Those are the world's most valuable private companies
As of October 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: 58% companies is headquartered in the US
12% 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 October 2026
This ranking includes 50 largest non-public companies in the world, as of October 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 internet technology company headquartered in Haidian, Beijing, and best known as the owner of the short-video apps TikTok and its Chinese counterpart Douyin. It was founded on 13 March 2012 by Zhang Yiming and Liang Rubo; its first app, Neihan Duanzi, launched that month and the news-aggregation app Toutiao followed in August 2012 and became its core product. It went global by buying musical.ly in November 2017 for an estimated US$1 billion and merging it into TikTok in 2018. Other products include the video editor CapCut, the enterprise collaboration suite Lark, the Volcano Engine cloud service, the Doubao chatbot and Seed AI models, Xigua Video, the Nuverse games unit and PICO virtual-reality headsets. The company earns mostly from advertising and e-commerce on its platforms; its revenue was about US$155 billion in 2024, and it employed about 120,000 people in 2025. It is privately held, with Zhang Yiming holding over 50% of voting control and Sequoia Capital, SoftBank and KKR among its shareholders. It invests and acquires actively, having bought Moonton Studios in 2021 and Oladance in 2024 and invested in Korea's KidariStudio in 2022.
$480B
$186B
2.6x
Nov 2025
5
DatabricksDatabricks is a data and artificial-intelligence software company offering a cloud lakehouse platform for engineering, analytics, governance, and machine learning. The organization serves B2B customers and counterparties through the operating assets, products, or financial capabilities described in the cited transaction materials. Its principal economics are Subscription, Usage-based, while its competitive position depends on sector expertise, asset quality, customer relationships, execution, and disciplined capital allocation. The business was founded in 2013 and is headquartered in San Francisco. The Series I added QIA as a strategic investor at a disclosed forty-three-billion-dollar post-money valuation. The profile reflects the legal or operating business at the transaction date, including its historical identity where a subsequent listing, merger, privatization, disposal, or reorganization changed its name or ownership.
$190B
$7.0B
27.1x
Aug 2026
6
StripeStripe is a financial infrastructure company that provides payment processing and related software to online and in-person businesses. It was founded by brothers Patrick and John Collison and is headquartered in South San Francisco, California, with a second headquarters in Dublin, Ireland. Its products cover payments, billing, invoicing, tax, fraud prevention, card issuing, embedded finance for platforms, terminals and stablecoin and crypto infrastructure. Businesses running on Stripe generated 1.9 trillion US dollars in total volume in 2025, up 34 percent from 2024, and the company reported revenue of about 5.1 billion US dollars for 2024. A tender offer for current and former employees in February 2026 valued the company at 159 billion US dollars. Stripe remains privately held. As an acquirer it has bought software and payments businesses including Paystack, TaxJar, Recko, Bridge, Privy, Metronome and OpenRouter, and it has made minority investments in startups such as Monzo, Ramp, Check and Pilot.
$159B
$6.9B
23.0x
Feb 2026
7
Blue OriginBlue Origin is a privately held aerospace manufacturer and launch company headquartered in Kent, Washington. It builds the New Glenn heavy-lift orbital rocket, which reached orbit on its first flight in January 2025, the BE-4 engines that also power United Launch Alliance's Vulcan, the Blue Moon lunar lander, the New Shepard suborbital vehicle and the Blue Ring orbital platform, and is a partner in the Orbital Reef station. It earns revenue from launch services, engine sales, government contracts such as a USD 3.4 billion NASA award in 2023 to develop Blue Moon for crewed lunar landings, and suborbital flights. Revenue was about USD 800 million in 2025 and the company expects about USD 1.4 billion in 2026; its workforce is about 15,000. In January 2026 it paused New Shepard flights for at least two years to prioritise lunar programmes, and it has announced the TeraWave satellite network. In September 2026 it raised USD 10 billion in its first outside round at about USD 140 billion, led by Coatue with Bezos adding USD 2 billion. Jeff Bezos founded the company in 2000, and chief executive Dave Limp leads it.
$140B
–
–
Sep 2026
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
–
–
Feb 2026
9
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.
