Code generation, AI pair programmers, and autonomous software-engineering agents.
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 | Cognition | $40B as of 2026-08 | +9.4% | 2025-09-08 |
| 2 | Lovable | $13B as of 2026-08 | +188.8% | 2026-08-01 |
| 3 | Snyk | $7.4B as of 2024-Q3 | -56.4% | 2024-12-01 |
| 4 | Axiom Math | $1.6B as of 2026-Q1 | no mark | 2026-02-01 |
| 5 | Factory | $1.5B as of 2026-Q2 | no mark | 2026-04-16 |
| 6 | Magic | $1.5B as of 2024-Q3 | -27.9% | 2024-08-29 |
| 7 | Blitzy | $1.4B as of 2026-Q2 | no mark | 2026-05-15 |
| 8 | Augment Code | $977M as of 2024 | no mark | undated |
| 9 | Bolt.new | $700M as of 2025-Q1 | no mark | 2025-01-16 |
| 10 | Cline | $110M as of 2025-Q3 | no mark | 2025-07-31 |
| 11 | Greptile | $100M as of 2024-Q3 | no mark | 2025-01-01 |
| 12 | Warp | undisclosed | no mark | undated |
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.