The most valuable private companies

$500B. Private. OpenAI is the most valuable private company... ever.

The top 5 private companies: OpenAI, SpaceX, ByteDance, Anthropic, and Stripe hold nearly $1.3T in value.

↳ 14 of the top 50 didn't exist 5 years ago

↳ 36 are US-based

↳ Over 40% are AI companies

1,270+ unicorns hold $3.3T in value. 14 private companies exceed the median S&P 500 market cap. AI companies are hitting unicorn status in 2.5 years versus 7 years for traditional software companies.

But, despite this new speed, startups wait an average of 16 years to IPO, up 4 years from a decade ago. Databricks hit $100B at Series K, more than public competitor Snowflake. ByteDance generated $155B in revenue while staying private at $300B. SpaceX commands $400B without ever filing a 10-K.

Secondary markets have seen seven straight quarters of growth. Canva jumped from $32B to $42B. Revolut from $45B to $75B. OpenAI's secondary prices the company at $500B.

Now, the first ever half a trillion dollar private company is the latest proof point that private markets are becoming a cornerstone of economic growth.