Invest in tomorrow’s leading pre-IPO companies today on Augment’s platform. Our curated selection of top pre-IPO stock offers unique opportunities for early pre-IPO investing. Get started with Augment now and take advantage of exclusive pre-IPO shares designed to grow your wealth.
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 Q2'25 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.
*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. Please see the Methodology section for revenue data limitations.
**Revenue listed is 2023 revenue for comparison purposes, 2024 revenue not available for Groq.
Based on overall marketplace activity in Q2’25, price movement, commercial traction, and news, we selected six up-and-coming names to watch in the remainder of 2025:
With the exit window opening on the back of CoreWeave’s successful IPO earlier in 2025 and Figma filing to IPO just after the quarter closed, investor appetite for pre-IPO tech names surged in the quarter, driving up prices and overall activity.
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, the Power 20’s aggregate market cap of $1.67T is roughly 90% of Meta’s, half of Apple’s, and two-fifths of NVIDIA’s. Since the end of 2024, the Augment Power 20 companies’ total market cap has risen 46.7%, up from $1.14T.
In Q2’25, Power 20 companies overall saw double-digit price growth for the third quarter in a row, with Anysphere (dba Cursor AI) leading the price gains with 63.3% estimated share price growth.
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 less so than in the previous two quarters.
Looking at concentration from a valuation perspective, the Power 20 is even more concentrated.
SpaceX and OpenAI together account for 45% of the Power 20’s aggregate market cap. Add ByteDance, and the three most valuable names account for 63% of the Power 20’s market cap.
.png)
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 completely remade the rankings since we launched the Power 20 in Q4’23.
Lambda and Cursor are the latest AI names to graduate into the Power 20, but sit in the rankings alongside five other AI names that made the list in the previous three quarters: Crusoe (#19) joined in Q1’25; Glean (#13), xAI (#7), and Perplexity (#14) joined in Q4’24; and Groq (#15) entered in Q3’24. These fast-rising AI companies contributed to an overall widening of Power 20 AI names in 2024-2025.
Rising activity and share prices among AI names have been fueled by strong bottom-up investor demand across several segments:
.png)
SpaceX is one of three aerospace/defense companies on the Power 20 in Q2’25, alongside Anduril (#2) and Shield AI (#20).
SpaceX, with an estimated market cap of $380B, on its own accounted for 5.5% of all activity on the Augment Platform or roughly 1 in every 20 bids, asks, or trades. SpaceX drove 12.5% of the activity among Power 20 companies.
Saronic, which specializes in providing unmanned surface vessels to US and allied defense buyers, saw significant trading activity in the quarter and is one of the Companies to Watch in Q2’25 (see “Companies to Watch” section, below).
Looking solely at activity — including bid-ask activity and trades on our platform — AI companies accounted for half of the most-active names: Anthropic, Apptronik, xAI, OpenAI, and Perplexity. Due to other criteria, Kraken and Apptronik remain unranked on the Power 20. But Apptronik was selected as one of our six companies on our watchlist, where it joins another AI/robotics company Figure AI (see “Companies to Watch” section, below). Apptronik is poised to jump into the list in future quarters based on current market signals, depending on commercial traction.
Looking only at trades, Anthropic, Apptronik, and OpenAI were the names with the most completed trades on Augment, in that order.
Most Active Companies in Q2’25 (Includes overall bid-ask and trading activity on the Augment platform during all of Q2’25)
Cursor’s Augment Price growth of 63.3% was by a significant margin the highest among Power 20 companies.
Revolut (43.9%), Crusoe (34.2%), Rippling (28.7%) and Anduril (19.1%) rounded out the top five for price jumps in the quarter.
Highest % Augment Share Price Increases in Q2’25 (Excludes companies with low overall activity)
Three prior Power 20 names slipped out of the rankings this quarter. Figma (#17 in Q1’25) bowed out after submitting its IPO filing at the start of April. Scale AI (#18) exited when Meta bought a 49 % stake and scooped up much of its senior talent, throwing the core data‑labeling unit into doubt. Discord (#19), while still an active name, also fell off the list as it struggled to claw back from a price dip in Q2’25 and dealt with a founder/CEO exit on the road to a possible IPO. It could return based on positive signals in Q3’25.
