Nasdaq Private Market’s mid-year review reveals private company valuations, especially in AI and infrastructure, have soared in 2026, outperforming public indices amid rising interest and access debates.
Nasdaq Private Market’s latest half-year review suggests that late-stage private companies have continued to outpace public benchmarks by a wide margin in 2026, extending a run that has drawn fresh attention to secondaries and private capital access. In Nasdaq Private Market’s tracker of the 50 largest private names, average price performance was up 48% year to date at the mid-point of the year, versus roughly 10% for the S&P 500 and 18% for the Nasdaq 100, according to the company’s report. (nasdaqprivatemarket.com)
Crowdfund Insider, citing Nasdaq Private Markets data, said the same tracker was showing a year-to-date gain of about 58% by 17 July, underscoring how quickly valuations have moved in parts of the private market during the second half of the period. The publication also reported that the broad AI and machine-learning segment was up 97.4% on the year, while fintech had risen 26.1% and digital assets and blockchain were down 22.2%. (crowdfundinsider.com)
The strongest names were concentrated in artificial intelligence and infrastructure. Crowdfund Insider listed Prometheus, BaseTen Labs, SambaNova, ClickHouse, Cerebras and Anthropic among the top performers, with gains ranging from 137% to 524%. Nasdaq Private Market’s own mid-year review also pointed to stronger activity in consumer, AI and machine learning, healthcare and industrials, while web3 and digital assets lagged. (crowdfundinsider.com)
That pattern fits a broader narrative in the market: private capital is increasingly clustered around a small number of highly favoured companies, while more traditional software, fintech and consumer names have been less buoyant. Nasdaq Private Market said demand for access to top private cap tables had intensified, even as the market remained uneven beneath the surface. (nasdaqprivatemarket.com)
The public side of the market has not been standing still. Nasdaq said its listings business delivered a record $129.3 billion raised from new listings in the first half of 2026, including seven of the ten largest IPOs of the year. The exchange said SpaceX led that surge with the largest IPO in Nasdaq history, raising $85.7 billion in June, while Cerebras, Parabilis and Quantinuum also featured among the year’s biggest flotations. (nasdaq.com)
Even so, the private-market argument remains that much of the value creation is happening before companies reach the public markets, with trading in private shares and secondaries offering wealthy individuals and institutions a way in earlier. S&P Dow Jones Indices says its S&P Private Stock Top 50 Index tracks global private companies with a minimum market value of $1 billion, reflecting how mainstream benchmark providers are now trying to capture the asset class. (spglobal.com)
Access, however, remains a live policy issue. Crowdfund Insider reported that supporters of wider participation are pushing to broaden the accredited investor definition, arguing that current rules favour wealth over sophistication and limit access to private offerings under Regulation D. That debate is likely to intensify if private markets continue to outperform public indices at the pace seen in 2026. (crowdfundinsider.com)
- https://www.crowdfundinsider.com/2026/07/292333-nasdaq-private-markets-50-largest-listings-up-58-sp-500-about-10-ytd/ – Please view link – unable to able to access data
- https://www.crowdfundinsider.com/2026/07/292333-nasdaq-private-markets-50-largest-listings-up-58-sp-500-about-10-ytd/ – This article discusses the performance of private securities compared to traditional public listings, highlighting that the number of public firms has declined due to over-regulation and compliance costs. It notes that sophisticated investors are increasingly investing in early-stage private firms, with the Nasdaq Private Markets (NPM) tracker showing a 58% year-to-date increase for the 50 largest private firms, while the S&P 500 is up about 11%. The article also highlights the booming artificial intelligence sector, with a 97.4% return, and mentions the best-performing private firms, including Prometheus, BaseTen Labs, and SambaNova. Additionally, it touches upon legislative efforts to broaden the definition of Accredited Investors to include sophisticated individuals beyond those with large bank accounts.
- https://www.nasdaqprivatemarket.com/halftime-first-half-2026-review/ – This report provides an overview of the private market’s performance in the first half of 2026, noting that the Nasdaq Private Market Tracker, which monitors the 50 largest private firms, shows a 48% year-to-date increase, outperforming the S&P 500’s 10% and the Nasdaq 100’s 18%. The report highlights strong returns in private markets, driven by companies like Clickhouse, BaseTen Labs, Cerebras, Neuralink, Bolt Financial, and Anthropic. It also discusses sector performance, with Consumer, AI & Machine Learning, Healthcare & Life Sciences, and Industrials leading the gains.
