Private Market Valuations See Mixed Results in September
Investors face a 9 percent discount on secondary trades as market interest continues to cool across major private assets.
Updated on Oct. 28, 2026 in Investing
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The private market saw mixed performance in September 2026, as high-profile assets like OpenAI gained value while others including Airtable faced steep declines. These shifts reflect broader volatility in secondary markets, where investors are increasingly cautious regarding pre-IPO company valuations.
Why it matters
Understanding these valuation swings is important for accredited investors and employees holding private equity, as it signals changing sentiment in the secondary market. With median trades currently occurring at a discount, it highlights the risks and liquidity challenges of holding private company shares.
In September 2026, OpenAI valuations rose 32.3 percent, while Airtable shares decreased 56.1 percent following its $1.28 billion acquisition by Bending Spoons. Median private market transactions are currently trading at a 9 percent discount to their last primary funding-round valuation.
The players
OpenAI
An artificial intelligence research company whose private market shares saw a 32.3 percent valuation increase in September 2026.
Airtable
A software platform that saw its valuation decrease 56.1 percent during its acquisition by Bending Spoons.
Salesforce
A cloud-based software corporation that acquired Fin for $3.6 billion in September 2026.
Forge
A secondary-market platform that facilitates private stock trading and publishes index data on market health.
The details
When private shares trade on secondary platforms, prices are driven by buy-side interest, which dropped to 43.5 percent in September. This dip explains why many shares, such as Postman and Kraken, saw double-digit percentage declines despite isolated gains by companies like OpenAI and SpaceX. These shifts illustrate how secondary-market liquidity fluctuates, forcing investors to weigh the difference between primary funding-round prices and current resale demand.
Timeline
July 2026: Buy-side indications of interest hit 48 percent.
August 2026: Buy-side indications of interest declined to 45 percent.
September 10, 2026: Salesforce acquired Fin for $3.6 billion.
September 2026: Forge Private Market Index rose 1.4 percent as various asset valuations shifted.
Money Landscape
The private market is currently navigating a period of cooling demand, with buy-side interest dropping for the third consecutive month. This trend mirrors a broader adjustment as secondary investors move away from peak funding-round valuations toward discounted entry points.
For investors with secondary market exposure, these figures suggest a need to revisit portfolio valuations to reflect the current 9 percent market discount. Consult with a financial professional to evaluate whether your private holdings require rebalancing in light of recent volatility.
The takeaway
Private market volatility means that valuations can shift drastically between funding rounds, often tracking lower on secondary exchanges. Review your brokerage statements or private equity account summaries to see if your holdings have updated valuations based on recent secondary market activity.
Further reading
For a deeper look at managing private assets, see our guide on Investing.
Source note: This article includes information reported by Benzinga.
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