VP50
Fifty private companies that draw the most interest from investors.
The fifty
| # | Company | Valuation | Change |
|---|---|---|---|
| 1 | AnthropicArtificial intelligence | $965B | No change |
| 2 | OpenAIArtificial intelligence | $852B | Up 1 |
| 3 | AndurilDefense & space | $61B | Down 1 |
| 4 | DatabricksData & cloud infrastructure | $190B | No change |
| 5 | NeuralinkHealth & biotech | — | Up 4 |
| 6 | StripeFintech | $50B | Down 1 |
| 7 | Shield AIDefense & space | $13B | Up 5 |
| 8 | ElevenLabsArtificial intelligence | $11B | Down 1 |
| 9 | SaronicDefense & space | $9.3B | Up 5 |
| 10 | CrusoeSemiconductors & compute | $31B | No change |
| 11 | HadrianDefense & space | $7.9B | Up 9 |
| 12 | RevolutFintech | $33B | Up 1 |
| 13 | EtchedSemiconductors & compute | $21B | Up 32 |
| 14 | RampFintech | $44B | Up 3 |
| 15 | PrometheusArtificial intelligence | $41B | Up 3 |
| 16 | Fireworks AIArtificial intelligence | $18B | Up 34 |
| 17 | ByteDanceConsumer & media | $180B | Down 6 |
| 18 | HarveyEnterprise software | $16B | Up 5 |
| 19 | BasetenArtificial intelligence | $13B | New |
| 20 | Moonshot AIArtificial intelligence | $35B | Up 21 |
| 21 | Figure AIRobotics & industrials | $39B | Down 2 |
| 22 | Mistral AIArtificial intelligence | $24B | Up 22 |
| 23 | EreborFintech | $4.3B | New |
| 24 | KalshiFintech | $22B | Down 16 |
| 25 | Physical IntelligenceRobotics & industrials | $5.6B | No change |
| 26 | Applied IntuitionMobility & logistics | $15B | New |
| 27 | OpenEvidenceHealth & biotech | $15B | Down 5 |
| 28 | ClickHouseData & cloud infrastructure | $15B | New |
| 29 | PerplexityArtificial intelligence | $20B | Down 13 |
| 30 | PolymarketFintech | $21B | Down 24 |
| 31 | CanvaEnterprise software | $40B | Down 4 |
| 32 | KrakenCrypto & digital assets | $21B | Down 2 |
| 33 | NotionEnterprise software | — | New |
| 34 | DeelEnterprise software | $17B | No change |
| 35 | RippleCrypto & digital assets | $40B | Down 3 |
| 36 | XiaohongshuConsumer & media | $20B | New |
| 37 | VAST DataData & cloud infrastructure | $9.1B | New |
| 38 | PlaidFintech | $6.1B | New |
| 39 | WhatnotConsumer & media | $20B | Up 9 |
| 40 | RipplingEnterprise software | $17B | New |
| 41 | VercelData & cloud infrastructure | $9.3B | Down 6 |
| 42 | CyeraCybersecurity | $12B | New |
| 43 | Trade RepublicFintech | $5.4B | New |
| 44 | LovableArtificial intelligence | $13B | Down 23 |
| 45 | DiscordConsumer & media | $15B | New |
| 46 | ReplitArtificial intelligence | $9.0B | Down 17 |
| 47 | LambdaSemiconductors & compute | $2.5B | Down 16 |
| 48 | The Boring CompanyRobotics & industrials | $23B | Down 11 |
| 49 | ApptronikRobotics & industrials | $5.3B | Down 25 |
| 50 | AirwallexFintech | $11B | New |
Edition Q4 2026
Updated · next update
Valuation since 2020
The twelve most valuable companies from the ranking, quarter by quarter. Companies that listed or were sold leave the race.
