Table of Contents

Executive Summary

  • ZX Equal-Weighted Index increased 0.7% MoM
  • ZX average bid-ask spread was 15% (higher than the last 12-month average)
  • Bids represented 67% of submitted tickets in July, 15% higher than the last 12-month average
  • ZX Index Values ended the month on average at a 13.9% premium to the last round price per share average
  • Anthropic,Stripe, and Ayar Labs were the three most active companies on ZX in July

ZX Equal-Weighted Index Performance

ZX Average Bid/Ask Spread Chart

ZX Bid/Ask Ratio Chart

Most Active Companies1

1
Anthropic
2
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Stripe
3
arrow up
Ayar Labs
4
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Crusoe Energy
5
arrow down
Project Prometheus
6
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Neuralink
7
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Anduril
8
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ClickHouse
9
arrow down
Databricks
10
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OpenEvidence

1 Companies that received the most ticket and profile view activity over the last 30 days

Comparison of ZX Index Value vs. Last Round Pricing

CompaniesRobustness Score2Chg vs. LR3Last Round Date
Crusoe Energy 4 +93.6% Oct-25
ClickHouse 7 +68.1% Jan-26
Ayar Labs 7 +36.0% Feb-26
Anduril 7 +34.7% Apr-26
Anthropic 8 +28.5% May-26
ElevenLabs 3 +28.2% Jan-26
Notion 5 +10.7% Sep-21
Databricks 4 +10.6% Dec-25
Harvey AI 7 +8.5% Mar-26
Lambda Labs 3 +7.4% Nov-25
Ramp 6 +6.2% Jun-26
OpenAI 6 +0.1% Mar-26
Project Prometheus 7 -0.0% Apr-26
Decart AI 6 -0.0% Apr-26
Figure AI 3 -9.9% Aug-25
Perplexity AI 4 -13.2% Jan-26
Lightmatter 3 -23.0% Oct-24
Kalshi 3 -35.6% Apr-26

2 ZXData Robustness Score is an internally developed metric to assign confidence levels to the underlying data used in constructing ZXData output metrics. The ZXData Robustness Score is calculated on a scale of 1 to 10 for each company, based on the number of executed trades, number of buy and sell orders submitted to ZX and skewness of the order book.
3 ZX Index Value is an internally developed metric that reflects secondary values for private companies using an algorithmic approach based on the values sourced from ZX and ZXData partners. The algorithm used to calculate ZX Index Values incorporates both executed transaction values and bid and ask pricing.

Commentary

Zanbato’s Equal-Weighted Index, which tracks secondary market performance of ZX’s most actively traded companies, increased 0.7% in July. Among the most active sectors, Data & Analytics is up 7.7% YTD; E-Commerce is down 2.6% YTD; Cybersecurity is up 12.1% YTD; SaaS is down 3.9% YTD; FinTech is up 12.3% YTD; Crypto & Blockchain is down 8.2% YTD; Aerospace & Defense is up 23.1% YTD; AI & Machine Learning is up 24.8% YTD

Overall, ZX’s average bid-ask spread was 15% in July, 3% higher than the last 12-month average.

Bids represented 67% of submitted tickets in July, 15% higher than the last 12-month average of 52%.

Anthropic,Stripe, and Ayar Labs were the three most active companies on ZX in July.

On average, the ZX Index Values for July were at a 13.9% premium to the last round price per share.

Disclaimer

This report is provided for informational purposes only and does not constitute a recommendation or solicitation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. The values shown in this report are not indicative price quotations. This report does not constitute investment advice, nor does this report constitute a "research report" as defined by FINRA Rule 2241 or a "debt research report" as defined by FINRA Rule 2242.

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