The top companies in the pre-IPO private markets based on Augment's blended index.
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Depth of market activity
Price trends
Company scale and growth
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The top companies in the pre-IPO private markets in Q4'24 based on Augment's blended index including depth of market activity, price trends, and company scale and growth.
See below for a more detailed methodology.
This company is new to the Power 20.
*Please see the Methodology section for revenue data limitations. All estimates are from a third-party data provider, based on current information, and subject to change. These figures are not guarantees of future performance.
Based on overall marketplace activity in Q4’24, QoQ activity increases, and price movement, we selected 6 up-and-coming names to watch in the first half of 2025:
For the fourth quarter in a row, SpaceX is the top-ranked name on our platform, based on market signals like high buy and sell activity and trading volume, relative bid-ask spreads, price movement, as well as indicators of company traction, including recent revenue milestones, and revenue growth.
Taken together, the top 10 names account for $761.1B in aggregate market cap. The Augment Power 20 account for an aggregate market cap of $1.15T based on year-end 2024 estimated market capitalizations. That is roughly one-third the Jan.15 market cap of NVIDIA (or about 80% of Tesla’s, and more than 3x Salesforce's). The aggregate Power 20 market cap saw a 44%increase over the Q3'24-ending value, the largest quarterly increase in 2024.
The final quarter of 2024 underscored the concentration of buyer and seller activity in the top-ranked names, despite the trend toward a healthy widening in the market in previous quarters.
Groq (#20) entered our Power 20 rankings for the first time last quarter, and along with newly ranked name Glean (#19), was among the 5 most-active names on our platform in the quarter.
SpaceX's Augment Price growth of 80.5% was the highest among top 10 companies, which is remarkable for a company already valued at more than $300B. SpaceX’s price surge came amid reports of a tender offer that would value the company at $350B. Perplexity’s 147% share price run-up was the highest among all Power 20 companies.
Our ranking index uniquely blends more than 50,000 data points on market signals and commercial traction to rank the most promising pre-IPO names. For more detailed report Methodology and Disclosures, see “Methodology” and “Disclosures” sections, below.
Non-Advice Disclaimer: This report and the rankings contained herein do not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Data Limitations: The data and analysis presented in this report are based on information believed to be reliable, but we cannot guarantee its accuracy or completeness. The rankings and assessments are subject to limitations inherent in our methodology and the available data. Investors should not rely solely on this report for making investment decisions.
Revenue Data: Company revenue estimates for previous years are sourced from Sacra.com and are based on historical revenue growth and revenue milestone figures released by the companies, as well as bottom-up analysis and estimation based on other publicly-disclosed operating metrics. They are subject to limitations in data availability and methodology. We cannot guarantee the accuracy of these estimates. Revenue and revenue growth estimates should not be relied upon for making investment decisions.
Share Price Data: Share price data are estimates only, based on proprietary data from Augment Markets, Inc. and its affiliates.
Includes bid-ask and trading activity on the Augment platform during all of 2024.
Excludes companies with low overall activity.
#1 SpaceX was the most active name in our marketplace in full-year 2024 by a significant margin, with 20% more bid-ask activity than the next most-active name in the year, Klarna. Bid-ask activity was up 7.4% QoQ. In terms of trades specifically, SpaceX was the second-most traded name on Augment in Q4'24, after Anthropic.
Propelled by news of a tender offer that pushed share prices higher (see “News” section, below), SpaceX was a $370B market-cap company as implied by its quarter-ending Augment Price of $198.73 per share, after beginning the quarter with a price of $110.13.
Even at Space X’s scale — with $14.2B in estimated revenue and a workforce of over 10,000 employees — revenue growth is still in the mid-double digits, estimated at an impressive 63% in 2024.
In December 2024 news reports emerged of a tender offer $1.25B in insider shares that would value the company at $185 a share for a market cap of $350B, which immediately propelled share price upward in the secondary markets.
#1 SpaceX was the most active name on our marketplace in 2024 by a significant margin.
In Q4’24, Anduril was the third-most active name on our marketplace overall, and the second-most active in bids and asks, which were up 29.6% in the quarter.
We include full-year estimated revenue growth as a factor in the Augment Power 20 ranking as a proxy for commercial momentum. Anduril reached $1B in revenue in 2024, up from $420M in 2023. That represented 138% growth, a significant acceleration from the previous year, and a four-year peak.
Anduril is in talks to form a consortium with Palantir and others to bid for US government defense contracts, aiming to grab an even larger slice of the $850 billion US defense budget. In October it landed a $250M Pentagon contract for technology to counter drone attacks.
#2 Anduril had 138% revenue growth in 2024, reaching an estimated $1B in revenue.
