Top 100 Most Valuable VC-Backed Companies in the World
The world's 100 most valuable venture capital-backed companies have a combined valuation of $4.29 trillion, according to the PitchBook 100 data provided for this ranking. The list tracks privately held, VC-backed companies using their latest reported or estimated valuations and includes companies across artificial intelligence, fintech, software, cybersecurity, robotics, space technology, cryptocurrency and other industries.
At the top of the ranking are Anthropic, OpenAI, ByteDance, Databricks and Waymo, with reported valuations ranging from $965 billion to $126 billion.
Key Takeaways
- The top 100 VC-backed companies have a combined valuation of $4.29 trillion.
- The average company in the ranking is 9.1 years old.
- The average time since the companies' last funding round is 1.6 years.
- Anthropic ranks first with a reported valuation of $965 billion.
- OpenAI ranks second at $852 billion.
- ByteDance ranks third at $370 billion.
- The ranking includes companies headquartered across North America, Europe, Asia and other regions.
- AI and technology companies account for many of the highest-valued businesses in the ranking.
What Is the PitchBook 100?
The PitchBook 100 is a ranking of the world's most valuable VC-backed companies.
The ranking uses a company's most recent valuation from a primary funding round or a disclosed secondary transaction. Where applicable, PitchBook also provides valuation estimates based on available company and cap-table data.
Importantly, the valuation figures do not represent official appraisals or fair-value assessments. PitchBook's valuation estimates are designed to provide an indication of what a company could potentially be valued at under current market conditions.
Top 10 Most Valuable VC-Backed Companies
| Rank | Company | Latest Valuation | Latest Valuation Date | Headquarters |
|---|---|---|---|---|
| 1 | Anthropic | $965B | May 2026 | San Francisco |
| 2 | OpenAI | $852B | March 2026 | San Francisco |
| 3 | ByteDance | $370B | May 2026 | Beijing |
| 4 | Databricks | $190B | August 2026 | San Francisco |
| 5 | Waymo | $126B | April 2026 | Mountain View, California |
| 6 | Revolut | $75B | October 2025 | London |
| 7 | Anduril Industries | $61B | May 2026 | Costa Mesa, California |
| 8 | Cognition | $48B | September 2026 | San Francisco |
| 9 | Ramp | $44B | June 2026 | New York |
| 10 | Canva | $42B | September 2025 | Surry Hills, Australia |
The top 10 companies alone demonstrate the concentration of very large private-company valuations in AI, technology, fintech and related sectors.
1. Anthropic — $965 Billion
Anthropic ranks first in the PitchBook 100 with a latest reported valuation of $965 billion from May 2026.
The company is headquartered in San Francisco.
2. OpenAI — $852 Billion
OpenAI ranks second with a latest reported valuation of $852 billion, based on a March 2026 valuation.
The company is headquartered in San Francisco.
3. ByteDance — $370 Billion
ByteDance ranks third with a latest reported valuation of $370 billion from May 2026.
Its headquarters are listed in Beijing.
4. Databricks — $190 Billion
Databricks ranks fourth with a reported valuation of $190 billion from August 2026.
The company is headquartered in San Francisco.
5. Waymo — $126 Billion
Waymo ranks fifth with a reported valuation of $126 billion from April 2026.
Its headquarters are listed in Mountain View, California.
6. Revolut — $75 Billion
Revolut ranks sixth with a reported valuation of $75 billion from October 2025.
The company's headquarters are listed in London.
7. Anduril Industries — $61 Billion
Anduril Industries ranks seventh with a reported valuation of $61 billion from May 2026.
The company is headquartered in Costa Mesa, California.
8. Cognition — $48 Billion
Cognition ranks eighth with a reported valuation of $48 billion from September 2026.
Its headquarters are listed in San Francisco.
9. Ramp — $44 Billion
Ramp ranks ninth with a reported valuation of $44 billion from June 2026.
The company's headquarters are listed in New York.
10. Canva — $42 Billion
Canva ranks tenth with a reported valuation of $42 billion from September 2025.
Its headquarters are listed in Surry Hills, Australia.
The Full PitchBook 100 Ranking
The ranking extends well beyond the top 10. Companies ranked from 11 to 20 include Prometheus, Checkout.com, Ripple, Figure, Juul Labs, Beijing Moonshot Technology, Safe Superintelligence, Crusoe, VAST Data and Scale AI.
Companies ranked from 21 to 30 include Reflection AI, Mistral AI, The Boring Company, Epic Games, CCSH, Kalshi, Citadel Securities, Etched, Kraken and JaguarMicro.
The ranking also includes well-known companies such as Crypto.com, Whatnot, Perplexity, Kling AI, FluidStack, Helsing, Fireworks AI, Miro and Deel.
