EquityZen’s Q3 Spotlight Shines Light on Private Market Growth, Reveals Surge in Deal Volume as Investor Demand Accelerates

Original published here. 

As public equities reach all-time highs and optimism around IPOs builds, investor appetite for private, late-stage growth companies has surged, according to the new Q3 2025 “Secondary Spotlight” from EquityZen, the leading marketplace for private company investments. The company saw deal volume on its platform nearly double from the first half of 2024 to the first half of 2025, signaling a significant rebound in investor interest and a flight to the private markets to capture pre-IPO growth. 

This heightened interest and activity are concentrated in high-innovation industries poised for strong growth potential. In the past two years, AI, information technology, and fintech have become the most popular industries among EquityZen investors. In Q3, these three industries led the market in trading activity as well. 

"The demand for growth and innovation that we’ve seen in the public markets is driving more investors toward private market opportunities," said Atish Davda, CEO of EquityZen. "While we’ve seen IPO momentum, our research shows that the vast majority of value is created long before a company makes its public debut. This is fueling a new wave of demand - from 401(k)s to traditional brokerage accounts. As more capital flows into this asset class, the need for data transparency becomes essential.” 

EquityZen provides not only access to some of the most sought-after private companies, but also the data-driven insights investors need to navigate the landscape with confidence. Clients can leverage EquityZen’s proprietary data from over a decade in the private markets and over 47,000 transactions in nearly 500 leading private companies to make informed decisions.

EquityZen's Q3 data also reveals key shifts in investor sentiment:

• Demand for Up & Comers: Investor interest in both younger companies and smaller companies rose, indicating a desire to participate in compelling growth stories earlier.
• The AI-Powered SaaS Boom: Beyond pure-play AI, investor demand rose for software-as-a-service (SaaS) companies. This includes both AI-native innovators and established enterprise tech leaders that are successfully integrating AI into their platforms.
• Rising Valuations for Industrials Companies: In a sign of growing market confidence, nearly half of all secondary trades in Industrials companies in Q3 occurred at a premium to a company's last primary funding round.

EquityZen’s Q3 “Secondary Spotlight” also highlights the most popular private companies and "Quarterly Movers," companies that saw the largest jump in popularity on EquityZen’s platform, further underscoring the dynamic and fast-moving nature of the private market.

As decacorns become the new unicorns, investing in these transformative companies has become all the more valuable  for investors of all sizes. This makes access to reliable data and proven investment platforms critical for investors looking to build a modern, growth-oriented portfolio.