Freight platforms, warehouse systems, and supply-chain intelligence.
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 | Shein | $50B as of 2025-Q3 | no mark | 2023-05-15 |
| 2 | Figure | $40B as of 2025-Q3 | no mark | 2025-09-01 |
| 3 | Vinted | $8.8B as of 2025-Q4 | no mark | 2025-11-17 |
| 4 | Gopuff | $8.5B as of 2025-Q4 | no mark | 2025-11-13 |
| 5 | Zepto | $7.0B as of 2025-Q4 | no mark | 2025-10-16 |
| 6 | Zipline | $6.9B as of 2026-Q1 | no mark | 2026-03-22 |
| 7 | RELEX | $5.7B as of 2022-Q1 | no mark | 2022-02-16 |
| 8 | Rappi | $5.3B as of 2023-Q4 | -65.8% | 2021-07-16 |
| 9 | Apptronik | $5.0B as of 2026-Q1 | +16.4% | 2026-02-11 |
| 10 | GrubMarket | $4.5B as of 2025-Q4 | no mark | 2025-10-15 |
| 11 | Flexport | $3.8B as of 2024 | no mark | 2024-01-26 |
| 12 | Chainguard | $3.5B as of 2025-Q4 | -54.3% | 2025-10-01 |
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.