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.
#1 SpaceX continued to be in high demand in Q2’25 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. Although Anthropic and Apptronik surpassed SpaceX in total activity during Q2’25, SpaceX has been the third-most active name on our platform for two quarters running.
SpaceX flipped into negative price growth (-7.6%) from the 17.6% share price growth it saw last quarter. SpaceX started the quarter with an Augment Price of $227.30 per share, ending at $210.
Even at SpaceX’s scale — with $14.2B in estimated revenue and a workforce of over 14,000 employees — annual revenue growth is still above the mid-double digits, estimated at an impressive 63% in 2024.
Shortly after the quarter ended, news broke that SpaceX is discussing plans to sell insider shares in a deal that would value the company at $400B. Meanwhile, in June, SpaceX told investors to expect $15.5B in revenue in 2025, suggesting 2025 revenue growth of 9%, driven especially by its Starlink satellite communications and internet network, now with 6M users.
#1 SpaceX was the third most-active name on the Augment platform in Q2’25.
In Q1’25, Anduril was the seventh-most active name on our marketplace overall, but with the market tilted in favor of sellers. Total activity in the name was flat versus Q1’25, meaning it slipped in the activity ranking only because other names saw volume surge.
Anduril's per-share Augment Price was up 19.1%, from $48.49 per share to $57.75 at quarter's end. That was a deceleration from the 50.5% price gain in Q1’25.
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.
Anduril’s $2.5B Series G round in June 2025 catapulted the company’s last round valuation to $30B — more than double last year’s mark. Secondary markets are tracking considerably above that level already.
#2 Anduril’s per-share Augment Price increase was the highest among the top five companies.
Anthropic, founded in 2021, was the most-active name on our marketplace in Q2’25 for the second quarter in a row. Anthropic rose to the top spot in Q1’25 after being the second most-active name in Q4’24.
Even as the most popular name on the platform for two quarters running, Anthropic still found room to grow activity, with bids, asks, and trades together up 29.5% QoQ.
Anthropic's Augment Price per share ended Q2'25 at $69.55 up 8.6% from the start price of $64.05. The quarter-ending price implies an estimated market cap of $76.3B.
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 has been the most active name on Augment for two quarters running.
OpenAI activity on Augment more than 3x’d in the quarter. The company ranked as one the top ten most-active names on Augment for the first time since this report was launched in Q4’23. OpenAI ended Q2’25 #6 for activity, including bid, asks, and trades.
The company was also the third most-traded name on our platform in Q2’25.
Along with OpenAI's Augment Price rise of 9.2%, the company’s estimated market cap shot up to $360B — putting it close to SpaceX’s $380B EoQ market cap — amid news of ongoing talks with investors around a massive $40B round (see “News” section, below).
The news in Q2’25 continued to be bullish for OpenAI. In June 2025, OpenAI announced it had reached $10B in ARR. In the same month, OpenAI announced an unexpected multiyear compute deal with Alphabet, diversifying away from its Microsoft partnership, as well as a $200M contract with the US Department of Defense.
At the end of Q1’25, OpenAI had announced new funding of $40B at a $300B post-money valuation led by Softbank Group. In Q2’25, news emerged that OpenAI is courting co-investors from the Middle East, India, and Silicon Valley to fill out that deal, first formally announced in March 2025.
#4 OpenAI activity on Augment more than 3x’d in the quarter.
Databricks was at the 5th-place rank for overall activity, including bid-ask activity and trades. Activity in Databricks surged 57% in Q2’25.
The company was also the 4th-most traded name on Augment.
The Augment Price per share for Databricks ended the quarter at $112.30, up 7.54% from the quarter's start price of $104.43.
At a June 2025 Data + AI summit the company said it is tracking to a $3.7B ARR by July, or 50 % YoY growth, putting real pressure on Snowflake’s lead. Databricks also unveiled a $1B acquisition of database startup Neon in May.
#5 Databricks saw activity on Augment surge 57% in Q2’25.
