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Investing Platform · 2026 edition

The Late Stage 50

The fifty largest late-stage private companies, ranked only on disclosed revenue.

Wholesale investors only on Investing Platform · every figure carries its source · as of 17 October 2026

US$376bncombined disclosed revenue
+40%median growth where disclosed
4live on Investing Platform

Anthropic

AI research · San Francisco

Run-rate · Jul 2026
US$65bn
Growth
—
not disclosed
Valuation
US$965bn
Series H post-money · May 20262Anthropic
Revenue source
reported

*Jul 2026, Bloomberg. Reported figure, attributed in the source. Historical, not an offer.

OpenAI

AI research · San Francisco

Live on Investing Platform
Run-rate · Oct 2026
US$50bn
Growth
—
not disclosed
Valuation
US$852bn
post-money, funding round closed 31 Mar 2026 · Mar 20264OpenAI
Revenue source
reported

*Oct 2026, Bloomberg. Reported figure, attributed in the source. Historical, not an offer.

The ranking

Fifty companies. One number each.

Rank order is disclosed annualised revenue in US dollars, largest first. Open a row for the source behind it; sort by growth to see who is moving fastest.

  1. ByteDanceInternet platforms (TikTok, Douyin, Toutiao) and AI · Beijing
    Full profile
    Revenue
    US$200bn Sep 2026 · reported
    Wall Street Journal, citing people familiar with the matter · reported, attributed in the source1Wall Street Journal · 16 Sept 2026
    Growth
    +29%
    as reported by Wall Street Journal1Wall Street Journal · 16 Sept 2026
    Clarity Price
    $333.18 per share
    6M return +16.75%6Clarity (formerly Hiive)
    Last round · Clarity
    Late Stage (October 2018): $75B post-money, $3B raised
    Company
    Founded 2012 · Beijing, China
  2. AnthropicAI research · San Francisco
    Full profile

    Anthropic is an AI safety and research company that builds AI systems it describes as reliable, interpretable and steerable.

    Revenue
    US$65bn Run-rate · Jul 2026
    Bloomberg · reported, attributed in the source3Bloomberg · 18 Aug 2026
    Growth
    —
    not shown: the Aug 2025 prior figure was a floor ('over $5 billion'), so a computed rate would overstate or understate.
    Valuation
    US$965bn
    Series H post-money · May 2026 · as reported, not part of the ranking2Anthropic
    Last round · Forge
    Series H-1 (05/28/2026): $589.01 per share, $965B post-money valuation, $41.29B raised
    Clarity Price
    $1,049.27 per share
    Clarity Liquidity Index (C50) member, rank 12 of 509Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series H (May 2026): $965B post-money, $589.00 per share, $65B raised
    IA40 2026
    Enabler · #1
    on the list 4× (2023–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2021 · San Francisco, United States
  3. OpenAIAI research · San Francisco
    Full profile

    OpenAI is an AI research and deployment company whose stated mission is to ensure artificial general intelligence benefits all of humanity.

    Revenue
    US$50bn Run-rate · Oct 2026
    Bloomberg, citing the Financial Times · reported, attributed in the source5Bloomberg · 8 Oct 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$852bn
    post-money, funding round closed 31 Mar 2026 · Mar 2026 · as reported, not part of the ranking4OpenAI
    Last round · Forge
    Series C (03/31/2026): $687.69 per share, $852B post-money valuation, $122B raised
    Clarity Price
    $833.82 per share
    Clarity Liquidity Index (C50) member, rank 6 of 5013Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Tender Offer (August 2026): $852B post-money, $7B raised
    IA40 2026
    Enabler · #4
    on the list 4× (2023–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2015 · San Francisco, United States
  4. DatabricksData and AI platform · San Francisco
    Full profile

    Databricks offers a unified platform for data, analytics and AI, and describes itself as the data and AI company.

    Revenue
    US$7.0bn Run-rate · Aug 2026
    Databricks · as stated15Databricks · 13 Aug 2026
    Growth
    +80%
    as stated by the company15Databricks · 13 Aug 2026
    Valuation
    US$190bn
    $5B strategic funding round closed · Aug 2026 · as reported, not part of the ranking15Databricks
    Forge Price
    $268.50 per share
    Forge Private Market Index constituent · weight 2.22%16Forge Global · 17 Oct 2026
    Forge valuation
    $201.64B
    implied from the Forge Price16Forge Global · 17 Oct 2026
    Last round · Forge
    Series L-2 (08/13/2026): $253.00 per share, $190B post-money valuation, $5B raised
    Clarity Price
    $288.56 per share
    Clarity Liquidity Index (C50) member, rank 11 of 5017Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Strategic (July 2026): $190B post-money, $5B raised
    IA40 2026
    Enabler · #3
    on the list 6× (2021–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2013 · San Francisco, United States
  5. StripePayments / financial infrastructure · San Francisco and Dublin
    Full profile

    Stripe builds programmable financial infrastructure for businesses.