Grab$27B
Tanium$9.0B
Instacart$16B
Ripple$12B
Databricks$15B
Stripe$50B
Anduril$1.9B
Faire$2.0B
ByteDance$162B
Discord$4.9B
Xingsheng Youxuan$4.0B
The Boring Company$1.8B
Revolut$5.5B
Miro$1.1B
Celonis$5.2B
DoorDash$16B
Epic Games$17B
Atoms$7.5B
Coupang$9.0B
Scale AI$2.7B
Brex$3.8B
Nubank$18B
Roblox$11B
Yuanfudao$12B
DiDi$56B
Canva$7.5B
UiPath$10B
Fanatics$6.2B
Xiaohongshu$10B
PalantirIPO
Airbnb$31B
BYJU'S$11B
Kuaishou$29B
Chime$15B
Cerebras Systems$2.9B
SHEIN$20B
SnowflakeIPO
Plaid$8.2B
Devoted Health$5.6B
Northvolt$5.5B
Robinhood$12B
Coinbase$8.0B
Guazi$9.7B
Klarna$11B
Checkout.com$7.7B
Rippling$1.4B
SenseTime$13B
SpaceX$46B
Rivian$14B
J&T Express$4.7B
AI OverviewByteDance led at $180B, $124B ahead of DiDi at $56B. The top five were ByteDance, DiDi, SpaceX, Stripe and Airbnb. Chime was 12th at $14.5B.
Updated · next update
Places by quarter
Each line is a company, its height is the place in the ranking. The thicker the line, the higher the valuation.
Place in the ranking by quarter since Q4 2023.Left the ranking through an IPO or a sale
Updated · next update
VP50 against the S&P 500
Growth of one dollar in VP50 against the S&P 500 since Q3 2020, with the SPY ETF standing in for the index. Hover to compare by quarter.
Updated
Where the money goes
Shrinking or flatGrowing fast
Money raised by companies in the ranking, by sector and year. Bubble area is the amount raised, colour is growth against the year before.
Updated · next update
Who backs whom
The ranking against the funds that lead the most of its rounds. A cross marks a fund that backed the company and then sat out its last two rounds, over at least a year.
| Company | Andreessen Horowitz | Sequoia Capital | Coatue | Founders Fund | Lightspeed Venture Partners | Thrive Capital | Kleiner Perkins | Elad Gil | GIC | Dragoneer | Greenoaks | Index Ventures | Accel | General Catalyst | T. Rowe Price | Altimeter | Spark Capital | ICONIQ | Fidelity Management & Research Company | Tiger Global | Funds left |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Anthropic | No position | Led the latest round. Led the $65B Series H in May 2026. The Series G leads included Coatue and Dragoneer; Sequoia was not among them. | Led the latest round. One of four funds that led both the Series G and the Series H. Coatue was among the seven leads of the $30B Series G and the ten of the $65B Series H. | No position | Joined the latest round. Joined the $65B Series H in May 2026, about five weeks after Amazon's $5B strategic investment in Apr 2026. | No position | No position | No position | Led the latest round. Led both the Series G in Feb 2026 and the Series H in May 2026. Between them the post-money valuation rose by $585B. | Led the latest round. Led both the Series G and the Series H, announced 15 weeks apart. The valuation rose about 2.5x between them, from $380B to $965B. | Led the latest round. Led the Series H in May 2026. Greenoaks was not among the Series G's seven leads, and the round priced Anthropic at $965B. | No position | No position | Joined the latest round. Joined the Series H, which raised $65B, more than double the $30B Series G. Ten funds led it; General Catalyst was not one of them. | Joined the latest round. Joined the $65B Series H in May 2026, 13x Amazon's $5B strategic investment five weeks earlier. | Led the latest round. Led the Series H in May 2026 with nine other funds. It was not among the seven funds that led the Series G in Feb 2026. | Led an earlier round, then left. Led the Series C in May 2023 and sat out the last two rounds. Anthropic's latest round, the Series H in May 2026, raised $65B at $965B. | Led the latest round. One of four funds that led both the Series G and the Series H. The Series H raised $35B more than the Series G. | Joined the latest round. Joined the Series H in May 2026, priced at $965B. That was about 2.5x the $380B of the Series G in Feb 2026. | No position | 1 |
