Private company valuations What is any private company worth today?
VCMC values private companies from the signals each one leaves: funding rounds, headcount and industry. Every valuation comes with a range and a grade for how narrow it is.
- COMPANIES VALUED
- 2,953,008
- COMPANIES TRACKED
- 3,160,475
1The index
3 million private companies, and what we know about them
VCMC indexes 3,160,475 companies from Veridion's company graph. Virtually all of them have an industry and an employee count, and the median company has 16 employees.
Far fewer have a price set by investors. 74,947 have a funding round on record (2.4% of the index) and 3,683 have a disclosed valuation. VCMC values 2,953,008 of 3,160,475 companies today (93.4%): 72,573 of those with a funding round, and 2,880,435 without one, from their headcount and industry.
2,953,008 have a VCMC valuation today
93.4%with a funding round (72,573)without one, from headcount and industry (2,880,435)no valuation (207,467)
3,157,372 with an industry and an employee count
99.9%74,947 with at least one funding round
2.4%Zoom: the funding-round row above, drawn 42 times wider
3,683 with a disclosed valuation, the only prices on record
4.9% of those with a round88,348
venture and growth rounds recorded so far
75,342
investors seen in those rounds
16
employees at the median company
2 Nov 2026
latest round recorded
2Method
How we calculate a private company valuation
One valuation per company: what the whole private company is worth today, as if it raised money or sold now. A round sets the price; after it the valuation rises toward the next round's price, and slides toward winding down when headcount falls. A company with no round is valued from its headcount and industry (revenue counts too, but is never shown). Each valuation comes with a range from a low to a high scenario, a valuation predicted one year on, and a winding-down probability.
A fresh round
A round sets the price. While headcount is not falling, the valuation rises from that price toward the price of the company's next round, over about a year.
Veridion $110M $67.0M – $279M
after a round; in 1 yr $183M; winding down 0%; trend flat; grade C
The slide and the memory
When headcount falls, the valuation slides from the rising path toward the winding-down path, in step with the winding-down probability. When headcount stops falling, the slide fades over months instead of jumping back, and a new round resets it.
FintechOS $288M $188M – $463M
after a round; in 1 yr $300M; winding down 33%; trend flat; grade B
A falling company
A team that keeps shrinking takes the company most of the way toward winding down, and the valuation follows it down.
$10.6M $4.12M – $21.6M
after a round; in 1 yr $8.34M; winding down 97%; trend shrinking; grade C
Valued on company size
When a round's price is below $50,000 per employee, the round says little about a company that size, so the company is valued from its headcount and industry, as a company that never raised is.
$2.0B $327M – $6.0B
valued on company size; in 1 yr $2.0B; winding down 0%; trend up; grade D
No valuation
With no round, and no headcount the model can use, there is nothing to value a company from, so VCMC shows no valuation rather than a guess.
$2.8B $744M – $10.5B
before first round; in 1 yr $2.8B; winding down 18%; trend flat; grade D
Read how VCMC values private companies
Of the 2,953,008 companies VCMC values today, 45,254 are valued after a round, 994 on their company size, 208 have a bridge or unspecified round but no priced one, and 2,906,552 are valued before any round, 2,880,435 of them with no funding deal at all.
- Grade A
- 465
- 1%
- Grade B
- 3,626
- 5%
- Grade C
- 14,270
- 20%
- Grade D
- 53,452
- 74%
- dead
- 760
- 1%
The grade says how narrow the range is: A under 1.8 times from low to high, B under 3.3 times, C under 7.4 times, D wider; dead for a company at the floor. These are the grades of the 72,573 companies with a funding deal that VCMC values; the grades of the companies valued without one are not counted here.
207,467 companies have no valuation today. 39,254 have no funding round and no headcount the model can use: 38,112 because their two headcount figures disagree by more than three times, 1,142 because they have none. 166,362 are outside the set VCMC values (government bodies, non-profits and the like). 1,327 were acquired after their last round and keep their last value as a private company. The other 524 have a funding deal but nothing the model can price.
