This Week in the Index
Week of July 30 – August 6, 2025 Quick Summary Welcome to This Week in the Index, where we’ll give a brief overview of what happened this week among Prime Unicorn Index components. Figma’s IPO dominated the week. Shares opened strong and re-priced the private–public gap. Public components were mixed: CoreWeave up, Circle down. Secondaries […]
Figma’s Blockbuster IPO
Last week, Figma, the 12th largest component in the Prime Unicorn 30 Index, went public in a blockbuster IPO, seeing its share price jump 250% in its first day of trading. Even after falling over 27% on Monday, Figma is still priced over 4x higher than its last private fundraising. Let’s take a look at […]
Prime Unicorn Index Q3 2025 Reconstitution Update
Just a couple of weeks ago, the Prime Unicorn Index underwent its quarterly reconstitution. While the full report dives deep into the numbers, we’re breaking down a few quick highlights from the Prime Unicorn 30—our flagship index tracking the 30 most valuable U.S. private venture-backed companies. High-Level Overview This quarter’s reconstitution brought two new names […]
Up to Bat: Figma and Navan File for IPOs
Figma and Navan, two long-standing members of the Prime Unicorn Index’s Top 30 Index, are now charting parallel courses toward the public markets. Their filings give the Index its clearest look yet at how late-stage venture names are scaling as investor interest in fresh listings returns. Figma’s newly public S-1 lays out the most complete […]
Hinge Health IPO: Another Down-Round Debut in the New Reality of Public Markets
Hinge Health officially went public on May 22, 2025, when it completed its initial public offering on the New York Stock Exchange. The digital physical therapy company closed its first day of trading at $37.56, up about 17% over the $32 IPO price it set the previous day. Even with the pop, Hinge’s public valuation […]
Circle Pursues IPO Amid Potential Acquisition Talks with Coinbase and Ripple
Circle, a Prime Unicorn 30 Index component currently valued at $5.785B, is pushing forward with its long-awaited initial public offering while simultaneously engaging in preliminary sale discussions with crypto giants Coinbase and Ripple, according to recent reporting from Fortune. This development creates an interesting crossroads for the private unicorn market, as Circle’s choice between IPO […]
Q2 2025 Top 30 Index Update: The Musk Effect
The Prime Unicorn 30 completed its quarterly reconstitution for Q2 2025. Below is a quick, fact‑first rundown of the key changes and what they mean for private market participants. Neuralink Joins at $10.7 B Flock Safety Marches to Series H Concentration Check: The Musk Effect Two Elon Musk–led firms now dominate the index’s aggregate valuation: Company Private‑market valuation Share of Top 30 valuation* […]
This Week in the Index — Coreweave’s IPO, Circle Files Publicly, and New Funding Rounds
Here is a quick roundup of notable updates from our component companies: CoreWeave IPO CoreWeave IPO’d on March 28 at $40 per share. After a volatile debut, the stock is now trading around $53. Early investors, including Magnetar, saw strong returns, while others who participated in a late 2024 tender offer at $46.99 may have […]
Schmidt’s Power Play: Analyzing Relativity Space’s Corporate Restructuring
From Class Structure to Common Stock: The Corporate Overhaul The most striking change in Relativity Space’s most recent certificate of incorporation (COI), filed on March 10, 2025, is the complete elimination of the company’s previous dual-class structure. The 2023 filing showed a complex capitalization with Class A and Class B Common Stock plus eight series […]
This Week in the Index: Major Moves from CoreWeave, Anthropic, and Shield AI
This week brought significant developments for several Prime Unicorn Index components, with major fundraising rounds and IPO preparations. Here’s a look at the latest updates: CoreWeave Prepares for a Potential $4 Billion IPO CoreWeave, the AI-focused cloud provider backed by Nvidia, is gearing up for a possible IPO that could raise over $4 billion at […]