1
Stripe’s activity on Augment jumped 170% quarter-over-quarter, a significant surge for the name, likely as a result of reaccelerating net revenue growth in 2024. Looking at bid-ask volume alone, Stripe was on par with Databricks, and not too far from Anthropic’s level.The activity growth, in addition to the improvement in revenue fundamentals and bid-ask ratios, boosted Stripe one spot in the rankings.
Stripe ended Q2'25 with an estimated Augment Price of $39.25 per share, after beginning the quarter with a price of $41.73. The price decline obscured price gains earlier in the quarter.
At its May 2025 “Sessions 2025” event Stripe rolled out a proprietary Payments Foundation Model (trained on tens of billions of transactions) and stablecoin financial accounts backed by a Visa partnership. The company was telegraphing that AI‑driven fraud detection and crypto rails will be core revenue and profit levers rather than side bets.
#6 Stripe saw activity on Augment soar more than 2x in Q2’25.
1
xAI’s activity jumped more than 2x in the quarter (153%). It was the fourth most-active name by overall platform activity, just ahead of Databricks. In Q1’25, it had been the ninth most-active name.
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 has kept rising in 2025: xAI ended Q2’25 with an estimated per-share price of $42 and a $130B market cap—well above the $80B valuation used in its March 2025 acquisition of X (see “News” section below).
#7 xAI was the fourth most-active name on the Augment platform in Q2’25.
1
For the second quarter in a row Ramp’s Augment Price growth trajectory was in the double digits, with the estimated per-share price starting at $42.54 and ending the quarter at an Augment Price of $47.18 per share. Only nine other names in the Power 20 saw a larger percentage price gain, putting Ramp tenth in the price-gain rankings. The price and activity bumps helped it gain a place in the rankings.
In June 2025, Ramp closed a $200M Series E led by Founders Fund that pegs the spend‑management company at $16B post‑money. Management highlighted 40K+ customers generating an $80 billion annualized purchase volume run-rate.
#8 For the second quarter in a row Ramp’s estimated share price growth was in the double digits.
2
Revolut doubled activity on Augment in Q2’25, but like Ramp, activity was relatively low compared to top 10 companies and even sought-after, lower-ranked AI names like Perplexity and Groq.
Revolut’s price gain of 43.9% in the quarter was more than double the 17.4% growth in Q1’25, and put it 2nd for estimated share price gains in Q2. The improvements in activity and price growth helped Revolut shoot up a couple of spots 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.
The quarter opened with impressive numbers: in April 2025 the neobank reported FY 2024 revenue up more than 70% and a pretax profit of £1.1 billion. The company is increasingly seen through the lens of its crypto‑heavy “Wealth” arm, which is now a significant growth and earnings engine.
#9 Revolut saw share prices run up 43.9% in the quarter.
Neuralink saw prices run up 3.8% in the quarter, with the quarter-ending price nearing the $70-mark. That pushed Neuralink’s implied valuation to $12.9B by quarter end, up from ~$6.7B at the end of the same quarter last year.
The standout event in Q2’25 was a $650M Series E in June 2025, led by Sequoia, ARK and Qatar Investment Authority, which pegged the brain‑computer‑interface company at a roughly $9B valuation. Neuralink’s chip was implanted in the current trial’s fifth participant in the same month.
#10 Neuralink saw share prices run up 3.8% in the quarter.
1
ByteDance ended the second quarter with an Augment Price of $190.12 a share, up 4.9% from the $181.30 per-share price the company’s shares commanded when the quarter began. ByteDance was the 2nd most valuable company in the Power 20 as recently as Q1’25, but OpenAI’s stair-step rises in valuation mean ByteDance now has the third-largest market cap in the Power 20 after OpenAI and SpaceX.
ByteDance saw a moderate rise in activity as well, helping move it forward a spot in the rankings.
4
Rippling activity on the Augment platform declined in the quarter compared to Q1’25, and there were more than twice as many asks as bids, accentuating relatively lower secondary interest versus other ranked names.
Rippling’s per-share price climbed 28.7% in the quarter and an $18B market cap. That run-up in the price and market cap on Augment came on the heels of a $450 million Series G announced May 2025, coupled with a $200M employee tender, that lifted the all‑in‑one HR/payroll and back-office platform to a $16.8B valuation.
