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    [OC] World's most valuable privately owned companies
    Data

    [OC] World’s most valuable privately owned companies


    Data source: Multiples.vc, data as of 24th November 2025. Additional sources: Bloomberg, Crunchbase, company press releases

    Graphics: made with Flourish + PowerPoint, logos looked up online

    Posted by alex-medellin

    View 36 Comments

    36 Comments

    2. Mehlhunter on

      I am german and I am confused. I’d thought aldi or the schwarz group would be part of that list.

    3. RocketMoped on

      DJI valuation seems crazy low. They have an insane moat on drones, and are currently entering new markets (vacuum robots, electric bicycles, etc.).

    8. T-REX-BVTT-S3X on

      Lol give it some time for Wallstreet and the tech bros to run out of powder.

      2026 will be a big year! .. for a recession

    9. ImLaunchpadMcQuack on

      And the CEOs of these companies will tell you that trans people and immigrants are causing our problems not insane wealth inequality.

    10. SellingFirewood on

      Meanwhile OpenAI is not profitable, and has no idea how or when they’ll be profitable. Sam Altman said their current plan is to ask ChatGPT for ideas on how to make the model viable.

    11. Respaced on

      These numbers are insane to me…
      Some of these companies… Miro… worth $15B?
      Errr how… what are they making money from

      Can’t find Ikea in there… supposedly also at $15B. I can understand that evaluation though.

    12. kompootor on

      Saying stuff without saying anything. Although seeing the company website, I get the feeling that that’s exactly what it’s selling.

      I understand that private company valuations are not trivial, and are useful to tabulate in one place. A visualization like this then takes all that potential usefulness and throws it out. (How the valuation is being done, for example, is vital information, and as others are pointing out it appears to be inconsistent, which would be evident from inconsistent sources, which you do not reveal in detail.)

    15. Jasonp359 on

      Surprised to see Valve not on there. Looked them up and wikipedia says their total equity is $10B. I guess their success comes from steam which is a service and doesn’t necessarily translate to hard value. I’m sure if they were to get an offer to be bought by a mega Corp it would be an insane amount of money. Much larger than Activision or Bethesda.

    16. lordhelmetann on

      I don’t know what some of those companies do, but the ones I know, I hate them all so much.

    20. Liquidamber_ on

      Not a good source.

      In Germany alone, there are Lidl (Schwarz), Aldi (Albrecht), Würth, Merckle, and Bertelsmann & Random House (Mohn) – all with a value of over 20 billion euros.

      If you set the limit at 15 billion, you quickly come up with 20 private companies in Germany

    21. Loki-L on

      Putting a price tag on something that isn’t for sale, seems inherently inexact.

      The selection seems awfully selective too.

    22. wuppeltje on

      In case of The Netherlands SHV Holdings and BCD Group are missing. Because they are private they are hard to give a value, because they don’t need to show any numbers to the public. However SHV Holdings had a renevue of 26 billion dollars in 2024 and BCD Group at least 22.9 billion dollars (renevue of the largest division- BCD travel) in 2024. The worth is probably something similar or a little bit more (usually a company is 0,75-1,5x the renevue).

      I assume a lot of others from other countries are also missing.

    23. BoltzFR on

      And because those are privately owned companies, the mentioned valuations are particularly dubious.

    24. malsomnus on

      I’m not *very* colorblind, just enough to hate the inexplicably low contrast on the colors here.

    25. etzel1200 on

      Imagine tether being worth 8x ANT.

      USDT is has a whole market cap under 200 B. Tether is probably worth billions. But not remotely this.

    27. recaffeinated on

      This graph is junk IMO. Valve has had 4bn in revenue this year, have no debts and would thus (I think) have a negative EV/R.

      That means its valuation on this graph is less than 4x its revenue. That is incredibly low considering it has the highest revenue per employee of any company.

    28. profdc9 on

      I’m not sure how they value private companies. “Trust me bro” might work for Softbank but other investors might not be willing to invest at these valuations.

    33. Hot-Celebration5855 on

      Inaccurate. This is only tech companies. Aldi. Lidl. Various state owned oil companies. There’s plenty of bigger companies missing.

    34. Korvun on

      The more I learn that OpenAI is basically just a tech company crowdfunding experiment that could implode at any moment the more it concerns me…