Creator monetization, social commerce, and next-gen retail 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 | Xiaohongshu | $31B as of 2025-Q3 | no mark | 2025-09-01 |
| 2 | Epic Games | $23B as of 2024-Q1 | no mark | 2024-02-07 |
| 3 | Whatnot | $20B as of 2026-08 | -0.4% | 2025-10-28 |
| 4 | Firework | $18B as of 2026-07 | no mark | 2022-04-26 |
| 5 | Discord | $15B as of 2021-Q3 | -22.6% | 2021-09-29 |
| 6 | Xingsheng Selected | $12B as of 2021-Q3 | no mark | 2021-07-16 |
| 7 | Patreon | $4.0B as of 2025-Q3 | -83.0% | 2025-09-01 |
| 8 | StockX | $3.8B as of 2021-Q2 | -60.6% | 2021-04-07 |
| 9 | Kajabi | $2.0B as of 2021-Q2 | no mark | 2021-05-04 |
| 10 | Prove | $2.0B as of 2026-08 | no mark | 2024-11-12 |
| 11 | Udaan | $1.8B as of 2025-Q2 | no mark | 2025-06-02 |
| 12 | Whop | $1.6B as of 2026-Q1 | +51.6% | 2026-02-01 |
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.