| 2OpenAI | Led the latest round. Led the Feb 2026 round with five other funds. The round priced OpenAI at $852B, about 2.8x the $300B of Mar 2025. | Joined the latest round. Joined the $122B round of Feb 2026. In Dec 2025, between it and the Mar 2025 round, The Walt Disney Company made a $1B strategic investment. | Joined the latest round. Joined the $122B round of Feb 2026, $82B more than the $40B raised in Mar 2025. | No position | No position | Joined the latest round. Joined the Feb 2026 round. Six funds led it. SoftBank Group, one of them, was the only lead of the $40B round in Mar 2025. | No position | No position | No position | Joined the latest round. Joined the Feb 2026 round, 11 months after the $40B round at $300B. The new round raised $122B at $852B. | No position | No position | No position | No position | Led the latest round. Led the Feb 2026 round with five other funds, Andreessen Horowitz among them. The round was priced at $852B. | Joined the latest round. Joined the Feb 2026 round, which raised $122B, about three times the $40B round in Mar 2025. | No position | No position | Joined the latest round. Joined the Feb 2026 round at $852B post-money, up $552B from the $300B of the Mar 2025 round. | No position | – |
| 3Anduril | Led the latest round. Led the Series H in May 2026 with Thrive Capital. The $61B post-money was twice the $30.5B of the Series G 11 months earlier. | No position | No position | No position | No position | Led the latest round. Led the Series H in May 2026 with Andreessen Horowitz. It raised $5B, twice the $2.5B Series G, which Founders Fund led. | No position | Led an earlier round, then left. Led the Series E in Dec 2022 and sat out the last two rounds. The Series H in May 2026 raised $5B, twice the $2.5B Series G. | No position | No position | No position | No position | No position | Backed earlier, then left. Backed Anduril in the Series E in Dec 2022 and sat out the last two rounds. The latest, the May 2026 Series H, raised $5B at $61B. | No position | No position | No position | No position | No position | No position | 2 |
| 4Databricks | Joined the latest round. Joined the Jul 2026 round at $190B, 1.9x the $100B Series K in Aug 2025. Andreessen Horowitz was one of five leads of that Series K. | No position | Led the latest round. Sole lead of the $5B round in Jul 2026. The $190B post-money was up 42% from the Series L's $134B seven months earlier. | No position | No position | Joined the latest round. Joined the Jul 2026 round. Thrive Capital was one of five leads of the $1B Series K in Aug 2025, priced at $100B. | No position | No position | Joined the latest round. Joined the Jul 2026 round, which raised $5B against $1B in the Series K of Aug 2025, five times as much. | Joined the latest round. Joined the $5B round of Jul 2026, the same size as the Series L. Post-money rose by $56B, from $134B to $190B. | Backed earlier, then left. Backed the Series H in Aug 2021 and sat out the last two rounds. The Series L in Dec 2025 raised $5B at $134B. | No position | No position | No position | Joined the latest round. Joined the Jul 2026 round. Databricks raised $2B in debt financing from JPMorganChase in Feb 2026, between the Series L and this round. | No position | No position | No position | Joined the latest round. Joined the Jul 2026 round. Fidelity was among the three leads of the Series L in Dec 2025, which raised $5B at $134B. | Backed earlier, then left. Backed the Series I in Sep 2023 and sat out the last two rounds. The latest, in Jul 2026, raised $5B at $190B. | 2 |
| 5Neuralink | No position | Joined the latest round. Joined the Series E in Jun 2025, which raised $650M, $370M more than the Series D of Aug 2023. | No position | Joined the latest round. Joined the $650M Series E in Jun 2025. Founders Fund was the named lead of the $280M Series D in Aug 2023, so the Series E was 2.3x the size. | Joined the latest round. Joined the $650M Series E in Jun 2025, the largest of Neuralink's four rounds shown and about 3.2x the $205M Series C of Jul 2021. | Joined the latest round. Joined the $650M Series E in Jun 2025, about 15x the $43M Series D extension of Nov 2023. