What funds actually carry private companies at
A mutual fund that owns a stake in a private company has to report what it thinks that stake is worth every quarter, holding by holding, on SEC Form N-PORT. The filing gives the number of shares and the dollar value, so the per-share price is division — not a model, not a blend, not an estimate.
Every figure below links to the filing it came from. If you think one of them is wrong, you can check it yourself in about a minute. That is the only reason this page is worth reading.
How good are these marks? We graded them against ten companies that have since gone public. Read the scorecard — it shows the funds marked every comparable company below what the market paid, and that four of the ten had no publishable mark at all.
Can you own any of this? Not directly — but some public companies and listed funds hold these stakes, and the exposure map sizes every route in dollars per $10,000 invested, with the filing sentence behind each figure and the premium or discount on every fund.
Already public? Once one of these companies lists, the question changes from what it is worth to when the insiders can sell. The lock-up radar reads that clause out of each IPO prospectus and quotes it, rather than assuming everyone is on the same 180-day clock.
New to this? Pre-IPO & IPO Investing is seven free lessons that teach the whole method behind these pages — how to read a fund's mark out of a filing, how wrong marks turn out to be, what the public routes cost, and how a lock-up expiry works. Every figure in it is computed from this same data.
| Company | Median mark | Change | Range | Spread | Funds | Managers | Value held | As of |
|---|---|---|---|---|---|---|---|---|
| Databricks | $253.00 | — | $239.87 – $262.31 | 9% | 30 | 15 | $3.79B | 2026-Q3 |
| Anthropic | $777.53 | — | $556.98 – $822.33 | 34% | 28 | 12 | $12.11B | 2026-Q3 |
| OpenAI | $687.69 | — | $678.11 – $734.06 | 8% | 21 | 10 | $2.64B | 2026-Q3 |
| Canva | $1,496 | — | $1,190 – $1,646 | 31% | 16 | 4 | $254.2M | 2026-Q3 |
| Anduril | $73.50 | — | $68.95 – $74.39 | 7% | 15 | 7 | $720.2M | 2026-Q3 |
| Waymo LLC | $164.32 | — | $164.32 – $197.80 | 20% | 13 | 5 | $585.7M | 2026-Q3 |
| Epic Games | $377.90 | — | $368.37 – $465.16 | 26% | 13 | 7 | $223.2M | 2026-Q3 |
| Revolut Ltd | $1,929 | — | $1,922 – $2,017 | 5% | 8 | 2 | $444.0M | 2026-Q3 |
| Redwood Materials | $43.24 | — | $43.23 – $47.75 | 10% | 7 | 4 | $37.5M | 2026-Q3 |
| Stripe LLC | $70.01 | — | $63.00 – $70.01 | 10% | 6 | 6 | $1.00B | 2026-Q3 |
| Fanatics Inc | $98.08 | — | $82.98 – $102.48 | 20% | 6 | 3 | $785.1M | 2026-Q3 |
| ByteDance Ltd | $352.46 | — | $349.43 – $355.50 | 2% | 6 | 2 | $328.8M | 2026-Q3 |
| Stripe Global Holdings Inc | $65.98 | +4.7% 2026-Q2 → 2026-Q3 | $63.00 – $70.82 | 12% | 6 | 3 | $269.0M | 2026-Q3 |
| Zipline International Inc | $72.11 | — | $56.26 – $72.11 | 22% | 6 | 3 | $202.0M | 2026-Q3 |
| Xsight Labs Ltd | $12.81 | +24.5% 2026-Q2 → 2026-Q3 | $8.05 – $16.84 | 69% | 6 | 2 | $152.6M | 2026-Q3 |
| Crusoe Inc | $205.97 | +69.0% 2026-Q2 → 2026-Q3 | $159.74 – $226.20 | 32% | 5 | 3 | $539.7M | 2026-Q3 |
