.jpg)
1 hour ago
1
Article content
TORONTO — SetterVC ( SetterVC.com), the venture secondary arm of Setter Capital, announced the release of the Q4 2025 edition of the Setter 30, its quarterly ranking of the most sought-after venture-backed companies in the global secondary market. Now in its 22nd edition, the Setter 30 has become a widely referenced benchmark for investor demand across late-stage private technology and growth companies.
THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
SUBSCRIBE TO UNLOCK MORE ARTICLES
Subscribe now to read the latest news in your city and across Canada.
- Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.
- Daily content from Financial Times, the world's leading global business publication.
- Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.
- National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.
- Daily puzzles, including the New York Times Crossword.
REGISTER / SIGN IN TO UNLOCK MORE ARTICLES
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account.
- Share your thoughts and join the conversation in the comments.
- Enjoy additional articles per month.
- Get email updates from your favourite authors.
THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.
Create an account or sign in to continue with your reading experience.
- Access articles from across Canada with one account
- Share your thoughts and join the conversation in the comments
- Enjoy additional articles per month
- Get email updates from your favourite authors
Sign In or Create an Account
or
Article content
Article content
The rankings are derived from thousands of buy requests received through SetterVC.com, alongside daily feedback from the market’s most active secondary investors. The list reflects relative investor interest rather than accessibility or transaction volume.
Article content
Article content
By signing up you consent to receive the above newsletter from Postmedia Network Inc.
Article content
The latest report, along with prior editions, is available at https://SetterVC.com/Setter30.
Article content
SpaceX reclaimed the top position this quarter, driven by heightened investor interest surrounding its ongoing tender activity and speculation around a potential IPO in 2026. Anthropic and OpenAI followed closely behind, reinforcing sustained demand for category-defining AI leaders.
Article content
Artificial intelligence remained the dominant theme, with 19 of the 30 ranked companies spanning AI models, infrastructure, and applications. Notable movers included prediction markets (Polymarket up 11 spots and Kalshi entering the ranking for the first time), enterprise software (Stripe and Databricks in 5th and 6th respectively, Ramp up 9 spots), and robotics (Figure AI and Apptronik climbing). By contrast, crypto- and blockchain-related names softened amid weaker market conditions, led by declines in Ripple and Kraken.
Article content
Average last-round valuations across the Q4 2025 Setter 30 rose sharply by 47.1% from Q3 and 128.8% from Q4 2024, signaling greater scale and increasing alignment with public peers.
Article content
A visual snapshot of the Q4 2025 Setter 30 ranking is available and may be reproduced with attribution to SetterVC.com.
Article content
About Setter Capital
Article content
Founded in 2006, Setter Capital is a leading independent advisory firm specializing in liquidity solutions across the secondary market for alternative investments. To date, Setter Capital has completed over 2,000 transactions representing more than $40 billion in liquidity across venture capital, private equity, private credit, infrastructure, real estate, and real asset investments.
Article content
For more information, visit SetterVC.com or SetterCapital.com.
Article content
Article content
Article content
Article content
View source version on businesswire.com:
Article content
Article content
Article content
Contacts
Article content
Media
Article content
Article content
Cecilia Banares
Article content
Article content
Phone: (437) 800-1610
Article content
Article content
Email:
Article content
Article content
Article content
English (US)