Q4 2024 Report Is Live!

Pre-IPO Market Rankings

The top companies in the pre-IPO private markets based on Augment's blended index.

Keep up to date on the private markets with Augment reports.

Depth of market activity

Price trends

Company scale and growth

This report is produced by Sacra, Inc. for informational purposes only. Any securities transactions related to companies mentioned would be conducted through Augment Capital, LLC Member FINRA.

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1

SpaceX

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2

Anduril

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3

Anthropic

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4

OpenAI

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5

Databricks

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6

Stripe

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7

Rippling

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8

Neuralink

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9

xAI

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10

Ramp

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11

Revolut

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12

Coreweave

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13

Canva

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14

ByteDance

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15

Figma

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16

Perplexity

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17

Klarna

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18

Scale AI

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19

Glean

#

20

Groq

Rankings

The top companies in the pre-IPO private markets in Q4'24 based on Augment's blended index including depth of market activity, price trends, and company scale and growth.

See below for a more detailed methodology.

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Current Share Price

Current Share Price

Current Share Price

Current Share Price

Rank

Company

Share Price

Estimated Market Cap

Total Funding

Annual Revenue

Revenue Growth*

This company is new to the Power 20.

*Please see the Methodology section for revenue data limitations. All estimates are from a third-party data provider, based on current information, and subject to change. These figures are not guarantees of future performance.

Companies to watch

Based on overall marketplace activity in Q4’24, QoQ activity increases, and price movement, we selected 6 up-and-coming names to watch in the first half of 2025:

Executive Summary

For the fourth quarter in a row, SpaceX is the top-ranked name on our platform, based on market signals like high buy and sell activity and trading volume, relative bid-ask spreads, price movement, as well as indicators of company traction, including recent revenue milestones, and revenue growth.

Taken together, the top 10 names account for $761.1B in aggregate market cap. The Augment Power 20 account for an aggregate market cap of $1.15T based on year-end 2024 estimated market capitalizations. That is roughly one-third the Jan.15 market cap of NVIDIA (or about 80% of Tesla’s, and more than 3x Salesforce's). The aggregate Power 20 market cap saw a 44%increase over the Q3'24-ending value, the largest quarterly increase in 2024.

  • On average, the names in the Augment Power 20 saw share prices increase 33% in the quarter, which represents a significant acceleration from the average 5.3% share price increase for the Power 20 in Q3'24 (+9.3% in Q2’24 and +8% in Q1'24).
  • A significant fraction of the price-growth acceleration and market cap gains were driven by the top five names — SpaceX, Anduril, Anthropic, OpenAI, and Databricks — which saw share prices jump an average of 40% (versus 4.5% in Q3’24, 8.5% in Q2'24, and 12.2% in Q1'24).
  • Meanwhile, the bottom 15 names in the Power 20 posted lower growth: they averaged a 30% increase in Augment Price per share in Q4'24. This is a reversal from the previous quarters in 2024, when the bottom 15 names saw higher average percentage price increases than the top 5.

The final quarter of 2024 underscored the concentration of buyer and seller activity in the top-ranked names, despite the trend toward a healthy widening in the market in previous quarters.

  • The top six companies in the ranking — SpaceX, Anduril, Anthropic, OpenAI, Databricks, and Stripe in Q4'24 — together accounted for 50% of activity among the Power 20, and 31% of all activity on our platform in Q4’24. This was the highest proportion of concentration since we began this report in the final quarter of 2023. The top six accounted for 18% of activity in Q3’24, 21% in Q2’24, 23% in Q1’24, and 27% in Q4'23.
  • Despite the swing back in favor of more concentration among the top names, there’s no doubt that an influx of AI-centric companies is growing the base of active names in the secondary markets. These include AI companies that were new to the Power 20 in Q4’24: xAI (#9), Coreweave (#12), Perplexity (#16), and Glean (#19). But up-and-coming AI-focused companies — including Figure AI, Lambda, and SambaNova Systems — are also driving significant activity. 

