1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings
This quarter, reporting holders marked up their private portfolios by 46.1% ($ weighted). The appreciation of SpaceX was the main contributor to the mark up, as it’s widely held across funds. Excluding SpaceX, reporting holders marked up their portfolios by 17.3% ($ weighted). There was an average mark-up of 7.6% (equal weighted) across fund holdings.
Kandou experienced the most significant mark-up, followed by Cybereason, BlueJay Therapeutics and Rivos. Aerospace & Defense, Semiconductors, and Logistics & Transportation saw the largest mark-ups across sectors.
Lessen, Motif FoodWorks and Voltron Data experienced the most significant mark-downs, as some funds wrote off their positions. Among sectors, Cybersecurity, Media & Entertainment and EdTech saw the largest mark-downs.
| Companies | Robustness Score3 | ZX Index Values4 vs. Fund Marks |
|---|---|---|
| Cerebras | 7 | +178.50% |
| Click Therapeutics | 1 | +141.60% |
| Algolia | 1 | +140.80% |
| VAST Data | 4 | +114.50% |
| Anduril | 4 | +105.00% |
| Freenome | 1 | +87.40% |
| FloQast | 1 | +87.20% |
| Neuralink | 3 | +69.30% |
| Applied Intuition | 7 | +65.10% |
| Stripe | 8 | +58.70% |
| OpenAI | 4 | +56.50% |
| Lambda Labs | 6 | +47.30% |
| Celonis | 2 | +40.00% |
| Einride | 1 | +29.30% |
| Anthropic | 7 | +28.60% |
| Superhuman (Grammarly) | 1 | +27.40% |
| Moloco | 1 | +26.00% |
| Airtable | 1 | +20.00% |
| Gusto | 1 | +17.70% |
| Canva | 7 | +14.70% |
| BigID | 1 | +14.50% |
| SpaceX | 8 | +12.90% |
| Lightmatter | 2 | +9.10% |
| Checkr | 1 | +6.40% |
| Crusoe Energy | 2 | +5.80% |
| Revolut | 3 | +4.80% |
| Ramp | 3 | +3.70% |
| Intercom | 2 | +1.80% |
| Databricks | 3 | +1.80% |
| Replit | 3 | 0.00% |
| iCapital | 1 | -0.50% |
| Discord | 2 | -1.90% |
| xAI | 0 | -2.10% |
| Flock Safety | 1 | -2.50% |
| Bytedance | 1 | -5.20% |
| PsiQuantum | 2 | -7.60% |
| SambaNova | 1 | -8.10% |
| Airwallex | 1 | -9.20% |
| SandboxAQ | 1 | -11.70% |
| Kraken | 3 | -13.20% |
| Bolt | 3 | -13.50% |
| Redwood Materials | 3 | -14.40% |
| Varo Money | 2 | -15.70% |
| Zipline | 6 | -16.00% |
| Attentive | 1 | -21.00% |
| Flexport | 2 | -21.30% |
| Liquid Death | 1 | -22.80% |
| KoBold Metals | 2 | -23.50% |
| Figure AI | 7 | -23.50% |
| Snyk | 2 | -24.70% |
| Plaid | 1 | -27.90% |
| Impossible Foods | 1 | -31.40% |
| goPuff | 1 | -31.60% |
| Epic Games | 2 | -31.60% |
| Arctic Wolf | 1 | -35.70% |
| Waymo | 2 | -37.90% |
| Patreon | 1 | -38.50% |
| Fanatics | 4 | -40.60% |
| Automation Anywhere | 1 | -41.30% |
| Apartment List | 1 | -41.40% |
| Groq | 1 | -42.10% |
| Upgrade | 1 | -43.90% |
| Scale AI | 2 | -44.40% |
| Oura Health | 1 | -47.10% |
| Astranis | 1 | -47.20% |
| Ripple | 5 | -47.40% |
| Motive (KeepTruckin) | 1 | -47.60% |
| Zocdoc | 1 | -54.80% |
| Turo | 1 | -60.40% |
| Jeeves | 1 | -60.60% |
| ConsenSys | 2 | -60.60% |
| Dataminr | 1 | -66.20% |
| ThoughtSpot | 1 | -74.80% |
| Course Hero | 2 | -75.80% |
| Perplexity AI | 6 | -91.10% |
| Hadrian | 2 | -94.30% |
3 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.
4 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.
In February, 21% of companies with ZX Index Values showed a difference of 10% or less compared to Fund Marks, and 36% of companies with ZX Index Values showed a difference of 20% or less compared to Fund Marks. Among the companies, Cerebras, Click Therapeutics, Algolia and VAST Data had the highest positive variance in reported marks versus ZX Index Values. Hadrian, Perplexity AI, Course Hero and ThoughtSpot had the highest negative variance in reported marks versus ZX Index Values.
| Company | Normalized Std Dev5 | $ Weighted Avg | Max | Min |
|---|---|---|---|---|
| Evolve Vacation | .78 | $5.29 | $15.67 | $3.66 |
| CelLink | .73 | $0.76 | $3.28 | $0.64 |
| Cybereason | .70 | $0.62 | $1.90 | $0.47 |
| FLEXE | .65 | $3.40 | $18.31 | $2.92 |
| GOAT | .57 | $1.11 | $2.63 | $0.85 |
5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.
This period, Evolve Vacation ($3.66 - $15.67) saw the highest share price variance across funds followed by CelLink ($0.64 - $3.28) and Cybereason ($0.47 - $1.90).
6 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
7 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat
Rappi saw its first positive reversal in sixteen quarters while Arbor Bio saw its first positive reversal in fifteen quarters. Delfi saw its first negative reversal in sixteen quarters while Tanium saw its first negative reversal in eleven quarters.
This report is based on data reported by 300+ funds and $85+ billion of value. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.
The “ZX Index Value” is derived by applying proprietary weightings to the order flow data collected for the stated period (both bids and asks), based on the order type (firm order or indication of interest) and whether the order has been executed, with greater weight given to more recent orders.
Zanbato, Inc. (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information is believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.
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