UBS Equities-US Thematic Research _UBS Private Market Monitor Keeping Up...

ab5 June 2025Global ResearchUS Thematic ResearchUBS Private Market Monitor: Keeping Up with Private CapitalWe highlight relevant UBS research and the latest trends in VC/PE. Inside the report, we include links to UBS’s most recently published private company profiles, the latest news on potential upcoming IPOs, the latest financing rounds/sector level investment trends, and other news we are watching. We also include our takes on recent UBS research that we think has implications for private markets, upcoming UBS ARC events, and upcoming UBS events with private companies in attendance. See below for a detailed overview of what is inside the report:1. Recent private company profiles from UBS research: Recent reports cover Fintech, Building, and Chem & Packaging.2. Who's in the news - IPOs to watch: Recent IPO news flow and data on stock performance IPOs in the preceding 30 days. IPO newsflow was slow over the past week, which could signal the start of the summer slowdown.3. A taste of what's next - trends in IPO filings: Details on trends in deal volume and size, as well as sector level analyses of recent filings. SPACs account for 34% of announced/in progress IPOs in '25.4. Top 25 funding rounds: The top 25 funding rounds from the last 30 days. New on the list from this week are Grammarly (writing assistance platform), ClickHouse (online data management system), Impulse Space (aerospace and aviation component manufacturer), Green Energy Global (end-to-end renewable energy services), Radiant (portable nuclear microreactor manufacturer), TAE Technologies (commercial power management tool developer), and Vascular Perfusion Solutions (medical device developer). We note several large-deals among alternative energy companies over the past week. We also include sector-level data on all deals from US companies with disclosed values in the prior 7 and prior 30 days. 5. Exits with values disclosed (IPO, M&A): Details of recent (trailing 7 days) exits. The largest exit from the trailing 7 days was LOW's $1.3B acquisition of Artisan Design Group, a flooring procurement, installation, and project management services company.6. Other news we are watching in PE/VC: Our takes on recent news that we see as relevant for private markets. Some highlights from this week include reports that MRK is potentially revisiting a MoonLake Therapeutics acquisition, math-solving AI company Axiom in talks to raise at $300M - $500M valuation, You.com in talks to raise at $1.4B valuation making it potentially the next tech/AI unicorn, and Amazon is taking a dive into humanoid robotics. We also discuss recent trends in VC investments, including shifting sentiment toward the IPO market, growth in secondary transactions, academic institutions selling-off PE investments, and recent VC-backed IPOs debuting at down valuations.7. New from UBS Research: From UBS Research this week, the US Software team published a deep-dive on the progress of an "AI Factory" in Abilene TX that cou