Groq (#20) entered our Power 20 rankings for the first time last quarter, and along with newly ranked name Glean (#19), was among the 5 most-active names on our platform in the quarter.

SpaceX's Augment Price growth of 80.5% was the highest among top 10 companies, which is remarkable for a company already valued at more than $300B. SpaceX’s price surge came amid reports of a tender offer that would value the company at $350B. Perplexity’s 147% share price run-up was the highest among all Power 20 companies.

Our ranking index uniquely blends more than 50,000 data points on market signals and commercial traction to rank the most promising pre-IPO names. For more detailed report Methodology and Disclosures, see “Methodology” and “Disclosures” sections, below.

Important Notices

Non-Advice Disclaimer: This report and the rankings contained herein do not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Data Limitations: The data and analysis presented in this report are based on information believed to be reliable, but we cannot guarantee its accuracy or completeness. The rankings and assessments are subject to limitations inherent in our methodology and the available data. Investors should not rely solely on this report for making investment decisions.

Revenue Data: Company revenue estimates for previous years are sourced from Sacra.com and are based on historical revenue growth and revenue milestone figures released by the companies, as well as bottom-up analysis and estimation based on other publicly-disclosed operating metrics. They are subject to limitations in data availability and methodology. We cannot guarantee the accuracy of these estimates. Revenue and revenue growth estimates should not be relied upon for making investment decisions.

Share Price Data: Share price data are estimates only, based on proprietary data from Augment Markets, Inc. and its affiliates.

Augment Top 10 Quadrant

Simplified version of our rankings index to visualize the strengths of the top 10 companies according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue and revenue growth in Q3'24; Market Sentiment tracks signals including price movement and activity to reflect investors’ sentiment as reflected in activity on the Augment platform in the quarter. *Neuralink is excluded from the from this map due to low-confidence revenue data. Quadrant uses a simplified placement formula with fewer factors and focused only on Q3'24 data. See Methodology for details.

Lower Q3'24
Company Traction

Higher Q3'24
Company Traction

Higher Q3'24
Market Sentiment

Lower Q3'24
Market Sentiment

Most Active Companies in 2024

Includes bid-ask and trading activity on the Augment platform during all of 2024.

Highest % Price Increases in 2024

Excludes companies with low overall activity.

Price Change in Quarter

+80.45%

EoQ Estimated Market Cap

$370B

Annual Revenue

$14.2B

Revenue Growth*

+63%
Activity

#1 SpaceX was the most active name in our marketplace in full-year 2024 by a significant margin, with 20% more bid-ask activity than the next most-active name in the year, Klarna. Bid-ask activity was up 7.4% QoQ. In terms of trades specifically, SpaceX was the second-most traded name on Augment in Q4'24, after Anthropic

  • The company accounted for 10% of all activity on the platform (including bids, asks, and trades) and 16.7% of activity among the Power 20.
Price Movement

Propelled by news of a tender offer that pushed share prices higher (see “News” section, below), SpaceX was a $370B market-cap company as implied by its quarter-ending Augment Price of $198.73 per share, after beginning the quarter with a price of $110.13.

  • The share price increase of 80.45%, was the highest in the top 10, behind only Perplexity (147%) and Revolut (100.5%) in the Augment Power 20 overall.
Spreads
Revenue

Even at Space X’s scale — with $14.2B in estimated revenue and a workforce of over 10,000 employees — revenue growth is still in the mid-double digits, estimated at an impressive 63% in 2024.

News

In December 2024 news reports emerged of a tender offer $1.25B in insider shares that would value the company at $185 a share for a market cap of $350B, which immediately propelled share price upward in the secondary markets

#1 SpaceX was the most active name on our marketplace in 2024 by a significant margin.

Price Change in Quarter

+24.36%

EoQ Estimated Market Cap

$20.6B

Annual Revenue

$1B

Revenue Growth*

+138%
Activity

In Q4’24, Anduril was the third-most active name on our marketplace overall, and the second-most active in bids and asks, which were up 29.6% in the quarter.