$115B
$6.0B
19.2x
Jul 2026
10
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
11
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.
$89.0B
–
–
Oct 2026
12
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.
$79.0B
$25.0B
3.2x
Jul 2023
13
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
14
RampRamp is a US financial operations company that sells corporate charge cards together with software for expense management, accounts payable and bill payment, procurement, travel booking, business banking and automated bookkeeping. Ramp Business Corporation was founded in March 2019 by Eric Glyman, Karim Atiyeh and Gene Lee and is headquartered at 28 West 23rd Street in New York City, with further offices in Miami and San Francisco. It earns most of its revenue from interchange on card spend, alongside subscription fees for its paid Ramp Plus software tier. Its customers range from startups and mid-sized companies to large enterprises, school districts and non-profits; the company says more than 85,000 businesses use it and that it powers over $275 billion in purchases a year. Ramp passed $2 billion in annualized revenue in 2026 with positive cash flow, and in October 2026 it raised $1.85 billion in a round led by Dragoneer Investment Group at a $60 billion valuation. It has grown partly through acquisitions, including Buyer, Cohere.io, Venue, the Jolt AI team, the Stockholm payments firm Billhop and the guest travel platform Juno, and in 2026 it began serving companies headquartered in the UK and EU directly.
$60.0B
$2.0B
30.0x
Oct 2026
15
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
16
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.
$50.0B
–
–
Mar 2026
17
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.
$48.0B
$900M
53.3x
Sep 2026
18
TenneT GermanyTenneT Germany operations manage high-voltage electricity transmission across northern and central Germany as part of the European TSO.
$45.8B
–
–
Feb 2026
19
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
20
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
21
TWG GlobalTWG Global is an American holding company headquartered in New York City and Chicago, led by Guggenheim Partners co-founder and chief executive Mark Walter and investor Thomas Tull. Walter founded it as the vehicle for his investments across financial services, insurance, artificial intelligence, sports and entertainment, energy and merchant banking, and owned 21% of it as of November 2024; Tull joined as co-chairman in 2025 after running the AI-focused holding group Tulco. Its financial-services arm, Delaware Life Holdings, includes Group 1001 Insurance and Guggenheim Partners, and in April 2025 TWG bought a 5% stake in Mubadala Capital while Mubadala committed a $10 billion syndicated investment to TWG. In AI it partnered with Palantir Technologies in March 2025 to build commercial tools for financial-services companies, and xAI joined that partnership in May 2025. In November 2024 it took full ownership of Andretti Global, and its TWG Motorsports unit now runs the Cadillac Formula 1 team with General Motors along with NASCAR's Spire Motorsports and IMSA's Wayne Taylor Racing. Walter's sports holdings also include the Los Angeles Dodgers, bought in 2012 for $2.15 billion, and a majority of the Los Angeles Lakers, acquired in 2025 at a $10 billion valuation.
$40.0B
–
–
Apr 2025
22
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
–
–
Sep 2025
23
Axiom Solutions InternationalAxiom Solutions International is the independent company that Flex is separating from its Cloud and Power Infrastructure segment, based in Austin, Texas. It supplies the power, thermal management and computing systems that data centers need to run artificial intelligence workloads, selling to a small group of large hyperscale and infrastructure customers. Flex announced the spin-off in 2026 and Axiom is intended to list as a separate public company, with Flex keeping a minority interest.
$37.5B
$6.6B
5.7x
Oct 2026
24
Moonshot AIMoonshot AI is a Beijing-based foundation-model company best known for the Kimi family of long-context and multimodal artificial-intelligence assistants. The company develops proprietary large language models, consumer chat products, application-programming interfaces and tools for reasoning over long documents. Its offerings address consumers, software developers and enterprises that use generative AI for research, content, coding and knowledge work. Moonshot monetizes through model access, application subscriptions and usage-based API services while investing heavily in model training and inference infrastructure. Kimi became one of China’s most visible independent AI assistants as the company competed on context length, reasoning and multimodal capabilities. HKIC’s 2025 annual report places Moonshot among its selected AI portfolio companies and dates the investment on its official portfolio timeline.
