Those are the world's most valuable private companies
As of June 2026, Anthropic, and OpenAI are the world's most valuable private companies, valued at $965B and $852B respectively. Tether valued at $500B, and ByteDance valued at $480B, follow close behind.
It's busy at the top: rankings are shifting constantly. AI companies (model makers) are raising massive rounds at a pace we've never seen before, causing valuations to leapfrog each other every few months.
Tech (still) completely dominates: very few companies in this top 50 list are non-tech
AI slowly eats the world: nearly 1/4 of companies in the ranking are AI-native
Heavy the US domination: 48% companies is headquartered in the US
18% of the list comes from China, including the infamous TikTok owner ByteDance
Very few private giants originating from Europe, but the biggest neobanking success story is European - Revolut
Top 50 most valuable private companies as of June 2026
This ranking includes 50 largest non-public companies in the world, as of June 2026. It does not include companies already acquired or acqui-hired. The ranking does not include large, family-owned business like Koch, Mars or Cox Enterprises which valuations are unknown and purely estimated.
On ZIRP-era valuations: we exclude companies that latest reported valuation would be enough to hit the list (e.g. CloudKitchens), but it is expected that the company is now valued significantly lower.
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1
AnthropicAnthropic is an AI safety company developing large language models and researching methods to make artificial intelligence more reliable and steerable. Anthropic was founded in 2021 by former OpenAI researchers including Dario and Daniela Amodei. The company's flagship product is Claude, a family of AI assistants deployed across consumer applications and enterprise APIs. Research priorities center on constitutional AI, mechanistic interpretability, and alignment techniques. Major investors include Google, Spark Capital, and Salesforce Ventures.
$965B
$47.0B
20.5x
May 2026
2
OpenAIOpenAI is an AI research and deployment company that develops large language models, including the GPT series, and consumer-facing products such as ChatGPT. Founded in 2015 as a nonprofit research lab, the organization transitioned to a capped-profit structure in 2019 to attract the capital needed for large-scale AI development. The company offers API access to its models for enterprise and developer use, alongside image generation through DALL-E and code-assistance tools. Headquartered in San Francisco, OpenAI has become one of the most prominent players in the generative AI space, backed by a multibillion-dollar investments from Microsoft, Amazon, NVIDIA, SoftBank and many more.
$852B
$25.0B
34.1x
Apr 2026
3
Tether
$500B
$10.0B
50.0x
–
4
ByteDanceByteDance is a Chinese multinational technology company founded in 2012 and headquartered in Beijing, best known as the developer of TikTok — the short-form video platform with over one billion active users globally — as well as its Chinese equivalent Douyin. The company operates a broad portfolio of content and information platforms powered by proprietary AI-driven recommendation algorithms, including the news aggregator Toutiao, the productivity suite Lark, the video editor CapCut, and the online education platform Feishu. ByteDance is one of the world's most valuable private companies and operates across more than 150 markets, employing over 100,000 people worldwide.
$480B
$186B
2.6x
Nov 2025
5
DatabricksDatabricks is a San Francisco-headquartered cloud platform unifying data engineering, analytics, and AI on a lakehouse architecture. Founded in 2013, it supports Delta Lake for reliable data lakes, MLflow for machine learning lifecycle management, and Unity Catalog for governance across workspaces. The platform powers ETL pipelines, serverless SQL warehouses, and generative AI model deployment for enterprises worldwide, including integrations with AWS, Azure, and Google Cloud.
$188B
$6.9B
27.2x
Jul 2026
6
StripeStripe is a San Francisco-headquartered financial technology company founded in 2010 that powers online payment processing for businesses worldwide. The platform enables millions of companies, from startups to Fortune 500 enterprises like Amazon and Shopify, to accept card payments, manage subscriptions, and handle payouts. Stripe supports over 135 currencies and integrates with e-commerce tools for seamless revenue growth.