- https://www.nasdaq.com/newsroom/nasdaq-listings-delivers-record-breaking-first-half – This press release announces that Nasdaq’s first half of 2026 was the strongest in U.S. exchange history, with $129.3 billion raised from new listings, including seven of the ten largest IPOs of the year. Notable listings include SpaceX, which held the largest IPO in history at Nasdaq in June, raising $85.7 billion, and other industry leaders like Parabilis, Cerebras, and Quantinuum. The release emphasizes Nasdaq’s role at the centre of the innovation economy, connecting capital to opportunity and helping ambitious companies access resources to innovate and scale.
- https://www.nasdaq.com/press-release/nasdaq-delivers-strongest-first-half-us-exchange-history-public-markets-momentum – This press release highlights Nasdaq’s record-breaking first half of 2026, with $129.3 billion raised from new listings, marking the largest IPO and highest volume of capital raised in U.S. exchange history. Seven of the ten largest IPOs of the year listed on Nasdaq, including SpaceX, which raised $85.7 billion in the largest IPO of all time. The release underscores Nasdaq’s position at the centre of the innovation economy, supporting companies across sectors like AI, aerospace, and biotech to access global capital markets.
- https://www.nasdaq.com/press-release/late-stage-private-markets-show-signs-of-reacceleration-private-shares-fund-reports – This press release reports strong first-quarter performance for the Private Shares Fund, managed by Liberty Street Advisors, Inc., with gross sales totaling approximately $118 million, representing the fifth strongest quarter in the Fund’s 12-year history. The Fund’s largest holding, SpaceX, represented approximately $224 million or 19.3% of net assets, reflecting a company valuation of approximately $1.25 trillion. The release notes that over 50% of the portfolio is tied to companies pursuing or discussing IPO, tender, or M&A activity, including SpaceX, Cerebras, and Kraken, indicating increasing activity across late-stage private markets.
- https://www.spglobal.com/spdji/en/indices/private-markets/sp-private-stock-top-50-index/ – This page provides information on the S&P Private Stock Top 50 Index, which tracks the performance of the 50 largest private companies. As of July 14, 2026, the index has a price return of 188.74 USD and a one-year return of 70.04%. The index was launched on January 16, 2026, and offers insights into the performance of leading private companies, serving as a benchmark for investors interested in private market investments.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article references recent data from July 17, 2026, and cites sources from July 1, 2026, and earlier. The Crowdfund Insider article was published on July 17, 2026, and cites data from July 1, 2026. The Nasdaq Private Market’s ‘Halftime – First-Half 2026 Review’ was published on July 16, 2026. The Nasdaq press release about record-breaking first-half listings was published on July 1, 2026. The S&P Private Stock Top 50 Index information is current as of July 14, 2026. The data appears to be current and not recycled from older sources.
Quotes check
Score:
7
Notes:
The article includes specific performance figures and company names. The Crowdfund Insider article mentions that the Nasdaq Private Market tracker shows a year-to-date increase of about 58% as of July 17, 2026. The Nasdaq Private Market’s ‘Halftime – First-Half 2026 Review’ states that their tracker shows an average price performance of +48% year-to-date. The discrepancies in these figures may be due to different data sources or reporting methods. The article also lists top-performing companies such as Prometheus, BaseTen Labs, SambaNova, ClickHouse, Cerebras, and Anthropic, with gains ranging from 137% to 524%. These figures are consistent with the Nasdaq Private Market’s report. However, the exact wording of the quotes cannot be independently verified, as the original sources are not directly accessible.
Source reliability
Score:
6
Notes:
The article cites multiple sources, including Crowdfund Insider, Nasdaq Private Market, Nasdaq, and S&P Dow Jones Indices. Crowdfund Insider is a niche publication focusing on emerging finance, which may limit its reach and influence. Nasdaq Private Market is a subsidiary of Nasdaq, which may introduce potential conflicts of interest. Nasdaq is a major financial exchange, and S&P Dow Jones Indices is a reputable index provider. However, the article relies heavily on data from Nasdaq Private Market and Crowdfund Insider, which may not be fully independent.
Plausibility check
Score:
7
Notes:
The article presents data on the performance of private companies compared to public benchmarks, highlighting sectors like AI and fintech. The performance figures are consistent with recent market trends, where private companies, especially in the AI sector, have shown significant growth. However, the reliance on data from Nasdaq Private Market and Crowdfund Insider, which may have vested interests, raises questions about the objectivity of the information.
Overall assessment
Verdict (FAIL, OPEN, PASS): REVIEW
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents recent data on private market performance, citing sources such as Nasdaq Private Market and Crowdfund Insider. While the data appears current and plausible, the heavy reliance on sources with potential conflicts of interest and the lack of independent verification raise concerns about the objectivity and reliability of the information. Further independent verification is recommended before publishing.