OpenAI's Augment Price per share ended the quarter at $180.90, down 9.41% from the quarter's start price of $199.69. The quarter-ending price implies an estimated valuation of $104B, meaning the company shed $6B in market value over the course of the quarter.
OpenAI reached an estimated $4B in ARR in September 2024, for 248% YoY growth. OpenAI is seeing revenue growth levels higher than nearly every other Power 20 company, behind only Anthropic and Perplexity.
In Q4’24, OpenAI detailed its expected transition to a for-profit company, aiming to raise more capital for AGI development and ongoing development of cutting-edge LLMs. A nonprofit arm will focus on charitable initiatives, while the for-profit company will control decision-making. OpenAI also released a more powerful version of its Sora video-generation model.
#4 OpenAI reached an estimated $4B in revenue in 2024, for 248% annual revenue growth.
Databricks was tied at the 7th-place rank for overall activity among companies in the Power 20. Bid-ask activity for Databricks was up significantly in the quarter, up 56% compared to Q3’24. The company was the 6th-most traded name on the platform, and tied with Perplexity at that rank.
The Augment Price per share for Databricks ended the quarter at $96, up 38.6% from the quarter's start price of $69.29.
In mid-December 2024, Databricks secured a $62B valuation in one of the largest venture capital rounds ever, reflecting significant investor interest in Databricks’s solutions that help businesses integrate their data with AI pipelines and downstream LLM-based applications. This round surpassed the $6.6B raised by OpenAI earlier in the year.
#5 Databricks raised $10B at a $62B valuation in December, one of the largest venture capital rounds on record.
Stripe was an $82B market-cap company as implied by its Q4'24 ending Augment Price of $36.18 per share, after beginning the quarter with a price of $31.34.
Stripe, a $82B market cap company with a reported workforce of some 8,000 employees, was still growing revenue at an estimated 25% clip in 2023, on $1T in processing volume.
#6 Stripe Augment Price per share growth accelerated in the quarter to 15.45%.
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Alongside the price increase, the delta between volume-weighted average prices (VWAPs) on bids and asks for Rippling tightened in the quarter. This spread was less than 1% in the quarter, compared to 11.27% in Q2'24. This narrowing indicates healthy price discovery and broad market agreement on Rippling’s price.
Rippling had previously negotiated a $200M Series F and a tender offer of up to $590M in shares in Q2'24. The financing valued the company at $13.5B. That means the company’s market cap as estimated by its Augment Price has converged with the valuation set by that latest round.
#8 Rippling’s overall activity on Augment was up 14% in Q4’24.
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Neuralink saw prices run up 24.7% in the quarter, with the quarter-ending price reaching the $50-mark. That pushed Neuralink’s implied valuation to above $9B, up from $6.7B at the end of Q2’24, and $7.3B at the end of Q3’24.
In Q4'24, Neuralink gained US approval for tests on whether its brain chip can control a robotic arm, received Canada’s approval for testing its brain implants in human trials, and early in Q1’25 announced it had implanted its chip device in a third human patient.
#7 Neuralink saw prices run up 24.7% in the quarter, reaching $50-mark.
xAI’s late 2024 investment valued it at $50B, doubling its valuation relative to its previous Series B financing. The company raised $6B in the round. Augment Price per share ended the year at $26, valuing it at $60B.
xAI’s late 2024 Series C funding round of $6B had participation from investors including a16z, Blackrock, Fidelity, Kingdom Holdings, Lightspeed, Morgan Stanley, and Sequoia Capital. NVIDIA and AMD participated, and also provide the company with infrastructure support.
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Ramp activity declined slightly QoQ on the Augment Marketplace in Q4’24, but broadly saw activity levels on par with those seen in the two previous quarters.
In November 2024, The Information reported that the card startup was considering selling shares held by employees and other stockholders at a $11B valuation, a large premium over the $7.65B valuation seen earlier this year.
Founded in 2019, Ramp is among the most recently founded companies in the Power 20. Anthropic, started in 2021 by ex-Open AI employees, is the most recently-founded company in the rankings.
#10 Ramp saw decreased activity and a share price drop in Q4’24, losing a place in the rankings.
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In November, fintech startup Revolut announced it had added 10M customers so far in 2024, reaching 50M customers. In the same month it received a UK trading license from the British financial regulator that will allow the company to offer trading of UK and EU-listed stocks and exchange-traded funds from 2025. The company was valued at a $45B valuation in a secondary share sale in August.
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ByteDance ended the fourth quarter with an Augment Price of $140 a share for a market cap of $237.5B, up 10.74% from the $126.42 per-share price the company commanded when the quarter began. While the second most valuable company in the Power 20 after SpaceX, activity in ByteDance trended flat through most of 2024.
