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
- 2,945,113
- COMPANIES TRACKED
- 3,152,953
1The index
3 million private companies, and what we know about them
VCMC indexes 3,152,953 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. 67,042 have a funding round on record (2.1% of the index) and 3,420 have a disclosed valuation. VCMC values 2,945,113 of 3,152,953 companies today (93.4%): 64,942 of those with a funding round, and 2,880,171 without one, from their headcount and industry.
2,945,113 have a VCMC valuation today
93.4%with a funding round (64,942)without one, from headcount and industry (2,880,171)no valuation (207,840)
3,151,681 with an industry and an employee count
100%67,042 with at least one funding round
2.1%Zoom: the funding-round row above, drawn 47 times wider
3,420 with a disclosed valuation, the only prices on record
5.1% of those with a round88,283
venture and growth rounds recorded so far
75,421
investors seen in those rounds
16
employees at the median company
23 Oct 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 $108M $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 $287M $188M – $463M
after a round; in 1 yr $301M; 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 $4.18M – $21.7M
after a round; in 1 yr $8.39M; 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 2,945,113 companies VCMC values today, 39,753 are valued after a round, 930 on their company size, 186 have a bridge or unspecified round but no priced one, and 2,904,244 are valued before any round, 2,880,171 of them with no funding deal at all.
- Grade A
- 445
- 1%
- Grade B
- 3,400
- 5%
- Grade C
- 12,143
- 19%
- Grade D
- 48,211
- 74%
- dead
- 743
- 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 64,942 companies with a funding deal that VCMC values; the grades of the companies valued without one are not counted here.
207,840 companies have no valuation today. 39,888 have no funding round and no headcount the model can use: 38,748 because their two headcount figures disagree by more than three times, 1,140 because they have none. 166,309 are outside the set VCMC values (government bodies, non-profits and the like). 1,260 were acquired after their last round and keep their last value as a private company. The other 383 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 Jul 2026, 80 companies raised at a new disclosed price and amount: 61 landed within a factor of two of the valuation the day before, 19 more than twice above it. Corgi, Locus Robotics and Galileo were priced lower than before.
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
61 of 80
new prices since Jul within a factor of two of the day before
4
priced lower than the round before
$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$720M Series C, Dec 2024 → $1.4B post-money Series D, 22 Oct
Valued $658M the day before; pre-money $1.3B
+94% Within 2x$550M Series B, Aug 2026 → $1.0B post-money Series C, 21 Oct
Valued $597M the day before; pre-money $934M
+82% Within 2x$1.6B Growth Equity, Feb 2026 → $5.1B post-money Series D, 21 Oct
Valued $1.8B the day before; pre-money $4.9B
+219% 2.7x above$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$1.0B Growth Equity, Apr 2026 → $1.0B post-money Series D, 20 Oct
Valued $1.1B the day before; pre-money $885M
0% Within 2x$125M Series A, Feb 2026 → $1.0B post-money Series B, 20 Oct
Valued $201M the day before; pre-money $940M
+700% 4.7x above$2.7B Series D, Dec 2024 → $6.2B post-money Series E, 19 Oct
Valued $4.2B the day before; pre-money $4.7B
+130% Within 2x$44.0B Growth Equity, Jun 2026 → $60.0B post-money Growth Equity, 15 Oct
Valued $47.4B the day before; pre-money $58.1B
+36% Within 2x$190M Series A, Apr 2025 → $350M post-money Growth Equity, 8 Oct
Valued $611M the day before; pre-money $313M
+84% Within 2x$1.7B Series A, Jan 2026 → $3.1B post-money Series B, 8 Oct
Valued $2.2B the day before; pre-money $2.9B
+82% Within 2x$1.5B Series B, Jul 2026 → $1.5B post-money Series B, 7 Oct
Valued $1.7B the day before; pre-money $1.4B
0% Within 2x
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 80. 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: 7.0% of the venture rounds we can place in the last 12 months, against 7.2% the year before. Mumbai, Los Angeles and Bengaluru gained the most share among cities, and electronic components, aerospace and defence and pharmaceutical products 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 7.0%
- New York 6.2%
- London 4.5%
- 1.7%
- Paris 1.6%
- Austin 1.2%
- Palo Alto 1.0%
- Berlin 1.0%
- Boston 1.0%
- 0.9%
- Los Angeles 0.9%
- 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 5.3%
- Biotechnology 4.4%
- Medical Supply Manufacturers 3.7%
- Pharmaceutical Products 2.8%
- Payments 2.7%
- Electronic Components 2.6%
- Aerospace and Defence 2.6%
- Industrial Machinery 1.3%
- Loans & Financing 1.2%
- Financial Advisors 1.2%
- Insurance 1.0%
- Batteries 1.0%
Share of venture rounds per industry. The general “Tech Companies” class is left out.
