PM Insights 2025 May in Review

Institutional secondary market-driven data insights covering a universe of private venture-backed companies.

‍PM50 Growth Index & Sectors Performance

|| Return On Investment (ROI) from December 31, 2024 until May 31, 2025.

PM50 Growth: 25.00%

Automation: 4.26%

AI: 63.72%

Analytics: 0.93%

Cloud & Infra: 20.34%

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PM50 Growth Privates versus Public Benchmarks/ETFs

|| ROI from December 31, 2024 until May 31, 2025.

PM50 Growth: 25.00%

Invesco Nasdaq-100 ETF: 1.69%

SPDR S&P 500 ETF Trust: 0.87%

RENAISSANCE IPO ETF: -1.77%

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Public v. Private (12mo)

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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_{Private Market: Sector Level}

|| Sector-level analysis for May, 2025‍

PM50 Growth index was up 0.93% with volatility of its ROI at 16%.

Cloud & Infra had the largest increase in ROI at 9.77% and highest volatility of ROI at 67%.

Analytics had the largest decrease in ROI at -10.65% with volatility of its ROI at 16%.

Financial had the lowest volatility of its ROI at 12% with ROI at 1.85%.

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MoM Return on Investment (ROI) for May

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Volatility of ROI

The volatility of ROI is calculated based on the movement over the previous 90 days i.e. between March 3, 2025 and May 31, 2025.

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Total Bid and Ask Volume and Ratio in May

The stacked bar chart below highlights total bid and ask volumes, along with their ratios, across sectors for selected companies with notable activity.

Neobank accounted for the highest bid volume ratio at 55.14% of the total $266.60M. In contrast, the Analytics sector had the highest ask volume ratio, making up 92.72% of the total $192.25M.

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Mean Bid to Ask Spread in May

The chart below illustrates the average bid-to-ask spread across sectors for selected companies with significant activity.

PM50 Growth had a mean spread of 10.4%

Analytics & Data sector recorded the widest spread at 19.1%

Cloud & Infra sector had the narrowest at 6.7%

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Mean Volume per Indication Type

In 2025 monthly average indication sizes peaked at $9.71M during February.

Asks: In 2021 the average offer was $25.91M, and the yearly average has dropped dramatically to ~$10M between 2022 and 2025. The average offer volume from January until May of 2025 was $8.92M.

Bids: Similarly, the average bid in 2021 was higher than the following years. The average bid volume ranged from $6.94M to $33.59M in 2021, $6.12M to $31.75M in 2022, $8.13M to $16.63M in 2023, and $6.56M to $15.94 in 2024. The average bid volume during 2025 ranged from was $8.63M to $14.65M.

Trades: Trades volumes have been quite volatile, with lowest average volume of $1.17M seen on October of 2024 and largest average volume of $15.64M seen on June of 2021. The average trade volume for May of 2025 was $4.44M.

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Sectors

Headquarters

CEO

Monthly Statistics

PM Insights highlights monthly statistics from January, 2021 until May, 2025.

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Monthly PM50 Growth ROI

The chart below shows PM50 Growth’s monthly ROI. It recorded its highest return of 16.25% in January 2021 and its lowest at -10.5% in June 2022. More recently, ROI dropped sharply since January 2025 and is up slightly in May 2025 at 0.93% compared to April 2025 at 0.3%

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Monthly Institutional Level Activity

The chart below shows the monthly count of institutional-level ($1M+) bid, ask, or trade contributions.

July 2024 saw the highest activity with 800 contributions exceeding $1M in volume, while April 2021 recorded the lowest with 185. In May 2025, there were 462 unique institutional-level broker contributions.

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Monthly Total Bid and Ask Volume

The chart below shows the total monthly bid and ask volume tracked by PM Insights.

June 2021 recorded the highest volume at $21.15B, while December 2021 had the lowest at $2.12B. In May 2025, total volume reached $6.53B.

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Monthly Bid and Ask Volume Ratio

The stacked bar chart below shows the monthly ratio of bid and ask volumes.

In January 2021, bids peaked at 56.09% of the total $4.80B volume. Offers reached their highest ratio in April 2022, accounting for 94.21% of the $12.79B total. In May 2025, bids made up 26.90% of the $6.53B in total volume.

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Monthly Mean Bid and Ask Spread

The chart below shows the monthly average bid-to-ask spread.

The highest spread was recorded in April 2023 at 13.98%, while the lowest occurred in December 2021 at 9.57%. In May 2025, the average spread was 10.15%, reflecting a relatively lower level.

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Proportion of Change in Valuation

91% of companies in PM Insights' universe traded higher during their latest round compared to the previous round.

On the other hand, 56% of companies are trading at a discount versus their most recent round, and 44% managed positive returns there, pointing to a ways to go to recovering some of the investments made in the heady days of 2021.

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Change in Composite Price (MoM)

PM Insights highlights the top five and bottom five companies in terms of change in composite price between April 30, 2025 and May 31, 2025 with significant activities i.e. at least 3 institutional-level contributions. ‍

Notion had the largest increase at 29% in composite price, rising from $30.50 to $39.48.

ThoughtSpot had the largest decrease at -57% in composite price, falling from $12.11 to $5.32.

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Change in Total Bid and Ask Volume (MoM)

PM Insights highlights the top five and bottom five companies with significant activities in terms of change in total bid and ask volume between April 2025 and May 2025.

Neuralink had the largest increase at 182% in volume, jumping from $23.00M to $64.80M.

Cerebras Systems had the largest decrease at 86% in volume, declining from $17.32 to $2.42M.

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Most Active Names Performance

Data as of May 31, 2025

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_{* Price (USD) estimated based on secondary market activity observed by PM Insights. Valuation is estimated based on said price and share count from state filings and/or news in the public domain. Note that share count in calculations may change as new filing documents are obtained.}

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