Blockbuster names like OpenAI and Anthropic may still dominate the venture secondary market, while SpaceX (NASDAQ:SPCX) has until recently been another major source of investor demand. But as those companies move closer to the public markets, a new group of private startups is emerging as the next potential drivers of secondary-market activity.
According to a PitchBook report, the U.S. venture secondary market reached an estimated $121.7 billion on a trailing 12-month basis through the second quarter of 2026. While AI giants have driven much of that activity, PitchBook says investors are already positioning for the next wave of liquidity by accumulating shares in a handful of mature private companies with increasingly realistic IPO prospects.