Price Movement

Anduril's per-share Augment Price was up over 24% in the quarter, from $25.73 per share to $32 at quarter's end. 

  • Anduril’s Augment Price increase was the fourth lowest among the top five companies in the Augment Power 20, ahead of only OpenAI, which saw a price drop.
Spreads
Revenue

We include full-year estimated revenue growth as a factor in the Augment Power 20 ranking as a proxy for commercial momentum. Anduril reached $1B in revenue in 2024, up from $420M in 2023. That represented 138% growth, a significant acceleration from the previous year, and a four-year peak.

  • Anduril grew 78.3% in the 2023 calendar year, 57% in 2022, and 125.2% in 2021.
  • Alongside price momentum, Anduril’s relatively high revenue growth trend and activity gains helped it keep the number two spot, despite the elevated activity and investor interest in the AI names just behind it in our rankings.
News

Anduril is in talks to form a consortium with Palantir and others to bid for US government defense contracts, aiming to grab an even larger slice of the $850 billion US defense budget. In October it landed a $250M Pentagon contract for technology to counter drone attacks.

#2 Anduril had 138% revenue growth in 2024, reaching an estimated $1B in revenue.

Price Change in Quarter

+65.92%

EoQ Estimated Market Cap

$29.6B

Annual Revenue

$800M (Sep. '24)

Revenue Growth*

+700%
Activity

Anthropic, founded in 2021, was the most-traded name on our marketplace in the quarter and the second most-active name overall, with total activity up 5x QoQ.

Price Movement

Anthropic's Augment Price per share ended Q4'24 at $58, up 65.9% from the start price of $34.96. The quarter-ending price implies a market cap of $29.6B, meaning Anthropic added nearly $10B in market value (after adding $3B in Q3’24).

Spreads
Revenue

Anthropic reached $800M in ARR in September 2024. That represented 700% estimated growth YoY, which impressive given Anthropic has scaled to some 1,100 employees.

News

Anthropic secured the long-reported second $4B investment from partner Amazon in the quarter. The investment that values Anthropic at $25.2 billion. It's also reportedly in talks for a massive, new funding round that would have it reach a valuation as high as $60B.

#3 Anthropic saw activity on our marketplace grow 5x in the quarter as investor interest in AI names continued.

Price Change in Quarter

-9.41%

EoQ Estimated Market Cap

$104B

Annual Revenue

$4B (Sep. ’24)

Revenue Growth*

+247.8%
Activity

OpenAI was among the 20 most-active names on our marketplace in Q4'24 (ahead of companies (ahead of Power 20 stalwarts Stripe and ByteDance), though activity in OpenAI was flat quarter-over-quarter.

Price Movement

OpenAI's Augment Price per share ended the quarter at $180.90, down 9.41% from the quarter's start price of $199.69. The quarter-ending price implies an estimated valuation of $104B, meaning the company shed $6B in market value over the course of the quarter.

Spreads
Revenue

OpenAI reached an estimated $4B in ARR in September 2024, for 248% YoY growth. OpenAI is seeing revenue growth levels higher than nearly every other Power 20 company, behind only Anthropic and Perplexity.

News

In Q4’24, OpenAI detailed its expected transition to a for-profit company, aiming to raise more capital for AGI development and ongoing development of cutting-edge LLMs. A nonprofit arm will focus on charitable initiatives, while the for-profit company will control decision-making. OpenAI also released a more powerful version of its Sora video-generation model.

#4 OpenAI reached an estimated $4B in revenue in 2024, for 248% annual revenue growth.

Price Change in Quarter

+38.6%

EoQ Estimated Market Cap

$62B

Annual Revenue

$3B

Revenue Growth*

+58%
Activity

Databricks was tied at the 7th-place rank for overall activity among companies in the Power 20. Bid-ask activity for Databricks was up significantly in the quarter, up 56% compared to Q3’24. The company was the 6th-most traded name on the platform, and tied with Perplexity at that rank.

