Industry-specific operating systems — construction, legal, healthcare ops, field services.
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 | Enter | $190B as of 2026-08 | no mark | 2026-05-06 |
| 2 | Harvey | $11B as of 2026-Q1 | +9.7% | 2026-02-01 |
| 3 | Legora | $10B as of 2026-08 | no mark | 2026-03-24 |
| 4 | Gusto | $9.3B as of 2025-Q2 | -39.5% | 2025-06-01 |
| 5 | Icertis | $5.0B as of 2025-Q1 | -24.3% | 2025-03-18 |
| 6 | Clio | $5.0B as of 2026-08 | no mark | 2025-11-09 |
| 7 | Checkr | $4.6B as of 2021-Q4 | -86.9% | 2021-10-01 |
| 8 | Entrata | $4.3B as of 2025-Q2 | no mark | 2025-05-15 |
| 9 | Relativity ODA | $3.6B as of 2021-Q1 | no mark | 2021-03-18 |
| 10 | Celestia | $3.5B as of 2024-Q3 | no mark | 2024-09-23 |
| 11 | Ironclad | $3.2B as of 2022-Q1 | -46.9% | 2022-01-25 |
| 12 | Everlaw | $2.1B as of 2021-Q4 | -6.8% | 2021-10-22 |
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.