Private markets don’t always make headlines the way stock exchanges do, yet some of the largest and fastest‑growing firms remain privately held. These companies attract massive investment and in many cases reach valuations that rival, or even surpass, listed corporations. The 2025 ranking of the top 100 most valuable private companies, compiled by CBinsights, offers a wide look at where capital is flowing and which sectors are gaining momentum.
United States leads the ranking
The majority of the companies on the list are based in the United States. SpaceX takes the top spot at about $400 billion, far ahead of most others. OpenAI follows close behind at $300 billion, the same as China’s ByteDance. Other large American names include Databricks, Stripe, Anthropic, and xAI. Together they cover industries ranging from space travel and defense to payments and enterprise technology.
China remains a strong force
China holds more than a dozen places in the top 100. ByteDance stands out at the very top, but there are others with significant scale. Xiaohongshu, DJI Innovations, Yuanfudao, Yuanqi Senlin, and Bitmain Technologies show a mix of consumer apps, hardware, and advanced computing. ZongMu Technology and SVOLT reflect China’s role in industrial technology as well.
Wider international spread
Looking beyond the two main players, other regions have a growing role. The United Kingdom has Revolut, Checkout.com, Rapyd, and SumUp, giving it a strong showing in financial services. Germany brings Celonis, Personio, and N26. Australia is represented by Canva, Singapore by SHEIN, and India by Razorpay, OYO Rooms, Dream11, and the National Stock Exchange. Canada, France, South Korea, and the Netherlands also appear with firms in fields such as software, healthcare, and finance. This broader spread shows that innovation hubs are becoming more distributed.
Artificial intelligence firms climb quickly
Artificial intelligence stands out as one of the central themes. OpenAI, Anthropic, and xAI rank among the highest‑valued private firms. Safe Superintelligence, Perplexity, Cognition AI, and Anysphere are also scaling rapidly. Other platforms like Databricks, Grammarly, and Scale use AI deeply in their services even though they are not strictly AI‑only companies. The figures suggest that investors view AI as the strongest driver of value creation in the current market.
Range across industries
The list covers a wide set of industries beyond AI. Consumer and retail brands such as SHEIN, Fanatics, and JUUL Labs continue to raise huge sums. Financial technology is another large group, led by Stripe, Chime, Klarna, and Revolut. Healthcare and life sciences appear through firms like Devoted Health, Ro, Caris, Colossal, and We Doctor. Industrial names such as Anduril, Flexport, and DJI Innovations highlight activity in defense, logistics, and hardware. Media and entertainment remain present through companies like Epic Games, Discord, and Automattic.
A broad picture of growth
The updated ranking underlines the scale of private markets. The U.S. continues to dominate, China stands as a clear challenger, and more regions are beginning to contribute high‑value firms. Artificial intelligence has become the defining growth sector, but the spread across consumer goods, finance, healthcare, and industry shows that investment is not concentrated in a single field. These companies may still be private, but their influence is already global.
| Company | Valuation ($Billion) | Country | Industry |
|---|---|---|---|
| SpaceX | $400 | United States | Industrials |
| ByteDance | $300 | China | Media & Entertainment |
| OpenAI | $300 | United States | Enterprise Tech |
| Databricks | $100 | United States | Enterprise Tech |
| Stripe | $70 | United States | Financial Services |
| SHEIN | $66 | Singapore | Consumer & Retail |
| Anthropic | $61.50 | United States | Enterprise Tech |
| xAI | $50 | United States | Enterprise Tech |
| Revolut | $45 | United Kingdom | Financial Services |
| Canva | $32 | Australia | Enterprise Tech |
| Fanatics | $31 | United States | Consumer & Retail |
| Safe Superintelligence | $30 | United States | Enterprise Tech |
| Epic Games | $22.50 | United States | Media & Entertainment |
| Chime | $25 | United States | Financial Services |
| Ramp | $22.50 | United States | Enterprise Tech |
| Miro | $17.50 | United States | Enterprise Tech |
| Xiaohongshu | $17 | China | Media & Entertainment |
| Rippling | $16.80 | United States | Enterprise Tech |
| Yuanfudao | $15.50 | China | Consumer & Retail |
| DJI Innovations | $15 | China | Industrials |