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 6Stripe | Joined the latest round. Joined the $6.5B Series I in Mar 2023. The round was priced at $50B, 47% below the $95B of the Series H two years earlier. | Joined the latest round. Joined the Series I in Mar 2023, which raised $6.5B, about 10.8x the $600M Series H. A $694M tender offer followed in Apr 2024. | No position | Joined the latest round. Joined Stripe's Series I in Mar 2023, which raised $6.5B. The $50B post-money valuation was below the $95B of the Mar 2021 Series H. | No position | Joined the latest round. Joined the Series I of Mar 2023: $6.5B raised at $50B. That was $45B less than the $95B post-money of the Series H two years earlier. | Backed earlier, then left. Its latest round with Stripe was the Series E in Sep 2018. It was not part of the Series I in Mar 2023, which raised $6.5B at $50B. | No position | Joined the latest round. Joined the Series I in Mar 2023, a $6.5B round at $50B. It was the largest raise among the four Stripe rounds listed, ahead of the $694M tender offer in Apr 2024. | No position | No position | No position | No position | Joined the latest round. Joined the $6.5B Series I in Mar 2023. It set a $50B post-money valuation, down from $95B at the Series H in Mar 2021. | No position | No position | No position | No position | No position | Led an earlier round, then left. Led the Series F in Jan 2019 and was not in the Series I of Mar 2023, which raised $6.5B at a $50B post-money valuation. | 2 |
| 7Shield AI | Led an earlier round, then left. Led the Series F-1 in Mar 2025 ($240M at $5.3B) and was not in the Series G of Mar 2026, which raised $1.5B at $12.7B, about 2.4x the earlier valuation. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | 1 |
| 8ElevenLabs | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 9Saronic | Joined the latest round. Led the Jul 2024 Series B at a $1B post-money valuation and joined the Mar 2026 Series D, which raised $1.75B at $9.25B. | No position | No position | No position | No position | No position | Led the latest round. Led the Series D in Mar 2026: $1.75B raised at $9.25B, about 2.3x the $4B post-money of the Series C in Feb 2025. | Joined the latest round. Led the Feb 2025 Series C at $4B and joined the Mar 2026 Series D at $9.25B, about 2.3x the Series C valuation. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 10Crusoe | No position | No position | No position | Joined the latest round. Joined the Series F in Sep 2026, which raised $3.9B at $30.9B. That was about 2.8x the $1.38B raised in the Series E in Oct 2025. | No position | No position | No position | No position | Joined the latest round. Joined the Series F in Sep 2026. The $3.9B round was priced at $30.9B and was the largest of the four Crusoe rounds listed. | No position | No position | No position | No position | No position | Joined the latest round. Joined the Series F of Sep 2026, a $3.9B round at a $30.9B post-money valuation. The Series E in Oct 2025 had raised $1.38B. | Joined the latest round. Joined the Series F in Sep 2026: $3.9B at $30.9B. The Series E in Oct 2025 raised $1.38B. | No position | No position | Joined the latest round. Joined the $3.9B Series F of Sep 2026, a round at $30.9B led by Atreides Management, Mubadala Capital and Valor Equity Partners. | Joined the latest round. Joined the Sep 2026 Series F, which raised $3.9B at $30.9B. The two Crusoe credit facilities listed from 2025 were $225M and $750M. | – |
| 11Hadrian | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 12Revolut | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led an earlier round, then left. Its latest round with Revolut was the Series C in Apr 2018 ($250M at $1.7B). The Series E in Jul 2021 raised $800M at $33B without it. | No position | No position | No position | No position | No position | No position | No position | Led the latest round. Led the Jul 2021 Series E ($800M) with SoftBank Vision Fund. Post-money rose to $33B from $5.5B at the Series D extension a year earlier, 6x. | 1 |
| 13Etched | Joined the latest round. Joined the Series D in Aug 2026, which raised $700M at $21B. That was 4.2x the $5B post-money of the Jan 2026 funding round. | Joined the latest round. Led the Jul 2026 Series C ($300M at $10.3B) and joined the Series D 26 days later, a $700M round at $21B. | No position | No position | No position | No position | Joined the latest round. Joined the Series D in Aug 2026: $700M at $21B, about twice the $10.3B post-money of the Series C 26 days earlier. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Joined the latest round. Joined the Series D of Aug 2026, led by Jane Street. The round raised $700M at $21B, up from $10.3B at the Series C in Jul 2026. | – |
