The Private Tech Equity & Liquidity Report 2026

The picture in five numbers

The landscape

Two markets, two shapes. The US set is broad and AI-led; the European set is smaller, concentrated in three countries, and still led by fintech.

Fintech is the single largest European category (9 of 30), with AI-related businesses close behind (7 of 30). France, the UK and Germany account for 25 of the 30.

Valuation distribution

Among the thirty European companies, last-reported valuations cluster in the $2-5B band, with a tail extending into the low tens of billions. Figures combine USD and EUR as reported; EUR is converted at approximately 1.08 for banding only, and the conversion is not applied to any figure stated elsewhere.

A reported valuation is not equivalent to the value of an employee's holding. It is a last-round, preferred-share figure; common shares — the instrument most employees hold — rank below it, and a private, minority, illiquid interest transacts below that again. A framework for estimating an individual holding is set out in how to value your own stake.

Reference table: the European set

All thirty European companies in this report, with the last publicly reported valuation, the date of that report, whether a company-run employee secondary or tender has been publicly documented, and the primary source for each figure. Currencies are reproduced as reported (USD or EUR).

^† Revolut: $75B is the valuation it confirmed on completing its Nov 2025 share sale. A further secondary was confirmed underway in Jul 2026 at a reported ~$115B (≈$2,017/share), per tech.eu ↗ and Bloomberg; no completion has been announced, so it is not treated as the confirmed mark here.

"As of" is the date of the reported valuation, not of this review. A blank in "Secondary" means no company-run employee secondary or tender was publicly documented at the review date, not that none occurred. Figures are last-reported marks and may be superseded; verify against the linked source before relying on any single value.

Liquidity signals

For employees, pre-exit liquidity depends chiefly on company-run tender offers and secondary programmes — the clearest documented route, and an uncommon one. Of the thirty European companies in this report, six have publicly run such a programme:

That's roughly 1 in 5 of the set — a reminder that for most holders, liquidity before an exit is the exception, not the rule, and usually company-gated. Where a company programme isn't available, the realistic routes are mapped in where to find a buyer.

The discount reality

When a private secondary does happen, it rarely clears at the headline price. Two forces pull the number down, before any negotiation:

These are illustrative education ranges drawn from how private secondaries are commonly structured, not a valuation of any company or stake. Model your own with the free exit waterfall and fair-discount guide.

Implications for equity holders

• A reported valuation is a starting point, not a result. Establish your share class and model the applicable discount before anchoring on a press-release figure.
• Company-run programmes are the primary route, and they are rare. Confirm whether a tender or buyback is planned internally before considering external options.
• Jurisdiction materially affects outcomes. Tax treatment and transfer rules differ substantially across the US and the seven European markets represented here.
• Preparation is independent of timing. The documentation, the records request, and the tax questions are the same whether a sale occurs this year or at an eventual exit.

Method & sources

This report aggregates figures that are already public and dated. The 30 European companies and their last-reported valuations are drawn from company announcements and reputable press, each linked on its company page; the US set of 226 companies is classified by primary sector. Valuations are "last reported", not live marks, and mix USD and EUR as published (EUR converted at ~1.08 for banding only). Sector and liquidity signals reflect public reporting at the review date and can change — a company that lists or is acquired leaves the set. Reviewed October 2026.

Press & citation: you're welcome to cite this report with a link to this page. For the underlying company list see our US and EU directories. Questions: hello@privatetechshares.com.

General information only — not financial, tax or legal advice, and not specific to any person or company. PrivateTechShares is an independent education and tools service: it is not a broker or marketplace, does not introduce buyers and sellers, does not hold funds, and does not execute or advise on transactions. Company names and figures are used only to describe the market for private-company shares; PrivateTechShares is not affiliated with the companies named.