$159B
$5.1B
31.1x
Feb 2026
7
Ant GroupAnt Group is a fintech company building digital infrastructure for financial services via platforms like Alipay. Hangzhou-headquartered, it supports consumers and SMEs with payments, lending, insurance, and wealth management across Asia. The ecosystem includes Ant Fortune for investments and Ant Financial Cloud for enterprise solutions.
$150B
$12.8B
11.7x
Jun 2018
8
WaymoWaymo is a Mountain View-headquartered autonomous vehicle technology company that engineers Level 4 self-driving systems. Its sixth-generation hardware suite combines custom lidar, radar, cameras, and radar with AI software trained on billions of miles of real-world data. Waymo One delivers commercial driverless ride-hailing in Phoenix metropolitan area, San Francisco peninsula, and Los Angeles metro via Jaguar I-PACE and Zeekr EVs. Waymo Via conducts freight hauling pilots with partners like UPS and J.B. Hunt in Texas and Arizona.
$126B
$400M
315.0x
Feb 2026
9
Reliance RetailReliance Retail is the retail subsidiary of Reliance Industries Limited, India's largest private-sector corporation by revenue. Operating the country's largest retail network, the company runs thousands of stores across formats including grocery (Smart Bazaar, Fresh Signature), consumer electronics (Digital and Jio Points), fashion and lifestyle (Trends, Azorte), and wholesale (B2B). It also operates an integrated e-commerce and quick-commerce infrastructure and has made significant investments in acquiring or partnering with domestic and international brands. Headquartered in Mumbai, Reliance Retail serves hundreds of millions of customers annually and is a dominant force across both organised physical retail and digital commerce in India.
$101B
–
–
Oct 2023
10
RevolutRevolut is a London-headquartered digital banking platform serving over 40 million customers across Europe, the United States, and Asia. It provides mobile app-based services including multi-currency accounts, debit cards, international transfers, cryptocurrency exchange, commission-free stock and commodities trading, and insurance products. Founded in 2015, Revolut holds banking licenses in Lithuania and the UK.
$75.0B
$4.0B
18.8x
Nov 2025
11
SheinShein is a Nanjing-headquartered global fast fashion e-commerce platform offering apparel, accessories, beauty, and home goods for women, men, and children. Founded in 2008, it ships to over 150 countries from warehouses in the US, Europe, Asia, and Australia, introducing 6,000 new styles weekly via on-demand manufacturing. Shein's mobile app drives sales through gamified shopping, live streams, and user-generated content, partnering with 6,000 suppliers mainly in Guangzhou's Panyu district.
$66.0B
–
–
May 2023
12
AndurilAnduril Industries is a Costa Mesa-based defense technology company developing autonomous systems for national security. Founded in 2017, it produces AI-powered products including Lattice command software, Sentry surveillance towers, Ghost drones, and Roadrunner munitions. The company supplies U.S. Department of Defense branches, Customs and Border Protection, and allies like the UK Ministry of Defence and Australian Border Force.
$61.0B
$2.2B
27.7x
May 2026
13
Reliance JioReliance Jio Infocomm Limited is India's largest wireless telecommunications provider, offering 4G LTE and 5G services nationwide since its 2016 launch. The company delivers high-speed data, voice calls via VoLTE, messaging, and digital services through the Jio app ecosystem. It distributes affordable smartphones like JioPhone and LYF devices, while investing in AI, IoT, blockchain, and cloud infrastructure. Headquartered in Navi Mumbai, Reliance Jio operates over 450,000 towers and serves more than 450 million subscribers, dominating the market with free voice calls and low-cost data plans.
$58.5B
$4.7B
12.5x
Jul 2020
14
DeepSeekDeepSeek is a Chinese frontier AI lab that develops open-source large language models. DeepSeek conducts research in machine learning, natural language processing and related AI applications. DeepSeek has earned global recognition by challenging the hegemony of U.S. AI incumbents (like OpenAI and Google) through technological breakthroughs in efficiency and reasoning.
