TORONTO--(BUSINESS WIRE)--SetterVC (SetterVC.com), the venture secondary arm of Setter Capital, announced the release of the Q4 2025 edition of the Setter 30, its quarterly ranking of the most sought-after venture-backed companies in the global secondary market. Now in its 22nd edition, the Setter 30 has become a widely referenced benchmark for investor demand across late-stage private technology and growth companies.
The rankings are derived from thousands of buy requests received through SetterVC.com, alongside daily feedback from the market’s most active secondary investors. The list reflects relative investor interest rather than accessibility or transaction volume.
The latest report, along with prior editions, is available at https://SetterVC.com/Setter30.
SpaceX reclaimed the top position this quarter, driven by heightened investor interest surrounding its ongoing tender activity and speculation around a potential IPO in 2026. Anthropic and OpenAI followed closely behind, reinforcing sustained demand for category-defining AI leaders.
Artificial intelligence remained the dominant theme, with 19 of the 30 ranked companies spanning AI models, infrastructure, and applications. Notable movers included prediction markets (Polymarket up 11 spots and Kalshi entering the ranking for the first time), enterprise software (Stripe and Databricks in 5th and 6th respectively, Ramp up 9 spots), and robotics (Figure AI and Apptronik climbing). By contrast, crypto- and blockchain-related names softened amid weaker market conditions, led by declines in Ripple and Kraken.
Average last-round valuations across the Q4 2025 Setter 30 rose sharply by 47.1% from Q3 and 128.8% from Q4 2024, signaling greater scale and increasing alignment with public peers.
A visual snapshot of the Q4 2025 Setter 30 ranking is available and may be reproduced with attribution to SetterVC.com.
About Setter Capital
Founded in 2006, Setter Capital is a leading independent advisory firm specializing in liquidity solutions across the secondary market for alternative investments. To date, Setter Capital has completed over 2,000 transactions representing more than $40 billion in liquidity across venture capital, private equity, private credit, infrastructure, real estate, and real asset investments.
For more information, visit SetterVC.com or SetterCapital.com.
Contacts
Media
Cecilia Banares
Phone: (437) 800-1610
Email: ceciliab@settercap.com