Pre-IPO market rankings
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Depth of market activity
Price trends
Company scale and growth
This report is produced by Sacra, Inc. and is for informational purposes only. The Power 20 rankings are composed of private market companies and ranked based on Augment's blended index which includes depth of market activity, price trends, and company scale and growth. Augment Markets Inc. is a technology company offering software and data services. Brokerage services are offered through Augment Capital LLC, an affiliated broker-dealer and member FINRA/SIPC. Investment advisory services are offered through Augment Advisors LLC, an SEC-registered investment adviser.
Rankings
Ranking pre-IPO companies based on Augment's formula that includes depth of market activity, price trends, and company scale and growth.
See below for a more detailed methodology.
as of 6/31/26
Rank
Company
Share price*** End-of-quarter estimated secondary market price per share
Estimated market cap Total company valuation based on estimated end-of-quarter Share Price
Total funding Cumulative capital raised across equity funding rounds (excludes debt)
Revenue Most recent available estimated full-year or annualized recurring revenue (ARR)
Revenue growth Year-over-year percentage change in Revenue
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.
**Anthropic, OpenAI, Databricks, Canva, Cursor AI, and Perplexity show estimated Annual Recurring Revenue (ARR). Ramp and Rippling show estimated annualized revenue. Stripe is a net revenue estimate. Crusoe is the company's projected revenue for 2025.
***End-of-quarter estimated secondary market price per share
Honorable Mentions
The following companies are not included in the Power 20 but are being highlighted based on a combination of increased Augment platform activity, increased demand, and price change this quarter.
Executive summary
This quarter brought a shakeup in the Augment Power 20: three major departures from the rankings on the back of IPOs and M&A, as well as a widening gap between the most sought-after AI names — Anthropic and OpenAI — and the rest of the private markets.
The backdrop was rising overall secondary-market activity. Across the Augment platform, bids, asks, and completed trades across all names were up 27.1% quarter-over-quarter. Within the Power 20, aggregate activity fell 9.0% quarter-over-quarter.
The key events this quarter were the departures of SpaceX and Cerebras — following their IPOs — and the exit of Cursor following SpaceX's agreement to acquire the company, announced in June. These exits removed names that had been prominent in the Q1 rankings, and reshuffled the top 20.
SpaceX, which was in the #1 spot for nine quarters, moved into the public markets at an unprecedented $1.75T valuation, which made it the most valuable IPO in history. That paved the way for Anthropic’s leap to #1. Anduril, OpenAI, and Databricks all moved up as well. Stripe held at #5. Meanwhile, Jeff Bezos’s Prometheus entered the rankings, alongside two AI coding platforms also new to the Power 20: Replit and Cognition AI.
- For the first time, Anthropic is the top-ranked pre-IPO name in our Augment Power 20 rankings. And for the second quarter in a row, Anthropic was the most active name in the Power 20. Its estimated share price rose 91.9% in Q2, putting it at the #2 rank for price gains in the quarter.
- For the 9th quarter in a row, Anthropic, Anduril, OpenAI, Stripe, and Databricks remained in the top six. With SpaceX's departure, the five companies moved up to occupy the top five ranks, while Neuralink moved up four places to #6 on the back of a 127.8% price gain, higher than any other name in the rankings this quarter.
- The top five Power 20 names averaged 21% in estimated share-price growth in Q2'26, up modestly from 20.2% in Q1'26 but down from 46.2% in Q4'25. The bottom two-thirds of companies averaged 22.5%, slightly outgrowing the top five for the second quarter in a row and pointing to broader positive sentiment beyond the “mega-cap” tier.
- The Power 20's aggregate estimated market cap was $3.77T at the end of Q2, down $478B (-11%) from $4.25T in Q1, mainly owing to the public-market exit of SpaceX. This is the first time the Power 20’s aggregate market cap has declined since we started the rankings in Q4’23. Anthropic and OpenAI alone account for $2.29T, or 60.6% of the total aggregate value, up significantly from their 34.5% share in Q1. For context, the Power 20's aggregate market cap is now roughly 2.3x Meta's current market cap and 1.4x Amazon's.
Our Power 20 report — Q2’26 marks the 11th edition of the rankings — is based on market signals such as bid and ask activity, completed trades, bid-ask ratios, bid-ask price spreads, and price movement, as well as fundamental indicators of company traction such as revenue and revenue growth.