5Funding pulse
$1.11T raised in 12 months, mostly by a few
Venture and growth rounds raised $1.11T from Oct 2025 to Sep 2026, across 10,033 rounds. Series C and later took $929.47B of it (83%), and one month, Feb 2026, took $253.62B. 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 |
|---|---|---|---|---|---|---|---|
| Oct 2025 | 117 | 374 | 217 | 101 | 184 | 993 | $52.31B |
| Nov 2025 | 99 | 335 | 194 | 85 | 163 | 876 | $46.74B |
| Dec 2025 | 94 | 246 | 179 | 87 | 155 | 761 | $53.78B |
| Jan 2026 | 98 | 290 | 188 | 91 | 201 | 868 | $97.24B |
| Feb 2026 | 128 | 310 | 214 | 99 | 158 | 909 | $253.62B |
| Mar 2026 | 101 | 383 | 209 | 100 | 226 | 1019 | $62.91B |
| Apr 2026 | 109 | 285 | 179 | 81 | 165 | 819 | $65.10B |
| May 2026 | 84 | 254 | 153 | 78 | 153 | 722 | $115.56B |
| Jun 2026 | 83 | 279 | 223 | 83 | 199 | 867 | $93.65B |
| Jul 2026 | 70 | 279 | 178 | 78 | 179 | 784 | $129.53B |
| Aug 2026 | 75 | 207 | 106 | 71 | 168 | 627 | $74.16B |
| Sep 2026 | 109 | 219 | 153 | 74 | 233 | 788 | $69.08B |
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.
- 23 Oct Series C · Menlo Park$62M led by The Column Group
- 23 Oct BOB AI Holdings Corp. Seed$5.5M led by Mischief
- 22 Oct Series D · Burlingame$250M $2.45B post-money
- 22 Oct Warp Sciences Growth Equity$215M $865M post-money
- 22 Oct Series D · Atlanta$130M $1.40B post-money
- 22 Oct Series B · Woodridge$50M led by Mercato Partners
- 22 Oct Growth Equity · Winchester$40M led by S2G Investments
- 22 Oct Growth Equity · London$40M led by Summit Partners
- 22 Oct Growth Equity · Alverca do Ribatejo$32M
- 22 Oct Maxinsights Seed$30M led by Peak XV
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$1.09T $838.9B – $1.51T
- 2 OpenAI Growth Equity, Aug 2025 · grade A$374.6B $263.0B – $430.9B
- 3 Databricks Growth Equity, Aug 2026 · grade A$193.6B $165.2B – $240.4B
- 4 Stripe Growth Equity, Feb 2026 · grade A$173.0B $138.2B – $207.9B
- 5 Waymo Series D, Feb 2026 · grade A$155.4B $109.5B – $193.5B
- 6 Blue Origin Growth Equity, Jul 2026 · grade A$134.4B $113.0B – $167.4B
- 7 Revolut Growth Equity, Sep 2025 · grade A$78.1B $61.5B – $91.0B
- 8 Phoenix Tower International Growth Equity, Aug 2026 · grade B$73.2B $47.5B – $120.9B
- 9 Anduril Series H, May 2026 · grade A$68.6B $53.0B – $91.2B
- 10 Growth Equity, May 2023 · grade C$68.6B $21.5B – $105.2B
Q3 2026
Biggest funding rounds of Q3 2026
The largest rounds since 1 Jul 2026. 4 of 10 came with a disclosed valuation.
- MGX Growth Equity, 1 Jul$49.00B
- Blue Origin Growth Equity, 8 Jul$10.00B $130.00B post-money
- Energy Capital Partners Growth Equity, 18 Aug$8.10B
- Phoenix Tower International Growth Equity, 31 Aug$6.50B
- Growth Equity, 6 Oct$6.00B
- Databricks Growth Equity, 13 Aug$5.00B $190.00B post-money
- Safe Superintelligence Inc. Growth Equity, 27 Jul$5.00B
- Charter Communications, Inc. Growth Equity, 6 Aug$4.75B
- Crusoe Series F, 17 Sep$3.90B $30.90B post-money
- Moonshot AI Growth Equity, 29 Jul$3.50B $35.00B post-money
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 486,686
- Software Development Services 171,889
- 101,759
- 69,500
- 65,699
- Investment Consultants & Financial Advisors 65,497
- Industrial Machinery & Supplies 47,175
- 42,697
- Medical Supply Manufacturers 41,319
- Electronical Components Manufacturing 40,655
- 37,740
- 36,967
Private companies by city
- London 51,391
- New York 38,410
- 33,781
- Paris 23,330
- 21,166
- 17,996
- 16,969
- Los Angeles 16,645
- 16,520
- San Francisco 13,930
- 13,201
- 13,117
Investors by type
- Venture capital firms 43,314
- Accelerators 1,788
- Angel investors 1,507
- Family offices 1,426
- Sovereign wealth funds 411
- Corporate venture capital investors 293
- Crossover funds 12
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 2,945,113 of 3,152,953 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). 2,880,171 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 39,888 companies. Government bodies, non-profits and the like (166,309) 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 80 rounds priced since 1 Jul 2026, 61 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.