Private Markets & Unicorns

The companies without a ticker. Unicorns carry their last-raise valuations (CB Insights) and private giants an estimated value, both softer numbers than a market close.

snapshot 2026-09-12 · 1,396 unicorns · 372 private giants

Unicorns
1,396
private companies valued ≥ $1B
Herd value
$7.00T
sum of last-raise valuations
Private giants
372
the biggest unlisted companies
Graduates
8
unicorns now trading publicly

The biggest unicorns

Last-raise valuations, with the industry and the metro each is run from.

#CompanyValuationIndustryMetroUnicorn since
1Anthropic$965BEnterprise TechSan Francisco-San Jose2023
2OpenAI$840BEnterprise TechSan Francisco-San Jose2019
3ByteDance$480BMedia & EntertainmentBeijing2017
4Stripe$159BFinancial ServicesSan Francisco-San Jose2014
5Databricks$100BEnterprise TechSan Francisco-San Jose2019
6VAST Data$80BEnterprise TechNew York2020
7Revolut$75BFinancial ServicesLondon2018
8SHEIN$66BConsumer & RetailGuangzhou2018
9DeepSeek$50BEnterprise TechHangzhou2026
10Ramp$44BEnterprise TechNew York2021
11Ramp$44BEnterprise TechNew York2021
12Project Prometheus$41BEnterprise TechSan Francisco-San Jose2026
13Ripple$40BFinancial ServicesSan Francisco-San Jose2019
14Figure$39BIndustrialsSan Francisco-San Jose2024
15Canva$32BEnterprise TechSydney2018
16Fanatics$31BConsumer & RetailJacksonville2012
17Safe Superintelligence$30BEnterprise TechSan Francisco-San Jose2024
18Anysphere$29BEnterprise TechSan Francisco-San Jose2024
19Cognition$26BEnterprise TechSan Francisco-San Jose2024
20OKX$25BFinancial ServicesVictoria (SEY)2026

Unicorn capitals

Metros by number of resident unicorns.

1San Francisco-San Jose356$3.4T
2New York144$591B
3Beijing60$643B
4London51$231B
5Boston43$112B
6Los Angeles41$118B
7Shanghai37$87B
8Paris27$81B
9Bangalore26$55B
10Guangzhou23$123B
11Austin23$67B
12Tel-Aviv22$45B

Where the money believes

Industries by combined unicorn valuation.

Enterprise Tech515$3.7T
Financial Services229$934B
Media & Entertainment79$723B
Consumer & Retail208$629B
Industrials213$605B
Healthcare & Life Sciences126$317B
Insurance23$48B
Industrial1$5B
West Palm Beach1$4B
Health1$1B

The newest members

Most recent arrivals at a $1B valuation.

Element LabsEnterprise Tech$4B2026-06-29
xsquareIndustrials$3B2026-06-29
Assort HealthEnterprise Tech$1B2026-06-24
FINNConsumer & Retail$1B2026-06-24
RedoEnterprise Tech$1B2026-06-23
Nearfield InstrumentsIndustrials$2B2026-06-22
LiblibAIEnterprise Tech$2B2026-06-18
CtrlSEnterprise Tech$5B2026-06-17
OdysseyEnterprise Tech$1B2026-06-17
DeepSeekEnterprise Tech$50B2026-06-16

The graduates

Unicorns that reached the public markets - last private valuation against what the market says now.

CompanyLast privatePublic now
Bending Spoons$12B$25B
Netskope$8B$6B
Navan$9B$5B
HeartFlow$1B$4B
Ionic Digital$2B$4B
Firefly Aerospace$2B$4B
Omada Health$1B$1B
Mercor$10B$62M

Most-cited early investors

Andreessen Horowitz (84) · Accel (74) · Sequoia Capital (64) · General Catalyst (52) · Tiger Global Management (50) · Lightspeed Venture Partners (48) · Insight Partners (46) · Sequoia Capital China (41) · Bessemer Venture Partners (37) · Index Ventures (36) · Khosla Ventures (32) · Google Ventures (31)

The private giants

The biggest companies that never listed: family firms, trading houses, state-adjacent groups.

Why these are estimates
Values are estimates (revenue-based), which is exactly why they live on their own board.
#CompanyEst. valueMetro
1Vitol$1.2TGeneva
2Trafigura Group$733BSingapore
3Schwarz Group$542BStuttgart
4Cargill$462BMinneapolis
5Koch Industries$375BWichita
6Aldi$363BRhine-Ruhr
7E.Leclerc$309BParis
8Suning Holdings Group$309BNanjing
9REWE Group$299BRhine-Ruhr
10Huawei$297BGuangzhou
11Robert Bosch$297BStuttgart
12Amer International Group$267BGuangzhou
13HNA Group$266BHaikou
14State Farm$247BBloomington–Normal
15Hengli Group$242BSuzhou
16Pacific Construction Group$231BNanjing
17Nippon Life Insurance$222BOsaka-Kyoto-Kobe
18Deloitte$202BLondon
19Ineos$195BLondon
20Publix Super Markets$179BOrlando
21CMA CGM$168BMarseille
22PwC$166BLondon
23Mars$165BWashington-Baltimore
24Auchan Holding$164BLille
25Ernst & Young$154BLondon