Price Movement

The Augment Price per share for Databricks ended the quarter at $96, up 38.6% from the quarter's start price of $69.29.

  • The quarter-ending price implies an estimated valuation of $62B, which tracks with Databricks’s valuation in its massive $10B December 2024 Series J raise.
Spreads
Revenue
News

In mid-December 2024, Databricks secured a $62B valuation in one of the largest venture capital rounds ever, reflecting significant investor interest in Databricks’s solutions that help businesses integrate their data with AI pipelines and downstream LLM-based applications. This round surpassed the $6.6B raised by OpenAI earlier in the year.

#5 Databricks raised $10B at a $62B valuation in December, one of the largest venture capital rounds on record.

Price Change in Quarter

+15.45%

EoQ Estimated Market Cap

$82B

Annual Revenue

$18B ('23)

Revenue Growth*

+25%
Activity

Stripe’s overall activity declined 23% quarter-over-quarter, and was tied in the 19th spot for that metric among all companies on the platform, alongside ByteDance.

Price Movement

Stripe was an $82B market-cap company as implied by its Q4'24 ending Augment Price of $36.18 per share, after beginning the quarter with a price of $31.34.

  • The 15.5% Q4'24 share-price increase was higher than the 4.79% increase seen last quarter, and the 2.4% run-up it saw in Q2'24.
  • Stripe’s fund marks in Q4'24 included $27.51 a share in the Fidelity Blue Chip Growth Fund (FBGRX) in October 2024. That said, other fund marks, including Destiny Tech100, marked it at $31.45 in September.
Spreads

Alongside the price increase of 4.5%, the delta between volume-weighted average prices (VWAPs) on bids and asks for Stripe tightened in the quarter. This spread was only 1.4% versus 6.88% last quarter. This narrowing indicates healthy price discovery and broad market convergence on Stripe’s price.

Revenue

Stripe, a $82B market cap company with a reported workforce of some 8,000 employees, was still growing revenue at an estimated 25% clip in 2023, on $1T in processing volume.

News

Stripe confirmed news that it was acquiring stablecoin company Bridge. Stripe plans to build “the world’s best stablecoin infrastructure,” per CEO Patrick Collison. The acquisition valued Bridge at a reported $1.1B.

#6 Stripe Augment Price per share growth accelerated in the quarter to 15.45%.

Price Change in Quarter

+9.29%

EoQ Estimated Market Cap

$14.7B

Annual Revenue

$350M ('23)

Revenue Growth*

+100%
Activity

Rippling activity on the Augment platform was up 14% compared to Q3’24, and was roughly comparable to the activity levels of other Power 20 names such as Ramp or Canva, and higher than Figma.

Price Movement

As a company with a market cap estimated at $14.7B by end of quarter, Rippling sits at a market cap higher than two other top 10 companies in the Power 20, Neuralink and Ramp.

  • Rippling’s per-share Augment Price was up 9.29% in Q4'24, after moving up 7% in the previous quarter.
Spreads

Alongside the price increase, the delta between volume-weighted average prices (VWAPs) on bids and asks for Rippling tightened in the quarter. This spread was less than 1% in the quarter, compared to 11.27% in Q2'24. This narrowing indicates healthy price discovery and broad market agreement on Rippling’s price.

Revenue
News

Rippling had previously negotiated a $200M Series F and a tender offer of up to $590M in shares in Q2'24. The financing valued the company at $13.5B. That means the company’s market cap as estimated by its Augment Price has converged with the valuation set by that latest round.

#8 Rippling’s overall activity on Augment was up 14% in Q4’24.

Price Change in Quarter

+24.7%

EoQ Estimated Market Cap

$9.2B

Annual Revenue

N/A

Revenue Growth*

N/A
Activity

Neuralink was the 15th most-active name in the quarter on Augment, roughly as active as well-known names such as Discord. Activity in the name doubled QoQ, as the company’s human-computer interfaces seemed to gain momentum in a series of tests and regulatory approvals (See “News” section below).

