Autonomous defense systems, drones, counter-UAS, and the software-defined battlefield.
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 | Enter | $190B as of 2026-08 | no mark | 2026-05-06 |
| 2 | Anduril Industries | $61B as of 2026-Q2 | +88.7% | 2026-05-13 |
| 3 | Vast | $30B as of 2026-04 | no mark | 2026-04-01 |
| 4 | Helsing | $18B as of 2026-Q3 | no mark | 2026-07-13 |
| 5 | Infinite Reality | $16B as of 2025-Q2 | no mark | 2025-10-15 |
| 6 | Applied Intuition | $15B as of 2025-Q2 | no mark | 2025-06-17 |
| 7 | Scale AI | $14B as of 2025-Q2 | -37.9% | 2025-06-12 |
| 8 | Shield AI | $13B as of 2026-Q1 | -1.5% | 2026-03-26 |
| 9 | Saronic | $9.3B as of 2026-Q1 | +15.3% | 2026-03-31 |
| 10 | Flock Safety | $8.4B as of 2026-04 | -34.3% | 2025-03-13 |
| 11 | Sierra Space | $8.0B as of 2026-Q1 | -7.3% | 2026-03-01 |
| 12 | Hadrian | $7.9B as of 2026-Q3 | +45.2% | 2026-08-06 |
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.