What The Q1 2026 Secondary Rankings Reveal

Every quarter, Setter Capital, a secondary advisory firm that has completed more than $30 billion in private market transactions since 2006, surveys hundreds of investors to rank the 30 most sought-after startup shares on the secondary market. The resulting “Setter 30” list is a map of private market conviction: which companies investors want so badly they will pay a premium to buy someone else’s stake, rather than wait for a primary round or a public listing. The Q1 2026 edition carries a set of signals that anyone tracking venture capital or the broader technology market may be noticing already.

Taken together, the data points to a secondary market that has grown structurally more important, is concentrating around a smaller number of very large bets, and is beginning to behave less like a niche liquidity mechanism and more like a parallel exchange…Read Full Article