Our rankings are based on market signals like buy and sell activity, trading volume, bid-ask ratios, bid-ask price spreads, and price movement, as well as fundamental indicators of company traction like revenue and revenue growth.
Concentration falls as activitybroadens beyond the Power 20
The current Q2 top six-ranked names — Anthropic, Anduril, OpenAI, Databricks, Stripe, and Neuralink — contributed 29.9% of all Q2 activity across the Augment platform, and 61.9% of Q2 activity within the Power 20. In Q1'26, the top six-ranked names contributed 47.4% of Q1 platform activity and 70.2% of Q1 Power 20 activity. (These are not the same six companies: Neuralink replaced SpaceX in the Q2 group.)
The decline in share of activity for the top half-dozen names reflects both SpaceX's exit and a broadening of activity outside the current Power 20.
Power 20 returns to eight AI-first companies
Using a strict AI-first definition, 8 of the 20 Power 20 companies are AI companies in Q2'26. That is up from 7 in Q1’26, in part thanks to the three new names (Project Prometheus, Replit, and Cognition AI).
The increase reflects the ranking reshuffle as well as continued strength in AI: AI companies accounted for 81% of the Power 20's aggregate market cap and 56% of Power 20 activity. AI’s share of activity is up significantly from 38% in Q1, and has reached the highest level since Q3’25. SpaceX’s exit from the rankings resulted indirectly in proportionately more activity centered on AI names, but the statistic is also a signal of how heavily Anthropic, OpenAI (activity up 112.2% QoQ, or 2.12x), and Prometheus weighed on the activity scales this quarter. The three companies were #1, #2, and #5, respectively, in the most-active rankings.
Notably, Prometheus is the first company in the Power 20 explicitly centered on physical AI or robotics. Apptronik and Skild AI, also in physical AI, are Honorable Mentions this quarter (see “Honorable Mentions” section, below), while Agility Robotics is another notable physical AI name with significant activity on Augment in Q2’26, though it still has to earn a spot in the rankings and watchlists.
Defense and aerospace fall toapproximately one-sixth of Power 20 activity
Anduril, Shield AI, and Saronic accounted for 16.6% of Power 20 activity in Q2'26, down from 35.5% in Q1'26, when the Aerospace and Defense category had four companies. The decline largely reflects SpaceX's exclusion from the Q2 ranking rather than a broad retreat from defense tech. SpaceX's departure leaves defense and aerospace with three companies in the ranking, returning the category to its Q4'25 count, before Saronic gained admission.
Anduril (#2), Shield AI (#9), and Saronic (#16) all remained in the Power 20 and posted positive price changes, with Shield climbing two places and Saronic gaining four.
Saronic was an Honorable Mention in Q4’25 and entered the Power 20 at #20 last quarter (when it showed 57% in per-share Augment Price growth). It continues to show momentum in the defense-autonomy category with a 16.4% gain in estimated share price, ranking fifth for price gains in the quarter. Saronic is building autonomous surface vessels for the US Navy and allied governments.
Armada, an Honorable Mention in both Q1’26 and this quarter, builds portable data centers for defense and in difficult environments like oil fields.
Cursor exits the rankings as AI consolidation accelerates
Anysphere (dba Cursor) exits the Power 20 following SpaceX's agreement to acquire the company, announced on June 16. Cursor ranked #12 in Q1'26 and generated an estimated 23.8% share price gain during the quarter before agreeing to the acquisition.
Its departure extends a consolidation trend that has reshaped the Power 20 over the past three quarters. In Q1'26, SpaceX merged with xAI (the combined company now operates as SpaceXAI), removing the former #7-ranked company after it posted an estimated 73% share price gain in Q4’25. In the same year, NVIDIA acquired AI chip startup and former Power 20 company Groq, while Meta's 2025 transaction with Scale AI brought the company's technology and CEO Alexander Wang into Meta Superintelligence Labs, leading to Scale AI's exit from the rankings.
Rather than competing indefinitely as standalone companies, several of the Power 20's highest-performing AI startups are increasingly being absorbed by the industry's largest platforms.
