The frontier labs and large-model builders — text, multimodal, and domain foundation models.
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 | Anthropic | $1.0T as of 2026-Q3 | no mark | 2026-07-22 |
| 2 | OpenAI | $852B as of 2026-Q1 | no mark | 2026-03-31 |
| 3 | DeepSeek | $45B as of 2026-Q2 | no mark | 2026-05-06 |
| 4 | Safe Superintelligence | $32B as of 2025-Q2 | no mark | 2025-04-01 |
| 5 | Reflection AI | $25B as of 2026-03 | +46.9% | 2025-10 |
| 6 | Mercor | $20B as of 2026-07 | +4.6% | 2025-10-27 |
| 7 | Moonshot AI | $20B as of 2026-Q2 | no mark | 2026-05-07 |
| 8 | Fireworks AI | $18B as of 2026-Q3 | +109.0% | 2026-07-15 |
| 9 | Scale AI | $14B as of 2025-Q2 | -37.9% | 2025-06-12 |
| 10 | Skild AI | $14B as of 2026-Q1 | -2.3% | 2026-01-13 |
| 11 | Mistral AI | $14B as of 2025-Q3 | +22.8% | 2025-09-09 |
| 12 | Baseten | $13B as of 2026-06 | +517.8% | 2026-06-18 |
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.