Price Movement

Neuralink saw prices run up 24.7% in the quarter, with the quarter-ending price reaching the $50-mark. That pushed Neuralink’s implied valuation to above $9B, up from $6.7B at the end of Q2’24, and $7.3B at the end of Q3’24.

  • The price increase was an acceleration from Q3’24, when Neuralink saw an Augment Price increase of 9.78%.
Spreads
Revenue
News

In Q4'24, Neuralink gained US approval for tests on whether its brain chip can control a robotic arm, received Canada’s approval for testing its brain implants in human trials, and early in Q1’25 announced it had implanted its chip device in a third human patient.

#7 Neuralink saw prices run up 24.7% in the quarter, reaching $50-mark.

xAI

#

9

Price Change in Quarter

65.2%

EoQ Estimated Market Cap

$60B

Annual Revenue

N/A

Revenue Growth*

N/A
Activity

xAI’s activity skyrocketed 4x in the quarter, as it became the 14th-most active name on Augment. Among Power 20 names, only Anthropic saw a greater run-up in overall activity.

Price Movement

xAI’s late 2024 investment valued it at $50B, doubling its valuation relative to its previous Series B financing. The company raised $6B in the round. Augment Price per share ended the year at $26, valuing it at $60B.

Spreads
Revenue
News

xAI’s late 2024 Series C funding round of $6B had participation from investors including a16z, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, Morgan Stanley, and Sequoia Capital. NVIDIA and AMD participated, and also provide the company with infrastructure support.

#9 xAI’s activity skyrocketed 4x in the quarter, behind only Anthropic in activity growth for Power 20 companies.

Ramp

#

10

1

Price Change in Quarter

-9.22%

EoQ Estimated Market Cap

$7.1B

Annual Revenue

$295M ('23)

Revenue Growth*

+135.6%
Activity

Ramp activity declined slightly QoQ on the Augment Marketplace in Q4’24, but broadly saw activity levels on par with those seen in the two previous quarters.

Price Movement

Ramp’s Augment Price trajectory was the second-worst among the top ten names, starting at $27.43 and ending the quarter at an Augment Price of $24.90 per share. Only one other name in the Power 20, OpenAI, saw a similar price drop in percentage terms.

Spreads
Revenue
News

In November 2024, The Information reported that the card startup was considering selling shares held by employees and other stockholders at a $11B valuation, a large premium over the $7.65B valuation seen earlier this year.

Founded in 2019, Ramp is among the most recently founded companies in the Power 20. Anthropic, started in 2021 by ex-Open AI employees, is the most recently-founded company in the rankings.

#10 Ramp saw decreased activity and a share price drop in Q4’24, losing a place in the rankings.

Activity
Price Movement
Spreads
Revenue
News

In November, fintech startup Revolut announced it had added 10M customers so far in 2024, reaching 50M customers. In the same month it received a UK trading license from the British financial regulator that will allow the company to offer trading of UK and EU-listed stocks and exchange-traded funds from 2025. The company was valued at a $45B valuation in a secondary share sale in August.

Activity

With $2B in estimated revenue and 330% revenue growth in 2024, Coreweave catapulted into the rankings in the #12 spot, and was the 13th most-active name on the Augment platform in Q4’24.

Price Movement
Spreads
Revenue
News

Canva

#

13

3

Activity
Price Movement

Canva ended the fourth quarter with an Augment Price of $1,100 a share for a market cap of $26.8B, down 2% in the quarter, slightly up from the $1,066 per-share price the company’s share commanded in a tender offer earlier in 2024.

Spreads
Revenue
News
Activity
Price Movement

ByteDance ended the fourth quarter with an Augment Price of $140 a share for a market cap of $237.5B, up 10.74% from the $126.42 per-share price the company commanded when the quarter began. While the second most valuable company in the Power 20 after SpaceX, activity in ByteDance trended flat through most of 2024.

