Pre-IPO Watchlist
Manually maintained list of private AI companies and their public-market proxies. Numbers here are public-reporting estimates — edit config/private-companies.ts and re-run npm run seed.
OpenAI
Cloud & Strategic Backers · last update May 3, 2026
IPO Medium
Last valuation
$500.00B
Est. revenue / ARR
$13.00B
Revenue multiple
38.5×
Last round
Oct 1, 2025
Backers
Microsoft, SoftBank, Thrive Capital
Most-watched private AI company. Microsoft holds revenue-share stake.
Public-proxy exposure
Anthropic
Cloud & Strategic Backers · last update May 3, 2026
IPO Medium
Last valuation
$350.00B
Est. revenue / ARR
$7.00B
Revenue multiple
50.0×
Last round
Sep 1, 2025
Backers
Amazon, Alphabet, Lightspeed, ICONIQ
Primary AWS frontier-model partner; AWS Trainium codesign.
xAI
Cloud & Strategic Backers · last update May 3, 2026
IPO Low
Last valuation
$200.00B
Est. revenue / ARR
$1.00B
Revenue multiple
200.0×
Last round
Jul 1, 2025
Backers
Sequoia, Andreessen Horowitz, Valor
Memphis Colossus cluster; Nvidia is primary supplier.
Public-proxy exposure
Databricks
Software & Application Layer · last update May 3, 2026
IPO High
Last valuation
$100.00B
Est. revenue / ARR
$4.00B
Revenue multiple
25.0×
Last round
Dec 1, 2025
Backers
Andreessen Horowitz, Tiger Global, T. Rowe Price
Most likely near-term AI-platform IPO.
Scale AI
Software & Application Layer · last update May 3, 2026
IPO Medium
Last valuation
$14.00B
Est. revenue / ARR
$1.40B
Revenue multiple
10.0×
Last round
May 1, 2024
Backers
Meta, Accel, Founders Fund
Meta took ~49% stake in 2025 (data labeling).
Public-proxy exposure
Perplexity
Software & Application Layer · last update May 3, 2026
IPO Low
Last valuation
$9.00B
Est. revenue / ARR
$100.00M
Revenue multiple
90.0×
Last round
May 1, 2025
Backers
IVP, NEA, Bezos Expeditions
Search-style consumer AI; potential Google search disruptor.
Public-proxy exposure
Cerebras
Semiconductors / AI Compute · last update May 3, 2026
IPO High
Last valuation
$8.00B
Est. revenue / ARR
$250.00M
Revenue multiple
32.0×
Last round
Aug 1, 2024
Backers
G42, Foundation Capital
S-1 filed Sep 2024; IPO timing tied to CFIUS review around G42 stake.