2025’s hottest sectors for secondary market investment
From space defense to semiconductors, 2025’s private secondary market is buzzing with innovation.
From space defense to semiconductors, 2025’s private secondary market is buzzing with innovation.
It has been a strong couple of years in the secondary market, with investments mostly returning impressive gains. While more muted boosts are expected in 2025, many analysts agree that the bull run in equities will persist and the market will stave off the euphoria state that would signal a sweeping slowdown.
As these broader themes take shape, secondary market investors are looking to make strategic decisions that set their portfolios up for success. This list of 2025’s hottest secondary market sectors could be a good place to start.
Artificial intelligence-driven technologies will contribute more than $15 trillion to the global economy in the next five years, according to PwC. This has led to high demand across various industries, from cybersecurity to cloud computing.
Tech giants like Microsoft and Google have made headlines for partnering with AI startups like OpenAI and Anthropic. But blue-chip stocks aren’t the only way to play this trend. Investors who utilize Augment Capital*, the marketplace for buying and selling shares in private companies, may be able to invest directly in AI-powered pre-IPO unicorns, too.
Augment’s Power 20 — which highlights the top companies in the pre-IPO private markets based on Augment's blended index — currently features multiple technology-driven companies, including OpenAI, Perplexity, and Scale AI. Accredited investors, pensions, and others who use Augment can discover pricing and connect with buyers and sellers of these and other private firms in the AI-driven technology sector.
AI’s implementation extends to the healthcare sector, valued for its resilience, high innovation potential, and increased funding and acquisitions. The introduction of digital health platforms, advanced diagnostic technologies, and personalized medicine solutions was accelerated by the pandemic, creating opportunities to invest in private companies — like Databricks — that are making waves in this growing space.
The aerospace and defense industry is expected to experience growth as firms move past the supply chain challenges and staffing shortages of 2024. Geopolitical tensions are prompting more investment in defense spending globally, a boon for those looking to add exposure in the secondary market.
While companies like BWX Technology (NASDAQ: BWXT) have caught the attention of investors, many of the hottest companies have yet to go public. Take SpaceX, whose indicative market valuation was approximately $370 billion on Augment as of February 2025, though such valuations for private companies can fluctuate significantly based on market conditions and other factors. That represents a staggering increase from its previous valuation of $210 billion.
Anduril, which builds flying drones and missiles, is another buzzy name in private secondary space defense. The artificial intelligence-powered military start-up’s valuation continues to climb as investors anticipate the company’s IPO.
SpaceX and Anduril are Nos. 1 and 2, respectively, on Augment’s Power 20.
Fueled by growth in the AI sector, the robotics industry is producing innovative products with the potential to change the way we work and live. Demand for automation has created an opportunity for companies like Saronic — an autonomous shipbuilding start-up — and Apptronik, whose humanoid robot could address inefficiencies in various industries.
Many of the hottest companies are still pre-IPO, but there are opportunities to invest in the private secondary market. Take Figure AI, a start-up that specializes in humanoid robots.
Figure AI's reported valuation of $39.4 billion (as of March 2025) represents an estimated increase since last year, though private market valuations are often subject to limited price discovery and may not reflect future public market valuations.
The company is currently in discussions to raise $1.5 billion in a Series C funding round. Figure AI’s previous $2.4 billion valuation came after it raised $675 million with backing from OpenAI, Nvidia, and Microsoft.
The company has been testing its proprietary humanoid system, Helix, at a BMW plant in South Carolina. Industrial pilots such as this have demonstrated how Figure AI’s humanoids can work alongside humans, but the ultimate goal is to bring this technology into homes across the globe.
The semiconductor industry had a strong 2024 with double-digit growth and sales exceeding $600 billion, according to Deloitte.
One key driver of those sales was the demand for gen AI chips like the ones offered by Groq, valued at approximately $3.3 billion on Augment. (Private market valuations are often subject to limited price discovery and may not reflect future public market valuations.)
Groq is developing technology that company chiefs say can run existing generative AI models. Setting Groq apart is its ability to do so at ten times the speed and one-tenth the energy of existing models, according to TechCrunch.
Cerebras, an AI company with an assortment of models, is also prepared to make waves within the semiconductor space. Since filing to go public last year, Cerebras has bolstered its diversified revenue streams with a partnership with Perplexity, one of the hottest companies currently trading on Augment.
The merger came days after Cerebras announced its Deepseek implementation, which boasts speeds up to 57 times faster than GPU-based solutions.
While companies across the sector show promise, it’s important for investors to note the cyclical nature of the semiconductor industry. This is due to heightened competition, tight margins, and geopolitical tensions, among other risks.
Across all these sectors of the secondary market, you may notice a common theme: innovation. The investing landscape will likely continue to change rapidly as technology advances, and adaptable investors who stay abreast of these changes may be well-positioned to reap the rewards.
But the innovation isn’t limited to these sectors. How investors can capitalize has also evolved. Many of these challenger brands will surely exist on the private second market long before they are traded publicly — and platforms like Augment offer unprecedented access to them.
*Securities transactions are executed on Augment Capital, LLC's ATS and offered through Augment Capital, LLC (member FINRA/SIPC).
Important Disclosures: Investing in private securities involves substantial risk, including the potential loss of principal. Private securities are typically illiquid, have limited pricing transparency, and often require longer holding periods. These investments are available exclusively to qualified accredited investors and offer no guarantee of returns. Additionally, past performance of private securities does not indicate or predict future results.