The venture capital secondary market in the U.S. expanded to $61.1 billion in Q2 2025, illustrating growing investor demand for liquidity in privately held startups. This segment, representing about 1.9% of total unicorn valuation, has shifted perceptions: secondaries are no longer signs of distress but vital liquidity tools. The rise of secondary Special Purpose Vehicles (SPVs), increasing by over 500% in number and 1,000% in capital raised, democratizes access by lowering investment barriers. Analysts highlight the importance of transparency around ownership structures and fees to protect emerging investors in this evolving, opaque market.