| 14Ramp | No position | No position | No position | Joined the latest round. Joined the $1.85B round of Oct 2026 led by Dragoneer and Thrive Capital. It was more than double the $750M Series F from Jun 2026. | No position | Led the latest round. Co-led the Oct 2026 round with Dragoneer. It raised $1.85B, the largest of the four Ramp rounds listed. The Series F in Jun 2026 was $750M at $44B. | No position | No position | No position | Led the latest round. Co-led the Oct 2026 round with Thrive Capital, which raised $1.85B. The Series F four months earlier raised $750M at a $44B post-money valuation. | No position | No position | No position | No position | No position | Backed earlier, then left. Its latest round with Ramp was the Series E-2 in Jul 2025, at $22.5B. The Series F in Jun 2026 was priced at $44B, about 2x, without it. | Backed earlier, then left. Its latest round with Ramp was the Series C extension in Mar 2022. Ramp's later listed rounds were priced at $22.5B (Jul 2025) and $44B (Jun 2026). | No position | No position | No position | 2 |
| 15Prometheus | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 16Fireworks AI | No position | No position | No position | No position | Joined the latest round. Among the leads of the Oct 2025 Series C ($250M at $4B), then joined the Jul 2026 Series D, which raised $1.5B at $17.5B. | No position | No position | No position | No position | No position | No position | Led the latest round. Among the leads of the Jul 2026 Series D ($1.5B at $17.5B) and of the Oct 2025 Series C ($250M at $4B). Post-money rose about 4.4x between them. | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 17ByteDance | No position | Led an earlier round, then left. Co-led ByteDance's Dec 2020 round with KKR: $2B at $180B. The later listed financings were syndicated loans of $5B and $9.5B and a $100M secondary sale. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | 1 |
| 18Harvey | Joined the latest round. Led the Dec 2025 round ($160M at $8B) and joined the Sep 2026 round, which raised $550M at $15.5B. | Joined the latest round. Co-led the Mar 2026 round ($200M at $11B) with GIC and joined the Sep 2026 round of $550M at $15.5B. | Joined the latest round. Joined the Sep 2026 round at $15.5B, about 1.9x the $8B post-money of the Dec 2025 round. The round raised $550M. | No position | Led the latest round. Co-led the Sep 2026 round with Diffusion. It raised $550M at $15.5B, against $200M at $11B in the Mar 2026 round. | No position | Joined the latest round. Joined the Sep 2026 round, which raised $550M at $15.5B. That was 41% above the $11B valuation of the Mar 2026 round. | Joined the latest round. Joined the Sep 2026 round of $550M at $15.5B. The valuation was up from $11B in the Mar 2026 round, a 41% rise. | Joined the latest round. Co-led the Mar 2026 round ($200M at $11B) with Sequoia Capital and joined the Sep 2026 round, which raised $550M at $15.5B. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 19Baseten | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led the latest round. Among the leads of the Jun 2026 Series F, which raised $1.5B at $13B. That was 2.6x the $5B post-money of the Series E in Jan 2026. | Led the latest round. Among the leads of the Jun 2026 Series F ($1.5B at $13B) and the Feb 2025 Series C ($75M at $825M). Post-money rose about 16x between them. | No position | No position | No position | – |
| 20Moonshot AI | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 21Figure AI | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 22Mistral AI | Joined the latest round. Joined Mistral AI's Series D in Sep 2026: $3.58B raised at $24.4B post-money. The Series C a year earlier raised $2B at $13.8B. | No position | No position | No position | Joined the latest round. Joined the $3.58B Series D in Sep 2026, which valued Mistral AI at $24.4B post-money, up 77% from the $13.8B Series C a year earlier. | No position | No position | No position | No position | No position | No position | Joined the latest round. Joined the Sep 2026 Series D, which raised $3.58B at $24.4B. The valuation was up 77% from the $13.8B Series C a year earlier. | No position | Joined the latest round. Led Mistral AI's Jun 2024 Series B ($640M at $6.23B post-money) and joined the Sep 2026 Series D, which valued the company at $24.4B. | No position | No position | No position | No position | No position | No position | – |