Spreads
Revenue
News

Figma

#

15

2

Activity
Price Movement

In a quarter when many Power 20 names saw double-digit price increases — in aggregate the 20 companies averaged a 33% price increase in Q4’24 — Figma was up 7.52% in Q4’24. Figma ended the fourth quarter with an Augment Price of $26.33 a share, for a market cap of $14.2B.

Spreads
Revenue
News
Activity

Perplexity was tied with Databricks as the 6th-most actively traded name on the platform in the quarter. It was the 10th-most active company overall, when including bid-ask activity and trading. 


Perplexity’s Augment Price per share was up 147% in Q4’24, ending at $331.65 for an approximate market cap of $9.08B. The market price closely tracked the $9B valuation the company received in its $500M round in December 2024 .

Price Movement
Spreads
Revenue
News

Klarna

#

17

1

Activity

Klarna was the 9th-most active name on Augment in Q4’24, with activity up 50% over Q3’24. At the end of Q4’24, Klarna’s Augment Price was $497.49, 42% higher than at the end of the previous quarter.

Price Movement
Spreads
Revenue
News
Activity
Price Movement

Scale AI ended Q4’24 at an Augment Price of $15 a share, up 21.3% QoQ. That price gives it an estimated valuation of approximately $14.4B.

Spreads
Revenue
News
Activity
Price Movement

Glean’s Augment Price was up 12.5% in Q4’24, ending the quarter close to $37 a share for a market cap of $5.1B.

Spreads
Revenue
News

Groq

#

20

Activity

Groq was the fifth-most active name on the marketplace overall, and the third-most traded name. It ended the quarter at $19.05 a share for a market cap of $3.3B, though the per-share price slipped 2.37% QoQ.

Price Movement
Spreads
Revenue
News

Augment Power 20 by Share of Aggregate Market Cap

by % share of aggregate $1.14T in EoQ market value

The “Augment Power 20 by share of aggregate market cap” visualization takes the sum of the Power 20 companies’ market caps at end-of-quarter on December 31st, 2024. Market cap is determined by Augment Price estimates for that day. The companies are listed by their percentage share of the aggregate market capitalization of the top 20 companies.

Up-and-Coming Companies

Based on overall marketplace activity in Q4’24, QoQ activity increases, and price movement, we selected seven up-and-coming names to watch in the first half of 2025: SambaNova Systems, Lambda, FigureAI, Grafana Labs, Crusoe, and Together AI. They are ranked in the table below according to overall activity in the quarter.

  • Notably, for the first time in 2024, one of these names is a company outside of the AI space strictly defined: Grafana Labs is known for its popular open-source visualization and dashboard product, widely used in data monitoring and observability.
  • SambaNova, Lambda, and FigureAI, which lead the list, saw significant activity on the Augment Marketplace in Q4'24, and bear watching in the next few quarters for possible inclusion on the list. 
  • Two of last quarter’s up-and-coming companies, Glean and Perplexity, graduated into the Power 20 ranking this quarter thanks to steady increase in activity and clear commercial traction.
  • Brett Adcock, founder and CEO of Figure AI, posted on LinkedIn in the last days of 2024 that the company had shipped two of its humanoid robots to a customer and had begun generating revenue.

Methodology

For further detail, the ranking methodology includes 8 rankings in total. Companies were ranked by the following factors, normalized to a 0 to 1 scale:

  • Total volume as measured by the size of bid and ask orders on the Augment platform in Q4’24
  • Total activity was based on the number of bid-ask orders and the number of trades. Trades weighed 2x, whereas bids and asks weighed 1x.
  • Companies’ revenue and revenue growth estimates are collected from Sacra, a third-party market data provider (please see “Revenue estimates” section at the bottom of this page for more detail). Companies’ metrics were normalized and ranked on a 0 to 1 scale according to revenue and revenue growth in 2023 and/or 2024.
  • Spreads were measured as the negative of volume-weighted average price (VWAP) price differences between asks and bids, as a percentage of the asking price, for each name in Q4’24.
  • Price change was measured as the starting Augment Price for each name on October 1st vs. the ending price on December 31st, 2024.

