Private Holdings in Public Funds: The Data Behind the AI Valuation Surge
SEC Form N-PORT P requires registered investment companies — mutual funds, ETFs, interval funds — to disclose their complete holdings monthly. Most of what they hold is public. Some of it isn't. Across 18 private companies tracked in this dataset, funds collectively reported $26.7 billion in private security positions as of Q4 2025, up from $3.2 billion in Q4 2022. The growth wasn't spread evenly across those three years. Much of it happened in the last twelve months.
Where the value sits as of Q4 2025
Ten companies account for nearly all of the disclosed total. The scale difference between the largest and the rest is significant.
SpaceX: the anchor position, marked up sharply in 2025
SpaceX has been the dominant private position in this dataset since at least Q4 2022 and it isn't close. Total disclosed value grew from $6.6B at end of 2024 to $14.5B by Q4 2025 — up 119% in a single year. Looking at funds that held unchanged positions across both periods, the most common mark change was +128%, with 5 of 10 such funds clustered around that figure. That's a faster pace than 2024, when the same approach showed the most common mark rising about 91%.
Databricks and the AI names: total value surged, and so did marks
Databricks is the most broadly held AI name in this dataset and has one of the cleaner mark signals. Total disclosed value grew from $935M to $3.4B in 2025. Among funds that held unchanged positions, the most common mark change was +105%, with 12 of 23 such funds clustered around that figure — a notably strong consensus for a private security. That's up from a most common mark of around +22% in 2024.
Three other AI names grew dramatically in total disclosed value, but through new investors coming in rather than existing holders marking up. xAI went from 1 fund and $17M at end of 2024 to 113 funds and $2.1B by Q4 2025. Anthropic went from 3 funds and $6M to 38 funds and $1.2B. OpenAI wasn't in this dataset at all until Q3 2025, then reached 57 funds and $1.2B by year-end. For all three, the growth in total value reflects new fund exposure entering the cap table, not markups by existing holders.
Waymo and Canva: large value jumps with two different mark stories
Waymo total disclosed value grew from $73M to $1.3B — a 1,658% increase. But among the 12 fund-series with unchanged positions, the marks split into two distinct clusters: 6 funds marked up around +93%, while 4 funds marked up only about +13%. That kind of dispersion in a private security often reflects one group of funds adopting a newer reference price while others are still carrying an older one. It tends to close over subsequent quarters as fund marks converge.
Canva had a similar total value jump — from $60M to $1.1B — as a large wave of new funds entered. Among the small group of funds with unchanged positions, the most common mark change was around +24%.
Stripe, Anduril: consistent and clear
Stripe total disclosed value grew 59% in 2025, from $370M to $588M. It has the tightest mark consensus of any name with a reasonable sample: 7 of 13 unchanged-position funds clustered around +51%, which was also a step up from prior years. Anduril grew from $43M to $161M in total value as fund count more than quintupled. The two funds that held unchanged positions both marked it up about +185% — consistent with Anduril's 2025 fundraising activity at significantly higher valuations.
Epic Games, Tenstorrent: the total value doesn't tell the whole story
Epic Games is an interesting case. Total disclosed value grew 94% in 2025 — from $240M to $465M — which looks like a strong year. But among the 22 unchanged-position funds, the most common mark change was −4%, with 10 of those funds clustered around that figure. Existing holders were marking it down slightly while new money was coming in at higher prices. Tenstorrent had the opposite: a quiet year in both dimensions. All 5 unchanged-position funds marked it essentially flat at −1%, and total disclosed value barely moved — $47M to $49M.
Redwood Materials and Rad Power Bikes
Redwood Materials grew substantially in total disclosed value — from $20M to $214M — as new funds entered. But the 3 existing funds with unchanged positions all marked it down about −21%, reversing direction from +24% the prior year. The new investors came in while long-term holders were marking down. Rad Power Bikes is starker: total value fell from $13M to essentially nothing, and all 6 unchanged-position funds marked it down −99%. That's one of the clearest signals in this dataset regardless of how you measure it.
This data comes from N-PORT P filings covering Q4 2022 through Q4 2025. FilingFrog tracks 18 private companies across 169 reporting funds in this dataset. To explore individual fund portfolios or see which funds hold specific private positions, visit the fund holdings explorer.