3Track record
Track record: our valuations against real funding rounds
We test the model the way it will be used. For 998 companies that raised again, we hid the round and asked the model what the company was worth the day before, from what was known then, and compared that with the round's pre-money: its price less the money it raised. 68% landed within a factor of two of the valuation, and half were within a factor of 1.58.
Every new priced round is a fresh test. Since 1 Oct 2026, 24 companies raised at a new disclosed price and amount: 14 landed within a factor of two of the valuation the day before, 9 more than twice above it and 1 below half of it.
The range is not scored: it spans a low and a high scenario, not an interval the price should fall in.
68%
of hidden pre-money prices within a factor of two of the valuation
1.58x
half of them within this factor of the valuation
14 of 24
new prices since Oct within a factor of two of the day before
0
priced lower than the round before
$7.0B Growth Equity, Sep 2025 → $25.5B post-money Series E, 29 Oct
Valued $8.4B the day before; pre-money $20.5B
+264% 2.4x above$40.0B Series G, Sep 2026 → $40.0B post-money Series G, 29 Oct
Valued $41.2B the day before; pre-money $39.0B
0% Within 2x$1.0B Series B, Dec 2025 → $3.0B post-money Series C, 29 Oct
Valued $1.7B the day before; pre-money $2.9B
+200% Within 2x$735M Series C, Jul 2025 → $2.9B post-money Series D, 28 Oct
Valued $1.1B the day before; pre-money $2.3B
+295% 2.2x above$60.0M Seed, May 2026 → $800M post-money Series A, 27 Oct
Valued $79.9M the day before; pre-money $700M
+1233% 8.8x above$7.1B Growth Equity, Oct 2025 → $9.8B post-money Growth Equity, 27 Oct
Valued $8.5B the day before; pre-money $9.5B
+39% Within 2x$50.0B Growth Equity, Jun 2026 → $92.2B post-money Growth Equity, 22 Oct
Valued $52.8B the day before; pre-money $76.4B
+84% Within 2x$720M Series C, Dec 2024 → $1.4B post-money Series D, 22 Oct
Valued $1.1B the day before; pre-money $1.3B
+94% Within 2x$201M Series B, Jun 2025 → $2.5B post-money Series D, 22 Oct
Valued $1.0B the day before; pre-money $2.2B
+1118% 2.1x above$550M Series B, Aug 2026 → $1.0B post-money Series C, 21 Oct
Valued $597M the day before; pre-money $934M
+82% Within 2x$5.6B Bridge, Apr 2026 → $8.8B post-money Series E, 21 Oct
Valued $6.5B the day before; pre-money $8.3B
+57% Within 2x$800M Series B, Jul 2024 → $5.1B post-money Series D, 21 Oct
Valued $1.9B the day before; pre-money $4.9B
+538% 2.5x above
Within a factor of two of the valuationValuation the day beforeThe new round's pre-moneyPriced lower than the round beforeLog scale, $1M to $1T
The 12 most recent of 24. Duplicated rounds, implausible prices and rounds with no disclosed amount are left out.
4The market
Where venture capital goes: top cities and industries
San Francisco is still where most rounds happen: 6.1% of the venture rounds we can place in the last 12 months, against 6.8% the year before. Tokyo and Bengaluru gained the most share among cities, and electronic components, batteries and aerospace and defence among industries. We compare shares, not counts: data for recent months is still coming in, so a count would understate them.
Venture funding by city
Prior 12 monthsLast 12 monthsGained share
- San Francisco 6.1%
- New York 5.7%
- London 4.3%
- 1.7%
- Paris 1.5%
- 1.2%
- Austin 1.1%
- Berlin 1.0%
- Palo Alto 0.9%
- Boston 0.9%
- 0.8%
- Los Angeles 0.8%
Share of venture rounds per city, the 12 cities with the most rounds.
