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Secondary Spotlight: Key Trends in the Pre-IPO Tech Market with Phil Haslett and Bri Lynch

EquityZen
Written by EquityZen
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November 19, 2025
•
2 min read
Secondary Spotlight: Key Trends in the Pre-IPO Tech Market with Phil Haslett and Bri Lynch

In this article

    In the latest episode of the Secondary Spotlight, EquityZen's Co-Founder and Chief Strategy Officer, Phil Haslett, and Head of Market Insight, Bri Lynch, sit down to discuss the key trends that defined Q3 2025 in the private markets.

    They explore:

    • Sector Shifts: Discover the "SaaSy comeback"! Learn why software companies embedding AI are surging in popularity, and how investor interest in hard tech, Robotics, and Industrial companies is shaping the market.
    • Valuation Discipline: Find out what the 29% average trading discount signals. The market is returning to historic valuation norms, reflecting renewed confidence compared to the deep discounts of previous years.
    • Demand for Youth: Haslett and Lynch discuss the growth in investor demand for younger companies valued under $10 billion. With AI fueling explosive growth in mere months, investors are looking earlier in a company’s lifecycle to capture more upside.

    Watch now to get their full take on these trends and what they may signal for the future here.

    Disclosure

    Not all pre-IPO companies will go public or be acquired, and not all IPOs or acquisitions are or will become successful investments. There are inherent risks in pre-IPO investments, including the risk of loss of the entire investment, illiquidity, and fluctuations in value and returns. Investors must be able to afford the loss of their entire investment. Forward-looking statements are not guarantees of future results.

     

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