Databases, lakehouses, streaming, and the data platforms underneath the AI wave.
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 | Databricks | $190B as of 2026-08 | +22.4% | 2026-02-12 |
| 2 | VAST Data | $30B as of 2026-Q2 | no mark | 2026-04-22 |
| 3 | ClickHouse | $15B as of 2026-01 | +37.4% | 2025-10-01 |
| 4 | Notion | $11B as of 2026-Q1 | -50.5% | 2026-01-28 |
| 5 | Supabase | $10B as of 2026-06 | +101.5% | 2026-06-01 |
| 6 | Lambda | $9.4B as of 2025-Q4 | +26.1% | 2025-11-17 |
| 7 | Vercel | $9.3B as of 2025-09 | -9.3% | 2025-09-01 |
| 8 | Replit | $9.0B as of 2026-03 | -2.2% | 2023-04-25 |
| 9 | Glean | $7.2B as of 2025-Q2 | -7.2% | 2025-06-09 |
| 10 | Plaid | $6.1B as of 2025-Q2 | -69.1% | 2025-04-22 |
| 11 | Cockroach Labs | $5.4B as of 2021-Q4 | -70.8% | 2021-12-15 |
| 12 | 6Sense | $5.2B as of 2022-Q1 | no mark | 2022-01-17 |
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.