    Revenue
    US$6.8bn FY2025 · reported
    The Information, citing a person familiar with Stripe's financial figures · reported, attributed in the source19The Information · 22 July 2026
    Growth
    +33%
    as reported by The Information19The Information · 22 July 2026
    Valuation
    US$159bn
    employee tender offer · Feb 2026 · as reported, not part of the ranking20Stripe
    Forge Price
    $72.45 per share
    Forge Private Market Index constituent · weight 3.26%21Forge Global · 17 Oct 2026
    Forge valuation
    $184.4B
    implied from the Forge Price21Forge Global · 17 Oct 2026
    Last round · Forge
    Tender Offer 3 (02/24/2026): $62.47 per share, $159B post-money valuation
    Clarity Price
    $70.28 per share
    Clarity Liquidity Index (C50) member, rank 24 of 5022Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Tender Offer (February 2026): $159B post-money, $63.00 per share
    Company
    Founded 2010 · San Francisco and Dublin, United States / Ireland
  6. RevolutDigital banking / fintech · London
    Full profile

    Revolut is a UK-founded digital financial services group offering banking, cards, FX, wealth and business accounts to 68.3 million retail customers.

    Revenue
    US$6.0bn FY2025 · reported
    Revolut · as stated24Revolut · 24 Mar 2026
    Growth
    +46%
    as stated by the company24Revolut · 24 Mar 2026
    Valuation
    US$75bn
    implied valuation in secondary share sale · 2025 (per FY2025 annual report) · as reported, not part of the ranking25Revolut annual report
    Forge Price
    $2,125.00 per share
    Forge valuation
    $121.16B
    implied from the Forge Price26Forge Global · 17 Oct 2026
    Last round · Forge
    Secondary Transaction Round 2 (07/22/2026): $2,017.00 per share, $115B post-money valuation
    Company
    Founded 2015 · London, United Kingdom

    Converted from £4.5 billion (press release: $6.0bn) at the RBA rate on 16 Oct 2026 (1 GBP = US$1.3303). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  7. CanvaDesign software · Sydney
    Full profile

    Canva is an online design and publishing tool for creating social posts, presentations, posters, videos and logos.

    Revenue
    US$3.5bn Run-rate · Dec 2025
    Canva · as stated28Canva · 15 Dec 2025
    Growth
    —
    Not computed. SaaStr headline claims 35% ARR growth (Tier 4, not used).
    Valuation
    US$42bn
    share sale (per TechCrunch) · 2025 · as reported, not part of the ranking29TechCrunch
    Last round · Forge
    Series A-5 (06/22/2020): $252.99 per share, $6B post-money valuation, $60M raised
    Clarity Price
    $1,300.00 per share
    Last round · Clarity
    Tender Offer (August 2025): $42B post-money
    Company
    Founded 2013 · Sydney, Australia
  8. BoltMobility platform (ride-hailing, delivery, micromobility) · Tallinn
    Full profile

    Bolt is a mobility platform offering ride-hailing, scooter and e-bike rentals, car-sharing and food delivery in over 50 countries.

    Revenue
    US$3.4bn Run-rate · Dec 2025
    Bolt · as stated33Bolt · 15 Dec 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Last round · Forge
    Last known valuation $8.4B (1/10/2022)
    Clarity Price
    $108.92 per share
    Last round · Clarity
    Series F (January 2022): $7.4B post-money, $711M raised
    Company
    Founded 2013 · Tallinn, Estonia

    Converted from 3 billion EUR at the RBA rate on 16 Oct 2026 (1 EUR = US$1.1228). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  9. MonzoDigital banking · London
    Full profile

    Monzo is a UK digital bank with a smartphone app, offering current accounts, savings Pots and related products.

    Revenue
    US$2.3bn FY2026 · reported
    Monzo · as stated36Monzo · 19 May 2026
    Growth
    +39%
    as stated by the company36Monzo · 19 May 2026
    Last round · Forge
    Last known valuation $5.9B (10/11/2024)
    Clarity Price
    $15.00 per share
    Last round · Clarity
    Tender Offer (October 2024): $5.9B post-money
    Company
    Founded 2015 · London, United Kingdom

    Converted from 1.7bn GBP at the RBA rate on 16 Oct 2026 (1 GBP = US$1.3303). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  10. Cityblock HealthValue-based primary, behavioural and social care for Medicaid / Medicare populations · New York (Brooklyn)
    Full profile

    Provides primary care, behavioural care and social services to Medicaid and Medicare (including dually eligible) members under a value-based model.

    Revenue
    US$2.2bn+ Run-rate · Aug 2026
    Cityblock Health · as stated40Cityblock Health · 20 Aug 2026
    Growth
    +77%
    as stated by the company40Cityblock Health · 20 Aug 2026
    Company
    Founded 2017 · New York (Brooklyn), United States
  11. Anduril IndustriesDefence technology · Costa Mesa
    Full profile

    Anduril is a defence products company that builds autonomy, AI, computer vision, sensor fusion and networking technology for military customers.

