- SpaceX is the outlier. Internal trades and secondaries price it north of $1T, with Starlink doing most of the heavy lifting.
- OpenAI sits in the $830B–$1T range after its latest tender offers. Revenue is real at around $20B but with margins and structure still as open questions.
- ByteDance is valued around $480–500B in private markets. The business is ready but likely regulation decides if it ever lists.
- Anthropic is now priced at $230–300B in late-stage rounds. One of the fastest valuation ramps ever and gaining ground fast in the enterprise segment (check this out)
- Databricks trades privately around $134–160B with strong revenue and enterprise-heavy. Might be the cleanest IPO setup on the board.
- Stripe is back in the $90–120B range. Cash flow positive and likely waiting for multiples.
- Revolut sits around $75–90B, driven by profitability and global scale. One of the few fintechs markets still like.
- Canva is valued at $50–56B with strong profits and simple story. Exactly what public markets reward right now.