$35.0B
–
–
Jul 2026
25
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
–
–
Jul 2026
26
CrusoeCrusoe is a Denver-headquartered developer and operator of energy-intensive computing infrastructure. The company was founded in 2018 and initially deployed modular data centers that convert stranded or flared natural gas into power for computing loads. It later expanded into cloud services, large-scale artificial-intelligence data-center development and vertically integrated power and computing infrastructure. Customers include artificial-intelligence developers, cloud users and enterprises requiring high-performance computing capacity. Revenue comes from cloud usage, data-center capacity and related infrastructure services. The business combines data-center design and operation with energy sourcing and project development. OIA joined Crusoe's Series C in 2022, later made a profitable partial secondary sale, and retained exposure through the company's 2026 Series F.
$30.9B
$2.0B
15.4x
Sep 2026
27
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
28
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
–
–
Mar 2026
29
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
30
JD DigitsJD Digits is a Beijing digital-technology company serving financial institutions, merchants, enterprises and public-sector organizations. Its products cover supply-chain and consumer finance, payments, insurance, asset management, risk analytics, smart-city systems and blockchain infrastructure, using data and artificial intelligence to digitize financial and commercial operations.
$28.0B
–
–
Jun 2020
31
LaLigaLaLiga is the Spanish professional football league association, legally the Liga Nacional de Fútbol Profesional, headquartered in Madrid, which runs Spain's two professional divisions. Formed on 27 July 1984, it groups 42 member clubs: 20 in the Primera División, branded LALIGA EA SPORTS, and 22 in the Segunda División, branded LALIGA HYPERMOTION. It centrally sells the competitions' audiovisual rights, with Movistar+ and DAZN holding broadcasting rights until 2032, and sells title and commercial sponsorship on behalf of its member clubs. Javier Tebas has chaired the organisation since 2013, and the league changed its title sponsor from Banco Santander to EA Sports from the 2023-24 season. In August 2021 its executive committee approved Boost LaLiga, a deal with CVC Capital Partners to fund technology, international growth and club investment. In December 2021, after 37 of 42 clubs approved it, LaLiga and CVC Fund VIII signed the agreement under which the league and clubs receive a total of €1.994 billion, with LaLiga valued at €24.25 billion by Rothschild & Co and Duff & Phelps.
$27.9B
$4.0B
6.9x
Dec 2021
32
Reflection.AiReflection AI is a Brooklyn, New York-based artificial intelligence company that develops open-weight frontier foundation models and autonomous software agents. It was founded in 2024 by former Google DeepMind researchers Misha Laskin and Ioannis Antonoglou, and its first product, Asimov, is a code-research agent that helps engineering teams understand and work across large codebases. The company has since repositioned around open frontier models and end-to-end AI systems sold to governments, large enterprises and public sector institutions that want full control over their AI stack. Reflection emerged from stealth in March 2025 with $130 million across a $25 million seed round led by Sequoia Capital and CRV and a $105 million Series A led by Lightspeed Venture Partners and CRV. It raised $2 billion at an $8 billion valuation in October 2025 in a round led by Nvidia, and in April 2026 closed a $2.5 billion Series C at a $25 billion pre-money valuation. In June 2026 it signed a compute agreement with SpaceX worth up to $6.3 billion, and it had about 320 employees in 2026.
$25.0B
–
–
Apr 2026
33
OKXOKX operates a global cryptocurrency platform offering spot and derivatives trading, tokenized-asset access, wallets and Web3 services. Its exchange supports hundreds of assets and provides liquidity, order execution and account tools for both individual traders and professional market participants. The wider product suite includes self-custody wallet functions, decentralized-exchange aggregation, staking and other on-chain applications. Retail customers use OKX to buy, sell and hold digital assets, while institutions and trading firms use its market infrastructure and application-programming interfaces. The company earns primarily from transaction and service fees generated across centralized and decentralized products. In regulated European markets, OKX operates through an authorized crypto-asset service provider and states that customer funds are segregated and backed through proof-of-reserves processes.