Venture funding by industry
Prior 12 monthsLast 12 monthsGained share
- Software Development 5.5%
- Biotechnology 4.7%
- Medical Supply Manufacturers 3.5%
- Electronic Components 2.9%
- Pharmaceutical Products 2.6%
- Aerospace and Defence 2.5%
- Payments 2.3%
- Industrial Machinery 1.7%
- Chemicals 1.4%
- 1.1%
- Batteries 1.0%
- Loans & Financing 1.0%
Share of venture rounds per industry. The general “Tech Companies” class is left out.
5Funding pulse
$1.03T raised in 12 months, mostly by a few
Venture and growth rounds raised $1.03T from Nov 2025 to Oct 2026, across 9,586 rounds. Series C and later took $844.50B of it (82%), and one month, Mar 2026, took $182.65B. By count the picture is the opposite: seed was the most common stage in most months.
- Pre-seed
- Seed
- Series A
- Series B
- Series C+
| Month | Pre-seed rounds | Seed rounds | Series A rounds | Series B rounds | Series C+ rounds | Rounds | Raised |
|---|---|---|---|---|---|---|---|
| Nov 2025 | 99 | 335 | 193 | 85 | 163 | 875 | $44.80B |
| Dec 2025 | 94 | 246 | 177 | 87 | 151 | 755 | $40.86B |
| Jan 2026 | 98 | 290 | 189 | 91 | 197 | 865 | $90.85B |
| Feb 2026 | 128 | 310 | 214 | 100 | 156 | 908 | $94.85B |
| Mar 2026 | 101 | 383 | 207 | 100 | 216 | 1007 | $182.65B |
| Apr 2026 | 110 | 284 | 179 | 81 | 157 | 811 | $58.29B |
| May 2026 | 84 | 255 | 154 | 79 | 144 | 716 | $108.35B |
| Jun 2026 | 83 | 280 | 223 | 83 | 191 | 860 | $79.23B |
| Jul 2026 | 71 | 281 | 181 | 79 | 175 | 787 | $119.87B |
| Aug 2026 | 75 | 207 | 107 | 72 | 164 | 625 | $68.59B |
| Sep 2026 | 109 | 220 | 154 | 75 | 229 | 787 | $58.15B |
| Oct 2026 | 82 | 186 | 125 | 57 | 140 | 590 | $83.53B |
Latest rounds
Latest startup funding rounds
The newest startup and venture funding rounds with a disclosed amount. A priced round becomes the price its company's valuation starts from.
- 2 Nov Lumaril Series A$66M $400M post-money
- 2 Nov Pathfinder Series A$12M led by Portage Ventures
- 2 Nov Seed · Bangalore$4.5M led by Speciale Invest
- 2 Nov Marble Cognition Pre-Seed$3.8M
- 2 Nov Pre-Seed · Stockholm$804K
- 1 Nov AIZ Entertainment Series A$15M
- 31 Oct Hypersonica Growth Equity$112M $780M post-money
- 31 Oct Pre-Seed · Richland$1.7M
- 30 Oct Rendezvous Robotics Seed$20M
- 30 Oct Series A · Campbell$17M
Ranking
Most valuable venture-backed companies
The most valuable venture-backed private companies by VCMC's valuation today, each with its range from a low to a high scenario. A company acquired after its last round, or with no valuation, is not ranked. Values cover private companies only; public companies are not included. See the full ranking of private companies.
- 1 Anthropic Series H, May 2026 · grade A$1.10T $838.9B – $1.51T
- 2 OpenAI Growth Equity, Mar 2026 · grade A$933.5B $740.7B – $1.14T
- 3 Databricks Growth Equity, Aug 2026 · grade A$194.1B $165.2B – $240.4B
- 4 Waymo Growth Equity, Feb 2026 · grade A$138.0B $109.5B – $163.7B
- 5 DeepSeek Growth Equity, Oct 2026 · grade C$101.6B $50.9B – $222.3B
- 6 Revolut Growth Equity, Nov 2025 · grade A$78.1B $65.2B – $90.0B
- 7 Ant Group Series C, Jun 2018 · grade D$72.1B $13.0B – $153.9B
- 8 Growth Equity, May 2023 · grade C$70.3B $21.4B – $105.7B
- 9 SHEIN Series F, Apr 2022 · grade C$69.4B $23.7B – $155.9B
- 10 Anduril Series H, May 2026 · grade A$69.1B $53.0B – $91.2B
Q4 2026
Biggest funding rounds of Q4 2026
The largest rounds since 1 Oct 2026. 4 of 10 came with a disclosed valuation.
