Chip design, fabrication tooling, photonics, and advanced packaging.
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 | Bitmain | $15B as of 2018-Q3 | +34.6% | 2018-08-06 |
| 2 | DeepX | $7.7B as of 2020-Q3 | no mark | 2020-07-31 |
| 3 | Groq | $6.4B as of 2025-Q3 | +9.0% | 2025-09-16 |
| 4 | PsiQuantum | $5.7B as of 2025-Q3 | -20.7% | 2025-09-09 |
| 5 | Lumilens | $5.5B as of 2026-08-07 | no mark | 2026-08-07 |
| 6 | Source Foundry | $5.0B as of 2026-08 | no mark | 2026-08 |
| 7 | Unconventional AI | $4.5B as of 2025-Q4 | no mark | 2025-12-13 |
| 8 | Ricursive Intelligence | $4.0B as of 2026-Q1 | no mark | 2026-01-26 |
| 9 | Ayar Labs | $3.8B as of 2026-03 | +53.1% | 2026-03-01 |
| 10 | SiFive | $3.6B as of 2026-Q2 | no mark | 2026-04-09 |
| 11 | OLIX | $3.3B as of 2026-08 | no mark | 2026-08 |
| 12 | Lightmatter | $3.0B as of 2024-Q4 | +9.3% | 2024-10-15 |
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.