NVIDIA
Makes the GPUs nearly every frontier model is trained on, plus the CUDA software they run on. The world's largest company by market cap.
Private AI companies ranked by their latest funding-round valuation, with the Big Tech giants listed separately so the numbers compare like for like.
Figures last checked . See what changed.
Ranked by the post-money valuation from each company's most recent funding round or investment. Estimates are marked. Select a company for details.
Showing 15 companies
| Category | Relative size | Source round | |||
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| 1 | $965B | Series H, May 2026 | |||
Safety-focused lab behind the Claude family of models, used heavily for coding, agents and enterprise work. Its $65B Series H in May 2026 valued it at $965B, overtaking OpenAI on private valuation for the first time. Run-rate revenue passed $47B in May 2026. Visit anthropic.com
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| 2 | $852B | $122B round, Mar 2026 | |||
Maker of ChatGPT, still the most widely used consumer AI product. Closed a record $122B round at $852B in March 2026, co-led by SoftBank. In late September 2026 it was reported to be seeking new funding at around $1.4T; that round is unconfirmed, so the ranking uses the March figure. Visit openai.com
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| 3 | $190B | 2026 round | |||
Data and AI platform from the creators of Apache Spark. Enterprises use it to store, govern and build AI on their own data without moving it outside their security perimeter. Visit databricks.com
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| 4 | $126B | $16B round, Feb 2026 | |||
The leading driverless ride-hailing service, running fully autonomous paid trips in several US cities. Majority owned by Alphabet but raises outside capital, so it has its own valuation. Visit waymo.com
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| 5 | ~$50Best. | Outside estimate | |||
Chinese lab whose low-cost open-weight models, R1 and V3, jolted AI stocks in January 2025. Funded by the hedge fund High-Flyer rather than outside rounds, so its value is an estimate. Visit deepseek.com
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| 6 | $48B | Latest round | |||
Builder of Devin, an autonomous software engineering agent, and owner of the Windsurf code editor since 2025. One of the clearest bets on agents that do real work rather than suggest it. Visit cognition.ai
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| 7 | $32B | $2.5B round, Jun 2026 | |||
AI search that answers questions directly and cites its sources inline, positioned as the main AI-native challenger to Google Search. Visit perplexity.ai
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| 8 | $32B | Latest round | |||
Research lab co-founded by former OpenAI chief scientist Ilya Sutskever with a single stated goal: safe superintelligence. It has no public product or API. Visit ssi.inc
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| 9 | $29B | Meta investment, 2025 | |||
Supplies human-labelled training data, evaluation and red-teaming for AI developers and governments. Meta took a 49% stake in 2025 and founder Alexandr Wang moved to Meta, after which several rival labs reduced their work with Scale. Visit scale.com
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| 10 | $22B | 2026 round | |||
Text-to-speech, voice cloning and dubbing used by publishers, game studios and app developers. Widely regarded as the quality leader in synthetic voice, with a large London presence. Visit elevenlabs.io
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| 11 | €11.7B≈ $13.6B | Series C | |||
Europe's leading frontier lab, known for efficient open-weight models and the Le Chat assistant. Popular with European enterprises and governments that want models they can host themselves. Visit mistral.ai
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| 12 | ~$5B | Latest round | |||
Builds models for search, retrieval and agents that companies can run in their own cloud or on-premise, which suits banks, insurers and governments that cannot send data out. Visit cohere.com
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| 13 | ~$4.5B | Series D, 2023 | |||
The shared home for open AI models and datasets, and maker of the Transformers library. Nearly every open-weight model is published there first. Visit huggingface.co
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| 14 | ~$1.5B | Latest round | |||
Video generation and editing tools used by film studios, agencies and independent creators to make footage from text, images or existing clips. Visit runwayml.com
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| 15 | ~$1.25B | Latest round | |||
Cloud platform for running and fine-tuning open-weight models through a single API, used by developers who want open models without managing their own GPUs. Visit together.ai
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Bars use a square-root scale so smaller companies stay visible. Striped bars are estimates. xAI is not listed: it merged with SpaceX in February 2026.
These companies' market caps cover their whole business, not only AI, so they are shown separately and not added to the totals above. Market caps as of .
Makes the GPUs nearly every frontier model is trained on, plus the CUDA software they run on. The world's largest company by market cap.
Home of Google DeepMind (Gemini, AlphaFold), based in London, and majority owner of Waymo.
Copilot across Windows, Microsoft 365 and GitHub, AI on Azure, and a major shareholder in OpenAI.
Llama open-weight models and the Meta AI assistant across Facebook, Instagram and WhatsApp. Owns 49% of Scale AI.
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Among private AI companies, Anthropic, after raising $65 billion at a $965 billion valuation in May 2026, ahead of OpenAI at $852 billion. Counting public companies, NVIDIA is larger, at roughly $5.65 trillion in early October 2026.
On their latest completed rounds, yes: $965 billion (May 2026) against $852 billion (March 2026). OpenAI was reported in late September to be seeking new funding at a higher valuation, which hasn't been confirmed.
Their market caps cover whole businesses, not just AI, so ranking them against private AI labs wouldn't be like for like. They're shown separately and not added to the combined total.
xAI merged with SpaceX in February 2026, so it no longer has a standalone valuation.
We review every figure at least monthly and after any major funding round. Each company shows which round its figure comes from.