ML-native drug discovery, protein design, and computational biology platforms.
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 | Biosplice Therapeutics | $12B as of 2018-Q3 | at round · 8.1y | 2018-08-15 |
| 2 | Isomorphic Labs | $12B as of 2026-Q2 | at round · 4mo | 2026-05-12 |
| 3 | Lila Sciences | $8.5B as of 2026-06 | no mark yet | undated |
| 4 | PsiQuantum | $5.7B as of 2025-Q3 | -20.7% | 2025-09-09 |
| 5 | SandboxAQ | $5.6B as of 2026 | +24.1% | 2025-04-03 |
| 6 | Sword Health | $4.5B as of 2025-Q2 | -61.1% | 2025-06-17 |
| 7 | Chai Discovery | $3.8B as of 2026-07 | -29.1% | 2026-07-14 |
| 8 | Insitro | $2.4B as of 2021-Q1 | -29.3% | 2021-03-19 |
| 9 | Generate Biomedicines | $2.2B as of 2026-02 | no mark yet | undated |
| 10 | ArsenalBio | $1.9B as of 2024-Q3 | -16.1% | 2024-09-04 |
| 11 | Formation Bio | $1.7B as of 2024 | -68.1% | undated |
| 12 | Valo Health | $1.4B as of 2022-Q4 | at round · 3.9y | 2022-10-28 |
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.