| Lightmatter | $62.51 | — | $59.40 – $83.44 | 38% | 5 | 2 | $220.1M | 2026-Q3 |
| Tenstorrent Holdings Inc | $86.43 | — | $84.97 – $88.87 | 5% | 5 | 2 | $127.7M | 2026-Q3 |
| Sambanova Systems | $127.10 | — | $127.10 – $144.71 | 14% | 5 | 2 | $98.1M | 2026-Q3 |
| Physical Intelligence | $502.11 | — | $463.20 – $502.90 | 8% | 5 | 2 | $91.3M | 2026-Q3 |
| Astranis Space Technologies Corp | $19.23 | — | $17.33 – $22.59 | 27% | 5 | 2 | $79.6M | 2026-Q3 |
| Apptronik | $36.86 | -0.2% 2026-Q2 → 2026-Q3 | $36.70 – $36.86 | 0% | 5 | 3 | $75.4M | 2026-Q3 |
| Checkr Inc | $8.11 | — | $7.12 – $15.70 | 106% | 5 | 4 | $32.9M | 2026-Q3 |
| Nuro | $15.10 | — | $5.75 – $15.29 | 63% | 5 | 4 | $7.8M | 2026-Q3 |
| Sila Nano | $18.84 | — | $16.41 – $18.84 | 13% | 5 | 3 | $3.7M | 2026-Q3 |
| Figure AI Inc | $194.86 | +0.2% 2026-Q2 → 2026-Q3 | $160.00 – $194.86 | 18% | 4 | 2 | $231.1M | 2026-Q3 |
| Psiquantum | $46.52 | — | $43.04 – $53.29 | 22% | 4 | 3 | $179.8M | 2026-Q3 |
| SB Technology | $36.04 | — | $36.04 – $41.38 | 15% | 4 | 2 | $174.7M | 2026-Q3 |
| Mcdermott International Ltd | $24.32 | — | $22.75 – $24.90 | 9% | 4 | 3 | $61.8M | 2026-Q2 |
| Cellink Corp | $20.77 | — | $13.03 – $20.82 | 38% | 4 | 2 | $38.5M | 2026-Q3 |
| Discord Inc | $23.51 | — | $23.51 – $26.51 | 13% | 4 | 2 | $9.9M | 2026-Q3 |
| Relativity Space Inc | $1.07 | — | $1.03 – $1.07 | 4% | 4 | 2 | $70,275 | 2026-Q3 |
| Bending Spoons Spa | $68.51 | — | $14.25 – $68.51 | 79% | 3 | 3 | $191.7M | 2026-Q2 |
| GrubMarket Inc | $26.92 | — | $26.92 – $26.92 | 0% | 3 | 2 | $140.2M | 2026-Q2 |
| Checkout Payments Group Ltd | $88.50 | — | $88.50 – $105.22 | 19% | 3 | 3 | $66.7M | 2026-Q2 |
| Workrise | $106.95 | — | $103.42 – $167.03 | 59% | 3 | 2 | $23.8M | 2026-Q2 |
| Kardium | $0.6472 | — | $0.4000 – $1.02 | 96% | 3 | 3 | $23.8M | 2026-Q3 |
| Patreon | $12.16 | — | $11.15 – $13.18 | 17% | 3 | 2 | $13.6M | 2026-Q2 |
| Freenome Inc | $2.96 | — | $2.63 – $2.96 | 11% | 3 | 3 | $7.1M | 2026-Q2 |
| Lilac Solutions | $10.34 | +4.3% 2026-Q2 → 2026-Q3 | $10.15 – $10.53 | 4% | 3 | 2 | $4.1M | 2026-Q3 |
| Corporate Travel Management Lt | $2.11 | -2.4% 2026-Q2 → 2026-Q3 | $2.11 – $2.12 | 0% | 3 | 2 | $2.9M | 2026-Q3 |
| Kobold Metals | $112.61 | — | $112.61 – $112.61 | 0% | 3 | 2 | $2.7M | 2026-Q3 |
| DataRobot | $1.91 | — | $1.10 – $3.20 | 110% | 3 | 3 | $1.1M | 2026-Q3 |
| Gusto | $21.40 | — | $21.40 – $21.40 | 0% | 3 | 2 | $1.0M | 2026-Q3 |
| Avz Minerals Ltd | $0.1049 | — | $0.1048 – $0.1049 | 0% | 3 | 2 | $85,991 | 2026-Q3 |
| Avadel Pharmaceuticals PLC | $0.6400 | — | $0.0000 – $0.6400 | 100% | 3 | 3 | $31,656 | 2026-Q2 |
What these numbers are, and what they are not
They are carrying values, not transaction prices. A fund usually holds an earlier preferred series and carries it near what it paid, adjusted for what its valuation committee thinks has changed. So these marks are conservative by construction, and they are not the same thing as the price a share changes hands at on a secondary market. Anyone who tells you those two numbers are interchangeable is selling something.