    Revenue
    US$2.2bn+ FY2025 · reported
    Anduril Industries · as stated42Anduril Industries · 13 May 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Forge Price
    $140.00 per share
    Forge Private Market Index constituent · weight 2.21%43Forge Global · 17 Oct 2026
    Forge valuation
    $123.86B
    implied from the Forge Price43Forge Global · 17 Oct 2026
    Last round · Forge
    Series H (05/13/2026): $68.95 per share, $61B post-money valuation, $5B raised
    Clarity Price
    $143.42 per share
    6M return +139.03%44Clarity (formerly Hiive)
    Last round · Clarity
    Series H (May 2026): $61B post-money, $5B raised
    IA40 2026
    Late · #2
    on the list 4× (2021–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2017 · Costa Mesa, United States
  12. Kraken (Payward)Digital asset exchange / trading infrastructure
    Full profile

    Payward is the parent company of the Kraken crypto exchange, NinjaTrader, Breakout and the xStocks tokenised-equities platform.

    Revenue
    US$2.2bn FY2025 · reported
    Payward / Kraken · as stated46Payward / Kraken · 3 Feb 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
  13. RampSpend management fintech · New York
    Full profile

    Ramp is a spend management platform combining corporate cards, travel, expenses and accounts payable to automate finance operations.

    Revenue
    US$2.0bn+ Run-rate · Oct 2026
    PR Newswire · as stated47PR Newswire · 15 Oct 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$60bn
    $1.85bn primary round led by Dragoneer · Oct 2026 · as reported, not part of the ranking47PR Newswire
    Forge Price
    $160.00 per share
    Forge Private Market Index constituent · weight 2.83%48Forge Global · 17 Oct 2026
    Forge valuation
    $60B
    implied from the Forge Price48Forge Global · 17 Oct 2026
    Last round · Forge
    Series F-1 (10/09/2026): $160.00 per share, $60B post-money valuation, $1.85B raised
    Clarity Price
    $158.48 per share
    Last round · Clarity
    Series F (June 2026): $44B post-money, $120.00 per share, $750M raised
    IA40 2026
    Late · #3
    first appearance, 202610IA40 · 19 Oct 2026
    Company
    Founded 2019 · New York, United States
  14. KalshiPrediction market / CFTC-regulated event-contract exchange · New York
    Full profile

    CFTC-regulated exchange where people trade on the outcome of future events (event contracts).

    Revenue
    US$2.0bn+ Run-rate · Jun 2026
    The Block, citing The Information · reported, attributed in the source51The Block · 15 June 2026
    Growth
    —
    not shown: the later 'about $4bn' (CoinDesk, Aug 2026) names no source in its revenue sentence, so the attributed June figure is used and no rate is computed.
    Valuation
    US$22bn
    Series F post-money, $1bn round led by Coatue · May 2026 · as reported, not part of the ranking52Kalshi News
    Forge Price
    $970.53 per share
    Forge Accuidity Private Market Index constituent · weight 2.67%53Forge Global · 17 Oct 2026
    Forge valuation
    $36.4B
    implied from the Forge Price53Forge Global · 17 Oct 2026
    Last round · Forge
    Series G (09/17/2026): $1,066.38 per share, $40B post-money valuation, $1.1B raised
    Clarity Price
    $965.67 per share
    Clarity Liquidity Index (C50) member, rank 14 of 5054Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series G (August 2026): $40B post-money, $1,066.38 per share, $1.1B raised
    Company
    Founded 2018 · New York, United States
  15. DeelHR and payroll software
    Full profile

    Deel is an all-in-one HR platform for global teams, covering hiring, payroll and compliance across 150+ countries.

    Revenue
    US$1.5bn+ ARR · Aug 2026
    Deel · as stated56Deel · 4 Aug 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$17.3bn
    Series E primary ($300m) · Oct 2025 · as reported, not part of the ranking57Deel
    Forge Price
    $32.49 per share
    Forge Accuidity Private Market Index constituent · weight 1.17%58Forge Global · 17 Oct 2026
    Forge valuation
    $14.44B
    implied from the Forge Price58Forge Global · 17 Oct 2026
    Last round · Forge
    Series E (10/16/2025): $38.92 per share, $17.3B post-money valuation, $300M raised
    Clarity Price
    $31.74 per share
    Last round · Clarity
    Series E (October 2025): $17.3B post-money, $38.91 per share, $300M raised
    Company
    Founded 2019
  16. AirwallexPayments and fintech · San Francisco
    Full profile

    Airwallex is a global payments and financial platform offering business accounts, payment acceptance, billing, corporate cards and spend management.

    Revenue
    US$1.3bn Run-rate · Mar 2026
    Airwallex · as stated61Airwallex · 25 June 2026
    Growth
    +74%
    as stated by the company61Airwallex · 25 June 2026
    Valuation
    US$11bn
    Series H primary ($320m) · June 2026 · as reported, not part of the ranking61Airwallex
    Last round · Forge
    Last known valuation $11B (6/25/2026)
    Clarity Price
    $24.55 per share
    Last round · Clarity
    Series H (June 2026): $11B post-money, $320M raised
    Company
    Founded 2015 · San Francisco, United States
  17. VintedOnline marketplace · Vilnius
    Full profile

    Vinted is a C2C second-hand marketplace where members buy and sell clothing and other items.

    Revenue
    US$1.2bn FY2025 · reported
    Vinted · as stated64Vinted · 9 Apr 2026
    Growth
    +38%
    as stated by the company64Vinted · 9 Apr 2026
    Company
    Founded 2008 · Vilnius, Lithuania

    Converted from 1.1 billion EUR at the RBA rate on 16 Oct 2026 (1 EUR = US$1.1228). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  18. Higgsfield AIGenerative media software · San Francisco
    Full profile

    Higgsfield is an AI creative studio for generating and editing images, video and voice content from text prompts or references.

