Which private companies have the highest reported valuations?

Among the companies profiled here, the highest confirmed private valuations are Anthropic at 965 billion dollars, set by its Series H round announced on 28 May 2026, and OpenAI at 852 billion dollars, set in March 2026. Talks at about 1.4 trillion dollars for OpenAI were reported by TechCrunch on 29 September 2026 and are not a completed round. The unicorn tracker ranks a wider list.

Can I buy shares of these companies before their IPO?

Not on a stock exchange. Exposure before a listing generally requires being an accredited, professional or qualified investor and going through a secondary purchase, an SPV, a fund or a tender offer, and every transfer is subject to the company's approval. Some companies actively oppose unauthorised offers: on 12 May 2026 TechCrunch reported that Anthropic had warned investors against secondary platforms offering its shares. See what is pre-IPO investing.

Which of these companies are preparing an IPO?

Anthropic filed its public Form S-1 on 26 October 2026 and applied to list on Nasdaq under the symbol ANT, with no date and no price range set (SEC EDGAR); pricing in mid-November 2026 is reported, not confirmed. Kraken announced a confidential filing on 19 November 2025, and CoinDesk reported on 2 September 2026 that the listing was delayed to the second quarter of 2027 at the earliest. OpenAI's chief executive said in September 2026 that the company would not go public in 2026. Shein already listed in Hong Kong on 1 September 2026.

Where do the valuations on these profiles come from?

From the company's own announcements, regulatory filings and named press reports, each linked on the profile with its date. A valuation can be set by a primary round, a secondary sale, a tender offer or a buyback, and each tells a buyer something different, as explained in how to value a private unicorn.

Why can a secondary price differ from the last round valuation?

Because the round price applies to newly issued preferred shares on one date, while a secondary buyer negotiates a price for existing shares later. Secondary prices are often at a discount to the last primary round, with a wide spread between trades.

Pre-IPO company profiles

By Unicorn Private Research. Last updated 28 October 2026.

Which pre-IPO companies are profiled here? This section covers 18 large technology companies: 17 still private, most of them unicorns, plus Shein, which listed in Hong Kong on 1 September 2026. For each one you get the latest valuation, its date and how it was set, revenue where the company discloses it, where it stands on an IPO, and what a pre-IPO buyer is taking on. Every figure has a public source.

Key points

Valuations come from primary rounds, secondary sales, tender offers or buybacks. Each profile says which.
What a company says is kept apart from press reports and unconfirmed talks.
None of these valuations is a market price. None of them is our projection.
Buying any of these shares before an IPO is generally open only to qualified investors, and the company's transfer restrictions apply.

One page per company, and the same rule as everywhere else on this site: each figure has a date and a link to a public source, company statements sit apart from press reports, and we project no valuation of our own.

Anthropic
Anthropic filed its public S-1 on 26 October 2026: Nasdaq, symbol ANT, revenue of 16.3 billion dollars in the first half of 2026 (SEC EDGAR). The reported figures, the revenue behind them, and what a buyer takes on before a listing.
OpenAI
OpenAI's last completed round valued it at 852 billion dollars in March 2026. Talks at about 1.4 trillion have been reported, an IPO has been ruled out for now, and this page separates the two.
ByteDance
ByteDance's valuation moved from about 330 billion dollars to 480 and then 550 billion in three steps, all set by share sales rather than by primary rounds. What a buyer takes on.
Databricks
Databricks closed a 5 billion dollar round at 190 billion dollars in August 2026, on a 7 billion dollar revenue run-rate growing above 80 per cent. What that multiple implies, and what a pre-IPO buyer takes on.
Stripe
Stripe set its own valuation at 159 billion dollars through a tender offer in February 2026, on 1.9 trillion dollars of payment volume and stated profitability. Why that structure matters to a pre-IPO buyer.
Revolut
Revolut's November 2025 secondary sale set 75 billion dollars. The Financial Times has reported an eventual IPO at 150 to 200 billion. The published accounts, the UK banking licence, and what a buyer takes on.
Shein
Shein listed in Hong Kong on 1 September 2026 at about 27 billion dollars and fell 9 per cent on debut, against a private peak near 100 billion in 2022. The clearest recent lesson on entry price.
Anduril Industries
Anduril doubled its valuation to 61 billion dollars in May 2026 on 2.2 billion dollars of 2025 revenue. Talks at 100 billion have been reported. What a defence contractor means for a pre-IPO buyer.
Canva
Canva's valuation of 42 billion US dollars was set by an oversubscribed secondary sale in August 2025, on 3.3 billion dollars of annualised revenue and 240 million monthly users.
Prometheus
The industrial AI company backed by the founder of Amazon raised 12 billion dollars at 41 billion in June 2026, seven months after it was founded, with no product, no revenue and no published detail on what it has built.
Figure AI
Figure AI raised over 1 billion dollars at 39 billion in September 2025. It discloses production figures but no revenue, and it has sent cease-and-desist letters to brokers marketing its stock.
Ramp
Ramp priced at 44 billion dollars in June 2026, after 13, 22.5 and 32 billion in the preceding fifteen months, on over 1 billion dollars of annualised revenue and positive free cash flow.
Safe Superintelligence
Safe Superintelligence was valued at 32 billion dollars in April 2025 with no disclosed headcount, no product, no revenue and no published research. Nvidia invested 5 billion in July 2026 at an undisclosed price.
Epic Games
Epic Games last priced at about 32 billion dollars in April 2022. Fortnite playtime fell 29 per cent and the company cut over 1,000 roles in March 2026.
Kraken
Payward, Kraken's parent, was valued at 21 billion dollars by a Nasdaq investment in September 2026. It filed confidentially for an IPO in November 2025 and has since pushed the listing to the second quarter of 2027 at the earliest.
Ripple
Ripple's 50 billion dollar valuation was set by its own 750 million dollar share buyback in March 2026, not by an outside round. It publishes no revenue and stopped disclosing its XRP holdings in May 2025.
Deel
Deel raised at 17.3 billion dollars in October 2025 and reported 1.5 billion dollars of annual recurring revenue in 2026. It is defending a racketeering and trade secret case brought by Rippling that survived a motion to dismiss.
Rippling
Rippling raised at 16.8 billion dollars in May 2025 and reports over 1 billion dollars of recurring revenue growing 78 per cent. It decides who may sell its shares.

