Week of September 25 – October 1, 2025
Quick Summary
Welcome back to This Week in the Index, where we’ll give a brief overview of what happened this week among Prime Unicorn Index components. Full slate of primary rounds – Vercel raised big at a higher price; Carbon crammed down; Upgrade ticked up; Ethos filed to IPO. Publics and secondaries mixed. Index -0.4% WoW.
Primary Rounds & Filings
- Carbon*: Series Prime ~$2.20/share (~−92% vs $27.99 Series E).
- Vercel*: Series F $200.85/share (~+174% vs $73.27 Series E).
- Upgrade*: Series G ~$5.88/share (~+4% vs $5.64 Series F).
- Ethos*: 7‑for‑1 reverse stock split; filed for IPO under LIFE.
Secondary Transactions
- Mercury*: $13.50 → $12.93 (−4.2%)
- Shield AI*: $78.00 → $86.41 (+10.8%)
Public Components
- CoreWeave (CRWV): +2.7% to $137.05 (vs $133.40)
- Circle (CRCL): −1.9% to $129.03 (vs $131.58)
- Figma (FIG): −8.9% to $50.30 (vs $55.21)
- Hinge Health* (HNGE): −14.1% to $48.75 (vs $56.74)
- Via Transportation* (VIA): −5.5% to $46.05 (vs $48.71)
- Netskope* (NTSK): −8.9% to $21.30 (vs $23.38)
Notable News
- Workday acquired Paradox* for $1B.
- Vercel* raised $300M Series F, valuing the company at $9.3B.
- Fivetran* is in talks to acquire dbt Labs.
- Apple and OpenAI moved to dismiss xAI’s antitrust suit.
- Gusto paid $600M to acquire Guideline*.
Index Performance
- The Prime Unicorn 30 Index closed at 173.54 on Oct 1, down 0.4% vs 174.16 on Sept 24
*These companies are components of the Prime Unicorn Composite Index, but are not included in the Prime Unicorn 30 Index.