most-active name on our marketplace in the quarter, rising to the top spot after being the second most-active name in Q4’24. Bid-ask activity was up 56% QoQ.
Anthropic's Augment Price per share ended Q1'25 at $64.05, up 42% from the start price of $45.03. The quarter-ending price implies a market cap of $66B. The share price growth represented an acceleration from the previous quarter’s 29% growth.
Anthropic raised a $3.5B Series E funding round in early March, led by Lightspeed Venture Partners, valuing the company at $61.5B. This massive raise, exceeding expectations that it would be a $2B round, cemented Anthropic’s positioning as OpenAI’s main rival. The company also announced a partnership to integrate Claude into the Databricks (#5) platform.
#3 Anthropic saw share price growth of 42% in Q1’25, an acceleration from 29% in Q4’24.
OpenAI's Augment Price rose 38% on par with the company’s value rising from $210B to $290B, in the quarter, meaning the company added $80B in market value over the course of the quarter.
OpenAI reached an estimated $4.9B in ARR by the end of 2024, for 206% YoY growth. That puts OpenAI among the fastest-growing Power 20 companies, behind only other major AI players like Anthropic (#3), xAI (#6), and Perplexity (#15).
The biggest news around OpenAI in Q1’25 was its massive $40B funding round led by SoftBank, which valued the company at $300B post-money. This nearly doubled its valuation from six months earlier.
#4 OpenAI reached an estimated $4.9B in revenue in 2024, for 206% annual revenue growth.
Databricks was at the 6th-place rank for overall activity, including bid-ask activity and trades. Bid-ask activity for Databricks rose significantly in the quarter—up 50% compared to Q4’24. The company was the 3rd-most traded name, and received roughly two bids for every seller offer on our platform.
The Augment Price per share for Databricks ended the quarter at $104.43, up 13.7% from the quarter's start price of $91.86.
In Q1’25, Databricks announced two strategic partnerships. One, with Palantir Technologies, announced in March, integrates Palantir’s Artificial Intelligence Platform (AIP) with Databricks’ offering for enterprise customers. A separate partnership with Anthropic brought deeper integration of Claude into the Databricks platform.
#5 Databricks was the 3rd-most traded name on the Augment platform.
3
xAI’s late 2024 investment round at an issue price of $21.65 a share valued it at $50B, doubling its valuation relative to its previous Series B financing. But xAI’s share value kept rising: xAI ended the quarter with a per-share price of $40.53, implying a $93B market cap—well above the $80B valuation used in its March 2025 acquisition of X (see “News” below).
In Q1’25 xAI acquired X (formerly Twitter) in an all-stock deal announced on March 28, 2025. The transaction valued xAI at $80B and X at $33B, creating a new entity called XAI Holdings, with a combined valuation exceeding $100B. The private markets have yet to catch up to that valuation.
#6 xAI ended the quarter with an estimated market cap of $93B.
Stripe’s bid-ask activity jumped 40% quarter-over-quarter, a reacceleration of activity in the name after a decline in Q4’24, likely as a result of improved net revenue growth posted in 2024. While Stripe’s activity was on par with OpenAI’s in Q1'25, it was still relatively low compared to the most active names, contributing to a one-spot drop in the rankings.
Stripe was a $103.6B market-cap company as implied by its Q1'25 ending estimated Augment Price of $41.73 per share, after beginning the quarter with a price of $34.22.
Shortly after the quarter ended, Stripe’s application for a Merchant Acquirer Limited Purpose Bank (MALPB) charter was accepted by Georgia’s Department of Banking and Finance. If approved, this charter would allow Stripe to process payments directly, potentially reducing reliance on banking partners and saving on fees, though it wouldn’t permit deposit-taking or traditional banking activities.
#7 Stripe’s Augment share price rose 21.95% in Q1, signaling accelerated QoQ growth.
1
Rippling bid-ask activity on the Augment platform was flat in the quarter compared to Q4’24, and bids and asks were in balance, a signal of slackening activity versus previous quarters.
Rippling shed ~$1B in market value in the quarter as the share price declined, ending the quarter with an estimated market cap of $13.6B. That said, its market cap remains higher than the companies just behind it in the Power 20, Neuralink and Ramp.
Alongside the price increase, the delta between volume-weighted average prices (VWAPs) on bids and asks for Rippling tightened in the quarter. This spread was less than 1% in the quarter, compared to 11.27% in Q2'24. This narrowing indicates healthy price discovery and broad market agreement on Rippling’s price.