    Revenue
    US$1.0bn+ Run-rate · Sep 2026
    Higgsfield · as stated66Higgsfield · 29 Sept 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$5.4bn
    Series B $400M led by DST Global · Aug 2026 · as reported, not part of the ranking67PR Newswire
    Last round · Forge
    Series BB (10/02/2026): $330.25 per share, $9.39B post-money valuation, $450M raised
    Clarity Price
    $264.08 per share
    Last round · Clarity
    Series B (August 2026): $5.4B post-money, $197.29 per share, $400M raised
    Company
    Founded 2023 · San Francisco, United States
  19. CognitionAI software engineering · San Francisco
    Full profile

    Cognition operates Devin, an autonomous AI software engineer that plans, writes, tests and ships code inside existing workflows.

    Revenue
    US$1.0bn Run-rate · Sept 2026
    Cognition · as stated71Cognition · 25 Sept 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$48bn
    Series E, over $2B raised · Sept 2026 · as reported, not part of the ranking72Cognition
    Last round · Forge
    Series I (10/05/2026): $125.93 per share, $28.73B post-money valuation, $20.21M raised
    Clarity Price
    $265.08 per share
    6M return +345.14%74Clarity (formerly Hiive)
    Last round · Clarity
    Series E (September 2026): $48B post-money, $212.31 per share, $2B raised
    IA40 2026
    Late · #6
    first appearance, 202610IA40 · 19 Oct 2026
    Company
    Founded 2024 · San Francisco, United States
  20. Moonshot AIFrontier AI lab: open-weight Kimi models, chatbot and API · Beijing
    Full profile

    Seeking the optimal conversion from energy to intelligence

    Revenue
    US$1.0bn+ ARR · Aug 2026
    Bloomberg, citing people familiar with the matter · reported, attributed in the source76Bloomberg · 11 Sept 2026
    Growth
    —
    not shown: the prior figure is two months earlier, not a year.
    Valuation
    US$50bn
    · as reported, not part of the ranking77Bloomberg · 6 Oct 2026
    Company
    Founded 2023 · Beijing, China
  21. Fireworks AIAI inference platform
    Full profile

    Fireworks provides a training and inference platform that turns open models into specialized models for customers.

    Revenue
    US$1.0bn+ Run-rate · Jul 2026
    Fireworks AI · as stated79Fireworks AI · 15 July 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$17.5bn
    Series D $1.505B · July 2026 · as reported, not part of the ranking79Fireworks AI
    Last round · Forge
    Series D (07/15/2026): $61.65 per share, $15.54B post-money valuation, $1.51B raised
    Clarity Price
    $133.41 per share
    6M return +141.25%81Clarity (formerly Hiive)
    Last round · Clarity
    Series D (July 2026): $17.5B post-money, $61.65 per share, $1.5B raised
    IA40 2026
    Enabler · #12
    first appearance, 202610IA40 · 19 Oct 2026
  22. PolymarketPrediction market · New York City
    Full profile

    A prediction market where users bet on future events across various topics.

    Revenue
    US$1.0bn+ Run-rate · Jun 2026
    Reuters · reported, attributed in the source82Reuters · 26 June 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$20bn
    reported talks (>USD 20bn, Bloomberg, citing people familiar) · Aug 2026 · as reported, not part of the ranking83Bloomberg
    Forge Price
    $133.04 per share
    Forge Private Market Index constituent · weight 1.84%84Forge Global · 17 Oct 2026
    Forge valuation
    $13.65B
    implied from the Forge Price84Forge Global · 17 Oct 2026
    Last round · Forge
    Series E (03/26/2026): $144.08 per share, $15B post-money valuation, $1B raised
    Clarity Price
    $127.86 per share
    Clarity Liquidity Index (C50) member, rank 4 of 5085Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series E (April 2026): $15B post-money, $144.07 per share, $1B raised
    Company
    Founded 2020 · New York City, United States
  23. GustoPayroll / HR for small business · San Francisco
    Full profile

    Gusto provides payroll, benefits, HR and compliance software to more than 500,000 small businesses.

    Revenue
    US$1.0bn+ Run-rate · May 2026
    PR Newswire · as stated87PR Newswire · 7 May 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Last round · Forge
    Series E (01/27/2023): $30.40 per share, $9.68B post-money valuation, $364.64M raised
    Clarity Price
    $16.97 per share
    Last round · Clarity
    Tender Offer (June 2025): $9.3B post-money, $200M raised
    Company
    San Francisco, United States
  24. Trade RepublicRetail brokerage / neobank (full-service bank) · Berlin
    Full profile

    Trade Republic is a full-service bank offering savings plans, share and ETF trading, bonds, derivatives and crypto.

