| 1 | Anthropic | Research | San Francisco, United States | $965.0B |
| 2 | Potentially AI PLC | Infrastructure | London, United Kingdom | $965.0B |
| 3 | OpenAI | Research | San Francisco, United States | $840.0B |
| 4 | Empower AI | Infrastructure | Washington, United States | $157.0B |
| 5 | Databricks | Infrastructure | San Francisco, United States | $134.0B |
| 6 | xAI | Research | Palo Alto, United States | $80.0B |
| 7 | CoreWeave | Infrastructure | Livingston, United States | $68.1B |
| 8 | Cerebras Systems | Infrastructure | Sunnyvale, United States | $66.0B |
| 9 | DeepSeek | Research | China | $50.0B |
| 10 | iFlytek | Products | Hefei, China | $46.9B |
| 11 | Anysphere | Infrastructure | San Francisco, United States | $30.0B |
| 12 | Scale AI | Infrastructure | San Francisco, United States | $29.0B |
| 13 | Cognition | Infrastructure | San Francisco, United States | $26.0B |
| 14 | Perplexity AI | Applications | San Francisco, United States | $20.0B |
| 15 | Kling AI | Infrastructure | San Francisco, United States | $18.0B |
| 16 | Sierra | Applications | San Francisco, United States | $15.0B |
| 17 | Skild AI | Infrastructure | San Francisco Bay Area, United States | $14.0B |
| 18 | Helsing | Applications | Munich, Germany | $14.0B |
| 19 | Mistral AI | Research | Paris, France | $13.8B |
| 20 | Grammarly | Applications | San Francisco, United States | $13.0B |
| 21 | Aurora | Applications | Pittsburgh, United States | $12.2B |
| 22 | Harvey | Infrastructure | San Francisco, United States | $11.0B |
| 23 | ElevenLabs | Products | London, United Kingdom | $11.0B |
| 24 | SenseTime | Products | Hong Kong, China | $10.6B |
| 25 | Crusoe | Infrastructure | Denver, United States | $10.0B |
| 26 | Luxonis | Infrastructure | Boulder, United States | $9.5B |
| 27 | Alaffia Health | Infrastructure | New York, United States | $8.1B |
| 28 | Higharc | Infrastructure | San Francisco, United States | $8.1B |
| 29 | Reflection | Infrastructure | United States | $8.0B |
| 30 | Reflection AI | Infrastructure | United States | $8.0B |
| 31 | Glean | Applications | Palo Alto, United States | $7.2B |
| 32 | NEURA Robotics | Infrastructure | Germany | $7.0B |
| 33 | Groq | Hardware | Mountain View, United States | $6.9B |
| 34 | Cohere | Products | Toronto, Canada | $6.8B |
| 35 | AIM Intelligence | Infrastructure | South Korea | $6.7B |
| 36 | Lovable | Infrastructure | Stockholm, Sweden | $6.6B |
| 37 | io Products | Hardware | San Francisco, United States | $6.5B |
| 38 | Nuro | Applications | Mountain View, United States | $6.0B |
| 39 | Abridge | Infrastructure | Pittsburgh, United States | $5.3B |
| 40 | SambaNova Systems | Infrastructure | Palo Alto, United States | $5.1B |
| 41 | Ineffable Intelligence | Infrastructure | London, United Kingdom | $5.1B |
| 42 | Etched | Infrastructure | San Francisco, United States | $5.0B |
| 43 | Jet.AI | Infrastructure | Las Vegas, United States | $4.9B |
| 44 | Intersect | Infrastructure | San Francisco, United States | $4.8B |
| 45 | Hugging Face | Infrastructure | New York, United States | $4.5B |
| 46 | Humans& | Infrastructure | San Francisco, United States | $4.5B |
| 47 | Fourth Paradigm | Infrastructure | Beijing, China | $4.2B |
| 48 | Fireworks AI | Infrastructure | Redwood City, United States | $4.0B |
| 49 | Luma AI | Products | San Francisco, United States | $4.0B |
| 50 | Megvii | Products | Beijing, China | $4.0B |
| 51 | Inflection AI | Applications | Palo Alto, United States | $4.0B |