Prediction markets in holding pattern
Kalshi (#12, up one) and Polymarket (#14, up five on revenue gains and a new round) continued to rise in the Power 20, and together accounted for 4% of Power 20 activity, down from approximately 8% in Q1.
Overall activity rises 27%, led by Anthropic
Anthropic remained the most active Power 20 name for the second quarter in a row as total activity across Augment rose 27.1%. Anthropic’s activity increased 2.1% QoQ. OpenAI followed at #2, up 112.2% in activity QoQ, or 2.12x, while Anduril ranked third despite a 37.7% decline relative to Q1.
The six most-active Q2 Power 20 names — Anthropic, OpenAI, Anduril, Stripe, Project Prometheus, and Databricks — contributed 65% of Q2 Power 20 activity and 31.4% of all Q2 activity across the Augment platform.
The top 10 ranked companies overall, #1 Anthropic through #10 ByteDance, drove 73% of Power 20 activity, down from 76% in Q1. That’s another signal of markets that are slightly broadening now that the ranking has become slightly less top-heavy with SpaceX’s IPO.
Shield AI ranked #1 among Power 20 companies for completed trades this quarter.
Most active companies on Augment in Q2'26
Activity includes bids, asks, and completed trades on the Augment platform during Q2'26. Bids and asks are quote activity, not completed transactions. Ties are broken by placing the company with more completed trades first.
Largest price gains*
Neuralink's per-share Augment Price growth of 127.8% was by a significant margin the highest among Power 20 companies and the strongest single-quarter price gain since Cerebras's 172.7% jump in Q1'26. Anthropic (+91.9%), Cognition AI (+68.9%), Crusoe (+54.6%), and Saronic (+16.4%) rounded out the top five for price gains.
Five of the 19 priced Power 20 companies posted negative price changes in Q2'26: Canva (-5.9%), Databricks (-3.2%), Stripe (-3.1%), Rippling (-2.3%), and Polymarket (-1.4%). This is up from four names showing price declines in Q1'26. The higher incidence of negative price moves signifies some rationalization in prices after several quarters of exuberance, although Q2's declines were relatively modest.
* Share price data are estimates only, based on proprietary data from Caplight and Augment Markets Inc. and its affiliates.
Anthropic
#
1
1
Activity
Anthropic retained the #1 position for most active in Q2 as activity increased modestly by 2.1%. Its market remained overwhelmingly bid-side, while a 3.5% bid-ask spread according to volume-weighted average prices (VWAPs) was relatively narrow for the pre-IPO markets. Together, the activity, stable engagement, and workable spread indicate durable investor demand and comparatively efficient price discovery even as available supply remained limited.
Price Movement
Anthropic's Augment Price per share rose 91.9% from $441.40 to $847.02, the Power 20's second-largest quarterly gain after Neuralink. The quarter-end price implied an Augment estimated market cap of $1.39T, overtaking every other ranked company. The move carried Anthropic from #2 to #1 even though its activity was nearly unchanged. Revenue scale reinforced the repricing: the May run rate reached $47B, up 1,467% YoY, a reacceleration vs. the estimated run-rate growth of 800% in December 2025.
Spreads
Revenue
News
Anthropic confidentially filed for a US IPO on June 1, opening a potential path to public-market liquidity later this year, perhaps as early as October. In May, Anthropic raised a record $65B Series H at a $965B valuation as run-rate revenue surpassed $47B. The financing nearly tripled Anthropic's valuation from its February Series G and came alongside one of the fastest revenue ramps ever reported by a software company. The raise and accelerating enterprise adoption reinforced investor confidence even as Anthropic scrambles to secure the compute capacity needed to support its models.
#1 Anthropic paired the #1 activity rank with a 92% estimated share price gain.
Anduril
#
2
1
Activity
Anduril remained #3 by activity, but its overall activity fell 37.7%.
Price Movement
Anduril's Augment Price per share increased 13.7%, from $104.09 to $118.35. The quarter-end mark implied an Augment estimated market cap of $88.3B, well above its last round financing mark in May 2026 (see “News” below). Double-digit appreciation, operating scale, and continued category leadership helped Anduril advance one rank even as platform activity declined. The rank also rests on $2.2B of 2025 revenue, up 120%.