DeepSeek-R1: A powerful reasoning model that rivals premium Western models. Its unique capability to mimic human thought and break down mathematical or programming tasks incrementally sent shockwaves through the tech industry.DeepSeek-V3 & V4: State-of-the-art general language models capable of running incredibly fast while consuming significantly less computational power than peer models.
$50.0B
–
–
Jun 2026
15
Adani New IndustriesAdani New Industries is a wholly-owned subsidiary of Adani Enterprises headquartered in Ahmedabad that manufactures solar photovoltaic modules, wind turbine generators, green hydrogen electrolysers, and energy storage systems. Established in 2023, it operates a 4 GW solar module facility in Mundra alongside plans for 5 GW annual wind turbine production and a 2.5 GW electrolyser plant by 2026. The company supports India's green energy transition by producing high-efficiency N-type TOPCon solar cells and integrates backward into polysilicon and ingots. Its Khavda mega-factory aims for 10 GW integrated solar manufacturing capacity.
$50.0B
–
–
Jun 2022
16
TenneT GermanyTenneT Germany operations manage high-voltage electricity transmission across northern and central Germany as part of the European TSO.
$45.8B
–
–
Feb 2026
17
RampRamp is a San Francisco-headquartered spend management platform that issues corporate cards, automates expense tracking, handles bill payments, and streamlines vendor management alongside travel booking and accounting reconciliation. It integrates directly with systems like NetSuite, QuickBooks, Sage Intacct, and Workday for real-time transaction syncing across 190 countries and multiple currencies. The service enforces spend policies through controls and approvals while automating invoice coding and month-end closes for finance teams worldwide.
$44.0B
$1.4B
31.4x
Jun 2026
18
CanvaCanva is a Sydney-headquartered graphic design platform offering drag-and-drop tools for creating presentations, social media posts, posters, and invitations. Users access millions of templates, stock photos, icons, and fonts from its library. Launched in 2013, Canva serves teams at organizations like Coca-Cola and HubSpot through free and Pro subscriptions, with enterprise features for brand kits and collaboration.
$42.0B
$3.3B
12.7x
Aug 2025
19
PrometheusProject Prometheus is an artificial intelligence company developing AI systems for the physical economy, with applications across engineering and manufacturing in sectors such as aerospace, automotive, and computing. Founded in 2025 and headquartered in San Francisco with offices in London and Zurich, the company is co-led by Amazon founder Jeff Bezos and Vik Bajaj, a chemist and physicist formerly of Google X and co-founder of Verily. Unlike large language models that learn primarily from digital text, Prometheus focuses on AI that learns from real-world experimentation and physical trial and error, aiming to optimize design, production, and performance in industrial settings. The company launched with $6.2 billion in initial funding and subsequently closed a $10 billion round at a valuation of approximately $38 billion, with participation from investors including JPMorgan Chase and BlackRock. Its team has grown to over 120 employees, drawing talent from OpenAI, Google DeepMind, and Meta, and the company acquired agentic AI startup General Agents in 2025.
$41.0B
–
–
Jun 2026
20
RippleRipple is a San Francisco-headquartered blockchain company powering cross-border payments through the XRP Ledger. Its On-Demand Liquidity service settles transactions in 3-5 seconds for 100+ financial institutions including Santander, Standard Chartered, and SBI Holdings. Founded in 2012, Ripple processes $30 billion quarterly volume with software adopted by MoneyGram.
$40.0B
$1.2B
33.3x
Nov 2025
21
FigureFigure is a robotics company developing general-purpose humanoid robots for industrial applications in manufacturing, logistics, warehousing, and retail. Sunnyvale-based and founded in 2022, it deploys the Figure 01 model equipped with AI-driven vision, manipulation, and mobility capabilities powered by OpenAI's large language models for natural interaction and task learning. The robots handle repetitive and hazardous tasks autonomously, integrating with existing warehouse management systems from partners like BMW for automotive production lines. Figure operates pilot programs in BMW's South Carolina facility to validate scalability across labor-intensive sectors.
