Retail brokerages, wealth platforms, and alternative-asset access for individuals.
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 | Public | $190B as of 2026-08 | no mark | 2021-02-22 |
| 2 | OpenSea | $13B as of 2021-Q4 | no mark | 2022-01-04 |
| 3 | Kraken | $11B as of 2025-Q4 | -49.4% | 2025-11-17 |
| 4 | FalconX | $8.0B as of 2022-Q2 | -86.1% | 2022-06-21 |
| 5 | Zerodha | $8.0B as of 2026-Q1 | no mark | undated |
| 6 | iCapital Network | $7.5B as of 2025-Q3 | -29.9% | 2025-07-10 |
| 7 | Wealthsimple | $7.1B as of 2025-Q4 | no mark | 2025-10-27 |
| 8 | Trade Republic | $5.3B as of 2022-Q2 | no mark | 2022-06-03 |
| 9 | Binance.US | $4.5B as of 2022-Q2 | -79.8% | 2022-04-06 |
| 10 | Immutable | $3.5B as of 2022-Q1 | -71.0% | 2022-03-07 |
| 11 | Upstox | $3.4B as of 2021-Q4 | no mark | 2021-11-25 |
| 12 | Amber Group | $3.0B as of 2022-Q1 | no mark | 2022-02-21 |
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.