Recent activity across the Prime Unicorn Index highlights the different ways late-stage private companies are accessing capital and establishing new market prices. Several Index components have completed sizable primary financings in recent weeks, while others have provided liquidity to existing shareholders or seen meaningful repricing in the secondary market.
Together, these transactions provide a broader view of how capital continues to move through the private market beyond headline funding valuations.
New Funding and Private-Market Repricing
Devoted Health completed one of the largest recent transactions among Index components, closing $555 million in Series G primary funding as part of a $1.18 billion primary-and-secondary financing. The $555 million primary raise provides Devoted with fresh capital for expansion, while investors also committed $622 million to a shareholder tender offer, creating a liquidity opportunity for existing shareholders. Devoted’s Prime Unicorn Index price increased approximately 53.6% from September 8 through October 7.
EliseAI raised $350 million at a $4 billion valuation on September 29, nearly doubling its valuation from its previous financing. The company, which develops AI automation for housing and healthcare operations, plans to use the capital to expand its products and engineering and sales teams. Over the same September 8–October 7 period, EliseAI’s PUI price increased approximately 46.9%.
Private-market filings also indicate that LangChain completed a $300 million Series C at a $3 billion valuation. The financing represents a significant step up for the AI infrastructure company, and its PUI price rose roughly 112%.
OpenAI Continues to Operate at a Different Scale
Capital activity at OpenAI remains considerably larger. SoftBank completed its $30 billion investment in OpenAI on October 1, fulfilling its commitment as part of the company’s latest fundraising effort. At the same time, OpenAI has reportedly begun targeting at least another $30 billion of financing at a roughly $1.4 trillion valuation.
That fundraising comes alongside efforts to provide liquidity without an IPO. Earlier this year, OpenAI reportedly completed a $7 billion employee tender offer at an $852 billion valuation, illustrating how the largest private companies can combine new capital formation with structured secondary liquidity.
Secondary Markets Continue to Provide Price Discovery
Formal financing rounds are only part of the picture. Secondary-market transactions continue to reprice private companies between major funding events.
From September 8 through October 7, several Index components recorded notable moves:
- Ayar Labs: +57.3%
- Shield AI: +10.6%
- Rippling (People Center): -17.9%
- Lightmatter: -27.1%
- PsiQuantum: -31.8%
Unlike primary financing, these transactions do not inject new capital into the companies themselves. Instead, they provide ongoing indications of where buyers and sellers are willing to transact, helping establish more current private-market pricing between formal financing events.
A More Complete View of Private Markets
The recent activity across Devoted Health, EliseAI, LangChain, OpenAI, and the broader Index demonstrates why private-company valuation cannot be viewed through funding rounds alone. Primary capital, shareholder tenders, and secondary transactions each provide different information about company value and investor demand.
As private companies remain private longer and grow to increasingly significant valuations, tracking all three provides a more complete picture of how the market is evolving. Against this backdrop, the Prime Unicorn 30 currently stands at 324.60, up approximately 82% over the past year.