Spreads
Revenue
News
In May, Anduril raused $5B at a $61B valuation and the next month it secured a production contract for the US Air Force’s autonomous fighter program. The May financing nearly doubled Anduril’s valuation from the prior year and provided capital to scale its manufacturing. The June production award for its YFQ-44A aircraft reinforced the valuation by demonstrating that Anduril is graduating from a developer of promising prototypes into a scaled supplier of weapons platforms. But besides maturing its contract base, scaling production, and expanding internationally, Anduril is betting most strongly on Lattice, its AI-infused software layer that acts as an OS across its products. In June, the US Army selected Lattice as the common data foundation for its Next Generation Command and Control program.
#2 Anduril remained the Power 20's highest-ranked defense company with a 14% share price gain.
OpenAI
#
3
1
Activity
OpenAI rose to #2 in the most-active rankings as activity increased 112.2%, or 2.12x.
Price Movement
OpenAI's Augment Price per share rose 5.5% from $687.68 to $725.55, only partially reversing its Q1 decline. The Q2 ending price implied an Augment estimated market cap of $898.9B, second only to Anthropic. That combination of broader activity and a partial price recovery moved OpenAI up one position to #3. Its $25B February run rate was up 200%, healthy but below the ARR growth levels seen recently from rival Anthropic, buoyed by enterprise and coding revenue, markets where OpenAI is still playing catch-up.
Spreads
Revenue
News
OpenAI launched DeployCo, a separately valued enterprise implementation business in which OpenAI retained majority control, extending monetization beyond model access. It then submitted confidential IPO paperwork in June, establishing a possible IPO path. OpenAI submitted the draft S-1 to the SEC on June 8th, although it has not disclosed the offering size, timing, or targeted valuation. Just days after the quarter closed, DeployCo agreed to acquire Northslope, an applied AI firm, reinforcing OpenAI’s services strategy, the new enterprise deployment focus, and the institutionalization of “forward-deployed engineers” as an AI diffusion vector.
#4 OpenAI's Augment Price declined 22.0%, the largest single-quarter price drop in the Power 20.
Databricks
#
4
2
Activity
Databricks ranked #6 among the Power 20 in activity, with combined bids, asks, and trades down 4.3% from Q1'26.
Price Movement
Databricks' Augment Price per share declined 3.2% from $222.05 to $215.05. The quarter-end price implied an Augment estimated market cap of $151.7B. Databricks nevertheless rose two ranks to #4, a move driven more by the departure of three Q1 Power 20 companies than by its own price or activity momentum.
Spreads
Revenue
News
Media reporting put Databricks' AI-product revenue run rate at $1.7B, as a component of its overall $6.9B run-rate revenue, which has been growing ~65%. CEO Ali Ghodsi also signaled that the crowded slate of mega-listings could push a Databricks IPO beyond 2026, which likely means a longer private-market holding period, tempering near-term liquidity expectations. Earlier this year, Ghodsi had not ruled out a 2026 IPO. The Information also reported in June that Databricks had discussed raising a new round that could begin as early as July 2026, at a $165B to $175B valuation, slightly ahead of current secondary marks.
#4 Databricks climbed two ranks despite declines in both activity and its Augment Price.
Stripe
#
5
Activity
Stripe ranked #4 in Q2 total activity, up 26.4%. Stripe's 1.5% spread between volume-weighted average bid and ask prices was the narrowest in the Power 20, pointing to comparatively efficient and aligned market.
Price Movement
Stripe's Augment Price per share declined 3.1% from $67.61 to $65.51 after a sharp Q1 gain. The Q2 ending price implied an Augment estimated market cap of $168.8B. Higher activity and the ranking's narrowest spread helped Stripe securely hold #5 despite the modest reversal in price. That market resilience is further cemented by its $6.93B of 2025 net revenue, up 36%.
Spreads
Revenue
News
At Sessions, its annual conference held in April, Stripe announced 288 new products and features, repositioning itself around AI and agentic commerce. In the same month, Stripe also joined payments (Visa), technology (Coinbase, IBM), and other companies in launching the Open USD initiative, with a stablecoin expected to launch later in 2026. The development is one path toward diversifying Stripe's addressable market in payments volume beyond online card acceptance and into programmable stablecoin settlement. Stripe had already pushed deep into stablecoins with its $1.1B acquisition of Bridge in mid-2025 and its support of agentic payments via its Link Wallet, including stablecoin-based transactions. Agent-led purchasing of data and software is expected to be a significant tailwind for stablecoin adoption.