The spread is the point. A single valuation with a confidence label tells you nothing you can act on. Several independent funds pricing the same company on the same date tells you whether there is agreement at all. When the spread is wide, the honest conclusion is that nobody knows — and that is worth knowing.
The counts are a floor. The builder reads a bounded sample of filings, so a company held by thirty funds may show up here with eight. Nothing is imputed or interpolated — every figure divides two values that appear in a filing — but "3 funds" means "at least 3 funds", never "only".
Nothing here is advice. Most of these companies cannot be bought by an individual investor at all, and a mark is not a route to owning anything. Knowing what a fund carries a stake at tells you what regulated investors think it is worth — not that you can buy it, and not that you should.
The bar a company has to clear
A company is listed above only with at least 3 funds from 2 unrelated asset managers. The second half matters more than the first: three funds inside one fund family share one valuation committee, so counting them as three opinions would turn a single number into a fake consensus.
Two further conditions apply to companies that do clear it. A position every fund marks below a cent a share is a write-off, not a valuation, and is not published as one. And when the marks span more than 150% of their own median, the funds are not pricing the same security — a preferred series at $43 and a written-down tranche at $1 have no meaningful midpoint — so no number is published at all.
1097 companies were found in the filings and left out. These are the ones excluded for a reason other than simply being held by too few funds, each with the condition it failed — so you can see the bar is real rather than decorative:
- Douyin Co Ltd (7f/1m) — all 7 funds share one manager
- Bolt Technology Ou (7f/1m) — all 7 funds share one manager
- Starling Bank Ltd (6f/1m) — all 6 funds share one manager
- Blueprint Medicines Corp (6f/2m) — marked below a cent a share — a written-off position, not a valuation
- Disruptive Technology Sol (5f/1m) — all 5 funds share one manager
- Skyryse Inc (5f/1m) — all 5 funds share one manager
- Akeana (5f/1m) — all 5 funds share one manager
- Aiven (5f/1m) — all 5 funds share one manager
- Rappi Inc (5f/3m) — marks span 190% of the median, so they are not pricing the same security
- Vast Data Ltd (4f/1m) — all 4 funds share one manager
- Diamond Foundry Inc (4f/1m) — all 4 funds share one manager
- Element Labs Ltd (4f/1m) — all 4 funds share one manager
- Lyte AI Inc (4f/1m) — all 4 funds share one manager
- Sima Technologies Inc (4f/1m) — all 4 funds share one manager
- Valuedrive Technologies (4f/1m) — all 4 funds share one manager
- Gobrands Inc (4f/1m) — all 4 funds share one manager
- World Labs (4f/1m) — all 4 funds share one manager
- Celestial AI Inc (4f/1m) — all 4 funds share one manager
- Applied Intuition Inc (4f/1m) — all 4 funds share one manager
- Celonis (4f/4m) — marks span 219% of the median, so they are not pricing the same security
