Venture Capital Market Update – July 18, 2025

Weekly Edition & Stock Spotlight

|| August 18, 2025

PM Insights provides independent, market-driven data for Private Growth and Pre-IPO companies, providing unparalleled transparency and helping asset managers, consultants, banks, and regulators understand trading conditions and risk in this dynamic market.

This report analyzes private market performance, including YTD ROI comparisons with public markets, private sector returns, activity in the most actively traded names, liquidity trends, and the top rising and falling names based on composite prices.

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Key Takeaways

Bid and Ask Volume Ratio: Anthropic recorded the highest volume at $1.74 billion, while CloudBees saw the lowest at $3.16 million.
Composite Price Change: Anthropic posted the strongest gain with a +124.29% increase, whereas CloudBees experienced the steepest decline at –63.68%.

ROI Private & Public

|| ROI from December 31, 2024 until August 18, 2025.

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The PM50 Growth tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

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Most Active Names Performance

Data as of August 18, 2025.

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Sectors

Headquarters

CEO

Change in Composite Price

PM Insights highlights the top five and bottom five companies in terms of change in composite price between May 21, 2025 and August 18, 2025 with significant activities i.e. at least 3 institutional-level contributions—to identify those experiencing the most notable shifts in market sentiment.

Strongest gain: Anthropic's composite price rose by +124.29% from $62.08 to $139.24
Largest decline: CloudBees' composite price fell -63.68% from $8.92 to $3.24

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90D Bid and Ask Volume Ratio

The stacked bar chart below highlights total bid and ask volumes, along with their ratios, for the top five and bottom five companies in terms of change in composite price between May 21, 2025 and August 18, 2025.

Highest volume: Anthropic, $1.74 billion‍
Lowest volume: CloudBees, $3.16 million‍
Largest bid-side activity: Postman, 83% of $11.93 million
Largest ask-side activity: ThoughtSpot, 100% of $11.65 million & Beta Technologies, 100% of $6.50 million

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