Table of Contents

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Executive Summary

ZX Market Snapshot: December 2022:

  • SpaceX, Klarna and Stripe were the three most active companies on ZX in December.
  • Bids represented 36% of submitted tickets on ZX in December, a 6% increase from the 12-month average of 30%.
  • December transactions priced from a 40.3% discount to a 35.1% premium to October average reported holding values.

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

  • This quarter reporting holders marked down their private portfolios 5.8% with an average mark-down of 8.4%. The period saw more than two companies decline for every advancing company.
  • Sentiment up:
  • Sentiment down:

Heat Map: October 31st, 2022 Reporting Period

-5.8%

Appreciation/Depreciation of All Reported Holdings1

-8.4%

Average Mark-Up/Mark-Down Across All Reported Holdings2
Treeline Bio
81.7%
Deep Instinct
39.9%
Illumio
35.8%
Blaize
34.2%
Wasabi Technologies
29.1%
Ursa
24.2%
Boundless Bio
21.3%
Wugen
20.6%
Evozyne
20.5%
Bright Peak
20.4%
T-Knife
20.4%
Sonoma Bio
20.0%
Starling Bank
12.6%
VideoAmp
10.0%
Redwood Materials
8.9%
Bytedance
8.1%
Fanatics
7.6%
Canva
6.9%
Verge Genomics
6.7%
Signifyd
6.6%
Essence Group
4.9%
Lacework
4.5%
Checkr
4.3%
Lilac Solutions
4.0%
AgBiome
3.5%
Creditas
2.0%
Blink Health
1.9%
Farmers Business Network
1.9%
GupShup
1.5%
Caris
1.1%
Circle
1.0%
Databricks
0.9%
A24 Films
0.0%
Arctic Wolf
0.0%
Castle Creek
0.0%
Celonis
0.0%
dMed
0.0%
Druva
0.0%
Grammarly
0.0%
KoBold Metals
0.0%
LifeMine
0.0%
Magic Leap
0.0%
Nuro
0.0%
Rappi
0.0%
Resilience
0.0%
SandboxAQ
0.0%
Savage X
0.0%
Sila Nano
0.0%
Snyk
0.0%
SpaceX
0.0%
Zero Mass Water
0.0%
PsiQuantum
-0.7%
Relativity Space
-0.8%
Reddit
-1.4%
Diamond Foundry
-2.6%
Gusto
-2.7%
MOD Pizza
-2.8%
Meesho
-3.5%
Noodle
-3.8%
Epic Games
-4.0%
Newsela
-4.4%
Talkdesk
-4.8%
Pine Labs
-5.1%
ABL Space
-5.3%
Astera Labs
-5.9%
Dataminr
-7.0%
Discord
-7.3%
MNTN
-7.8%
Snorkel AI
-9.3%
Cybereason
-10.0%
Delphix
-10.0%
SambaNova
-10.3%
Xsight Labs
-10.3%
Tula Tech
-10.7%
Chime
-11.6%
Lime
-12.4%
Convoy
-12.5%
Tanium
-13.8%
Stripe
-14.0%
Optoro
-14.1%
Mythic AI
-14.2%
SiMa ai
-14.2%
IL Makiage
-14.3%
Exo Imaging
-14.4%
SaltPay
-14.5%
Skyryse
-14.5%
Algolia
-14.7%
Lookout
-15.6%
OneTrust
-16.4%
Loadsmart
-16.7%
Ant Financial
-18.1%
CelLink
-18.9%
goPuff
-19.4%
Waymo
-20.0%
BETA Technologies
-20.1%
Alif Semi
-20.9%
Rad Power
-20.9%
BYJU's
-21.4%
Smule
-22.2%
Bowery
-22.3%
GOAT
-22.3%
Tenstorrent
-22.3%
Enevate
-22.4%
Bolt
-22.6%
KRY
-22.6%
Menlo Micro
-22.6%
MasterClass
-22.7%
Breeze Airways
-22.8%
Swiggy
-23.4%
Benchling
-24.1%
JumpCloud
-27.1%
JUUL
-27.5%
Tory Burch
-27.7%
Instacart
-29.4%
Tempus Labs
-32.0%
Bolt Threads
-44.6%
Malwarebytes
-58.9%
Astranis
-59.6%
Phononic
-70.1%

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)
Blaize, Boundless Bio, Evozyne
5
Caris, GupShup, T-Knife
4
Relativity Space, Signifyd
4
Sonoma Bio, Treeline Bio
4
Negative Trend Reversal4 (# = consecutive prior qtrs marked up or flat)
Astranis, BETA Technologies
5
Sima.ai
4
Astera Labs, Diamond Foundry
3
Epic Games
3

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.46$39.42$78.00$30.84
Phononic.31$0.66$1.14$0.57
Waymo.31$54.53$91.72$45.82
Blaize.19$5.72$6.67$4.46
Tanium.14$7.57$8.71$6.58

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
+21.8%
ZX Marketed Offers at Greatest Discount to Latest Reported Median Holding Value6
BYJU’s
-48.6%
Rappi
-38.9%
Circle
-36.8%
Farmers Business Network
-28.3%

6 Premium and Discount agnostic to share class

ZX Market Snapshot: December 2022

Most Active Companies7

1
SpaceX
2
Klarna
3
Stripe
4
Anduril
5
Epic Games
6
Airtable
7
Flexport
8
Databricks
9
ThoughtSpot
10
Carta

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

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

Bids represented 36% of submitted tickets on ZX in December, a 6% increase from the 12-month average of 30%. December transactions priced from a 40.3% discount to a 35.1% premium to October average reported holding values.

On average, ZX Sell Orders sit at a 26.75% discount to October’s median holding values, highlighted by offers in BYJU's, Rappi, Circle and Farmers Business Network. On the buyside, Stripe was the only company in the reported set to see a bid above its October median holding value.

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

This quarter, reporting holders marked down their private portfolios 5.8% with an average mark-down of 8.4%. The period saw more than two companies decline for each advancing company.

Treeline Bio saw the largest mark-up this reporting period, with Deep Instinct, Illumio and Blaize rounding out the largest gainers. Platforms and Content & Publishing saw the largest appreciation across sectors. Phononic saw the largest mark-down this reporting period, with Astranis, Malwarebytes and Bolt Threads rounding out the largest decliners. Semiconductor and Clothing & Apparel saw the largest depreciation across sectors.

Blaize, Boundless Bio and Evozyne saw their first positive reversals in five quarters. Astranis and BETA Technologies saw their first negative reversals in five quarters, while SiMa ai saw its first negative reversal in a year.

This period, Redwood Materials ($30.84 - $78.00) saw the highest share price variance across funds followed by Phononic ($0.57 - $1.14) and Waymo ($45.82 - $91.72).

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.

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