| 23Erebor | No position | No position | No position | Joined the latest round. Joined Erebor's Dec 2025 funding round, led by Lux Capital: $350M raised at a $4.35B post-money valuation. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 24Kalshi | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 25Physical Intelligence | No position | Joined the latest round. Joined the Nov 2025 Series B, $600M at $5.6B post-money, led by CapitalG. That was about 2.3x the $2.4B set at the Nov 2024 Series A. | No position | No position | No position | Joined the latest round. Led Physical Intelligence's $70M Seed in Mar 2024 at $400M post-money and joined the Nov 2025 Series B at $5.6B. | No position | No position | No position | No position | No position | Joined the latest round. Joined Physical Intelligence's Nov 2025 Series B, which raised $600M against $400M at the Nov 2024 Series A, at a $5.6B post-money valuation. | No position | No position | Joined the latest round. Joined the Nov 2025 Series B: $600M raised, with post-money up from $2.4B at the Nov 2024 Series A to $5.6B. | No position | No position | No position | No position | No position | – |
| 26Applied Intuition | No position | No position | Led an earlier round, then left. Co-led the Nov 2021 Series D ($175M at $3.6B) with Addition and Elad Gil. It is not marked in the latest round, the Jun 2025 Series F at $15B. | No position | No position | No position | Led the latest round. Co-led the Jun 2025 Series F with BlackRock: $600M raised at $15B post-money, 2.5x the $6B of the Mar 2024 Series E. | Joined the latest round. Co-led the Series D (Nov 2021) and Series E (Mar 2024), then joined the Jun 2025 Series F. Post-money went from $3.6B to $6B to $15B. | No position | No position | No position | No position | No position | Joined the latest round. Co-led Applied Intuition's Oct 2020 Series C ($125M at $1.25B) and joined the Jun 2025 Series F, which valued it at $15B. | No position | No position | No position | No position | Joined the latest round. Joined Applied Intuition's Jun 2025 Series F, $600M raised at $15B post-money, up from $6B at the Mar 2024 Series E. | No position | 1 |
| 27OpenEvidence | Led the latest round. Led the Sep 2026 round: $250M at $15B post-money, up 25% from the $12B Series D in Jan 2026. The Jul 2025 Series B was at $3.5B. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 28ClickHouse | No position | No position | No position | No position | Joined the latest round. Joined ClickHouse's Jan 2026 Series D: $400M raised at $15B post-money, up from $6.35B at the May 2025 Series C. | No position | No position | No position | Joined the latest round. Joined ClickHouse's $400M Series D in Jan 2026, led by Dragoneer. Post-money was $15B, against $6.35B at the Series C in May 2025. | Led the latest round. Led the Jan 2026 Series D: $400M raised at $15B post-money, about 2.4x the $6.35B of the Khosla Ventures-led Series C in May 2025. | No position | Joined the latest round. Joined the $400M Series D in Jan 2026, led by Dragoneer, at a $15B post-money valuation. The May 2025 Series C was $350M at $6.35B. | No position | No position | Joined the latest round. Joined ClickHouse's Jan 2026 Series D, $400M at $15B. The Series C in May 2025 raised $350M at $6.35B. | No position | No position | No position | No position | No position | – |
| 29Perplexity | No position | No position | No position | No position | No position | No position | No position | Led an earlier round, then left. Led Perplexity's Series C in Apr 2024. Post-money has since gone from $9B in Dec 2024 to $14B in May 2025 and $20B in Sep 2025. | No position | No position | No position | No position | Led the latest round. Led the May 2025 round: $500M at $14B post-money, up from $9B in Dec 2024. Rounds in Jul and Sep 2025 put it at $18B and $20B. | No position | No position | No position | No position | No position | No position | No position | 1 |