#5 Stripe showed the Power 20's narrowest bid-ask spread.
Neuralink
#
6
4
Activity
Neuralink ranked #8 in Q2 activity, up 15.9% from Q1. Neuralink's rank advance was driven primarily by repricing (see “Price Movement” section, below) rather than the modest expansion in investor engagement.
Price Movement
Neuralink's Augment Price per share rose 127.8%, from $130.65 to $297.65, the largest Q2 gain in the Power 20. The quarter-end price implied an Augment estimated market cap of $56.6B, more than double its Q1 estimate. That repricing lifted Neuralink four positions to #6 even though activity growth was comparatively modest.
Spreads
Revenue
News
Neuralink continued to build clinical momentum in Q2. In April, media reports highlighted an early patient reaching 100 days of hands-free computer use with a Neuralink implant. More importantly, the company said it was expanding beyond computer use and into enabling direct communication. In its VOICE clinical study, Neuralink demonstrated progress toward decoding intended speech from brain signals in ALS patients, an important step toward addressing a broader range of neurological conditions. By the end of the quarter, Neuralink had reportedly implanted more than 20 patients across multiple clinical studies and countries, up from just a handful of patients in 2024.
#6 Neuralink's 128% gain was the Power 20's largest Q2 price move.
Revolut
#
7
Activity
Revolut's activity increased 285.7% quarter-over-quarter, or 3.86x, but still ranked only #13 overall on this measure.
Price Movement
Revolut's Augment Price per share increased 14.1% from $1,712.14 to $1,952.95. The ending price implied an Augment estimated market cap of $106.1B, taking the company above the $100B threshold while it held steady at #7.
Spreads
Revenue
News
CEO Nik Storonsky said Revolut does not expect an IPO before 2028 and continues to prefer a US listing, extending the likely holding duration for secondary investors. A June profile cited roughly 75M users, expansion toward 100 markets, and a long-term path toward a potential $200B valuation. The favorable operating momentum is paired with a clearly deferred route to IPO liquidity.
#7 Revolut crossed $100B in Augment estimated market cap, reaching $106B.
Ramp
#
8
Activity
Ramp ranked #17 in Q2 activity, which increased 14.3% from Q1.
Price Movement
Ramp's Augment Price per share rose 15.0% from $100.51 to $115.57. The Q2 ending price implied an Augment estimated market cap of $42.4B, moving it above $40B for the first time. That mark sits alongside $1.5B in May 2026 annualized revenue, up 76% YoY.
Spreads
Revenue
News
Ramp told investors it had reached $1.5B in annualized revenue and aimed to be IPO-ready by year-end. In May, it was reported to be raising $750M at a valuation of more than $40B pre-money, a financing mark that the secondary markets have already run ahead of. Ramp has also outlined plans to release new tools for managing token costs, in order to help CFOs manage runaway LLM spending and drive cost efficiency in AI usage.
#8 Ramp’s 15% price gain was the 7th highest among the Power 20.
Shield AI
#
9
2
Activity
Shield AI ranked #7 in Q2 activity after an 88.6% increase in bids, asks, and trades this quarter. Its 2.7% spread in volume-weighted average bid-ask prices was the third-tightest in the ranking. Together, the sharp activity gain and narrow spread point to strong investor engagement with the name, alongside clear price alignment, giving Shield AI one of the more supportive market structures in the top 10. Not surprisingly, it finished the quarter as the name with the most completed trades on Augment.
Price Movement
Shield AI's Augment Price per share rose 3.2% from $156.49 to $161.51. The quarter-end price implied an Augment estimated market cap of $11B, still below the company's June financing valuation. The modest gain, supported by improved activity and a tight spread, helped Shield AI move up two ranks to #9. Its $300M revenue base was up 72% YoY in March 2025.
Spreads
Revenue
News
Shield AI won a US Air Force production contract to implement Hivemind mission-autonomy software in a major aircraft program, moving its technology into a production-stage military application. Five days later, the company completed its acquisition of Aechelon Technology, adding simulation and synthetic-environment tools for training and validating autonomous systems. The acquisition followed a $2B financing round at a $12.7B post-money valuation. The valuation indicates there is still headroom between the Augment price and the last round price.
