From PitchBook, March 7:
Public and private markets are converging. Few corners of the market show the impact of that convergence more vividly than pre-IPO startups, whose private shares now readily trade on a number of secondary exchanges. The PitchBook 100 ranks the most valuable venture-capital-backed companies globally alongside insights into their secondary trading activity.
The rankings are determined by the most recent valuation in primary funding rounds (either reported or estimated by PitchBook based on cap table data) or disclosed secondary rounds. Learn more about PitchBook’s Valuation Methodology here.
This league table also incorporates secondary valuation estimates provided by Caplight and Notice.co. For detailed information about their methodologies, please visit their respective websites.
Based on data through Feb. 21, 2025
| Rank | Company | Last round valuation | Last round valuation date | Notice.co valuation estimate | Caplight valuation estimate* | HQ |
|---|---|---|---|---|---|---|
| 1 |  | $350B | December 2024 | $349.4B | $378.6B | Hawthorne, Calif. |
| 2 |  | $220B | March 2023 | $210.1B | $265.9B | Beijing |
| 3 |  | $157B | October 2024 | $158.6B | $241.8B | San Francisco |
| 4 |  | $78.7B | July 2023 | - | - | Hangzhou, China |
| 5 |  | $70B | September 2024 | $80.8B | $93.5B | South San Francisco, Calif. |
| 6 |  | $66B | May 2023 | - | $53.2B | Singapore |
| 7 |  | $62B | December 2024 | $64.2B | $67.6B | San Francisco |
| 8 |  | $50B | November 2024 | - | $114.7B | Palo Alto, Calif. |
| 9 |  | $45B | August 2024 | $45B | $41.9B | London |
| 10 |  | $45B | October 2024 | - | - |
