Table of Contents

Click here to learn more about ZXData

Executive Summary

ZX Market Snapshot: September 2022:

  • SpaceX, Stripe and Klarna were the three most active companies on ZX in September.
  • Bids made up 34% of submitted tickets on ZX in September, up from a low of 21% of submitted tickets in June.
  • September transactions priced from a 1% premium to a 18.7% discount to July average reported holding values.

ZXData Reported Holdings: Three months ending July 31st, 2022

  • This quarter reporting holders marked down their private portfolios 4.9% with an average mark-down of 7.0%. The period saw nearly four companies decline for each advancing company.
  • Sentiment up:
  • Sentiment down:

Heat Map: July 31st, 2022 Reporting Period

-4.9%

Appreciation/Depreciation of All Reported Holdings1

-7.0%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Astera Labs
227.8%
Delhivery
37.6%
Zero Mass Water
30.1%
MOD Pizza
27.6%
SpaceX
25.0%
Benchling
17.6%
Blink Health
17.1%
Ant Financial
13.6%
Ursa
11.3%
Diamond Foundry
10.7%
Essence Group
10.3%
Astranis
9.5%
Bytedance
9.4%
AgBiome
7.5%
Tula Tech
7.5%
Tempus Labs
4.0%
Optoro
1.5%
Creditas
1.3%
Rubicon Global
0.6%
SiMa ai
0.5%
Alif Semi
0.0%
BETA Technologies
0.0%
Boundless Bio
0.0%
Bright Peak
0.0%
Celonis
0.0%
Cybereason
0.0%
Druva
0.0%
Enevate
0.0%
Epic Games
0.0%
Evozyne
0.0%
Gusto
0.0%
KoBold Metals
0.0%
Lilac Solutions
0.0%
Magic Leap
0.0%
Menlo Micro
0.0%
Nuro
0.0%
Phononic
0.0%
Rappi
0.0%
Savage X
0.0%
Sila Nano
0.0%
Sonoma Bio
0.0%
T-Knife
0.0%
Treeline Bio
0.0%
VideoAmp
0.0%
Wugen
0.0%
Loadsmart
-0.1%
PsiQuantum
-0.1%
Resilience
-0.1%
Pine Labs
-0.5%
Smule
-0.8%
Tenstorrent
-1.6%
Xsight Labs
-2.1%
GupShup
-2.9%
Reddit
-3.2%
Starling Bank
-3.2%
Fanatics
-3.4%
Verge Genomics
-3.5%
Swiggy
-3.6%
MasterClass
-4.3%
Delphix
-4.7%
Skyryse
-4.9%
Castle Creek
-5.2%
Tory Burch
-5.4%
Mythic AI
-5.5%
Bolt Threads
-6.1%
Databricks
-6.9%
JumpCloud
-7.1%
Newsela
-8.1%
Relativity Space
-8.1%
Tanium
-8.8%
Exo Imaging
-9.2%
dMed
-9.6%
Lacework
-10.2%
CelLink
-10.9%
Meesho
-11.1%
Farmers Business Network
-11.5%
SaltPay
-12.7%
Deep Instinct
-12.8%
Canva
-13.6%
Lookout
-15.0%
Grammarly
-15.3%
Caris
-16.8%
Chime
-17.0%
Wasabi Technologies
-17.3%
Dataminr
-17.7%
Illumio
-18.4%
Malwarebytes
-18.5%
Lime
-19.3%
Stripe
-19.9%
Snorkel AI
-20.2%
Snyk
-20.8%
Instacart
-21.1%
BYJU's
-21.3%
ABL Space
-21.8%
GOAT
-22.1%
Noodle
-24.7%
Bowery
-24.9%
Redwood Materials
-25.0%
Waymo
-25.6%
SambaNova
-25.8%
Signifyd
-27.1%
Rad Power
-27.3%
Breeze Airways
-27.4%
Discord
-30.5%
MNTN
-32.3%
goPuff
-32.8%
Convoy
-34.3%
Bolt
-34.9%
KRY
-35.8%
Algolia
-37.2%
OneTrust
-37.9%
Blaize
-42.1%
ClearMotion
-43.1%
Talkdesk
-48.5%
JUUL
-80.8%

