50 Most Valuable Private Companies in the World

As of 10th September 2025, SpaceX is the most valuable private company in the world (valued at $400B), followed by ByteDance ($330B) and OpenAI ($300B).

➡️ Tech completely rules the world: just 3 companies out of 50 are non-tech (Cargill, Panama Ports Company, and EG Group)

➡️ ... and AI slowly eats it: 18% of companies in the ranking are AI-native

➡️ Heavy 🇺🇸 American domination: 60% of world's most valuable private companies come from the US

➡️ 🇨🇳 China follows with ByteDance: 22% of the list comes from China, including the infamous TikTok owner

➡️ 🇪🇺 Just 6 companies come from Europe, led by the biggest UK neobanking success story - 🇬🇧 Revolut

Disclaimer: this ranking includes 50 largest non-public companies in the world. It might include acquired companies that operate in a standalone way. Most valuations are last reported or recently rumoured.

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.

Data table
Company	HQ	Valuation ($ billions)	Revenue ($ billions)	Revenue multiple	Description
Telegram	:ae:	30.0	1.4	21.4	Instant messaging and voice calling application Telegram offers end-to-end encrypted communication services with a focus on privacy and security features.
Canva	:au:	42.0	3.0	14.0	Graphic design platform providing browser-based tools for creating presentations social media graphics documents and other visual content through templates and collaborative features.
ByteDance	:cn:	330.0	172.0	1.9	Chinese technology conglomerate operating social media platforms TikTok and Douyin alongside news aggregation services and enterprise software solutions across global markets.
Ant Group	:cn:	78.5	21.0	3.7	Chinese financial services conglomerate operating Alipay digital payment platform alongside wealth management lending and insurance services throughout Asia and emerging markets.
Binance	:cn:	62.0	16.8	3.7	Cryptocurrency exchange platform Binance operates as the world's largest digital asset trading platform by trading volume, offering spot and derivatives trading for hundreds of cryptocurrencies
SHEIN	:cn:	45.0	38.0	1.2	Fast fashion e-commerce retailer manufacturing and selling trendy clothing and accessories directly to consumers through mobile-first digital platforms with ultra-rapid product turnover cycles.
RedNote (Xiaohongshu)	:cn:	31.0	4.8	6.5	Chinese social media and e-commerce platform combining user-generated lifestyle content with shopping features allowing users to discover and purchase products through community recommendations.
MiHoYo	:cn:	23.0	4.7	4.9	Chinese video game developer and publisher MiHoYo specializes in free-to-play mobile and cross-platform games, most notably the globally successful action role-playing game Genshin Impact
Yangtze Memory	:cn:	22.3			Chinese semiconductor integrated device manufacturer specializing in flash memory chips.
ChangXin	:cn:	19.5	1.7	11.6	Chinese semiconductor manufacturer producing dynamic random-access memory chips and storage solutions for consumer electronics data centers and automotive applications.
Yuanfudao	:cn:	15.5			Chinese education technology company providing online tutoring services live courses and AI-powered learning tools for K-12 students preparing for academic examinations.
DJI	:cn:	15.0	3.8	3.9	Chinese drone manufacturer producing consumer professional and enterprise unmanned aerial vehicles along with gimbal cameras and aerial photography equipment dominating global civilian drone market.
Yuanqi Senlin	:cn:	15.0			Chinese artificial intelligence company developing large language models and generative AI applications for content creation chatbots and enterprise automation solutions.
Helsing	:de:	13.7			European defense technology startup developing AI-powered software for military decision-making battlefield awareness and autonomous systems integration for NATO allied forces.
Visma	:no:	21.0	3.5	6.0	Norwegian software conglomerate delivering enterprise resource planning accounting and administrative solutions for businesses and public sector organizations throughout Nordic and European markets.
Panama Ports	:pa:	22.8			Global port management company operating container terminals and logistics facilities across Americas Asia and Europe handling cargo transshipment and maritime infrastructure development.
IFS	:se:	17.6	1.4	12.2	Enterprise software company developing cloud-based applications for asset management field service and customer engagement used by manufacturing energy and infrastructure industries.
Revolut	:uk:	75.0	4.0	18.8	Digital banking platform offering multi-currency accounts international money transfers cryptocurrency trading and payment cards without traditional banking fees across European and global markets.
FNZ Group	:uk:	20.0	1.6	12.5	Wealth management technology provider offering platform-as-a-service solutions for investment administration portfolio management and digital wealth services to financial institutions worldwide.
EG Group	:uk:	14.3	24.2	0.6	Petrol station and convenience store operator running fuel retail locations motorway services and food franchises across United Kingdom Europe and United States.
SpaceX	:us:	400.0	15.5	25.8	Private aerospace manufacturer and space transportation company that designs and builds reusable rockets and spacecraft for commercial satellite launches and NASA missions while developing technology for Mars colonization.
OpenAI	:us:	300.0	12.0	25.0	Artificial intelligence research laboratory developing large language models and AI systems including ChatGPT and GPT series models for natural language processing and generation applications.
