Real-estate marketplaces, financing, and built-world software.
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 | Bilt | $11B as of 2025-Q3 | no mark | 2025-07-10 |
| 2 | QuintoAndar | $5.1B as of 2021-Q3 | no mark | 2021-08-18 |
| 3 | Boxabl | $3.5B as of 2026-07 | no mark | 2022-07-17 |
| 4 | Infra.Market | $2.6B as of 2021-Q4 | no mark | 2021-12-28 |
| 5 | Flow (Miami) | $2.5B as of 2025-Q2 | no mark | 2025-04-24 |
| 6 | Side | $2.5B as of 2021-Q2 | -19.9% | 2021-06-28 |
| 7 | Qualia | $2.5B as of 2021-Q2 | -47.1% | 2021-04-01 |
| 8 | Sundae | $2.5B as of 2026-06 | no mark | 2026-06-01 |
| 9 | Roofstock | $1.9B as of 2022-Q1 | -86.7% | 2022-03-08 |
| 10 | VTS | $1.7B as of 2022-Q3 | -78.7% | 2022-08-24 |
| 11 | HomeLight | $1.7B as of 2024-Q3 | -56.5% | 2024-08-24 |
| 12 | SnapDocs | $1.5B as of 2021-Q4 | no mark | 2021-11-30 |
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.