Private market pricing data

What is Nasdaq Private Market?

Nasdaq Private Market (NPM) is a marketplace for private company securities, with infrastructure for liquidity, price discovery, and transfer. Its capital markets desk and transfer and settlement technology execute secondary transactions and company sponsored tender offers. Its data platform turns that activity into pricing, valuation, and market intelligence on private companies.

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What academic researchers should know about Nasdaq Private Market pricing data

The NPM Price is a daily, modeled estimate of a private company’s price per share. It blends primary financing rounds, executed secondary trades, bid and ask activity, 409A valuations, and mutual fund marks, adjusted with macro and cross asset indicators. Each company gets one estimate per business day starting in August 2021, with a low and high band, an implied valuation, and the discount or premium to its last primary round. The dataset also breaks out most of the model’s inputs as separate tables, along with company profiles, investors, management, and cap table terms by stock class, all linked on a common company identifier. Financing history reaches back before 2021 for some companies.

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Why academic researchers choose Nasdaq Private Market on Dewey

Private companies don’t have a ticker tape, so pricing is one of the hardest problems in the asset class. NPM Price gives researchers one consistent methodology for over 10,000 companies, instead of a patchwork of one off rounds and stale valuations. Because the inputs sit in their own tables, you can study the price and also the trades, bids, and rounds behind it. NPM builds the data from trading on its marketplace, a network of data contributors, its transfer and settlement technology, and public filings. Dewey brings it to the academic community, so researchers can spend their time on the question instead of hunting for a price.

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Nasdaq Private Market academic research ideas and use cases

Private company price discovery is the obvious starting point. Daily estimates with low and high bands let researchers study how private valuations move between funding rounds and how much uncertainty surrounds each price.

Secondary market liquidity is a second angle. Monthly bid and offer interest, along with settled trades, support work on spreads, order imbalances, and how liquidity shifts with company size, age, or market conditions.

Valuation research can compare formal and market based measures. 409A valuations and mutual fund marks sit alongside NPM Price for the same companies, which makes it possible to test how far apart they drift and what closes the gap.

The discount or premium to the last primary round opens up work on down rounds, valuation resets, and how quickly the market reprices a company after a financing event.

Venture capital and corporate finance researchers can use financing rounds, investors, management, and cap table terms by stock class to study investor networks, round structure, and how share class terms relate to pricing.

Pair with public company data to compare pre-IPO company stats to post, or look at a developing industry that has companies in both public and private sectors (AI, robotics, nuclear companies, etc.)

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