Apr 14, 2026
Q1'26 Secondary Market Update
The Caplight Top 20 Index returned +15.9% in Q1 vs. -5.7% for the Nasdaq 100.
6 VC funds raised 75% of all Q1 venture fundraising.
5 megadeals absorbed 60% of all primary capital; the top 15 names drove 90% of secondary volume.
3 potential IPOs could raise more than the entire 2025 IPO market combined.
Secondary market sentiment is diverging sharply between Anthropic and OpenAI.