DeFiLlama data shows that many technology companies preparing for IPOs have more than doubled their market capitalization over the past year, and artificial intelligence companies now hold the top two spots on the DeFiLlama board.
This ranking sends a strong signal to the global AI industry. Major sources of private capital are gravitating towards advanced model developers and the infrastructure that supports them.
DeFiLlama is known for monitoring decentralized finance protocols and is currently tracking 182 pre-IPO companies. Anthropic and OpenAI lead the list, with other AI companies showing some of the most significant value gains over the year.
AI Names Top the List
Many technology companies preparing for IPOs have more than doubled their market capitalization over the past year.
— DefiLlama.com (@DefiLlama) August 27, 2026
182 companies in the pre-IPO stage tracked on the DefiLlama platform. pic.twitter.com/6BCK5R2lMH
Anthropic leads the ranking with an estimated market capitalization of $1.38 trillion after a 716.89% growth over the past year. It is followed by OpenAI with a market cap of approximately $900.29 billion, having increased by 140.08%.
Next, DeepSeek is valued at $50 billion, Cognition at $35.2 billion after 325.41% growth, along with Moonshot AI, Mistral AI, and ElevenLabs. Data infrastructure company ClickHouse grew by nearly 3000% over the year.
Overall, the top ten features an even broader range of companies. ByteDance, Stripe, Waymo, Revolut, Anduril, and Shein are also among the highest-rated companies. However, the presence of leading AI labs at the top of the ranking indicates how strongly funding has shifted towards this sector.
Why $100 Billion Is No Longer Rare
The speed at which companies are achieving mega-capitalization status is even more impressive.
On August 19, private market company Forge reported that a $100 billion valuation was unthinkable until ByteDance set that benchmark in December 2020. However, this figure is now becoming less exceptional.
According to Forge statistics, company xAI reached a $100 billion market in just 2.3 years, while it took Anthropic 4.5 years. OpenAI needed 8.3 years, and Waymo and SpaceX took 17.1 and 19.6 years respectively. As for Stripe, it took 11.9 years.
"AI-powered companies are reaching significant revenue, attracting users, and gaining strategic importance faster than previous generations of tech companies," — Forge, Private Market Update, August 19, 2026
Forge also points to the expansion of the investor circle. Sovereign wealth funds, private investment firms, corporate investors, and funds operating across various sectors are now competing with traditional venture capital firms for access to investments, leading to higher valuations at earlier stages.
Capital Rushes to Stake Its Claim in This Category
The sharp rise in valuation reflects a broader boom in consumer spending.
On August 7, analytics firm Goldman Sachs Research forecast that global AI investments would reach approximately $1 trillion by 2026, including $581 billion in the United States. Economist Joseph Briggs stated that cumulative AI investments could reach $1.8 trillion by the end of the year.
According to the Stanford University 2026 AI Index, global private investment in AI surged 127.5% in 2025 to $344.7 billion. Generative AI alone tracked $170.9 billion. Gartner predicts that spending on AI models and platforms will reach $64.25 billion this year, a 63.4% increase from 2025.
Public Market Volatility and Private Valuation Swings Fly Under the Radar
The rise in stocks of public AI companies has not been as smooth.
According to Nasdaq Private Market on July 24, shares of major tech companies fell 12% from their May 29 peak, while shares of AI chipmakers declined 13% from their June 22 peak.
Private markets have proven more resilient. An index tracking the 50 largest private companies is up 62% year-to-date, compared to 8% for the S&P 500. Since around June 1, the private market index continued to climb by 10%.
"The market is increasingly distinguishing between winners with sustainable competitive advantages and losers whose valuation was driven primarily by enthusiasm." – Nasdaq Private Market, July 24, 2026
What Do Future IPOs Mean?
The key question is what will happen when these companies finally go public.
According to Forge, IPOs are transitioning from value-creating events to liquidity-serving events, with much of the profit occurring before listing.
Currently, DeFiLlama values Anthropic at approximately $1.38 trillion and OpenAI at $900.29 billion, with these companies' valuations in recent funding rounds being $965 billion and $852 billion respectively.
According to Cryptopolitan, investment bankers believe the first major AI company to go public will set a record valuation for future companies. As Anthropic and OpenAI top DeFiLlama's list, their upcoming IPOs will have a noticeable impact on how investors value other private and public AI ventures.