$39.0B
$515M
75.7x
Sep 2025
22
Safe SuperintelligenceSafe Superintelligence is a Palo Alto-based AI firm building systems with embedded safety protocols. Launched in 2024, the company develops risk assessment frameworks and mitigation tools to ensure secure deployment of advanced models in enterprise settings.
$32.0B
–
–
Apr 2025
23
FanaticsFanatics is a global leader in licensed sports apparel and merchandise, producing jerseys, hats, and gear for NFL, NBA, MLB, NHL, MLS, Premier League, and NASCAR. Headquartered in Jacksonville, Florida, since 1995, the company runs e-commerce sites for over 300 professional and college teams, operates massive distribution centers in Pennsylvania, Arizona, and California, and partners with Nike as the exclusive MLB jersey maker starting 2020. Fanatics expanded into collectibles through its 2022 acquisition of Topps and handles official retail for European soccer clubs like Manchester United.
$31.0B
$3.5B
8.9x
Dec 2022
24
Groot SystemsGroot Systems is a Windhoek-based investment holding company in Namibia focused on vertically integrated projects across Southern Africa. It develops manufacturing facilities for products like cement, steel, and pharmaceuticals to reduce import dependency in a market of 280 million people. Government-approved initiatives include a N$10 billion cement plant and employ thousands in local communities while delivering shareholder returns.
$30.0B
–
–
Oct 2019
25
TelegramTelegram is a cloud-based instant messaging platform supporting text, voice, video calls, file sharing up to 2GB, and channels for broadcasts to unlimited subscribers. Available on iOS, Android, Windows, macOS, and Linux, it offers end-to-end encrypted Secret Chats, self-destructing messages, and bot APIs for automation. Telegram operates servers in multiple data centers worldwide, serving users across 200 countries with synchronization across unlimited devices.
$30.0B
–
–
Mar 2018
26
VAST DataVAST Data is a New York-headquartered software-defined storage provider powering AI workloads with its exabyte-scale platform across flash, HDD, and cloud tiers. Launched in 2019, it unifies block, file, and object protocols with hardware-agnostic architecture, serving media conglomerates and semiconductor firms. The platform integrates with NVIDIA DGX systems for petabyte-scale datasets in genomics and autonomous vehicle training, achieving sub-millisecond latencies.
$30.0B
$200M
150.0x
Mar 2026
27
HUB InternationalHUB International is a global insurance brokerage and financial services firm providing property, casualty, employee benefits, and personal lines coverage. Headquartered in Chicago, the company operates over 500 offices across North America, Latin America, Europe, and Australia. HUB International tailors risk management solutions for industries including construction, healthcare, and technology, partnering with insurers like Chubb and Travelers to deliver customized policies.
$29.0B
$4.8B
6.0x
May 2025
28
Scale AIScale AI is a San Francisco-headquartered data platform supplying high-quality training and validation datasets for AI models in computer vision, NLP, and sensor fusion. The company's APIs enable annotation of LiDAR, images, video, and text for autonomous vehicles, drones, and robotics. Clients including General Motors, OpenAI, Meta, and U.S. Department of Defense rely on Scale AI's workforce and automation to label petabytes of data annually.
$29.0B
$2.0B
14.5x
Jun 2025
29
LaLigaLiga de Futbol Profesional (LaLiga) is the organizing body for Spain's top-tier professional football competition, known as LaLiga EA Sports, featuring 20 clubs such as Real Madrid and Barcelona. Based in Madrid, it also oversees the second division LaLiga Hypermotion with another 22 teams. Founded in 1984 as a successor to the National Football League, the organization broadcasts matches to over 180 countries via partnerships with ESPN, beIN Sports, and DAZN. LaLiga generates broadcast rights revenue exceeding 1 billion euros annually and hosts international tournaments like the LaLiga World.
$27.9B
–
–
Aug 2021
30
CognitionCognition is a San Francisco-based applied AI lab developing end-to-end software agents that function as collaborative teammates for engineering projects. Its agents automate complex tasks to boost team efficiency and innovation through https://www.cognition.ai.
