Q1 2026 Trends in the Private Secondary Markets

In this session, Brianne Lynch (Head of Market Insight) and Phil Haslett (Chief Strategy Officer) discuss the "noisy" macro environment in early 2026 and the explosive growth in private markets.

Key Takeaways¹

• AI Dominance + Evolution: AI remains the most popular sector, but interest has shifted to AI infrastructure, the physical “picks and shovels” like manufacturing, chips, and data centers.
• The Rise of Hard Tech: Aerospace is now the #2 most popular industry on EquityZen, with manufacturing climbing to #4, displacing traditional SaaS and FinTech leaders.
• Shrinking Discounts: The deep discounts of previous years are vanishing. The average trade discount dropped from 29% to just 8%, with 34% of trades actually happening at a premium.
• Flight to Quality: Over half of Q1 trading volume was concentrated in "Decacorns" ($20B+ valuations). Investors appear to be prioritizing stability and potential IPO contenders over riskier, mid-tier startups.
• Liquidity Backlog: With the IPO and M&A markets stalled by volatility, the secondary market is a relief valve that employees and early investors seeking liquidity can use to navigate these conditions.

The Bottom Line: While the public market remains hesitant, private market investors are paying up for quality, betting on the companies that will lead the next cycle of innovation.

Want more data? Check out the full Q1 2026 Secondary Spotlight.