    Revenue
    US$847m FY2024/25 · reported
    Handelsblatt, citing the FY2024/25 annual report that it saw exclusively · reported, attributed in the source90Handelsblatt · 12 Oct 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Company
    Founded 2015 · Berlin, Germany

    Converted from EUR 754 million revenue (Umsatz), financial year 2024/25 EUR at the RBA rate on 16 Oct 2026 (1 EUR = US$1.1228). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  25. RoktEcommerce advertising technology · New York
    Full profile

    Ecommerce technology company placing relevant offers at the transaction moment.

    Revenue
    US$834m Jan 2026 · reported
    Australian Financial Review, citing Barrenjoey fund investor summary · reported, attributed in the source92Australian Financial Review · 29 Mar 2026
    Growth
    +40%
    as reported by Australian Financial Review92Australian Financial Review · 29 Mar 2026
    Valuation
    US$3.5bn
    Secondary transaction valuation, company timeline (currency USD as shown) · 2025 · as reported, not part of the ranking93Rokt
    Last round · Forge
    Last known valuation $1.95B (12/16/2021)
    Clarity Price
    $22.00 per share
    Last round · Clarity
    Secondary (January 2025): $3.5B post-money, $335M raised
    Company
    Founded 2012 · New York, US
  26. PerplexityAI answer engine / search · San Francisco
    Full profile

    Perplexity is an AI answer engine that researches the open web in real time and returns cited answers.

    Revenue
    US$750m+ ARR · Aug 2026
    Reuters, citing The Information · reported, attributed in the source96Reuters · 24 Aug 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Forge Price
    $60.00 per share
    Forge Private Market Index constituent · weight 1.41%97Forge Global · 17 Oct 2026
    Forge valuation
    $17.71B
    implied from the Forge Price97Forge Global · 17 Oct 2026
    Last round · Forge
    Series E-6 (09/26/2025): $69.54 per share, $20.53B post-money valuation, $525M raised
    Clarity Price
    $78.99 per share
    Clarity Liquidity Index (C50) member, rank 7 of 5098Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series E-X (September 2025): $20B post-money, $69.54 per share, $200M raised
    Company
    Founded 2022 · San Francisco, United States
  27. TaniumEndpoint management and security software · Emeryville
    Full profile

    Autonomous IT: real-time endpoint intelligence and control for IT and security teams.

    Revenue
    US$700m+ ARR · Sep 2025
    Tanium · as stated100Tanium · 18 Sept 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Company
    Founded 2007 · Emeryville, United States
  28. MercuryBusiness banking fintech
    Full profile

    Mercury is a fintech company offering business banking through partner banks (Choice Financial Group and Column N.A.), aimed at startups and entrepreneurs.

    Revenue
    US$650m Run-rate · Sep 2025
    Mercury · as stated102Mercury · 20 May 2026
    Growth
    —
    Not computed: comparable bases differ (annualized Q3 2025 vs 2024 annual). Company-stated: customers +50% YoY by end-2025.
    Valuation
    US$5.2bn
    Series D primary ($200m, TCV led) · May 2026 · as reported, not part of the ranking102Mercury
    Forge Price
    $17.37 per share
    Forge Private Market Index constituent · weight 1.96%103Forge Global · 17 Oct 2026
    Forge valuation
    $5.1B
    implied from the Forge Price103Forge Global · 17 Oct 2026
    Last round · Forge
    Series D (05/20/2026): $17.72 per share, $5.2B post-money valuation, $200M raised
    Clarity Price
    $14.78 per share
    Clarity Liquidity Index (C50) member, rank 48 of 50104Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series D (May 2026): $5.2B post-money, $17.72 per share, $200M raised
    Company
    Founded 2017
  29. LovableAI software creation platform ('vibe coding') · Stockholm
    Full profile

    Lovable lets users build software and web products by describing them in plain language.

    Revenue
    US$600m+ Run-rate · Sep 2026
    TechCrunch · as stated106TechCrunch · 24 Sept 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$13.3bn
    Series C $400M · Aug 2026 · as reported, not part of the ranking107Lovable
    IA40 2026
    Late · #10
    on the list 2× (2025–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2023 · Stockholm, Sweden
  30. PlaidFinancial data connectivity / fintech infrastructure · San Francisco
    Full profile

    Global data network that powers financial apps and tools, including payments, lending and fraud prevention.

    Revenue
    US$500m+ ARR · May 2026
    Fortune · reported, attributed in the source109Fortune · 12 May 2026
    Growth
    +40%
    as stated by the company109Fortune · 12 May 2026
    Valuation
    US$8.0bn
    funding round per Bloomberg headline (secondary/tender per tier 4 snippets, unconfirmed) · Feb 2026 · as reported, not part of the ranking110Bloomberg
    Last round · Forge
    Series D (08/17/2021): $582.15 per share, $13.4B post-money valuation, $449.99M raised
    Clarity Price
    $179.08 per share
    Last round · Clarity
    Tender Offer (February 2026): $8B post-money
    Company
    Founded 2012 · San Francisco, United States
  31. FaireWholesale marketplace (independent retailers and brands) · San Francisco
    Full profile

    Wholesale platform connecting independent retailers and brands.

    Revenue
    US$500m+ Run-rate · Nov 2025
    Faire · as stated114Faire · 17 Nov 2025
    Growth
    +40%
    as stated by the company114Faire · 17 Nov 2025
    Company
    Founded 2017 · San Francisco, United States
  32. VercelDeveloper cloud / agentic infrastructure · San Francisco
    Full profile

    Vercel provides cloud infrastructure for building and deploying apps and AI agents, and is the team behind Next.js and the AI SDK.