$26.0B
$73M
356.2x
May 2026
31
OKXOKX is a Seychelles-headquartered cryptocurrency exchange ranking second globally by trading volume. It supports 350-plus tokens and 100 fiat currencies, offering spot trading, futures, and an NFT marketplace. OKX releases monthly Proof of Reserves and provides a Web3 wallet for decentralized assets, serving professional traders worldwide.
$25.0B
$1.9B
13.2x
Mar 2026
32
miHoYo
$23.0B
$4.7B
4.9x
–
33
Yangtze Memory TechnologiesYangtze Memory Technologies is a Wuhan-headquartered integrated device manufacturer of 3D NAND flash memory. Established in 2016, it produces Xtacking architecture chips for smartphones, data centers, and SSDs, with R&D centers in Shanghai, Beijing, Silicon Valley, and Tokyo. Backed by Tsinghua Unigroup, it operates a massive fab in Wuhan for global supply.
$22.5B
–
–
Dec 2023
34
Epic GamesEpic Games is a Cary, North Carolina-headquartered video game developer and software provider. The company creates the Unreal Engine, licensed for high-fidelity games and 3D applications on PC, consoles, mobile, and VR platforms. Epic develops titles such as Fortnite, released in 2017, and Rocket League via Psyonix acquisition, while operating the Epic Games Store since 2018 to support indie developers with an 88/12 revenue split.
$22.5B
$5.7B
3.9x
Feb 2024
35
KalshiKalshi is a CFTC-regulated exchange enabling trades on event outcomes in economics, climate, public health, media, and international affairs. New York-based since its 2021 launch, the platform offers granular markets beyond traditional stocks or bonds, providing direct exposure to specific trends. Kalshi serves retail and institutional investors with cash-settled contracts on over 1,000 monthly events.
$22.0B
$1.5B
14.7x
Mar 2026
36
Citadel SecuritiesCitadel Securities is a leading market maker providing liquidity, competitive pricing, and execution services to retail and institutional clients worldwide.
$22.0B
$7.5B
2.9x
Jan 2022
37
ChobaniChobani is a New York-headquartered dairy company producing Greek-style yogurt and related products from natural ingredients. Founded in 2005 by acquiring a former yogurt plant in New Berlin, New York, it operates the world's largest yogurt facility in Twin Falls, Idaho, with additional plants in Australia. Chobani distributes to 90 percent of US grocery stores, Canada, and the UK, employing 3,000 people and generating over $2 billion in annual revenue. Its portfolio includes drinkable yogurts, oat milk, and protein shakes.
$20.0B
$3.8B
5.3x
Oct 2025
38
Authentic Brands GroupAuthentic Brands Group is a New York-headquartered brand management firm founded in 2010 that acquires, develops, and licenses global trademarks in fashion, sports, and entertainment sectors. The company oversees brands such as Reebok, Forever 21, Sports Illustrated, and Vince, partnering with manufacturers and retailers from luxury department stores like Saks Fifth Avenue to mass-market chains including Walmart. ABG extends brand value through product licensing, content creation, and experiential marketing across physical and digital platforms worldwide.
$20.0B
–
–
Jun 2023
39
PerplexityPerplexity is a San Francisco-headquartered AI-powered answer engine combining large language models with web search capabilities. Launched in 2022, the platform processes natural language queries to generate cited, conversational responses drawing from real-time internet sources. Perplexity serves millions of monthly users through web, mobile apps, and API integrations for research and productivity tasks.
$20.0B
$200M
100.0x
Dec 2025
40
XiaohongshuXiaohongshu is a Shanghai-headquartered content-sharing platform founded in 2013. Community members post lifestyle experiences in fashion, beauty, travel, and shopping via text, images, and videos in a note-based format. Evolved from a guide for overseas shopping assistance into a comprehensive hub for product insights and recommendations with integrated e-commerce capabilities.