#9 Shield AI activity came close to doubling, growing 89% QoQ.
ByteDance
#
10
1
Activity
ByteDance ranked #18 in Q2 activity, flat versus Q1. Its 2.5% spread was the second-narrowest in the Power 20, after Stripe. That combination suggests orderly price discovery despite softer activity momentum, but the signals were not strong enough to prevent a one-position decline.
Price Movement
ByteDance's Augment Price per share rose 4.2% from $364.51 to $379.66. The ending price implied an Augment estimated market cap of $625.2B, the third-largest in the Power 20. Its positive but modest price move was outpaced by faster-moving names, and its revenue growth of 20% paced behind nearly all companies in the Power 20. The company slipped one rank to #10. Its $186B 2025 revenue base, growing 20%, illustrates the difficulty of sustaining more than low-double-digit growth at that scale.
Spreads
Revenue
News
The Financial Times reported that British investment firm Future Positive Global led by Fred Blackford had accumulated a ByteDance stake worth more than $500M through secondary purchases. The investor's stated thesis was that ByteDance remained undervalued relative to global AI peers as its valuation moved around $600B, or just ~3.2x 2025 revenue.
#10 ByteDance is the Power 20's 3rd most valuable company.
Crusoe
#
11
6
Activity
Crusoe made the largest rank advance among Power 20 companies in Q2, rising six positions after its Augment Price increased 54.6% from $132.39 to $204.73, the fourth-largest price gain this quarter. Activity also increased 88.5% quarter-over-quarter. Its $500M of 2025 revenue, up 81%, added a positive signal on the fundamentals side as its energy-efficient approach to AI infrastructure gains increasing relevance.
Price Movement
Spreads
Revenue
News
Kalshi
#
12
1
Activity
Kalshi advanced one rank as its Augment Price rose 15.1% from $543.60 to $625.49, lifting its estimated market cap to $22.8B. That resilience mattered because activity fell 31.4% quarter-over-quarter. A $3.5B June revenue run rate growing 2,480% showed that Kalshi is still in hypergrowth, but rival Polymarket (see below) has turned on monetization, and has also quickly climbed to $1B in run-rate revenue this year.
Price Movement
Spreads
Revenue
News
Canva
#
13
2
Activity
Canva rose two ranks despite a weaker Q2 market showing: activity fell 33.3% and it ranked last on that measure. Its Augment Price declined 5.9%, and its price spread was the widest among the Power 20. The advance was therefore largely mechanical after three Q1 companies exited, not necessarily evidence of stronger secondary demand.
Price Movement
Spreads
Revenue
News
Polymarket
#
14
5
Activity
Polymarket's five-rank advance came despite a 75.7% decline in activity and partly reflects its strong revenue growth as it began to monetize market volume over the last year, quickly climbing to $1B in revenue in a matter of months. But more significantly for secondary market investors, The Information reported that the company was raising $400M at a ~$15B valuation, including a new commitment from ICE (Intercontinental Exchange, owner of the NYSE). ICE has already invested some $600M into the company. Its $14.2B estimated EoQ market cap on Augment already puts it close to that potential next-round mark.
Price Movement
Spreads
Revenue
News
Rippling
#
15
3
Activity
Rippling rose three ranks even though its Augment Price declined 2.3% from $52.00 to $50.81. Activity increased 33.3% quarter-over-quarter, or 1.33x, and its 5.3% spread between volume-weighted average bid and ask prices was relatively narrow. Rippling also reported a $1B March run rate growing 75%, an acceleration versus $570M revenue and 52% growth in February 2025. The higher position reflects the stronger fundamentals and modestly better market structure (plus the exit of the three companies that created room in the rankings).
Price Movement
Spreads
Revenue
News
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Saronic
#
16
4
Activity
Saronic climbed four ranks as activity increased 107.1% quarter-over-quarter, or 2.07x, and its Augment Price rose 16.4%. Its $200M of 2025 revenue represented growth of ~1,500%, the Power 20's second-fastest estimated revenue growth rate after Kalshi. At the end of Q1, Saronic announced a $1.75B Series D led by Kleiner Perkins, valuing the company at $9.25B, more than doubling its valuation from the $4B Series C just over a year earlier.
