The compute layer: AI chips, inference platforms, GPU clouds, and model-serving infrastructure.
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 | Anthropic | $1.0T as of 2026-Q3 | no mark | 2026-07-22 |
| 2 | Crusoe Energy Systems | $30B as of 2026-03 | +101.8% | 2025-10-23 |
| 3 | VAST Data | $30B as of 2026-Q2 | no mark | 2026-04-22 |
| 4 | Fluidstack | $18B as of 2026-04 | +88.8% | 2024-12-01 |
| 5 | Fireworks AI | $18B as of 2026-Q3 | +109.0% | 2026-07-15 |
| 6 | Bitmain | $15B as of 2018-Q3 | +34.6% | 2018-08-06 |
| 7 | Nscale | $15B as of 2026-03 | no mark | 2025-06-01 |
| 8 | Scale AI | $14B as of 2025-Q2 | -37.9% | 2025-06-12 |
| 9 | Baseten | $13B as of 2026-06 | +517.8% | 2026-06-18 |
| 10 | SambaNova | $11B as of 2026-Q3 | no mark | 2026-07-08 |
| 11 | Switch | $11B as of 2022-Q4 | no mark | 2022-12-06 |
| 12 | Firmus Technologies | $11B as of 2026-08-07 | no mark | 2026-08-07 |
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.