| 52 | AMI Labs | Infrastructure | Paris, France | $3.5B |
| 53 | LinqAlpha | Infrastructure | Singapore, Singapore | $3.4B |
| 54 | Together AI | Infrastructure | San Francisco, United States | $3.3B |
| 55 | Baidu Kunlunxin | Infrastructure | Beijing, China | $3.0B |
| 56 | Replit | Applications | San Francisco, United States | $3.0B |
| 57 | Poolside | Applications | Paris, France | $3.0B |
| 58 | Runway | Products | New York, United States | $3.0B |
| 59 | MiniMax | Products | Shanghai, China | $3.0B |
| 60 | Horizon Robotics | Infrastructure | Beijing, China | $3.0B |
| 61 | Zhipu AI | Research | Beijing, China | $3.0B |
| 62 | Parloa | Infrastructure | Berlin, Germany | $3.0B |
| 63 | Kunlunxin Technology | Infrastructure | Beijing, China | $3.0B |
| 64 | Kunlunxin (Beijing) Technology Co., Ltd. | Infrastructure | Beijing, China | $3.0B |
| 65 | Sherpa.ai | Infrastructure | Bilbao, Spain | $2.9B |
| 66 | Graphcore | Hardware | Bristol, United Kingdom | $2.8B |
| 67 | SynapX | Infrastructure | San Francisco, USA | $2.8B |
| 68 | Shield AI | Applications | San Diego, United States | $2.7B |
| 69 | Shanghai Biren Technology Co. | Infrastructure | Shanghai, China | $2.7B |
| 70 | Sakana AI | Research | Tokyo, Japan | $2.6B |
| 71 | Uniphore | Infrastructure | Palo Alto, United States | $2.5B |
| 72 | Moonshot AI | Products | Beijing, China | $2.5B |
| 73 | Flourish | Infrastructure | New York, United States | $2.5B |
| 74 | Suno | Infrastructure | San Francisco, United States | $2.5B |
| 75 | Volta | Infrastructure | San Francisco, United States | $2.4B |
| 76 | Baseten | Infrastructure | San Francisco, California, United States | $2.2B |
| 77 | BigBear.ai | Infrastructure | Columbia, Maryland, United States | $2.2B |
| 78 | Synthesia | Products | London, United Kingdom | $2.1B |
| 79 | AGIBOT | Infrastructure | Shanghai, China | $2.1B |
| 80 | d-Matrix | Infrastructure | Santa Clara, California, United States | $2.0B |
| 81 | Factorial | Infrastructure | Barcelona, Spain | $2.0B |
| 82 | Miles Wang AI drug discovery startup (unnamed) | Infrastructure | San Francisco, United States | $2.0B |
| 83 | PixVerse | Infrastructure | San Francisco, United States | $2.0B |
| 84 | Stepfun | Research | Shanghai, China | $2.0B |
| 85 | Dremio | Infrastructure | Santa Clara, United States | $2.0B |
| 86 | DeepL | Applications | Cologne, Germany | $2.0B |
| 87 | Writer | Applications | San Francisco, California, United States | $1.9B |
| 88 | C3 AI | Applications | Redwood City, California, United States | $1.9B |
| 89 | Tripo AI | Infrastructure | San Francisco, United States | $1.8B |
| 90 | Coralogix | Infrastructure | Tel Aviv, Israel | $1.6B |
| 91 | Cresta | Applications | San Francisco, California, United States | $1.6B |
| 92 | Multiverse Computing | Infrastructure | San Sebastián, Spain | $1.6B |
| 93 | TensorWave | Infrastructure | San Francisco, United States | $1.6B |
| 94 | Anthropic enterprise services JV | Infrastructure | New York, United States | $1.5B |
| 95 | Jasper | Applications | San Francisco, United States | $1.5B |
| 96 | AI21 Labs | Products | Tel Aviv, Israel | $1.4B |
| 97 | Higgsfield | Infrastructure | Unknown, Unknown | $1.3B |
| 98 | Chai Discovery | Infrastructure | San Francisco, United States | $1.3B |
| 99 | LangChain | Infrastructure | San Francisco, United States | $1.3B |
| 100 | Weights & Biases | Infrastructure | San Francisco, California, United States | $1.3B |