September Private Market Update
$32.47 $32.47+$11.07 (51.73%)+$0.00 (0.00%)-$0.14 (-0.43%)+$1.23 (3.94%)-$2.00 (-5.80%)
| Funding Date | Share Class | Amount Raised | Price Per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 09/19/2025 | Series G | $1.1B | $36.23 | $8.11B | Undisclosed Investors | |
|
Price Per Share
$36.23
Shares Outstanding
30,359,560
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 06/06/2024 | Series F-1 | $85MM | $14.66 | $2.87B | Undisclosed Investors | |
|
Price Per Share
$14.66
Shares Outstanding
5,798,089
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 11/10/2021 | Series F | $254.38MM | $27.74 | $4.16B | Abu Dhabi Growth Fund, Alpha Wave Ventures, Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, G42, Moore Strategic Ventures, Vy Capital | |
|
Price Per Share
$27.74
Shares Outstanding
9,168,419
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.9x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abu Dhabi Growth Fund, Alpha Wave Ventures, Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, G42, Moore Strategic Ventures, Vy Capital
|
||||||
| 11/25/2019 | Series E | $273.35MM | $18.32 | $2.42B | Undisclosed Investors | |
|
Price Per Share
$18.32
Shares Outstanding
14,916,649
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.3x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 11/14/2018 | Series D | $79.82MM | $16.15 | $1.7B | Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, Foundation Capital, Vy Capital | |
|
Price Per Share
$16.15
Shares Outstanding
4,943,849
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.1x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Benchmark, Coatue Management, Eclipse Ventures, Foundation Capital, Vy Capital
|
||||||
| 08/31/2017 | Series C | $65MM | $8.95 | $860.24MM | Altimeter Capital, Benchmark, Eclipse Ventures, Foundation Capital, Secquia Capital | |
|
Price Per Share
$8.95
Shares Outstanding
7,264,680
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Altimeter Capital, Benchmark, Eclipse Ventures, Foundation Capital, Secquia Capital
|
||||||
| 12/19/2016 | Series B | $25MM | $2.75 | $249.79MM | Benchmark, Eclipse Ventures | |
|
Price Per Share
$2.75
Shares Outstanding
9,076,079
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Benchmark, Eclipse Ventures
|
||||||
| 05/05/2016 | Series A | $26.97MM | $0.85 | $67.43MM | Benchmark, Foundation Capital, Open Field Capital | |
|
Price Per Share
$0.85
Shares Outstanding
31,731,394
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Benchmark, Foundation Capital, Open Field Capital
|
||||||
With calendrical winter coming to an end in just over a month, the chilly IPO market could soon be much warmer. Literally and figuratively, the market is well-poised to enter an "IPO Spring," as Connor Group Managing Partner Jim Neesen called it in a recent Yahoo Finance interview.
| Trade Metrics | Last Funding Round | |||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Last Matched Price | Share Class | Post-Money Valuation 3 | Price Per Share | Amount Raised | ||
 | Atom Computing | -- | $xx.xx | Series B | $289.73MM | $7.72 | $69.06MM | |
 | Ayar Labs | $27.70 +$1.52 (5.81%) | $xx.xx | Series D-1 | $1.49B | $33.61 | $183.04MM | |
 | Etched | -- | $xx.xx | Series AI | $1.48B | $58.31 | $85MM | |
 | Graphcore | -- | $xx.xx | -- | -- | -- | -- | |
 | Lightmatter | $51.20 +$4.20 (8.94%) | $xx.xx | Series D | $4.4B | $80.23 | $359.55MM | |
 | PsiQuantum | $28.00 -$2.00 (6.67%) | $xx.xx | Series E | $7B | $41.13 | $750MM | |
 | Quantinuum | -- | $xx.xx | -- | -- | -- | -- | |
 | Tenstorrent | -- | $xx.xx | Series D-1 | $2.6B | $78.83 | $641.18MM | |
 | VAST Data | -- | $xx.xx | -- | -- | -- | -- | |
 | Verkada | $9.32 +$0.35 (3.90%) | $xx.xx | Series E-2 | $4.5B | $8.62 | $120MM | |
Updated on: Sep 23, 2025
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