Venture-backed companies typically leave the private market in one of a few ways: a traditional IPO, a direct listing, a SPAC merger, or an acquisition by a larger company or private-equity buyer. A minority stay private indefinitely, and some wind down or fail. This page tracks known Setter30 companies that have exited and the hypothetical valuation-mark MOIC generated from first Setter30 appearance to exit or current public-market value, as applicable.

Roughly one-third of the 120+ companies that have appeared on the Setter30 have exited the private market through an IPO, direct listing, SPAC merger, or acquisition. The remainder are still private. The graduation timeline tracks known exits with their exit valuation and hypothetical MOIC, based on estimated valuation marks rather than realized investor returns.

No. Going public is only one possible outcome. Many unicorns are acquired, some remain private for a decade or more, and others see their valuations written down or fail entirely. An IPO depends on market conditions, company readiness, and shareholder goals. There is no guarantee any private company will complete one.

A Setter30 graduate is a company that appeared on the Setter30 and has since exited through an IPO, direct listing, SPAC merger, or acquisition. Graduates are tracked here to show the path from Setter30 appearance to exit or public-market trading, using valuation marks and public-market values where available.

Graduation MOIC is the company's exit valuation, acquisition valuation, or public-market value divided by its valuation at first Setter30 appearance. A 4x graduation MOIC means the company's valuation mark was about four times higher than when it first made the list. These are hypothetical valuation-mark multiples, not realized investor returns. Valuation marks are estimates, may be erroneous, and may differ materially from executable secondary-sale prices.

In a traditional IPO, a company lists shares publicly through underwriters and may raise new capital. In a direct listing, existing shares become tradable on an exchange without the same traditional underwritten IPO process. In a SPAC merger, the company combines with an already-public blank-check company to become public. All three result in publicly traded shares and are treated as public-market exits for MOIC purposes here, using the applicable listing valuation or public-market value.

A SPAC merger is a less conventional path to the public market than a traditional IPO. Instead of listing through a traditional underwritten IPO, the company combines with an already-public blank-check company. Both routes can result in publicly traded shares, but the structure, timeline, disclosure process, and market outcomes differ by company and market conditions.

Private-company valuations can differ materially from public-market valuations. A company may go public below its last private valuation if market conditions weaken, growth expectations change, investor demand falls, or the earlier private mark was not an executable public or secondary-market price. A private mark is not a reliable predictor of IPO price, and valuations can move sharply in either direction.

Acquired companies are included in the graduation chart using their acquisition valuation where available. Acquisitions can occur at valuations above or below a company's last private mark, including distressed outcomes. Acquisition is one common exit path for venture-backed companies, alongside IPOs, direct listings, and SPAC mergers.

Yes. A small number of Setter30 graduates have been delisted or entered financial distress after going public. They are included in the graduation chart and marked accordingly. They are part of the full observed track record, not filtered out. Pre-IPO and newly public investing both carry real risk of loss.

There is no fixed tenure. Companies remain on the list as long as they rank among the most-demanded pre-IPO names on the SetterVC platform. Some graduate after a quarter or two, while others rank for several years before going public or being acquired. There is no guarantee that any Setter30 company will exit, remain highly valued, or be purchasable or saleable at the marks shown.