$25.0B
–
–
Oct 2026
34
Mistral AIMistral AI is a Paris-headquartered developer of open-source large language models outperforming GPT-3.5 benchmarks. The company releases models like Mistral 7B, Mixtral 8x7B with 46.7 percent MT-Bench scores, and Pixtral 12B for vision-language tasks. Enterprises deploy these via La Plateforme API supporting 80 billion parameter models for coding, translation, and summarization. Mistral AI partners with Microsoft Azure and NVIDIA for inference hardware. Founded in 2023, it serves clients in automotive and finance across Europe and the U.S.
$24.4B
–
–
Sep 2026
35
The Boring CompanyThe Boring Company designs, manufactures and operates tunneling and underground-transportation systems. Its Prufrock machines are intended to reduce the time, surface disruption and cost involved in excavating tunnels for transportation, utilities and freight. The company also develops Loop, a point-to-point passenger system that uses road vehicles in dedicated underground tunnels and stations. Its principal operating deployment is in Las Vegas, where the network began around the convention center and is being expanded through additional stations and routes. Customers and counterparties include cities, convention venues, property owners and infrastructure sponsors rather than mass-market software users. Revenue can come from project development, construction, system operation and related commercial arrangements. Founded in 2016, the company has financed continued machine development and network construction through several private investment rounds, including its 2026 Series D.
$23.0B
–
–
Sep 2026
36
miHoYo
$23.0B
$4.7B
4.9x
–
37
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
38
Epic GamesEpic Games is an American video game and software developer and publisher based in Cary, North Carolina. It makes Fortnite, whose free-to-play Battle Royale mode launched in September 2017 on computers, consoles and mobile devices, as well as the Unreal and Gears of War series, and develops Unreal Engine, a commercially licensed game engine used by other developers. The company earns revenue from in-game purchases in its own titles, licence fees and royalties on Unreal Engine, and the Epic Games Store, a PC storefront launched after Fortnite's success. It owns the studios Psyonix, Mediatonic and Harmonix. Tim Sweeney founded the business as Potomac Computer Systems in 1991 in Potomac, Maryland; it became Epic MegaGames in 1992 and took the Epic Games name after moving to Cary in 1999. Sweeney remains the controlling shareholder with about 41.4%, while Tencent, which bought 40% of the company in 2012, holds about 28%, The Walt Disney Company about 9%, Sony 5.4% and Kirkbi 3.2%. Epic reported revenue of about $6 billion in 2022, was valued at $32 billion in April 2022 and employs more than 4,000 people.
$22.5B
$5.7B
3.9x
Feb 2024
39
ElevenLabsElevenLabs is a London and Warsaw-headquartered AI company providing voice synthesis, cloning, dubbing, and generation tools. Its platform supports text-to-speech in over 29 languages, developer APIs for voice agents, and enterprise solutions for content localization. Features include instant voice cloning from short audio samples, emotional tone preservation, and audio editing capabilities used by creators and businesses worldwide.
$22.0B
$600M
36.7x
Sep 2026
40
Citadel SecuritiesCitadel Securities is an American market-making firm headquartered in Miami, Florida, founded in 2002. It provides liquidity and trade execution to retail and institutional clients across a broad range of financial products, and describes itself as a next-generation global market maker that uses quantitative research and machine learning to power its analytics. The firm is a separate entity from the hedge fund Citadel LLC, although both were founded by and are majority owned by Kenneth C. Griffin. It earns revenue by quoting prices and capturing trading spreads as a market maker and by providing execution services to institutions. Citadel Securities is one of the largest market makers in the United States, is involved in about one in four US stock trades as of 2026 and is the largest designated market maker on the New York Stock Exchange. It reported revenue of USD 9.7 billion for 2024 and had about 1,800 employees in 2025. In October 2026 it announced a strategic partnership and minority investment with Wolfe Research.
