Open Evidence

AI titans tighten their grip on capital Anthropic has reclaimed the throne. In a market where secondaries often signal the true sentiment of institutional appetite, their recent performance is a masterclass in scale. Reclaiming the number one spot on the Setter 30 list isn't just about prestige; it's the result of a massive $30 billion raise that pushed their valuation to a staggering $380 billion. This movement confirms that the top-tier AI race isn't cooling down; it’s concentrating around the heavy hitters capable of absorbing massive capital infusions while maintaining secondary market liquidity. Prediction markets and dev tools break out We are seeing a massive rotation into specialized utility. Causal skyrocketed 13 places to reach number 11, riding a wave of momentum in prediction markets that shows no signs of slowing. It’s a clear signal that investors are betting on the monetization of foresight. Close behind, Replit jumped 12 spots to number 17. The kicker? They managed to triple their valuation in just six months. For founders, the lesson is clear: if you can demonstrate rapid-fire growth and utility in the developer stack, the secondary market will reward you with aggressive demand. Defense tech and the drone warfare premium Geopolitics is now a primary driver of venture demand. Shield AI climbed nine places to secure the number 13 spot. As tensions escalate globally and drone warfare becomes central to modern defense strategies, buyer demand for autonomous systems is hitting a fever pitch. Investors are no longer looking for just SaaS; they are looking for hard-tech solutions that address national security. This isn't just a trend—it's a fundamental shift in where the smart money is flowing. The brutal reality of buyer rotation The secondary market is a zero-sum game for attention. Perplexity felt the sting of this reality, dropping 18 spots to land at number 28. It’s a warning shot to incumbents: when new entrants arrive, buyer loyalty can evaporate overnight. We also saw Crusoe Energy and Figure AI lose significant ground. Fresh names like Eleven Labs, Harvey, and The Boring Company are entering the rankings, proving that the market remains hungry for the next big disruption. Stay agile, or get replaced.