Further down the list are companies including Rippling, Sierra, Harvey, Helion, Polymarket, Applied Intuition, ClickHouse, Discord, Trade Republic and Skild AI.
The bottom portion of the top 100 includes companies such as Lovable, Base Power, Castelion, Celonis, Temporal, NinjaOne, Cyera, OpenEvidence, Physical Intelligence, Airwallex, ElevenLabs, Notion, Oura, Bilt Technologies, Whoop, Mercor and Commonwealth Fusion Systems.
The 100th company in the supplied ranking is Instinct, with a reported valuation of $10 billion and a September 2026 valuation date.
Which Industries Are Represented?
The PitchBook 100 covers a broad range of technology and emerging industries.
The supplied dataset includes categories such as:
- Artificial intelligence and machine learning
- SaaS
- Fintech
- Cybersecurity
- Cloud technology and DevOps
- Cryptocurrency and blockchain
- Digital health
- E-commerce
- Robotics and drones
- Space technology
- Semiconductor technology
- Mobility technology
- Payments
- Gaming
- Infrastructure
- Supply chain technology
- Marketing technology
This diversity shows that the private-company market extends well beyond traditional software startups.
How Are Private Company Valuations Determined?
Private-company valuations are generally established through financing transactions or secondary-market transactions.
In the PitchBook 100 methodology, the ranking uses the most recent valuation available from a primary funding round or disclosed secondary round. PitchBook can also estimate valuations using cap-table information and other market indicators.
This means the valuation shown for a company should not automatically be interpreted as the company's current cash value or as an independently verified appraisal.
Why Does the Valuation Date Matter?
The valuation date is important because private-company valuations can change significantly between funding rounds.
For example, the supplied ranking contains companies whose latest valuation dates range from 2017 through September 2026.
A company with an older reported valuation may therefore have a less recent financing-based valuation than another company on the list.
Why Are These Companies Still Private?
The supplied PitchBook material highlights the growing importance of secondary markets and the continued presence of highly valuable VC-backed companies outside public exchanges.
Private companies can raise additional capital and provide liquidity to existing shareholders through private-market transactions without immediately becoming publicly listed.
This creates a longer period in which investors can participate in the growth of major technology companies before an IPO or other public-market event.
What Does a $10 Billion Valuation Mean?
A $10 billion valuation means that the company was valued at approximately $10 billion in its relevant financing or secondary transaction.
It does not necessarily mean the company has $10 billion in cash, generated $10 billion in revenue, or could immediately be sold for $10 billion.
The valuation reflects the price or implied value associated with the relevant transaction and methodology.
What Is the Average Age of Companies in the PitchBook 100?
The average age of companies in the ranking is 9.1 years.
The average time since their last funding round is 1.6 years.
These figures provide context for the maturity of companies represented in the ranking. The PitchBook 100 is not limited to newly founded startups; it includes businesses that have been operating for many years.
Frequently Asked Questions
What are the most valuable VC-backed companies?
According to the supplied PitchBook 100 data, the top five are Anthropic ($965B), OpenAI ($852B), ByteDance ($370B), Databricks ($190B), and Waymo ($126B).
How much are the top 100 VC-backed companies worth?
The cumulative valuation of the top 100 VC-backed companies is $4.29 trillion according to the supplied PitchBook data.
Which company ranks #1 in the PitchBook 100?
Anthropic ranks #1 in the supplied ranking, with a reported valuation of $965 billion from May 2026.
Is OpenAI one of the world's most valuable private companies?
Yes. OpenAI ranks #2 in the supplied PitchBook 100, with a reported valuation of $852 billion from March 2026.
How many companies in the ranking are valued at $10 billion or more?
All 100 companies in the supplied ranking have valuations of $10 billion or more. The 100th-ranked company, Instinct, is listed at $10 billion.
Are PitchBook valuations official appraisals?
No. The supplied methodology specifically states that PitchBook's valuation estimates are not official appraisals or fair-value assessments. They are estimates intended to provide a timely view of potential market value between funding rounds.
Final Takeaway
The PitchBook 100 provides a snapshot of the scale of today's private venture-backed technology market.
The top 100 companies collectively represent $4.29 trillion in valuation, with companies such as Anthropic, OpenAI, ByteDance, Databricks and Waymo occupying the highest positions in the supplied ranking.
The data also highlights an important characteristic of today's startup ecosystem: some of the world's highest-valued technology companies remain private for extended periods while raising capital and accessing private-market liquidity.
For founders, investors and technology professionals, rankings such as the PitchBook 100 offer a useful way to understand where private-market valuations are concentrated and which industries are producing highly valued venture-backed companies.
Source: PitchBook 100 data provided in the source material. Valuations represent the latest reported or estimated figures included in that dataset and should not be interpreted as official appraisals or guaranteed current market values.