Profiles by sector

Artificial intelligence: Anthropic, OpenAI, Safe Superintelligence, Figure AI, Prometheus.
Data and software: Databricks, Canva, Deel, Rippling.
Payments, banking and digital assets: Stripe, Revolut, Ramp, Kraken, Ripple.
Consumer, media and games: ByteDance, Shein, Epic Games.
Defence: Anduril Industries.

Before reading a valuation

A private valuation is the negotiated price of one class of shares on one date. It is not a price anyone can sell at today. Most of these companies are unicorns, and several are hectocorns valued above 100 billion dollars. How investors buy in before a listing, who is allowed to and what it costs: that is in what is pre-IPO investing. The routes into OpenAI, Anthropic, Stripe and Databricks are in how to invest in OpenAI, Anthropic, Stripe and Databricks before an IPO, and the checks to run before buying are in the pre-IPO due diligence checklist.

Frequently asked questions

Which private companies have the highest reported valuations?: Among the companies profiled here, the highest confirmed private valuations are Anthropic at 965 billion dollars, set by its Series H round announced on 28 May 2026, and OpenAI at 852 billion dollars, set in March 2026. Talks at about 1.4 trillion dollars for OpenAI were reported by TechCrunch on 29 September 2026 and are not a completed round. The unicorn tracker ranks a wider list.
Can I buy shares of these companies before their IPO?: Not on a stock exchange. Exposure before a listing generally requires being an accredited, professional or qualified investor and going through a secondary purchase, an SPV, a fund or a tender offer, and every transfer is subject to the company's approval. Some companies actively oppose unauthorised offers: on 12 May 2026 TechCrunch reported that Anthropic had warned investors against secondary platforms offering its shares. See what is pre-IPO investing.
Which of these companies are preparing an IPO?: Anthropic filed its public Form S-1 on 26 October 2026 and applied to list on Nasdaq under the symbol ANT, with no date and no price range set (SEC EDGAR); pricing in mid-November 2026 is reported, not confirmed. Kraken announced a confidential filing on 19 November 2025, and CoinDesk reported on 2 September 2026 that the listing was delayed to the second quarter of 2027 at the earliest. OpenAI's chief executive said in September 2026 that the company would not go public in 2026. Shein already listed in Hong Kong on 1 September 2026.
Where do the valuations on these profiles come from?: From the company's own announcements, regulatory filings and named press reports, each linked on the profile with its date. A valuation can be set by a primary round, a secondary sale, a tender offer or a buyback, and each tells a buyer something different, as explained in how to value a private unicorn.
Why can a secondary price differ from the last round valuation?: Because the round price applies to newly issued preferred shares on one date, while a secondary buyer negotiates a price for existing shares later. Secondary prices are often at a discount to the last primary round, with a wide spread between trades.

Related guides

Sources

About the publisher

This guide is published by Unicorn Private Research, the research arm of Unicorn Private LLC, a Delaware private equity firm that acquires secondary stakes in late-stage private technology companies before their IPO. The firm invests only in established companies already valued above one billion dollars, not in early-stage start-ups, and its founders have been active in private equity and startup investing since 2005.

Unicorn Private is the first firm in the pre-IPO secondary market to create an open research centre in sixteen languages: guides, a tracker of the largest private technology companies, a glossary, and a frequently asked questions section, open to every reader, with every figure carrying a date and a link to a public source.

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