Start here
- What is pre-IPO investing?
How it works, the main routes, the constraints and the risks.
- SpaceX IPO: what pre-IPO investors should know
Pricing, lock-up periods and the xAI merger.
- OpenAI, Anthropic, Stripe and Databricks before an IPO
Latest reported valuations and realistic routes to exposure.
- Unicorn tracker
The most valuable private companies, with dates and sources.
Latest reported valuations
| Company | Valuation | Date |
|---|---|---|
| Anthropic | $965 bn | May 2026 |
| OpenAI | $852 bn | March 2026 |
| ByteDance | $600 bn | April 2026 |
| Databricks | $190 bn | August 2026 |
| Stripe | $159 bn | February 2026 |
See the full tracker. SpaceX listed on Nasdaq as SPCX on 12 June 2026 and is no longer private.
More guides
- Secondary transactions and right of first refusal (ROFR)
- SPV vs direct purchase vs fund in pre-IPO investing
- Pre-IPO investing for qualified investors: Switzerland, the EU and the US
- How to value a private unicorn
- Pre-IPO investing vs private equity vs venture capital
- Pre-IPO due diligence checklist
- What is a unicorn company?
Who publishes this
Unicorn Private Research is published by Unicorn Private, a private equity firm established in 2015 that acquires secondary market stakes in late-stage technology companies before their IPO. About the publisher.
Newsletter
Unicorn Private publishes commentary on private market transactions, secondary pricing and unicorn valuations on Substack. Read and subscribe at unicornprivate.substack.com.