Core banking, BaaS, brokerage rails, and capital-markets plumbing.
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 | Ripple | $19B as of 2025-Q4 | no mark | 2025-11-04 |
| 2 | Clear Street | $12B as of 2026-Q1 | +27.9% | 2026-01-20 |
| 3 | Fireblocks | $8.0B as of 2022-Q1 | -67.4% | 2022-01-01 |
| 4 | iCapital Network | $7.5B as of 2025-Q3 | -29.9% | 2025-07-10 |
| 5 | Column | $6.0B as of 2025-Q3 | no mark | 2025-06-01 |
| 6 | Starling Bank | $5.4B as of 2025-Q3 | no mark | 2025-09-01 |
| 7 | Erebor | $4.3B as of 2025-Q4 | no mark | 2025-12-22 |
| 8 | DriveWealth | $3.7B as of 2021-Q4 | -67.8% | 2021-10-03 |
| 9 | Cross River Bank | $3.0B as of 2022 (Series D, likely stale) | -25.1% | 2022-03-30 |
| 10 | Anchorage Digital | $3.0B as of 2021-Q4 | no mark | 2021-12-15 |
| 11 | Thought Machine | $2.1B as of 2022-Q2 | no mark | 2022-05-18 |
| 12 | Lead Bank | $1.5B as of 2025-Q3 | no mark | 2025-09-01 |
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.