--- title: "Secondary Spotlight: Key Trends in the Pre-IPO Tech Market with Phil Haslett and Bri Lynch" description: "Dive into Q3 pre-IPO market trends: Discover why AI dominates, how SaaS is making a \"SaaSy comeback,\" and why demand for younger, smaller companies is surging. Phil Haslett and Bri Lynch analyze valuations, robotics growth, and the crucial IPO outlook." image: https://blog.equityzen.com/hubfs/Blog%20Cover%20Videos!%20(4).png --- [![EquityZen](https://blog.equityzen.com/hubfs/equityzen-logo.svg "EquityZen")](https://equityzen.com/) - [Investments](https://equityzen.com/explore/) - [Explore](https://equityzen.com/explore-private-market/) - How it Works - [Investors](https://equityzen.com/investor/) - [Shareholders](https://equityzen.com/shareholder/) - [Institutions](https://equityzen.com/institutions/) - [Issuers](https://equityzen.com/issuers/) - [Financial Advisors](https://equityzen.com/financial-advisors/) - [Insights](https://blog.equityzen.com/) - [Login](https://equityzen.com/accounts/login/) - [Sign Up](https://equityzen.com/accounts/register/) [Back to insights](https://blog.equityzen.com) [Market Views](https://blog.equityzen.com/tag/market-views) [Video](https://blog.equityzen.com/tag/video) # Secondary Spotlight: Key Trends in the Pre-IPO Tech Market with Phil Haslett and Bri Lynch ![EquityZen](https://blog.equityzen.com/hs-fs/hubfs/image%20(5).png?width=96&height=96&name=image%20(5).png) Written by EquityZen • November 19, 2025 • 2 min read ![Secondary Spotlight: Key Trends in the Pre-IPO Tech Market with Phil Haslett and Bri Lynch](https://blog.equityzen.com/hs-fs/hubfs/Blog%20Cover%20Videos!%20(4).png?width=1318&height=736&name=Blog%20Cover%20Videos!%20(4).png) In this article Like 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"](https://blog.equityzen.com/secondary-spotlight-private-company-investment-trends-q3-2025)! 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](https://blog.equityzen.com/secondary-spotlight-private-company-investment-trends-q3-2025) 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](https://blog.equityzen.com/secondary-spotlight-private-company-investment-trends-q3-2025). 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](https://www.youtube.com/watch?v=eayLSTbDY1c). ###### 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.   Join Investors and Shareholders Exploring the Private Markets Today [![Get Started](https://no-cache.hubspot.com/cta/default/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe.png)](https://cta-redirect.hubspot.com/cta/redirect/20754585/8e691282-6ef2-4809-87ba-5604efc0edbe) ### Related Articles ![EquityZen’s Q3 Spotlight Shines Light on Private Market Growth, Reveals Surge in Deal Volume as Investor Demand Accelerates](https://blog.equityzen.com/hs-fs/hubfs/shutterstock_2383536081.jpg?width=812&height=446&name=shutterstock_2383536081.jpg) ##### EquityZen’s Q3 Spotlight Shines Light on Private Market Growth, Reveals Surge in Deal Volume as Investor Demand Accelerates EquityZen's Q3 '25 Secondary Spotlight is here. See how soaring public market optimism drives privat... Market Views 3 min read ![Brianne Lynch on CNBC](https://blog.equityzen.com/hs-fs/hubfs/slack-imgs.jpg?width=812&height=446&name=slack-imgs.jpg) ##### CNBC: Pent up demand fueling IPOs for companies like Klarna, says EquityZen’s Brianne Lynch Brianne Lynch, EquityZen Head of Market Insight, joins CNBC’s ‘Closing Bell Overtime’ to talk the IP... 2 min read ![The Next List 2026: Private Companies to Watch](https://public.flourish.studio/visualisation/29787533/thumbnail) ##### The Next List 2026: Private Companies to Watch Discover emerging private companies poised for growth in AI, defense, and hard tech as we unveil our... 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