- DeepSeek Growth Equity, 22 Oct$15.80B $92.17B post-money
- DeepSeek Growth Equity, 24 Oct$15.00B
- Cohere Series E, 29 Oct$5.00B $25.50B post-money
- EnCap Minerals, LLC Growth Equity, 19 Oct$3.50B
- Growth Equity, 27 Oct$2.10B
- Ramp Growth Equity, 15 Oct$1.85B $60.00B post-money
- Plenitude Growth Equity, 1 Oct$1.76B
- Eaton Fiber Growth Equity, 13 Oct$1.50B
- Tenstorrent Series E, 19 Oct$1.50B $6.20B post-money
- Growth Equity, 6 Oct$1.24B
6Browse
Browse private companies by industry, city and investor type
Every industry, city and investor type gets its own page, with its companies, their valuations, recent rounds and the most active investors. Counts are companies in the whole index.
Private companies by industry
- Tech Companies 488,253
- Software Development Services 172,094
- 101,773
- 69,598
- 65,779
- 65,559
- Industrial Machinery & Supplies 47,370
- 42,731
- Medical Supply Manufacturers 41,508
- Electronical Components Manufacturing 40,787
- 37,797
- 37,014
Private companies by city
- London 51,597
- New York 38,589
- 33,799
- Paris 23,403
- 21,213
- 18,057
- 16,970
- Los Angeles 16,685
- Toronto 16,557
- San Francisco 14,068
- 13,220
- 13,137
Investors by type
- Venture capital firms 43,689
- Accelerators 1,792
- Angel investors 1,508
- Family offices 1,441
- Corporate venture capital investors 453
- Sovereign wealth funds 413
- corporate 254
- other 93
- Crossover funds 88
Questions
How VCMC valuations work: frequently asked questions
Short answers, from the same data. The methodology page lists every constant the model uses and where it came from.
What does a VCMC valuation mean?
What the whole company's equity is worth today: the price it would raise or sell at now, discounted by how far it has slid toward winding down. It is not a price anyone paid, and not advice. VCMC values 2,953,008 of 3,160,475 companies today.
How can you value a company that never raised money?
From its headcount and industry, and its revenue where the revenue fits its size (we use revenue only inside the model and never publish it). 2,880,435 companies with no funding deal are valued this way, each with a wide range.
Why does a company have no valuation?
Because there is nothing to value it from: no round, and no headcount the model can use. That is true for 39,254 companies. Government bodies, non-profits and the like (166,362) are outside the set VCMC values.
What is the range?
Two scenarios: the low end is where the company would be if it wound down, the high end where its next round would price it. Veridion: $67.0M – $279M. It describes two scenarios, not a margin of error. The grade, A to D, says how narrow it is.
What is the winding-down probability?
How far a company has slid from the rising path toward winding down, from 0% to 97% on its headcount, and 100% only when it is known to be closed. Bunnyshell, whose team is shrinking, is at 97%.
How accurate is it?
On 998 companies valued the day before their next priced round, from what was known then, 68% of the rounds' pre-money prices landed within a factor of two of the valuation, and half within a factor of 1.58. On the 24 rounds priced since 1 Oct 2026, 14 landed within a factor of two of the valuation the day before. The methodology page lists every test.
How often does a valuation change?
Whenever an input changes, a new round or a new employee count, and as time passes: after a round the valuation rises toward the next round's price, and it slides when headcount falls. New rounds are added as soon as we record them.
Which companies are included?
Investable private companies: companies someone could, one way or another, invest in. Government bodies and non-profits are left out of the companies VCMC values; the index count is before that step. Public companies are not on VCMC. A company acquired after its last funding round keeps its page, and its valuation stops at its last value as a private company.