    Revenue
    US$500m+ Run-rate · Jul 2026
    Business Wire · as stated116Business Wire · 6 Aug 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$9.3bn
    Series F · Sept 2025 · as reported, not part of the ranking117Vercel
    Forge Price
    $224.99 per share
    Forge Accuidity Private Market Index constituent · weight 0.85%118Forge Global · 17 Oct 2026
    Forge valuation
    $10.42B
    implied from the Forge Price118Forge Global · 17 Oct 2026
    Last round · Forge
    Series F (09/30/2025): $200.85 per share, $9.3B post-money valuation, $300M raised
    Clarity Price
    $239.64 per share
    Last round · Clarity
    Series F (September 2025): $9.3B post-money, $200.85 per share, $300M raised
    IA40 2026
    Enabler · #11
    on the list 4× (2023–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2015 · San Francisco, United States
  33. ElevenLabsVoice AI · New York
    Full profile

    ElevenLabs is an AI research and product company offering voice and chat agents, creative audio tools and developer APIs for speech.

    Revenue
    US$500m+ ARR · May 2026
    ElevenLabs · as stated121ElevenLabs · 5 May 2026
    Growth
    —
    not computed: the prior figure is four months earlier, not a year, and both are floors.
    Valuation
    US$22bn
    employee tender offer ($300M) · Sept 2026 · as reported, not part of the ranking122ElevenLabs
    Last round · Forge
    Series D-1 (02/04/2026): $54.18 per share, $11B post-money valuation, $467.47M raised
    Clarity Price
    $74.82 per share
    Last round · Clarity
    Series D-2 (June 2026): $11B post-money, $42.14 per share, $11M raised
    IA40 2026
    Late · #1
    on the list 4× (2023–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2022 · New York, United States
  34. VAST DataData infrastructure · New York (press-release dateline; described as remote-first)
    Full profile

    VAST Data is building the AI Operating System, a data platform unifying storage, database and compute for AI and data-intensive workloads.

    Revenue
    US$500m+ ARR · Apr 2026
    VAST Data · as stated126VAST Data · 22 Apr 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$30bn
    Series F (primary + secondary, ~$1B total) · Apr 2026 · as reported, not part of the ranking126VAST Data
    Last round · Forge
    Last known valuation $30B (3/9/2026)
    Company
    Founded 2016 · New York (press-release dateline; described as remote-first), USA
  35. NotionWorkspace / productivity software · San Francisco
    Full profile

    Capture context, find answers, and automate tasks with AI built for your team.

    Revenue
    US$500m Run-rate · Sep 2025
    CNBC · as stated129CNBC · 18 Sept 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Last round · Forge
    Series Seed-6 (10/12/2021): $56.34 per share, $10B post-money valuation, $275M raised
    Clarity Price
    $27.00 per share
    Last round · Clarity
    Tender Offer (December 2025): $11B post-money, $270M raised
    Company
    Founded 2013 · San Francisco, United States
  36. HarveyLegal and professional-services AI software · San Francisco
    Full profile

    AI software for legal and professional services.

    Revenue
    US$400m+ ARR · Sep 2026
    LawSites · as stated133LawSites · 9 Sept 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$15.5bn
    funding round $550M · Sept 2026 · as reported, not part of the ranking134Harvey
    Last round · Forge
    Series H (09/09/2026): $41.86 per share, $15.5B post-money valuation, $550M raised
    Clarity Price
    $41.28 per share
    Clarity Liquidity Index (C50) member, rank 27 of 50136Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series H-X (September 2026): $15.6B post-money, $41.85 per share, $50M raised
    Company
    Founded 2022 · San Francisco, United States
  37. Mistral AIGenerative AI: open-weight models and enterprise AI platform · Paris
    Full profile

    Our mission is to make frontier AI open to all, and together solve the world's hardest problems.

    Revenue
    US$400m+ Run-rate · Jan 2026
    CNBC · reported, attributed in the source138CNBC · 19 May 2026
    Growth
    —
    not shown: the January 2026 figure is a floor ('exceeding $400 million'), so any rate against the $20 million of a year earlier would itself be a floor.
    Last round · Forge
    Last known valuation $24B (9/8/2026)
    Clarity Price
    $92.04 per share
    6M return +157.82%140Clarity (formerly Hiive)
    Last round · Clarity
    Series D (September 2026): $24.4B post-money, $3.6B raised
    Company
    Founded 2023 · Paris, France
  38. 1PasswordCybersecurity software · Toronto
    Full profile

    1Password provides password management and access security for people and AI agents, from teams to enterprises.

    Revenue
    US$400m ARR · Nov 2025
    1Password · as stated1421Password · 6 Nov 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Last round · Forge
    Last known valuation $6.8B (1/19/2022)
    Clarity Price
    $4.00 per share
    Last round · Clarity
    Secondary (September 2025): $6.8B post-money, $100M raised
    Company
    Founded 2005 · Toronto, Canada
  39. GleanEnterprise AI software · San Francisco
    Full profile

    Glean is an enterprise AI platform connected to a company's data, used to find information, create content and automate work.

