Sun.Apr 06, 2025

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The Impact of Tariffs on Series As

Tomasz Tunguz

With another tariff induced red-tinged day hammering markets, I wondered: Do private markets follow public ones? The data suggests yesbut with a delay & at a fraction of the magnitude. A 1% increase in Nasdaq’s (QQQ) quarterly return translates to a 0.47% rise in median Series A valuationsbut only after a two-quarter delay. The inverse holds true as well: when public markets contract, private valuations follow suit approximately six months later at roughly half the intensity.