EquityZen Co-founder Discusses Secondary Market Trends, IPOs, and AI Valuations

Secondary Market Dynamics

Phil Haslett, Chief Strategy Officer and co-founder of EquityZen, observed that the private secondary market is increasingly active. EquityZen, acquired by Morgan Stanley in January 2026, facilitates the buying and selling of shares in privately held companies.

Haslett noted a clear divide in valuations: AI companies are currently commanding premium prices, while many established, older startups are trading at discounts. This trend reflects investor interest in the AI sector across the entire production curve, from data center infrastructure to compute orchestration.

IPO Market Outlook

Regarding the IPO market, Haslett indicated an improvement compared to three to six months prior. He suggested that the market is gearing up for a busier summer, partly due to a strong recovery in tech stocks and the overall stock market reaching all-time highs.

However, Haslett also cautioned that while initial enthusiasm for some IPOs exists, post-IPO performance can be mixed. He cited examples where companies experienced a slowdown after going public, describing their performance as "meh."

Impact of AI on Public Offerings

Haslett believes the AI sector presents significant opportunities for companies considering going public. He highlighted that opportunities exist across the entire AI production chain, from energy for data centers to the technology within them, and from compute orchestration to efficient training and inference. This broad interest bodes well for AI companies looking to enter the public market.