Price Movement
Spreads
Revenue
News
Activity
Project Prometheus entered at #17 after ranking #5 in Q2 activity, pointing to the high demand for the name — and enthusiasm for its “AI for the physical world” thesis. Its Q2 ending price of $44.09 implies an Augment estimated market cap of $44.27B, about 8% above the $41B financing valuation (a $12B Series B announced in June towards the end of Q2). Jeff Bezos co-founded the company and has financed a significant portion of the Series A and B rounds.
Price Movement
Spreads
Revenue
News
Replit
#
18
Activity
Coding platform Replit entered at #18 as activity increased 3.8x quarter-over-quarter while its Augment Price rose just 3.7% from $262.13 to $271.84. Its estimated $525M April revenue run rate was up 650% YoY. Accelerating activity and revenue put Replit into the Power 20 at #18. In May, Visa announced an investment in Replit for an undisclosed amount, said it would integrate with Replit for payments, and added that more than 1K of its employees have been using Replit for prototyping and development. Replit had announced in Q1 that it raised a $400 million Series D at a $9B valuation.
Price Movement
Spreads
Revenue
News
Perplexity
#
19
3
Activity
Perplexity fell three ranks even though it ranked #11 in the most-active list, with activity down only 10.3% from Q1. Its estimated $500M April run rate reflected estimated 370% YoY growth. A 1.8% price gain, however, was too modest to offset fast-moving Power 20 peers like Saronic, Replit, and Prometheus, which stoked investor enthusiasm with new financings and faster growth.
Price Movement
Spreads
Revenue
News
Activity
Cognition entered at #20 after its Augment Price rose 68.9% from $86.64 to $146.31, the Power 20's third-largest gain, implying a $30.2B estimated market cap. The repricing was consistent with its May financing of more than $1B at a $26B post-money valuation. Cognition ranked #10 in activity.
Price Movement
Spreads
Revenue
News
Honorable Mentions
The following companies are not included in the Power 20 but are being highlighted based on a combination of increased Augment platform activity, increased demand, and price change this quarter.
- Applied Intuition: Q2 activity in this name rose 44x, leading these seven companies and placing it above the activity level of some ranked Power 20 companies. Applied Intuition provides simulation and autonomy software used to build and operate intelligent vehicles and machines. Applied Intuition hit an estimated $830M in annual recurring revenue (ARR) in 2025, up 2x from $415M in 2024. In Q2, the US Department of War selected Applied Intuition to underpin its “Autonomy Factory,” a program to accelerate autonomy adoption across the military. And Stellantis (STLA) — which owns major car brands including Alfa Romeo — expanded its collaboration to infuse Applied Intuition products into its new “STLA Brain” platform for in-vehicle intelligence and UX.
- Reflection AI: Q2 activity on Augment increased about 71%. Reflection AI builds open-weight foundation models, and although it has yet to ship a scaled product it is well-positioned to catch tailwinds from the intense interest in developing US-based open-weight models as a counterweight to Chinese models, as well as enterprise interest in gaining more control and cost efficiency in AI deployments. Reflection was recently selected to provide customizable models for the Department of Energy and committed to buy SpaceX compute capacity worth up to $6.3B. These steps suggest Reflection AI is training AI models at significant scale, and a well-received release in the second half of 2026 could ignite commercial momentum.
- Apptronik: Its Q2 activity rose 50% on Augment. Apptronik builds general-purpose humanoid robots intended to perform industrial and other physical tasks. In June, Apptronik expanded Robot Park, its flagship data collection and training facility for humanoid robots in Austin, Texas. It also unveiled Apollo 2, its latest generation of humanoid robots.
- OpenEvidence: OpenEvidence provides physicians with an AI platform that helps them make decisions in clinical settings, retrieving and synthesizing medical evidence at the point of care. Cedars-Sinai deployed OpenEvidence enterprise-wide inside its clinical workflows, and the company recently launched a hands-free voice interface.
