Cloud, identity, application, and AI-era security 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 | NinjaOne | $12B as of 2026-06 | no mark | 2026-06-01 |
| 2 | Cyera | $12B as of 2026-06 | +11.1% | 2026-01-08 |
| 3 | Tanium | $9.0B as of 2021-Q2 | -65.6% | 2021-06-15 |
| 4 | Snyk | $7.4B as of 2024-Q3 | -56.4% | 2024-12-01 |
| 5 | SandboxAQ | $5.1B as of 2025-Q2 | +24.1% | 2025-04-03 |
| 6 | Abnormal AI | $5.1B as of 2024-Q3 | no mark | 2024-08-13 |
| 7 | Coalition | $5.0B as of 2022-Q3 | -9.8% | 2022-07-08 |
| 8 | Verkada | $4.9B as of 2025-Q4 | +37.6% | 2025-12-02 |
| 9 | Cato Networks | $4.8B as of 2025-Q2 | no mark | 2025-06-30 |
| 10 | Island | $4.8B as of 2025-Q1 | no mark | 2025-03-26 |
| 11 | SonarSource | $4.7B as of 2022-Q2 | no mark | 2022-04-26 |
| 12 | OneTrust | $4.5B as of 2025-11 | no mark | 2023-07-23 |
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.