Perplexity was tied with Databricks as the 6th-most actively traded name on the platform in the quarter. It was the 10th-most active company overall, when including bid-ask activity and trading.
Perplexity’s Augment Price per share was up 147% in Q4’24, ending at $331.65 for an approximate market cap of $9.08B. The market price closely tracked the $9B valuation the company received in its $500M round in December 2024 .
by % share of aggregate $1.14T in EoQ market value
The “Augment Power 20 by share of aggregate market cap” visualization takes the sum of the Power 20 companies’ market caps at end-of-quarter on December 31st, 2024. Market cap is determined by Augment Price estimates for that day. The companies are listed by their percentage share of the aggregate market capitalization of the top 20 companies.
Based on overall marketplace activity in Q4’24, QoQ activity increases, and price movement, we selected seven up-and-coming names to watch in the first half of 2025: SambaNova Systems, Lambda, FigureAI, Grafana Labs, Crusoe, and Together AI. They are ranked in the table below according to overall activity in the quarter.
For further detail, the ranking methodology includes 8 rankings in total. Companies were ranked by the following factors, normalized to a 0 to 1 scale:
In the next step, all the percentile ranks were added together with adjustments made to account for companies with gaps in the data, e.g. missing 2023 and/or 2024 revenue. Price spread, revenue growth, and the previous quarter’s aggregate rank are weighed approximately twice as much as the other factors, while revenue dollar amount is weighted one-tenth as much.Unlike our Power 20 ranking, our “Up-and-Coming Companies” list is based on fewer factors, namely price movement, activity, and activity increases QoQ. The activity includes transactions involving SPVs and forwards. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in the quarter compared to previous quarters.The Augment “Top 10 Quadrant” visualization included in reports corresponding to Q1, Q2, and Q3 in each year uses a different, simplified version of our rankings index to visualize the relative strengths of the top 10 companies in the corresponding quarter according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue volume and revenue growth; Market Sentiment tracks activity and price movement to reflect investors’ sentiment as reflected in activity on the Augment platform. Quadrant uses only the corresponding quarter’s data for its snapshot and does not factor in historical trends.
Unlike our Power 20 ranking, our “Up-and-Coming Companies” list is based on fewer factors, namely price movement, activity, and activity increases QoQ. The activity includes transactions involving SPVs and forwards. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in the quarter compared to previous quarters.
The Augment “Top 10 Quadrant” visualization uses a different, simplified version of our rankings index to visualize the relative strengths of the top 10 companies in Q3'24 according to two indices made up of several different weighted factors: Market Sentiment and Company Traction. Company Traction corresponds to signals tracking company revenue volume and revenue growth; Market Sentiment tracks activity and price movement to reflect investors’ sentiment as reflected in activity on the Augment platform. Quadrant uses only Q3'24 data for its snapshot and does not factor in historical trends.
Revenue estimates
All revenue estimates in this document are based on data from Sacra.com. All estimates are based on current information and subject to change. These figures are not guarantees of future performance.
Sacra states utilizes data from media reports, company press releases and articles, and public filings to create its estimates of companies’ historical revenue trajectories. The estimates are based on publicly-available information, but may not account for additional factors specific to individual companies’ market and operations.
Please read these risk disclosures carefully.
This market report is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security. The information contained herein has been obtained from sources believed to be reliable but cannot be guaranteed for accuracy or completeness. The opinions expressed in this report are those of Augment Markets, Inc., as of the date of this report and are subject to change without notice.
Affiliate Disclaimer: This report was prepared in partnership with Sacra, Inc. Data was sourced from Sacra.com as well as proprietary data from Augment Markets, Inc. and its affiliates.
Non-Advice Disclaimer: This report and the rankings contained herein do not constitute investment advice. Investors should conduct their own due diligence and consult with a qualified financial advisor before making any investment decisions. Data Limitations: The data and analysis presented in this report are based on information believed to be reliable, but we cannot guarantee its accuracy or completeness. The rankings and assessments are subject to limitations inherent in our methodology and the available data. Investors should not rely solely on this report for making investment decisions.
The "Augment Power 20" ranking is based on a proprietary methodology that incorporates various data points and subjective factors, which may be weighted differently than an investor's own analysis. The ranking is not a recommendation to buy, sell or hold any security, and past rankings are not indicative of future results.
Augment Markets, Inc. and its affiliates may have financial interests in one or more of the companies mentioned in this report. These interests may include, but are not limited to, holding securities, providing advisory services, or market making activities. Such interests may conflict with the information presented in this report.. This report may not be distributed in any jurisdiction where it would be unlawful to do so.
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The forward-looking statements regarding the company's prospects, including revenue growth projections, are based on current expectations and assumptions.
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