Activity in Glean declined significantly in Q2’25 as it dropped to the 17th most-active name overall, after rising to the sixth-most active name on Augment in Q1’25. That said, robust 16.8% estimated share-price growth lifted it to a $8.3B estimated valuation by the end of Q2’25, well above the $7.2B valuation notched in the latest June 2025 Series F round led by Wellington Management.
1
Perplexity, which only entered the Power 20 in Q4 ’24, maintained similar activity levels in Q2 ’25 as in Q1 ’25, yet still ranked 9th in overall activity and 11th in trade volume for the quarter. By comparison, it finished Q1 ’25 as the platform’s 5th‑most active and 2nd‑most traded name.
Perplexity’s Augment Price per share was up 6.7% in Q2’25, a deceleration from 17.15% in Q1’25, and a sharper deceleration from the 147% growth it saw in Q4’24. The bid-ask ratio was lopsided in a seller’s market for the name, though not as high as the 4-to-1 ratio seen last quarter.
In early May Apple said it was evaluating Perplexity as a new Safari search option, and by the next month Bloomberg had reported that Apple executives even discussed an outright bid, fueling investor interest in possible M&A at a reasonably marked-up valuation.
1
Groq demonstrated robust market interest, attracting nearly three bids for each available offering and ranking as the 11th most actively traded company on the Augment platform. Despite this strong demand, trading and bid-ask activity decreased compared to the first quarter of 2025. This decline, combined with the company's unknown present revenue base, caused Groq to drop from its previous ranking position.
The company generated an estimated $3.5M in revenue during 2023, though 2024 financial data remains unavailable.
Canva ended the second quarter with an Augment Price of $1,269.21 a share for a market cap of approximately $30.9B. The share price gain of 14.8% represented a return to the green from the 11% estimated share price decline the company saw in Q1’25. Share price is now up more than $200 per share, or 19% from the $1,066 the company’s shares commanded in a tender offer early in 2024.
Lambda, an AI cloud startup that was one of our “Companies to Watch” in several previous quarters, joins the Power 20 at the #17 spot. Lambda tied for 18th overall in terms of activity — including bids, asks, and trades — and it was among the most sought after names, with 1.5x more buyer vs. seller activity. The interest in Lambda was in part ignited by CoreWeave’s (NASDAQ: CRWV) successful IPO. The former Power 20 company has surged 215% since its public debut at the end of Q1’25.
In May 2025, NVIDIA announced that Lambda would be an inaugural partner for its “Lepton” GPU‑marketplace, giving the startup a privileged route to the chipmaker’s five‑million‑strong developer base
.svg)
Anysphere, the team behind Cursor, has seen eye-popping revenue growth, with ARR growing an estimated 9,900% in 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 63.3% in the quarter, for the largest price gains in the quarter among Power 20 companies.
Shield AI, a provider of advanced autonomous aerial technology to the US military, saw activity triple in Q2’25 over Q1’25. 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. By April 2025, its V-Bat system had logged 130 combat related sorties in Ukraine.
by % share of aggregate $1.67T 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 June 30th, 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 Q2’25, price movement, commercial traction, and news, we selected six up-and-coming names to watch in the remainder of 2025: Apptronik, Harvey, Saronic, Together AI, ElevenLabs, and Figure 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 March 31st vs. the ending price on June 30th, 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.
By accessing this report, the reader agrees to hold Augment Markets, Inc., Augment Capital, LLC, its affiliates, and any third party involved in the creation of this report harmless for any direct or consequential loss or damage resulting from any use of this report or the information contained herein. Investing in private company securities is only suitable for sophisticated investors who are willing and able to bear the risks associated with such an investment, including the potential loss of the entire investment.
Any forward-looking statements regarding the company's prospects, including revenue growth projections, are based on current expectations and assumptions.
Key Risks: Investments in private company securities are speculative, illiquid, and involve a high degree of risk, including the possible loss of the entire investment. Private company securities are not publicly traded and are intended for investors who do not have a need for a liquid investment. Past performance does not guarantee future results.
While this report is publicly available, the private securities discussed herein may only be offered and sold to accredited investors as defined by the SEC in accordance with applicable securities laws and regulations.
.svg)
