Victoria Bazir
⬤ A fresh look at the private tech landscape reveals just how massive some companies have become before going public. SpaceX tops the charts with a jaw-dropping $1.5 trillion valuation, while OpenAI sits at number two with $830 billion. Together, these ten giants represent about $3.6 trillion in potential market value that's still locked away in private hands.
⬤ SpaceX's $1.5 trillion price tag reflects its stranglehold on commercial space launches, satellite networks, and infrastructure that's become critical to everything from communications to national security. Right behind it, OpenAI's $830 billion valuation shows how quickly AI has moved from research labs to boardrooms. The company's large language models have taken over workflows across industries faster than almost anyone predicted. Between them, these two companies alone account for more than half the total value on the list.
⬤ ByteDance rounds out the top three at $480 billion, proving social media platforms still command enormous valuations despite regulatory headwinds. The AI theme continues with Anthropic at $230 billion, while data infrastructure powerhouse Databricks sits at $160 billion. Payment giant Stripe holds $120 billion, and consumer fintech darling Revolut is valued at $90 billion. Fashion retailer Shein comes in at $55 billion, with both Ripple and design platform Canva closing out the top ten at $50 billion each.
⬤ What stands out isn't just the size of these companies—it's how they got there without going public. AI, aerospace, fintech, and data infrastructure have become the sectors where private money flows fastest and companies can delay IPOs longest. When these firms finally do hit public markets, they'll be so large they could shift entire sector weightings and market cap benchmarks overnight. The days of companies going public early are clearly over, and the concentration of value in private hands has never been higher.
Victoria Bazir