| Discord | $15 | United States | Media & Entertainment |
| Gopuff | $15 | United States | Consumer & Retail |
| Yuanqi Senlin | $15 | China | Consumer & Retail |
| Ripple | $15 | United States | Financial Services |
| Klarna | $14.50 | Sweden | Financial Services |
| Anduril | $14 | United States | Industrials |
| Scale | $13.80 | United States | Enterprise Tech |
| OpenSea | $13.30 | United States | Media & Entertainment |
| Celonis | $13 | Germany | Enterprise Tech |
| Grammarly | $13 | United States | Media & Entertainment |
| Devoted Health | $12.90 | United States | Healthcare & Life Sciences |
| Faire | $12.59 | United States | Consumer & Retail |
| Brex | $12.30 | United States | Enterprise Tech |
| JUUL Labs | $12 | United States | Consumer & Retail |
| Bitmain Technologies | $12 | China | Enterprise Tech |
| GoodLeap | $12 | United States | Financial Services |
| Xingsheng Selected | $12 | China | Consumer & Retail |
| Deel | $12.60 | United States | Enterprise Tech |
| Airtable | $11.70 | United States | Enterprise Tech |
| ZongMu Technology | $11.40 | China | Industrials |
| Global Switch | $11.10 | United Kingdom | Enterprise Tech |
| Checkout.com | $11 | United Kingdom | Financial Services |
| Bolt | $11 | United States | Financial Services |
| Alchemy | $10.20 | United States | Enterprise Tech |
| Bilt Rewards | $10.75 | United States | Financial Services |
| Colossal | $10.20 | United States | Healthcare & Life Sciences |
| Huolala | $10 | China | Industrials |
| Thinking Machines Lab | $10 | United States | Enterprise Tech |
| Gusto | $10 | United States | Financial Services |
| Chehaoduo | $10 | China | Consumer & Retail |
| Talkdesk | $10 | United States | Enterprise Tech |
| Notion | $10 | United States | Enterprise Tech |
| Digital Currency Group | $10 | United States | Financial Services |
| KuCoin | $10 | Seychelles | Financial Services |
| Cognition AI | $9.80 | United States | Enterprise Tech |
| HEYTEA | $9.28 | China | Consumer & Retail |
| N26 | $9.23 | Germany | Financial Services |
| Navan | $9.20 | United States | Enterprise Tech |
| VAST Data | $9.10 | United States | Enterprise Tech |
| Anysphere | $9 | United States | Enterprise Tech |
| Perplexity | $18 | United States | Enterprise Tech |
| Tanium | $9 | United States | Enterprise Tech |
| Niantic | $9 | United States | Media & Entertainment |
| OYO Rooms | $9 | India | Consumer & Retail |
| Rapyd | $8.75 | United Kingdom | Financial Services |
| Chainalysis | $8.60 | United States | Financial Services |
| Personio | $8.50 | Germany | Enterprise Tech |
| SumUp | $8.50 | United Kingdom | Financial Services |
| Bolt | $8.40 | Estonia | Industrials |
| Tipalti | $8.30 | United States | Enterprise Tech |
| Dream11 | $8 | India | Media & Entertainment |
| Fireblocks | $8 | United States | Financial Services |
| Flexport | $8 | United States | Industrials |
| FalconX | $8 | United States | Financial Services |
| Caris | $7.83 | United States | Healthcare & Life Sciences |
| Dapper Labs | $7.60 | Canada | Media & Entertainment |
| Netskope | $7.50 | United States | Enterprise Tech |
| Flock Safety | $7.50 | United States | Consumer & Retail |
| Razorpay | $7.50 | India | Financial Services |
| Automattic | $7.50 | United States | Media & Entertainment |
| Carta | $7.40 | United States | Financial Services |
| Snyk | $7.40 | United States | Enterprise Tech |
| Gong | $7.25 | United States | Enterprise Tech |
| Gemini | $7.10 | United States | Financial Services |
| Blockchain.com | $7 | United Kingdom | Financial Services |
| Toss | $7 | South Korea | Financial Services |
| Wonder | $7 | United States | Consumer & Retail |
| We Doctor | $7 | China | Healthcare & Life Sciences |
| Ro | $7 | United States | Healthcare & Life Sciences |
| ConsenSys | $7 | United States | Enterprise Tech |
| Automation Anywhere | $6.80 | United States | Enterprise Tech |
| 1Password | $6.80 | Canada | Enterprise Tech |
| PsiQuantum | $6.75 | United States | Enterprise Tech |
| Ziroom | $6.60 | China | Consumer & Retail |
| SVOLT | $6.51 | China | Industrials |
| National Stock Exchange of India | $6.50 | India | Financial Services |
| Mollie | $6.50 | Netherlands | Financial Services |
| Doctolib | $6.40 | France | Healthcare & Life Sciences |
| CRED | $6.40 | India | Financial Services |
| Snorkel AI | $6.35 | United States | Enterprise Tech |
Notes: This post was edited/created using GenAI tools.
Read next:
• Benchmarking AI with MCP-Universe Shows Limits of GPT-5 and Other Models
• LLMs Struggle with Reasoning Beyond Training, Study Finds