#8 Rippling lost one spot in the rankings as its Augment share price declined 6% in Q1’25.
1
Ramp’s Augment Price growth trajectory was the second-best among the Power 20, starting at $26.39 and ending the quarter at an Augment Price of $42.54 per share (see “News,” below). Only one other name in the Power 20, xAI, saw a larger price surge. The price movement helped it gain a place in the rankings.
A long-expected secondary share sale saw Ramp employees and other stockholders successfully selling shares at a $13B valuation, a large premium over the $7.65B valuation seen early in 2024, and higher than the $11B valuation that had been rumored. This transaction pushed Ramp’s secondary market share prices up dramatically.
#9 Ramp announced a new valuation of $13B.
2
Neuralink continued to be in high demand, and was the 11th most-active name in the quarter, more active than well-known names such as ByteDance and Stripe. Bid-ask activity in the name grew 67% QoQ, as the company’s human-computer interfaces continued to gain momentum in a series of tests and regulatory approvals (see “News” section below).
Neuralink saw prices run up 34.5% in the quarter, with the quarter-ending price reaching the $65-mark. That pushed Neuralink's implied valuation to above $12B, up from $9B in Q4’24, $6.7B at the end of Q2’24, and $7.3B at the end of Q3’24.
Despite the price and activity run-ups, Neuralink lost spots in the rankings due to Ramp and xAI’s relatively stronger scores on our Power 20 metrics.
Just after the end of Q1'25, Neuralink announced the global expansion of its patient registry for brain-computer interface trials. Neuralink opened its Precise Robotically Implanted Brain-Computer Interface (PRIME) study to quadriplegic individuals worldwide. This marked a significant step in scaling up human trials, with the company reporting a third patient had received an implant and planning for 20–30 more in 2025.
#10 Neuralink saw share prices run up 35% in the quarter.
2
ByteDance ended the fourth quarter with an Augment Price of $181.30 a share for a market cap of $305B, up 22.91% from the $147.51 per-share price the company’s share commanded when the quarter began. While activity in ByteDance had trended flat through most of 2024, it surged 4x in Q1’25, helping move it two spots forward in the rankings. ByteDance is the second most valuable company in the Power 20 after SpaceX.
6
Glean was the fifth-most active name on our platform in Q1’25 and the fourth most-traded name, which helped it race up in the rankings after first entering the Power 20 in the previous quarter. Glean's Augment Price was up 30.83% in Q1’25, more than double the 12.5% growth seen in Q4’24. Glean began the quarter just above $37 a share and ended it at $48.51, for a market cap of $7.3B.
6
Groq was the seventh-most active name on the marketplace overall, and the fourth-most traded name. It ended the quarter at $24.86 a share for a market cap of $4.6B, with the per-share price growing 25.11% QoQ. Activity showed strong buyer demand, with two bids for every offer of Groq. The intense activity and interest pushed it to the #14 spot in the rankings despite its modest revenue scale. Groq's revenue was estimated at $3.5M in 2023 (revenue data is unavailable for 2024).
Perplexity, new to the Power 20 in the previous quarter, saw bid-ask activity jump 150% QoQ, and it was the 2nd-most traded name in the quarter. Perplexity was the 4th-most active name on the platform in the quarter overall (when including trades and bid-ask activity).
Perplexity's Augment Price per share was up 17.15% in Q1’25, a deceleration from the 147% growth it saw in Q4’24, but still significant given the intense activity around the name. The bid-ask ratio was lopsided in a seller’s market, since there were 4 bids for every sell order on the platform.
The Augment Price for Perplexity ended at $417.72 for an approximate market cap of $11.4B. The market price thus surpassed the $9B valuation the company received in its $500M round in December 2024.
2
In a quarter when many Power 20 names saw double-digit price increases — the 20 companies averaged a 26% price increase in Q1’25 — Figma was up just 8.17% in Q1’25. Figma ended the fourth quarter with an Augment Price of $29.52 a share, for a market cap of $13.8B. Its slightly lower revenue growth (35% YoY) vs. Canva and other top-ranked names, meant it slipped two spots in the rankings.
Note: Figma filed an S-1 just after the quarter ended, but remains in these rankings as it was still pre-IPO during Q1’25.
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.
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.
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:
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.
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.
Augment Markets, Inc. and its affiliates may have financial interests in one or more of the companies mentioned in this report. These interests may include, but are not limited to, holding securities, providing advisory services, or market making activities. Such interests may conflict with the information presented in this report.. This report may not be distributed in any jurisdiction where it would be unlawful to do so.
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