50 Most Valuable Private Companies in the World

As of 24th November 2025, OpenAI and Tether are world's most valuable private companies (valued at $500B each), dethroning SpaceX(valued at $400B). ByteDance is the third most valuable private company, valued at $480B at the latest funding round, followed by SpaceX and Anthropic ($350B).

➡️ Tech still 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: 58% 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.

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