The remaining 1037 are held by fewer than 3 funds:
Blackstone Partners Offshore Fd-E1 (2f/1m) · Cerebras Systems Inc (2f/1m) · Openair.Com (2f/2m) · Alif Semiconductor (2f/1m) · Groq Inc (2f/2m) · Canva Australia Holdings Pty Ltd (2f/2m) · Harbinger Motors Inc (2f/1m) · Frore Systems Inc (2f/1m) · Ramp Business Corp (2f/2m) · Parabilis Medicines Inc (2f/1m) · Dream Finders Homes Inc (2f/1m) · Deepgram (2f/1m) · Upgrade Inc (2f/2m) · Mirador Therapeutics (2f/2m) · Inmed Pharmaceuticals Inc (2f/1m) · Motive Technologies (2f/2m) · Mercury (2f/2m) · Castle Creek Biosciences Inc (2f/1m) · Illuminated Holdings Inc (2f/1m) · Somatus Inc (2f/2m) · Alphasense Inc (2f/2m) · Cyclerion Therapeutics Inc (2f/1m) · Disruptive Technology Solutions Lvi (2f/1m) · Ant International Co Ltd (2f/1m) · Rapyd Financial Network 2016 Ltd (2f/1m) · Airwallex (2f/1m) · Cellares Inc (2f/2m) · Lyra Health Inc (2f/2m) · Treeline Biosciences (2f/1m) · Valsoft Corp (2f/1m) · Lifemine Therapeutics Inc (2f/1m) · Cleerly (2f/2m) · Waabi Innovation (2f/1m) · Form Energy (2f/1m) · Trumid Hldg LLC (2f/1m) · Payward Inc (2f/2m) · Druva Inc (2f/1m) · Evozyne Inc (2f/1m) · Dataminr (2f/1m) · Advanced Machine Intelligence (2f/1m) · Sonoma Biotherapeutics Inc (2f/1m) · Coalition (2f/1m) · Aledade Inc (2f/1m) · Qonto (2f/1m) · Astranis (2f/1m) · Hawkeye 360 Inc (2f/1m) · Kardigan Inc (2f/2m) · Versa Networks Inc (2f/1m) · Vercel Inc (2f/2m) · Danger Devices Inc (2f/1m) · Bright Peak Therapeutics Inc (2f/1m) · Tubulis Gmbh (2f/1m) · Manus Bio Inc (2f/2m) · Lookout Inc (2f/2m) · Baseten Labs (2f/1m) · Coreweave (2f/1m) · OpenAI Foundation (2f/2m) · Automattic Inc (2f/1m) · Dmed Biopharmaceutical Co Ltd (2f/1m) · Menlo Micro Inc (2f/1m) · and 977 more
Method
- Source: SEC Form N-PORT (NPORT-P),
primary_doc.xml, fetched from EDGAR. - A holding counts as private-company equity when it is equity —
assetCat=EC(common) orEP(preferred) — and the filing declaresfairValLevel=3, meaning it was valued with unobservable inputs because no market price exists. That keeps out private credit and money-market funds, which are different questions. Two narrower conditions were tried and dropped as wrong: requiringEPdiscarded every position a fund holds as common stock, and requiringisRestrictedSec=Ydiscarded holdings the filer had literally named "Private Placement". The accuracy check is what caught both. - Per share =
valUSD / balance, and only for positions reported in shares. A position reported in principal amount has no per-share price and is not given one. - Marks are bucketed by calendar quarter, because each fund reports on its own fiscal month-end and keying on the exact date scatters one quarter's consensus across three buckets.
- One fund counts once per instrument per quarter, newest filing wins — funds file monthly, and counting all three filings would triple a single opinion's weight.
The parser is unit-tested against a captured filing with hand-computed expectations (test/nport_parser_test.mjs). The whole dataset is free at /api/private-marks.