1 Dollar-weighted return on all reported holdings
2 Equal-weighted mark-up or mark-down across all reported holdings

Analysis

Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Positive Trend Reversal3 (# = consecutive prior qtrs marked down or flat)
AgBiome
9
Ant Financial
7
Tanium
5
Bytedance, Delhivery
3
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Waymo
7
Fanatics
6
BYJU’s
5
Resilience
5

3 Positive Trend Reversal reflects an individual holding marked up after consecutive quarterly periods marked down or flat
4 Negative Trend Reversal reflects an individual holding marked down after consecutive quarterly periods marked up or flat

Highest Variance in Reported Marks5
CompanyNormalized Std Dev5$ Weighted AvgMaxMin
Redwood Materials.21$36.20$52.14$32.65
Phononic.16$2.20$3.03$2.05
Databricks.16$163.08$189.77$122.16
Canva.16$697.77$1000.00$651.90
Waymo.16$68.20$91.72$62.13

5 Normalized Standard Deviation is used to express the measure of spread across reported marks and allows for comparison between companies independent of their price per share based on a dollar-weighted average.

ZX Marketed Bids at Greatest Premium to Latest Reported Median Holding Value6
Stripe
+21.0%
Snyk
+18.7%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
BYJU’s
-56.8%
Circle
-28.8%
Newsela
-23.6%
Epic Games
-19.4%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: September 2022

Most Active Companies7

1
SpaceX
2
Stripe
3
Klarna
4
Databricks
5
Flexport
6
Epic Games
7
Discord
8
Bytedance
9
Rubrik
10
FTX Exchange

7 Companies that received the most ticket and profile view activity over the last 30 days

SpaceX, Stripe and Klarna were the three most active companies on ZX in September.

Bids made up 34% of submitted tickets on ZX in September, up from a low of 21% of submitted tickets in June. September transactions priced from a 1% premium to a 18.7% discount to July average reported holding values.

On average, ZX Buy Orders sit at a 20% premium to July’s median holding values, highlighted by bids in Stripe and Snyk. On the sell-side, ZX saw offers sit at a 20% average discount to July median holding values, with BYJU's, Circle and Newsela rounding out the top three.

ZXData Reported Holdings Commentary: Three months ending July 31st, 2022

This quarter reporting holders marked down their private portfolios 4.9% with an average mark-down of 7.0%. The period saw nearly four companies decline for each advancing company.

Astera Labs saw the largest mark-up this reporting period, with Delhivery, Zero Mass Water and MOD Pizza rounding out the largest gainers. Aerospace saw the largest appreciation across sectors which was largely driven by appreciation in SpaceX. JUUL saw the largest mark-down this reporting period, with Talkdesk, ClearMotion, and Blaize rounding out the largest decliners. Transportation saw the largest depreciation across sectors.

AgBiome saw its first positive reversals in nine quarters while Ant Financial and Tanium saw their first positive reversals in seven and five quarters respectively. Waymo saw its first negative reversal in seven quarters, while Fanatics, BYJU's and Resilience saw their first negative reversals in over a year.

This period, Redwood Materials ($32.65 - $52.14) saw the highest share price variance across funds.

Disclaimer

This report is based on data reported by 250+ funds and $40 billion+ of value. Many holders of private company shares do not report their holding values and are thus not included in this report’s dataset. Further, many venture-backed private companies are not held by any reporting funds and are thus not included in this report. As such, this report should not be construed as providing a complete picture of shareholder sentiment or venture-backed private company performance. This report does not constitute investment advice or a "research report" as defined by FINRA Rules.

Zanbato, Inc. (“Zanbato”) prepares and disseminates market information about venture-backed private company securities, and the current bids and offers for those securities listed on the ATS operated by Zanbato (“ZX”). The information provided in this report has been prepared by sales, trading, or other non-research functions. Pricing indications and macro commentary are provided for factual information purposes only. This report is not intended to assess the individual merits of a particular investment or strategy, does not constitute a recommendation to buy or sell any financial instrument or to participate in any trading strategy and should not be construed as such. This report does not constitute investment advice. Certain information in this report has been obtained from third party sources and, while such information is believed by Zanbato to be reliable, it has not been independently verified by Zanbato and Zanbato shall not be responsible or liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with any use of, or reliance on, such third party information. Furthermore, the information contained in this report may not be current due to, among other things, changes in the financial markets or economic environment. Zanbato does not, and has no obligation to, update any such information contained in this report. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.

yukacon_arrow_up_right