Spain's entire $1B+ tech roster fits on a single slide, and half of Spain's largest tech firms have already been acquired or went public.
The country has over 10 companies currently valued at $1B+. As of July 2026, Amadeus valued at $24.5B is the largest tech company in Spain, followed by Indra Sistemas worth $24.5B, and Allfunds valued at $6.0B.
What are the unicorns of Spain?
This ranking includes Spanish tech companies valued above $1 billion. It includes private, public and acquired companies. Most private valuations are last reported or recently rumoured.
On ZIRP-era (2020-2022) valuations: we exclude companies that latest reported valuation would be enough to hit the list, but it is expected that the company is now valued significantly lower.
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1
AmadeusFounded in 1987 by four major European airline carriers (Air France, Lufthansa, Iberia, and SAS), Amadeus became the world’s second global distribution system operator, or GDS, after Sabre’s development in the 1960s and 1970s. Today, among the top three GDS operators that control nearly 100% of industry sales, Amadeus' 40%-plus market share ranks as the largest. Overall, Amadeus’ GDS segment represented 48% of total in 2024. Moreover, the company has an expanding IT solutions division (52% of 2024 revenue) that addresses the airline, airport, rail, hotel, and travel agency markets. Transaction fees, which are tied to volume and not price, account for the bulk of consolidated sales and profits.
$24.5B
$7.7B
3.6x
Public
2
Indra SistemasIndra Sistemas SA is a Spain-based provider of information technology offerings for finance, insurance, public administration, airports, defense, healthcare, media, telecom, security, energy, and infrastructure end markets. Its product capabilities include analytics, cloud computing, enterprise resource planning, networks and communications, electoral processes, bus technology, subway technology, and sustainability solutions. The firm generates revenue in Europe, Africa, the Middle East, the Americas, and Asia-Pacific.
$9.8B
$6.4B
1.4x
Public
3
AllfundsAllfunds is a fund distribution platform connecting fund houses and distributors, creating a single access point for both sides to gain a wider reach with regard to assets under administration and fund variety, respectively. As of 2024, Allfunds had EUR 1.6 trillion in assets under administration stemming from about 860 distributors on its platform. In return, distributors gained access to about 156,000 funds from 3,300 different fund houses. Allfunds also provides ancillary services to both fund houses and distributors, covering the marketing, distribution, legal, regulatory, as well as data and analytics needs arising in the fund distribution space. Allfunds derives the majority of its revenue from Italy, Spain, and France.
$6.0B
$746M
8.0x
Public
4
idealistaidealista is a Madrid-headquartered online real estate portal operating in Spain, Italy, and Portugal. It offers property listings for sale and rent, market analytics, neighborhood guides, and mortgage calculators. The platform serves millions of users seeking residential, commercial, and rural properties, with tools for virtual tours and price comparisons. idealista maintains localized sites tailored to each country's regulations and buyer preferences.
$3.1B
$289M
10.7x
Acquired
5
PerkTravelPerk is a Barcelona-headquartered business travel management platform that combines booking for flights, hotels, and car rentals with policy compliance, expense reporting, and 24/7 support. The all-in-one tool serves corporate teams across Europe and beyond, integrating with expense systems for streamlined operations.
$2.7B
$300M
9.0x
Private
6
GlovoGlovo is a Barcelona-headquartered on-demand delivery platform operating in over 20 countries including Spain, Italy, Portugal, France, Romania, and Latin American markets. Acquired by Delivery Hero in 2022, it connects users to independent couriers for restaurant meals, grocery items, and urgent packages delivered in under 60 minutes, with real-time tracking through its mobile app.
$2.6B
$406M
6.4x
Acquired
7
FactorialFactorial is a human resources management platform automating processes for companies of all sizes. Barcelona-headquartered and serving over 7,000 organizations across Europe and Latin America, it streamlines holiday tracking, payroll processing, document storage, and employee benefits administration. The software provides centralized data visibility, compliance tools, and performance insights to enhance HR efficiency.
$2.5B
–
–
Private
8
Adevinta SpainAdevinta Spain is a Madrid-based operator of digital classifieds sites including Milanuncios, Fotocasa, and Coches.net. The platforms facilitate transactions in second-hand goods, property rentals, vehicle sales, and job searches across Spain. As part of the Adevinta group, it leverages pan-European expertise for mobile-first user experiences and monetization tools.
$2.2B
–
–
Acquired
9
HBX GroupHBX Group International PLC is a travel-technology marketplace. The company is engaged in the intermediation of hotel accommodations and complementary travel products between travel suppliers and travel distributors. With the help of its subsidiaries, the Group also assists hotels in optimising their direct online channel, creating booking engines, and supporting digital marketing. The company's maximum revenue is derived from hotel bookings. The company connect between supply and demand, empowering businesses and their travellers, with choice and confidence.
$2.1B
$892M
3.1x
Public
10
FreepikFreepik is a Málaga-headquartered content creation platform with teams in San Francisco, founded in 2010. It delivers generative AI tools transforming ideas into visuals, videos, and audiovisual assets using advanced algorithms. Designers, photographers, architects, advertisers, and filmmakers access its 250-million-asset stock library for precise content generation and optimization.
$2.0B
–
–
Acquired
11
SeidorSeidor is a Barcelona-headquartered multinational IT services provider with operations in Europe, Latin America, the U.S., Middle East, and Africa. A key SAP partner alongside IBM, Microsoft, and Adobe, it delivers consulting, infrastructure management, application development, and outsourcing, generating 260 million euros in revenue in 2015 across 3,400 employees.
$1.6B
$966M
1.7x
Acquired
12
Job&TalentJob&Talent is a global staffing marketplace connecting temporary workers with companies in sectors such as logistics, hospitality, and retail. Madrid-headquartered since 2009, it operates in 10 countries including Spain, the United States, and Brazil, placing over 340,000 workers into 2,500 firms in 2022. Backed by SoftBank and Goldman Sachs, the platform manages workforces through its mobile app for shift scheduling and payments.
$1.5B
$2.1B
0.7x
Private
13
CabifyCabify is a Madrid-headquartered ride-hailing service operating in Spain, Portugal, and Latin American countries including Mexico, Colombia, and Peru. The app offers economy, comfort, and premium vehicle classes with licensed professional drivers. Launched in 2011, Cabify integrates carbon offset options and corporate accounts for fleets. It competes in markets like Santiago and Buenos Aires with fixed pricing during peak hours.
$1.5B
$900M
1.7x
Private
14
RecoverRecover™ is a leading materials science company that transforms pre- and post-consumer textile waste into high-quality, mechanically recycled cotton fibers and blends. Their process promotes a circular economy in the fashion industry by significantly reducing water, chemical, and carbon footprints.
$1.1B
–
–
Private
15
Schibsted Classified Media SpainSchibsted Classified Media (SCM) Spain was a major subsidiary of the Norwegian media group Schibsted, operating premier digital marketplaces in Spain, including platforms for real estate, jobs, mobility, and general classifieds. Today, this entity operates under the name Adevinta Spain after Schibsted spun off its international marketplaces into an independent company.
Adevinta Spain maintains some of the most visited digital destinations in the country—such as Fotocasa, InfoJobs, coches.net, motos.net, Habitaclia, and Milanuncios. The company develops technology platforms and provides advanced advertising solutions that allow millions of users and businesses to easily buy, sell, or recruit online.
$1.1B
$167M
6.5x
Acquired
16
vLex
$1.0B
–
–
Acquired
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.
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