$22.0B
$7.5B
2.9x
Jan 2022
41
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
–
–
Jul 2026
42
KrakenKraken operates a global digital-asset exchange serving individual traders and institutional clients. Founded in San Francisco in 2011, the company provides spot trading, margin trading, regulated derivatives and staking services across eligible jurisdictions. Its platform supports hundreds of cryptoassets and multiple fiat currencies, with interfaces ranging from a consumer application to professional trading tools and application-programming interfaces. Kraken Institutional groups liquidity, over-the-counter execution and other services for asset managers, hedge funds and high-net-worth clients. The company also operates regulated businesses such as the CF Benchmarks digital-asset index provider. Kraken reports clients in 190 countries and a distributed workforce spanning more than 70 countries. Its commercial model is based on trading and transaction fees together with fees for institutional and other digital-asset services.
$21.0B
$2.2B
9.5x
Sep 2026
43
PolymarketPolymarket is a New York-based prediction-market operator founded by Shayne Coplan in 2020. Its platform lets customers buy and sell shares tied to binary outcomes across politics, economics, sports, business, technology and culture, with market prices serving as implied probabilities. Trades are matched peer to peer rather than against a house, and winning shares settle at one dollar after an outcome is resolved. The international product uses USDC and smart contracts, while the company has also developed a regulated United States venue after acquiring QCEX. Polymarket serves individual traders as well as institutions and media organizations that use its event-probability data. Its current commercial model includes taker fees on selected market categories, although some markets remain fee-free and part of the fees supports market-maker rebates. Intercontinental Exchange also distributes Polymarket data to institutional customers under the companies' strategic partnership. The business competes with regulated prediction exchanges and online betting platforms while positioning its markets as real-time information products.
$21.0B
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–
Aug 2026
44
WhatnotWhatnot is a San Francisco-headquartered livestream shopping platform where buyers and sellers engage in real-time auctions for collectibles, fashion, electronics, and more.
$20.0B
$1.0B
20.0x
Aug 2026
45
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
46
PerplexityPerplexity AI is a San Francisco software company founded in 2022 that develops a web-connected answer engine. Its product combines large language models with real-time retrieval and presents responses with links to underlying sources. Consumers can use a free service or pay for advanced models, deeper research and higher usage limits. Enterprise customers buy search across public and private information, administrative controls and collaboration features. Perplexity also offers Sonar application-programming interfaces so developers can add grounded search and answer generation to other products. Its Comet browser extends the service into agent-assisted browsing and task execution. The company therefore earns subscription and usage-based revenue from consumer, enterprise and developer products rather than advertising-led ranked links.
$20.0B
$200M
100.0x
Dec 2025
47
Authentic Brands GroupAuthentic Brands Group is an American brand development, marketing and licensing company headquartered in New York City. It owns more than 50 consumer brands, including Reebok, Brooks Brothers, Champion, Nautica, Nine West, Quiksilver, Billabong, Juicy Couture, Sperry, Dockers and Guess, and the likeness rights or estates of figures such as Muhammad Ali, Elvis Presley and Marilyn Monroe. Authentic licenses these brands to more than 1,700 licensees and partners in over 150 countries, whose products sell through more than 31,000 stores and shop-in-shops and generate over $38 billion in annual systemwide retail sales. It also runs content and live-experience businesses, including Sports Illustrated's intellectual property and Authentic Live, launched in 2025. The company was founded in 2010 by Canadian entrepreneur Jamie Salter with backing from Leonard Green & Partners, and grew through deals such as Reebok from Adidas for at least $2.5 billion and Champion from Hanesbrands for $1.2 billion in 2024. CVC Capital Partners and HPS Investment Partners invested $3.5 billion in 2021 at a $12.7 billion company value, and its owners also include Leonard Green and General Atlantic. Matt Maddox became chief executive in May 2026, with Salter as executive chairman.
$20.0B
–
–
Jun 2023
48
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
49
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
50
Adani AirportsAdani Airports is an Ahmedabad-headquartered operator managing eight Indian airports including Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, plus the upcoming Navi Mumbai International Airport. The company delivers passenger services like Pranaam meet-and-greet, premium lounges, duty-free retail, diverse F&B outlets, Wi-Fi, medical facilities, baby care rooms, prayer spaces, and assistance for reduced mobility. Bookings occur via the Adani One platform.
$19.0B
$1.4B
13.9x
Sep 2026
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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