The rails: acquiring, issuing, cross-border, and embedded payments 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 | Stripe | $159B as of 2026-02 | +16.6% | 2026-02-24 |
| 2 | Ant Group | $150B as of 2026-Q2 | no mark | 2026-06-21 |
| 3 | Checkout.com | $40B as of 2025-10 | no mark | 2025-10-01 |
| 4 | JD Digits | $19B as of 2018-Q4 | no mark | 2018-12-12 |
| 5 | Ripple | $19B as of 2025-Q4 | no mark | 2025-11-04 |
| 6 | Airwallex | $11B as of 2026-Q2 | no mark | 2026-06-01 |
| 7 | Bilt | $11B as of 2025-Q3 | no mark | 2025-07-10 |
| 8 | PhonePe | $11B as of 2026-03 | no mark | 2022-03-24 |
| 9 | Teya (SaltPay) | $9.3B as of 2021-Q2 | no mark | 2021-04-08 |
| 10 | SumUp | $8.5B as of 2024-Q2 | -5.7% | 2024-05-22 |
| 11 | Tipalti | $8.3B as of 2026-Q2 | no mark | 2026-06-21 |
| 12 | Razorpay | $7.5B as of 2021-Q4 | -2.3% | 2021-12-19 |
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.