American unicorns: When primary rounds are distant, secondary markets provide clarity

Unlike in the public markets, valuations of so-called ‘unicorn’ start-ups might only be updated following funding rounds. What if investors want insights more frequently?

Epic Games, Chime Bank, Databricks, and SpaceX are four of the most well-known US startups in recent years, all of which have gone from small beginnings to wide renown. But like all venture capital-backed startups, their valuations have changed quite infrequently over their lifetimes, only being adjusted upon new funding rounds, which can be anywhere from a few months to more than 18 months apart. Even then, data for private companies like this is hard to come by, and difficult to evaluate.


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