Autonomous agents, copilots, and the orchestration layers letting software do multi-step work.
Components that cannot be computed are dropped and the weights renormalize — never faked to neutral.
Undisclosed amounts count as zero capital; deals still count.
| # | Company | Valuation | Secondary vs Round | Last Round |
|---|---|---|---|---|
| 1 | Enter | $190B as of 2026-08 | no mark | 2026-05-06 |
| 2 | Public | $190B as of 2026-08 | no mark | 2021-02-22 |
| 3 | Reflection AI | $25B as of 2026-03 | +46.9% | 2025-10 |
| 4 | Sierra | $15B as of 2026-Q2 | -19.9% | 2026-05-12 |
| 5 | Grammarly | $13B as of 2025 (unchanged from 2021) | no mark | 2026-04-06 |
| 6 | Celonis | $13B as of 2022-Q3 | no mark | 2022-08-22 |
| 7 | OpenEvidence | $12B as of 2026-Q1 | -6.8% | 2026-01-21 |
| 8 | ElevenLabs | $11B as of 2026-02 | +52.8% | 2026-02-01 |
| 9 | SambaNova | $11B as of 2026-Q3 | no mark | 2026-07-08 |
| 10 | Harvey | $11B as of 2026-Q1 | +9.7% | 2026-02-01 |
| 11 | Airwallex | $11B as of 2026-Q2 | no mark | 2026-06-01 |
| 12 | NEAR | $10B as of 2022-Q2 | no mark | 2022-04-06 |
Methodology. Emerging Spaces groups the tracked private-company roster into curated thematic spaces and scores each space's momentum 0–100 from four disclosed-data components: trailing-90-day capital vs the prior 90 days (40%), deal-count acceleration on the same windows (25%), news activity per tracked company over 30 days (20%), and the median secondary-market premium to last round across the space's marked names (15%). Components that cannot be computed are dropped and the weights renormalize — the basis is disclosed per space. Quarterly trends derive from dated, disclosed rounds; undisclosed amounts count as zero capital. An attention map of disclosed activity — not a prediction, not investment advice.