    Revenue
    US$300m+ ARR · May 2026
    Glean · as stated146Glean · 28 May 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$7.2bn
    Series F valuation (release title) · as reported, not part of the ranking147Glean
    Forge Price
    $44.00 per share
    Forge Private Market Index constituent · weight 1.26%148Forge Global · 17 Oct 2026
    Forge valuation
    $6.46B
    implied from the Forge Price148Forge Global · 17 Oct 2026
    Last round · Forge
    Series F (06/10/2025): $49.02 per share, $7.2B post-money valuation, $150M raised
    Clarity Price
    $41.68 per share
    Clarity Liquidity Index (C50) member, rank 40 of 50149Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series F (June 2025): $7.2B post-money, $49.02 per share, $150M raised
    Company
    Founded 2019 · San Francisco, United States
  40. VantaCompliance software · San Francisco
    Full profile

    Vanta is a trust management platform that automates security and compliance work such as SOC 2, HIPAA, ISO 27001, PCI and GDPR certification.

    Revenue
    US$300m ARR · Apr 2026
    Vanta · as stated151Vanta · 29 Apr 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$4.2bn
    Series D · July 2025 · as reported, not part of the ranking152Vanta
    Last round · Forge
    Series D (07/23/2025): $18.23 per share, $4.15B post-money valuation, $150M raised
    Clarity Price
    $12.00 per share
    Last round · Clarity
    Series D (July 2025): $4.2B post-money, $150M raised
    Company
    Founded 2018 · San Francisco, United States
  41. Shield AIDefence technology: autonomy software (Hivemind) and V-BAT aircraft · San Diego
    Full profile

    Our mission is to protect service members and civilians with intelligent systems.

    Revenue
    US$300m Dec 2025 · reported
    Fortune · reported, attributed in the source156Fortune · 21 Dec 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$12.7bn
    Series G post-money ($1.5bn Series G plus $500m preferred equity) · Mar 2026 · as reported, not part of the ranking157Shield AI
    Forge Price
    $172.04 per share
    Forge Private Market Index constituent · weight 3.24%158Forge Global · 17 Oct 2026
    Forge valuation
    $13.77B
    implied from the Forge Price158Forge Global · 17 Oct 2026
    Last round · Forge
    Series G (03/26/2026): $153.68 per share, $12.7B post-money valuation, $1.5B raised
    Clarity Price
    $191.99 per share
    Clarity Liquidity Index (C50) member, rank 8 of 50159Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series G (March 2026): $12.7B post-money, $153.68 per share, $1.5B raised
    Company
    Founded 2015 · San Diego, United States
  42. ClickHouseAnalytics database · San Francisco
    Full profile

    ClickHouse is an open-source column-oriented database management system for real-time analytical queries in SQL, also offered as ClickHouse Cloud.

    Revenue
    US$250m+ Run-rate · May 2026
    ClickHouse · as stated161ClickHouse · 27 May 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$15bn
    Series D $400M led by Dragoneer · Jan 2026 · as reported, not part of the ranking162TechCrunch
    Last round · Forge
    Series D (01/16/2026): $159.59 per share, $15B post-money valuation, $400M raised
    Clarity Price
    $290.00 per share
    Last round · Clarity
    Series D (January 2026): $15B post-money, $159.58 per share, $400M raised
    IA40 2026
    Enabler · #7
    on the list 2× (2025–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2021 · San Francisco, United States
  43. CohereEnterprise generative AI (foundation models, North and Compass platforms) · Toronto
    Full profile

    Cohere builds foundational models and AI solutions that help teams turn everyday effort into extraordinary impact.

    Revenue
    US$240m ARR · Feb 2026
    TechCrunch, citing CNBC's report of a Cohere investor memo · reported, attributed in the source166TechCrunch · 14 Feb 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$6.8bn
    funding round (Aug 2025, $500M) · Aug 2025 · as reported, not part of the ranking167Cohere
    Last round · Forge
    Last known valuation $7B (9/24/2025)
    Clarity Price
    $307.33 per share
    Last round · Clarity
    Series D-X (September 2025): $7B post-money, $100M raised
    Company
    Founded 2019 · Toronto, Canada
  44. Employment HeroHR and payroll software · Sydney
    Full profile

    Employment Hero offers recruitment, HR, payroll and benefits software for small and medium businesses.

    Revenue
    US$208m ARR · Oct 2025
    Employment Hero · as stated171Employment Hero · 7 Oct 2025
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Company
    Founded 2014 · Sydney, Australia

    Converted from A$300 million at the RBA rate on 16 Oct 2026 (1 AUD = US$0.6947). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  45. RunwayAI video generation and world models · New York City
    Full profile
    Revenue
    US$200m ARR · Sep 2026
    PYMNTS · as stated173PYMNTS · 8 Sept 2026
    Growth
    —
    not shown: 'doubled since April' covers five months, not a year.
    Company
    Founded 2018 · New York City, United States
  46. SierraAI customer service agents
    Full profile

    Sierra helps businesses build customer experiences with AI agents.

