The index is calculated based on completed secondary transactions across these 50 companies, measured over the same fourteen-month period referenced for the public benchmarks cited.
Over the same timeframe, the index materially outperformed both the Nasdaq 100 and the S&P 500 by Nearly Tenfold.
Secondary Suite, a new technology platform providing real time panoramic visibility into trading activity across the private secondary market, has captured data on more than $5bn worth of secondary trades in the last 14 months. Data aggregated by the Suite indicates capital inflows migrating from public / institutional markets into the private secondary ecosystem.
The findings reflect a structural shift in capital markets, with increasing trading activity, investor demand and price discovery occurring outside public exchanges.
Two structural drivers underpin this divergence.
First, SpaceX's valuation increased approximately 200% since January 2025, rising from roughly $350 billion to more than $1.35 trillion following its merger with xAI. Recent secondary transactions have been executed at premiums to the latest merger valuation, reflecting sustained institutional demand.
Second, valuations across leading privately held artificial intelligence (AI) companies advanced sharply. The top 20 private AI companies tracked by the platform recorded average valuation growth of approximately 292% over the same period. Direct exposure to AI-native innovation remains largely concentrated in private markets, as many category leaders have yet to access public capital markets.
Taken together, the data underscores that a significant share of recent value creation in technology has occurred outside public exchanges. Investors allocating capital exclusively to publicly traded securities would not have had direct exposure to these secondary market gains.
Structural Shift in Capital Formation and Market Infrastructure
Secondary Suite aggregates bid and ask indications, completed transaction data and cross-venue pricing signals from thousands of ecosystem participants globally, providing coverage across more than 2,500 private technology companies.
Over the past decade, technology firms have extended their private lifecycle, with an increasing proportion of capital formation and liquidity shifting to secondary venues. Until recently, however, the market operated without standardized infrastructure or consolidated transparency.
Secondary Suite is not a public trading venue. It functions as a secure operational system for qualified institutional participants, including funds, brokers, investment banks and asset managers, enabling end-to-end transaction management and consolidated data visibility.
The system was introduced through a phased rollout and is currently used by more than 100 international institutions.
"The timing for our launch could not be more strategic", said Ofek Cohany, Secondary Suite Chief Architect. "As the secondary market undergoes this unprecedented surge in valuations, the industry is finally meeting the technology it deserves".
"Secondary Suite was built to consolidate data, enhance pricing transparency and enable professional participants to operate based on verified market intelligence rather than informal signals", added Cohany. "The rapid adoption we have seen since launch is a clear testament to our platform's ability to turn market momentum into a sustainable competitive advantage".
About Secondary Suite
Secondary Suite (www.secondary-suite.com) is a dedicated management system for the private secondary market in technology company shares. The Suite consolidates market data, workflow management, communication tools and counterparty matching under a secure unified interface, providing real time visibility into demand, supply and pricing dynamics in private markets.
For additional information and full index data for the System; Secondary Suite 50 and the Private AI Indexes:
Iris Harpaz Kay
Harpaz Communications
[email protected]
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SOURCE Secondary Suite
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