- Skild AI: Skild AI develops a general-purpose robotics foundation model designed to control different robot form factors across tasks and environments. Activity in Skild doubled in Q2'26. Skild last raised a $1.4B Series C at a $14B valuation in January 2026, led by SoftBank's Vision Fund with participation from NVIDIA, Coatue, and Lightspeed, making it one of the most valuable robotics AI startups globally. With the humanoid robotics category attracting significant capital (Figure AI, Apptronik, Agility), Skild's model-layer bet could enjoy software-style unit economics while benefiting from the enormous TAM being pursued by robotics hardware companies.
- Harvey: Harvey provides a generative-AI platform for legal and professional-services work, including research, drafting, and document analysis. Its Augment Price per share increased 28.5% to $34.67 in Q2, implying an $11.3B estimated market cap, and the company ended 2025 at $195M ARR. However, activity on Augment declined 40% in the quarter, and the company faces serious competition from Legora, Spellbook, and several other legal AI companies. Recently, Harvey added Mistral models for eligible EU customers and integrated PitchBook data into deal and diligence workflows. Harvey says it has over 1,300 customers across 60 countries, including DLA Piper, HSBC, and NBCUniversal.
- Armada: Armada is an edge computing and modular data center company building portable, self-contained AI infrastructure for deployment in remote environments or those requiring an extra layer of security and control: e.g. military forward operating bases, oil operators, or sovereign AI buildouts. These are all markets underserved by conventional data center capacity. In May, Armada raised a $230M Series B at a $2B valuation and secured Johnson Controls as a strategic manufacturing partner. The oversubscribed financing gives Armada capital to scale deployment of its modular AI data centers, while the Johnson agreement establishes manufacturing capacity for the company in Arizona.
Methodology
For further detail, the ranking methodology includes 8 metrics in total. Companies were ranked by the following factors, normalized to a 0 to 1 scale:
- Total volume as measured by the aggregate dollar size of bid and ask orders on the Augment platform in Q2'26.
- Total activity was based on the number of bid-ask orders and the number of trades.
- Companies' revenue and revenue growth estimates are collected from Sacra, a third-party market data provider. Companies' metrics were normalized and ranked on a 0 to 1 scale according to annualized revenue and revenue growth in 2024, 2025, and 2026.
- Ratio of asks to bids is the number of asks divided by the number of bids.
- Spreads were measured as the negative of volume-weighted average price (VWAP) price differences between asks and bids, as a percentage of the asking price, for each name in Q2'26.
- Price change was measured as the % difference between the ending Augment Price for each name in the previous quarter and the ending price in the current calendar quarter.
- The companies’ previous rank was measured as the inverse of the last quarter’s rank from 1 to 1/20.
Share prices provided in this report are derived from Caplight, which aggregates secondary market data and uses a proprietary algorithm to estimate pricing. To ensure the most accurate reflection of the end of quarter price, Augment may apply a market-based adjustment to the Caplight price. These adjustments are made when our internal desk observes verifiable trade data, firm bids/offers, or actionable indications of interest (IOIs) that deviate materially from modeled estimates. This dual-track approach aims to reconcile historical data with prevailing market prices.
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 2024 and/or 2025 revenue. Price spread, revenue growth, and the previous quarter's aggregate rank are weighted approximately twice as much as the other factors, while revenue dollar amount is weighted one-tenth as much.
Unlike our Power 20 ranking, our "Honorable Mentions" 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 demand and interest in the quarter compared to previous quarters.
Our overall activity rankings, “Most Active Power 20 Companies in Q2'26” also include transactions involving SPVs and forwards, as well as trades. The ranking is meant to identify companies seeing noticeably elevated buy and sell interest in addition to trading activity in the quarter compared to previous quarters. For this measure, trades and bid-ask activity are weighted equally. The “Largest Price Gains” section excludes companies with low activity, meaning companies with less than 3 bids or asks in the quarter.
Important disclosures
Please read these risk disclosures carefully.
This material has been prepared for informational purposes only. None of the information provided represents a recommendation, an offer or the solicitation of an offer to buy or sell any security. The information provided does not constitute investment, legal, tax, or accounting advice. You should consult with qualified professionals before making any investment decisions. 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.
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. Share price data are estimates only, based on proprietary data from Caplight and 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.
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. We cannot guarantee the accuracy of these estimates. The data, rankings and assessments are subject to limitations inherent in our methodology and the available data. Any information contained in this report should not be relied upon for making any 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.
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