    Revenue
    US$150m+ ARR · Feb 2026
    Sierra · as stated175Sierra · 6 Feb 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Last round · Forge
    Series E (05/04/2026): $81.52 per share, $15.8B post-money valuation, $800M raised
    Clarity Price
    $95.07 per share
    Last round · Clarity
    Series E (May 2026): $15.8B post-money, $81.51 per share, $950M raised
    IA40 2026
    Late · #4
    first appearance, 202610IA40 · 19 Oct 2026
  47. ReplitAI agent platform for creating software ("vibe coding") · Foster City
    Full profile

    Replit is the AI platform that helps you turn your ideas into real outcomes.

    Revenue
    US$150m Run-rate · Sep 2025
    PR Newswire · as stated178PR Newswire · 10 Sept 2025
    Growth
    —
    not shown: the two company figures are less than a year apart, so no year-on-year rate exists.
    Valuation
    US$9.0bn
    · as reported, not part of the ranking179Replit · 11 Mar 2026
    Forge Price
    $259.43 per share
    Forge Accuidity Private Market Index constituent · weight 0.86%180Forge Global · 17 Oct 2026
    Forge valuation
    $9.4B
    implied from the Forge Price180Forge Global · 17 Oct 2026
    Last round · Forge
    Series D (03/11/2026): $248.26 per share, $9B post-money valuation, $400M raised
    Clarity Price
    $240.25 per share
    Clarity Liquidity Index (C50) member, rank 26 of 50181Clarity (formerly Hiive) · 17 Oct 2026
    Last round · Clarity
    Series D (March 2026): $9B post-money, $248.26 per share, $400M raised
    Company
    Founded 2016 · Foster City, United States
  48. Mitti (formerly SafetyCulture)Workplace operations software (inspections, safety, training) with an insurance line · Sydney
    Full profile

    Mitti (formerly SafetyCulture) provides an operations app for frontline teams, covering inspections, training, incident reporting and asset management.

    Revenue
    US$137m FY2025 · reported
    Forbes · reported, attributed in the source183Forbes · 11 Aug 2026
    Growth
    +23%
    computed from the two figures shown, twelve months apart184Australian Financial Review · 29 Oct 2024
    Company
    Founded 2004 · Sydney, Australia

    Converted from A$197 million revenue, FY2025 (with a A$49 million loss) at the RBA rate on 16 Oct 2026 (1 AUD = US$0.6947). 27Reserve Bank of Australia, exchange rates · 16 Oct 2026

  49. Skild AIRobotics AI
    Full profile

    Skild AI is building general-purpose robotic intelligence, a model intended to run across different robots.

    Revenue
    US$100m ARR · Sep 2026
    Skild AI · as stated186Skild AI · 10 Sept 2026
    Growth
    —
    no comparable year-on-year figure: rates over periods shorter than a year, or built on floors or approximations, are not shown
    Valuation
    US$14bn
    Series C ('over $14bn') · Jan 2026 · as reported, not part of the ranking187Skild AI
    Forge Price
    $76.22 per share
    Forge Accuidity Private Market Index constituent · weight 1.50%188Forge Global · 17 Oct 2026
    Forge valuation
    $16.43B
    implied from the Forge Price188Forge Global · 17 Oct 2026
    Last round · Forge
    Series C (01/14/2026): $64.95 per share, $14B post-money valuation, $694.07M raised
    Clarity Price
    $74.11 per share
    Last round · Clarity
    Series C (January 2026): $14B post-money, $64.95 per share, $1.4B raised
    Company
    Founded 2023
  50. OpenEvidenceMedical AI: clinical-evidence search and decision support for doctors (ad-supported) · Miami
    Full profile

    Our mission is to help doctors save lives and improve patient care.

    Revenue
    US$100m+ Run-rate · Jan 2026
    CNBC · as stated191CNBC · 21 Jan 2026
    Growth
    —
    not shown: the prior figure is five to six months earlier, not a year.
    Valuation
    US$15bn
    · as reported, not part of the ranking192Forbes · 30 Sept 2026
    IA40 2026
    Late · #5
    on the list 2× (2025–2026)10IA40 · 19 Oct 2026
    Company
    Founded 2022 · Miami, United States

Reading the list

stated
From the company itself or a regulator.
reported
From named financial press, with the source described.
+
A figure the company gave as a floor.

Why a company is where it is

One number ranks the list. Everything else is context.

01

Who qualifies

Private, operating, venture- or growth-backed, founded after 2000, with a revenue figure that meets the sourcing standard inside the last 15 months.

02

Rank order

Annualised revenue in US dollars, largest first. Full-year reported revenue, or run-rate where that is what the company discloses — the row says which.

03

Growth

Year on year against the comparable figure, or as stated by the company. Never estimated: with no prior figure the row shows a dash. A 20% floor applies where growth is known.

04

Sources

Company statements and regulatory filings are shown plain. Named financial press is admitted but marked “reported”. Aggregators, wikis and estimates are never used.

05

What is ignored

Valuation, funding, investors, profitability, headcount and sector play no part in the order. They appear on profiles as context only.

Read the full methodology

Investing Platform

Late-stage access for wholesale investors.

Some of the companies on this list are available to wholesale investors through Investing Platform. The list itself is a reference, not an offer.

See late stage on Investing Platform