$20.0B
–
–
Nov 2021
41
Crypto.comCrypto.com is a Singapore-headquartered cryptocurrency exchange founded in 2016. The platform facilitates buying, selling, and trading more than 350 cryptocurrencies and tokens across spot, derivatives, and perpetual futures markets. Users access on-chain staking for assets like Ethereum and Cosmos, earn interest through flexible savings accounts, and build diversified portfolios with crypto baskets tracking indices such as DeFi or metaverse sectors. Crypto.com issues the Crypto.com Visa Card available in multiple tiers with cashback rewards up to 8 percent. The company powers fiat on-ramps in over 30 countries including USD, EUR, and GBP pairs. It operates the Cronos blockchain for DeFi applications and runs an NFT marketplace featuring collections from artists and brands. Crypto.com holds naming rights to Crypto.com Arena in Los Angeles and partners with Formula 1.
$20.0B
$1.5B
13.3x
Jul 2026
42
Moonshot AIMoonshot AI is a Beijing-headquartered artificial intelligence company developing large language models like Kimi, a chatbot rivaling GPT-4 with 200K token context. Founded in 2023 by ex-Google researchers from Gemini and Bard teams, it processes Chinese-English queries via proprietary MoE architecture. Moonshot AI serves enterprise clients in search, content generation, and multimodal tasks across Asia.
$20.0B
$200M
100.0x
May 2026
43
KNDSKNDS provides equipment and systems for the land defense industry. The company, founded in 2015 and based in Amsterdam, Netherlands, is an alliance that supplies goods to armed forces.
$20.0B
$4.7B
4.3x
Jun 2026
44
CXMTChangXin Memory Technologies is a Hefei-headquartered semiconductor manufacturer producing dynamic random-access memory chips, including DDR4 and LPDDR4X modules. Established in 2016, it operates a 19nm process fab and supplies DRAM to server and mobile device makers in China.
$19.4B
$3.0B
6.5x
Mar 2024
45
ViiV HealthcareViiV Healthcare is a specialist pharmaceutical company focused on HIV treatments and care, jointly established by GlaxoSmithKline and Pfizer with a global presence in research and community support.
$18.2B
–
–
Jan 2026
46
HelsingHelsing is a Berlin-headquartered defense technology firm founded in 2021 that supplies AI software platforms for land, air, naval, and subsurface operations. The company integrates its systems with military hardware from partners like Rheinmetall for autonomous target detection, strike coordination, and reconnaissance. Key products include AI-enabled strike drones resistant to electronic warfare, underwater surveillance vehicles, and wingman pilots for fighter jets, deployed by European armed forces.
$18.0B
$502M
35.9x
Jul 2026
47
Kling AIKling AI is a creative studio that produces images and videos using sophisticated artificial intelligence methods.
$18.0B
$500M
36.0x
Jun 2026
48
JD DigitsJD Digits is a Beijing-based fintech arm of JD.com providing supply chain finance, consumer loans, insurance, payment gateways, and securities brokerage. The platform connects over 500,000 SMEs with funding exceeding 200 billion RMB annually through AI-driven risk assessment.
$17.9B
–
–
Jul 2018
49
Fireworks AIFireworks AI is a San Francisco-headquartered cloud platform for deploying open-source AI models at scale. The service offers serverless inference for large language models like Llama 3 and vision transformers with sub-100ms latency via custom GPU clusters. Fireworks partners with Cerebras and Groq for hardware acceleration, serving enterprises in e-commerce and healthcare for fine-tuned deployments.
$17.5B
$1.0B
17.5x
Jul 2026
50
MiroMiro is a visual collaboration platform co-headquartered in San Francisco and Amsterdam that provides an infinite digital canvas for remote teams. The tool supports workshop facilitation, product design, brainstorming, and agile planning with templates for user journey maps and wireframes. Miro integrates with Slack, Zoom, and Jira, enabling distributed workforces to visualize ideas and iterate in real time across industries like software development and marketing.
$17.5B
$111M
157.7x
Jan 2022
Data and methodology
Underlying data
Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.
Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.
Any raw figures are harmonised to USD for comparison purposes.
This page is built on data available at Multiples. Sign up for a free trial to see the full dataset.