In the next step, all the percentile ranks were added together with adjustments made to account for companies with gaps in the data, e.g. missing 2023 and/or 2024 revenue. Price spread, revenue growth, and the previous quarter’s aggregate rank are weighed approximately twice as much as the other factors, while revenue dollar amount is weighted one-tenth as much.Unlike our Power 20 ranking, our “Up-and-Coming Companies” list is based on fewer factors, namely price movement, activity, and activity increases QoQ. The activity includes transactions involving SPVs and forwards. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in the quarter compared to previous quarters.The Augment “Top 10 Quadrant” visualization included in reports corresponding to Q1, Q2, and Q3 in each year uses a different, simplified version of our rankings index to visualize the relative strengths of the top 10 companies in the corresponding quarter according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue volume and revenue growth; Market Sentiment tracks activity and price movement to reflect investors’ sentiment as reflected in activity on the Augment platform. Quadrant uses only the corresponding quarter’s data for its snapshot and does not factor in historical trends.

Unlike our Power 20 ranking, our “Up-and-Coming Companies” list is based on fewer factors, namely price movement, activity, and activity increases QoQ. The activity includes transactions involving SPVs and forwards. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in the quarter compared to previous quarters.

The Augment “Top 10 Quadrant” visualization uses a different, simplified version of our rankings index to visualize the relative strengths of the top 10 companies in Q3'24 according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue volume and revenue growth; Market Sentiment tracks activity and price movement to reflect investors’ sentiment as reflected in activity on the Augment platform. Quadrant uses only Q3'24 data for its snapshot and does not factor in historical trends.

Revenue estimates

All revenue estimates in this document are based on data from Sacra.com. All estimates are based on current information and subject to change. These figures are not guarantees of future performance.

Sacra states utilizes data from media reports, company press releases and articles, and public filings to create its estimates of companies’ historical revenue trajectories. The estimates are based on publicly-available information, but may not account for additional factors specific to individual companies’ market and operations.

Important Disclosures

Please read these risk disclosures carefully.

This market report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. The information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy or completeness. The opinions expressed in this report are those of Augment Markets, Inc., as of the date of this report and are subject to change without notice.

Affiliate Disclaimer: This report was prepared in partnership with Sacra, Inc. Data was sourced from Sacra.com as well as proprietary data from Augment Markets, Inc. and its affiliates.

Non-Advice Disclaimer: This report and the rankings contained herein do not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Data Limitations: The data and analysis presented in this report are based on information believed to be reliable, but we cannot guarantee its accuracy or completeness. The rankings and assessments are subject to limitations inherent in our methodology and the available data. Investors should not rely solely on this report for making investment decisions.

The "Augment Power 20" ranking is based on a proprietary methodology that incorporates various data points and subjective factors, which may be weighted differently than an investor's own analysis. The ranking is not a recommendation to buy, sell or hold any security, and past rankings are not indicative of future results.

Augment Markets, Inc. and its affiliates may have financial interests in one or more of the companies mentioned in this report. These interests may include, but are not limited to, holding securities, providing advisory services, or market making activities. Such interests may conflict with the information presented in this report.. This report may not be distributed in any jurisdiction where it would be unlawful to do so.

By accessing this report, the reader agrees to hold Augment Markets, Inc., Augment Capital, LLC, its affiliates, and any third party involved in the creation of this report harmless for any direct or consequential loss or damage resulting from any use of this report or the information contained herein. Investing in private company securities is only suitable for sophisticated investors who are willing and able to bear the risks associated with such an investment, including the potential loss of the entire investment.

The forward-looking statements regarding the company's prospects, including revenue growth projections, are based on current expectations and assumptions.

Key Risks: Investments in private company securities are speculative, illiquid, and involve a high degree of risk, including the possible loss of the entire investment. Private company securities are not publicly traded and are intended for investors who do not have a need for a liquid investment. Past performance does not guarantee future results.

While this report is publicly available, the private securities discussed herein may only be offered and sold to accredited investors as defined by the SEC in accordance with applicable securities laws and regulations.