Anthropic	:us:	183.0	5.0	36.6	AI safety company creating large language models and constitutional AI systems designed to be helpful harmless and honest through research in machine learning alignment.
Databricks	:us:	100.0	4.0	25.0	Unified analytics platform combining data engineering data science and machine learning workloads through lakehouse architecture for enterprise data processing and AI development.
Stripe	:us:	91.5			Financial technology infrastructure company providing payment processing APIs and tools enabling businesses to accept online payments manage subscriptions and handle financial transactions globally.
xAI	:us:	75.0	1.0	75.0	Research laboratory focused on developing safe artificial general intelligence through fundamental advances in machine learning and AI capabilities with emphasis on beneficial outcomes.
Cargill	:us:	61.5	154.0	0.4	Agricultural commodities trader and processor dealing in grain oilseeds meat and food ingredients while operating supply chain logistics and risk management services worldwide.
Waymo	:us:	45.0			Autonomous vehicle technology subsidiary of Alphabet developing self-driving cars and trucking systems using sensor fusion machine learning and detailed mapping for commercial deployment.
Figure AI	:us:	39.5			Robotics company developing humanoid robots designed to perform physical labor tasks in manufacturing warehouses and logistics environments using artificial intelligence and advanced actuators.
Safe Superintelligence	:us:	32.0			AI research organization founded by former OpenAI personnel pursuing development of artificial general intelligence with explicit focus on safety and alignment methodologies.
Epic Games	:us:	31.5	5.8	5.4	Video game developer and publisher creating Fortnite and Unreal Engine while operating digital storefront and metaverse platforms for gaming and virtual experiences.
Fanatics	:us:	31.0	8.1	3.8	Sports merchandise and collectibles company operating e-commerce platforms selling licensed apparel trading cards and memorabilia while managing athlete partnerships and exclusive product releases.
Anduril	:us:	30.5	1.0	30.5	Defense technology contractor developing autonomous systems surveillance drones and AI-powered military equipment for national security applications and border protection.
Scale AI	:us:	29.0	0.9	33.3	Data annotation and AI training platform providing labeled datasets for machine learning models through human-in-the-loop workflows serving autonomous vehicle companies and enterprise AI applications.
Ramp	:us:	22.5	1.0	22.5	Corporate expense management platform automating spend tracking reimbursements and accounting integration with AI-powered receipt processing and real-time financial reporting for businesses.
Citadel Securities	:us:	22.0	9.7	2.3	Market making and securities trading firm using quantitative strategies and high-frequency algorithms to provide liquidity across equities options and fixed income markets globally.
Perplexity	:us:	18.0	0.1	180.0	AI-powered search engine utilizing large language models to provide conversational answers with cited sources offering subscription-based advanced features for research and information discovery.
Miro	:us:	17.5	0.6	29.2	Collaborative whiteboard platform enabling visual collaboration through digital canvases flowcharts and diagramming tools for remote teams and workshop facilitation.
Zelis Healthcare	:us:	17.0			Healthcare financial technology company providing price transparency tools payment processing and claims management solutions connecting patients providers and payers in medical billing workflows.
Rippling	:us:	16.8	0.6	29.5	Human resources and IT management platform unifying payroll benefits device management and workforce administration in single system for growing companies.
Valve	:us:	16.0	6.5	2.5	Video game developer and digital distribution platform operator creating Half-Life Counter-Strike and Steam marketplace for PC gaming software and virtual goods trading.
Veeam	:us:	15.0	1.7	8.8	Data protection and backup software provider delivering cloud hybrid and on-premises solutions for virtual physical and multi-cloud workload recovery and management.
Kraken	:us:	15.0	1.6	9.4	Cryptocurrency exchange platform facilitating digital asset trading staking and derivatives while offering custody services and decentralized finance access for retail and institutional clients.
Genesys	:us:	15.0	1.4	10.7	Customer experience and contact center software company providing omnichannel communication tools workforce optimization and AI-powered customer service solutions for enterprises.
Gopuff	:us:	15.0	1.2	12.5	Instant delivery service operating dark stores to deliver convenience items groceries and alcohol within minutes through mobile app in urban markets across United States.
Surge AI	:us:	15.0	1.0	15.0	Data labeling and annotation service provider training AI models through human feedback reinforcement learning and quality assurance workflows for natural language processing applications.
Discord	:us:	15.0			Communication platform offering text voice and video chat services primarily for gaming communities but expanding to general social networking and community building purposes.
Applied Intuition	:us:	15.0			Simulation and validation software provider for autonomous vehicle development offering synthetic data generation scenario testing and virtual environments for self-driving system verification.
BITMAIN	:us:	14.0			Cryptocurrency mining hardware manufacturer designing and producing application-specific integrated circuits and mining rigs for Bitcoin and other proof-of-work blockchain networks.
Endeavor Group	:us:	13.0	7.1	1.8	Entertainment sports and talent representation conglomerate owning UFC WWE Professional Bull Riders while managing athletes artists and media properties globally.