| 30Polymarket | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led an earlier round, then left. Led Polymarket's Series A in May 2024. Post-money was $9B at the Oct 2025 Series D and $21B at the Aug 2026 round. | No position | No position | No position | No position | No position | No position | 1 |
| 31Canva | No position | No position | No position | Led an earlier round, then left. Led Canva's round in Jul 2014. Post-money rose from $6B in Jun 2020 to $40B in Sep 2021, the highest of the recent rounds listed. | No position | No position | No position | No position | No position | No position | No position | No position | No position | Backed earlier, then left. Backed Canva's Jun 2020 round, led by Blackbird Ventures and HongShan: $60M at $6B post-money. The Sep 2021 round valued Canva at $40B. | No position | No position | No position | No position | No position | No position | 2 |
| 32Kraken | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 33Notion | No position | Led the latest round. Co-led the $275M Series C in Oct 2021 with Coatue. It was the largest of the three rounds listed, after $50M in Apr 2020 and a $10M angel round in Jul 2019. | Led the latest round. Co-led the Oct 2021 Series C with Sequoia Capital, a $275M round, 5.5x the $50M round Index Ventures led in Apr 2020. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 34Deel | Joined the latest round. Joined Deel's Series E in Oct 2025: $300M at $17.3B post-money, up 44% from the $12B of the May 2022 Series D extension. | No position | Joined the latest round. Led Deel's Series D in Oct 2021 ($425M at $5.5B) and joined the Oct 2025 Series E at $17.3B. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Joined the latest round. Joined the Oct 2025 Series E, led by Ribbit Capital: $300M at $17.3B post-money, against $1.25B at the Apr 2021 Series C. | No position | No position | No position | No position | No position | No position | – |
| 35Ripple | No position | No position | No position | No position | Backed earlier, then left. Backed the Seed in Nov 2013 and is not marked in the latest round. Ripple's post-money went from $355M at the Sep 2016 Series B to $40B in the Nov 2025 strategic investment. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | 1 |
| 36Xiaohongshu | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 37VAST Data | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led an earlier round, then left. Led VAST Data's $83M Series D in May 2021 at $3.7B post-money. The Dec 2023 Series E, led by Fidelity Management & Research Company, was at $9.1B. | 1 |
| 38Plaid | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Joined the latest round. Joined Plaid's Apr 2025 round, led by Franklin Templeton: $575M at $6.1B post-money, 54% below the $13.4B of the Apr 2021 Series D. | No position | – |
| 39Whatnot | Joined the latest round. Joined Whatnot's Series G in Aug 2026: $545M at $20B post-money, up 74% from the $11.5B Series F in Oct 2025. | No position | No position | No position | Led the latest round. Co-led the $545M Series G in Aug 2026 with Avra and ICONIQ, at $20B post-money. The Oct 2025 Series F was $225M at $11.5B. | No position | Joined the latest round. Joined Whatnot's $545M Series G in Aug 2026. Post-money went from $3.7B at the Jul 2022 Series D to $20B across the four rounds listed. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led the latest round. Co-led Whatnot's Series G in Aug 2026: $545M at $20B post-money, about 2.4x the $225M raised at the Oct 2025 Series F. | No position | No position | – |
| 40Rippling | No position | Led an earlier round, then left | No position | No position | No position | No position | Led an earlier round, then left. Co-led Rippling's $250M Series D in May 2022 with Bedrock Capital, at $11.3B post-money. The May 2025 Series G was at $16.8B; Kleiner Perkins is not marked in it. | Joined the latest round. Joined Rippling's $450M Series G in May 2025 at $16.8B post-money, up 24% from the $13.5B Series F in Apr 2024. | Joined the latest round. Joined the May 2025 Series G: $450M raised at $16.8B post-money, against $11.3B at the Series D in May 2022. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | 2 |
