Secondaries & Pre-IPO Liquidity

NPM and Hiive clear Groq's $32.16 D-3 preferred anchor, but the new $650M financing and any executable common bid remain unpriced.

Forge and NPM show Lambda clearing at different derived marks above the last primary valuation, but the public record still cannot convert either number into employee common-share liquidity.

A reported $22B employee secondary has no disclosed offer price, share class, sell cap, or deal size; NPM's $61.76 estimate clears the $54.18 Series D-1 anchor, while Forge shows no current mark.

Anduril's visible Forge Price sits roughly 69% above its Series H preferred price, but the public page still does not show an executable common bid, ask or last matched price.

Ramp's visible Forge Price sits 4% above the $120 Series F primary price, but the current public record still does not show a tender, instrument, share class or transaction size for common holders.

Anthropic's $965B Series H headline leaves no visible common mark on Forge; the usable employee anchor is the $20.93 H-3 low-price tranche, while OpenAI's visible Forge Price shows what an active secondary benchmark looks like.

Visible secondary marks put Databricks above its $190 Series L preferred price, while reported $165B-$175B round talks now bracket the Forge-implied mark.

SpaceX files its S-1 and exits the secondary market. Anthropic freezes transfers and voids SPVs at a $965B preferred valuation. OpenAI clears above its last round on Forge. Databricks runs 27% above primary. Where AI's most-watched names are clearing relative to their last primary marks — and what the preferred-to-common spread means for employees sitting on paper wealth.