| 41Vercel | No position | No position | No position | No position | No position | No position | No position | No position | Led the latest round. GIC co-led the $300M Series F with Accel in Sep 2025. The round came at $9.3B post-money, up from $3.25B at the Series E of May 2024, which Accel led. | No position | Backed earlier, then left. Greenoaks was in the Series D of Nov 2021, a $150M round at $2.5B post-money led by Notable Capital. It was not in the later Series E ($3.25B) or Series F ($9.3B). | No position | Led the latest round. Accel co-led the $300M Series F with GIC in Sep 2025, at $9.3B post-money. It also led the Series E in May 2024 at $3.25B, so the valuation rose about 2.9x between the two. | Joined the latest round. General Catalyst joined the Series F in Sep 2025 alongside lead investors Accel and GIC. The round came at $9.3B post-money, up $6.05B from the $3.25B Series E. | No position | No position | No position | No position | No position | Joined the latest round. Tiger Global joined the $300M Series F in Sep 2025, led by Accel and GIC, at $9.3B post-money. The raise was $50M above the $250M Series E of May 2024. | 1 |
| 42Cyera | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 43Trade Republic | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 44Lovable | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Joined the latest round. Accel joined the $400M Series C in Aug 2026 at $13.3B post-money. It led the $200M Series A in Jul 2025 at $1.8B, so the valuation rose about 7.4x between the two. | No position | No position | No position | No position | No position | No position | No position | – |
| 45Discord | No position | No position | Joined the latest round. Coatue joined Discord's $500M round in Sep 2021, led by Dragoneer, at $15B post-money. That was about 2.1x the $7B post-money of the Series H nine months earlier. | No position | No position | No position | No position | No position | No position | Led the latest round. Dragoneer led Discord's $500M round in Sep 2021 at $15B post-money. It was the largest raise of the four rounds listed; the three before it raised $150M, $100M and $100M. | No position | No position | Backed earlier, then left | No position | No position | No position | No position | No position | Joined the latest round. Fidelity Management & Research Company joined the Sep 2021 round led by Dragoneer. The $500M raise was five times the $100M Series H, at $15B post-money against $7B. | No position | 1 |
| 46Replit | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 47Lambda | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 48The Boring Company | Joined the latest round. Andreessen Horowitz joined the $3B Series D in Sep 2026 at $23B post-money. The raise was about 4.4x the $675M Series C of Apr 2022, which came at $5.67B. | Joined the latest round. Sequoia Capital joined the $3B Series D in Sep 2026 at $23B post-money. It co-led the $675M Series C in Apr 2022 with Vy Capital at $5.67B, so the valuation rose about 4.1x. | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 49Apptronik | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | – |
| 50Airwallex | No position | No position | No position | No position | No position | No position | No position | No position | No position | No position | Led an earlier round, then left. Greenoaks led the Series D extension in Mar 2021. It was not in the later rounds, from the Series E2 at $5.5B in Oct 2022 to the Series H at $11B in Jun 2026. | No position | No position | No position | Joined the latest round. T. Rowe Price joined the $320M Series H in Jun 2026, led by Addition. Post-money was $11B, up $3B or 37.5% from the $8B Series G of Dec 2025. | No position | No position | No position | No position | No position | 1 |
Led the latest roundJoined the latest roundLed an earlier round, then leftBacked earlier, then left
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