SAN FRANCISCO, September 20, 2025 — Forge Global Holdings, Inc. (“Forge”), a leading provider of marketplace infrastructure, data services, and technology and investment solutions for the private market, today announced the 2025 edition of the Private Magnificent 7 (“Private Mag 7”), reflecting the extraordinary surge in private market valuations and the rising dominance of artificial intelligence and frontier technologies that have pushed the private market to new heights.
This year’s refreshed list features a sharper focus on AI-driven innovation, with Anthropic, xAI, and Anduril joining OpenAI, Databricks, SpaceX, and Stripe. These companies are the highest valued and among the fastest growing companies in the private market as of today. They represent the epicenter of private market growth, attracting record levels of capital and driving liquidity across the ecosystem.
Since the beginning of 2023, the combined value of the seven companies that make up the Private Mag 7 has quadrupled from $264 billion to $1.2 trillion, underscoring the unprecedented scale and momentum reshaping the private market landscape. The performance of the private cohort bested that of the Public Magnificent 7, which includes Alphabet, Amazon, Meta, Microsoft, NVIDIA and Tesla. Over the past year, the Private Magnificent 7 grew 96% while the Public Magnificent 7 grew 34%. That means a $1,000 investment in the private group of seven a year ago would have returned $620 more than a $1000 investment in the Public Magnificent 7.
“The Private Magnificent 7 have become bellwethers for private market performance,” said Kelly Rodriques, CEO of Forge Global. “The group’s combined valuations tell a powerful story of how AI and advanced technologies are creating a gravitational pull for capital unlike anything we’ve seen in recent history. At $1.2 trillion in aggregate value, the Private Magnificent 7 not only outpaced the broader private market but has also consistently beaten traditional benchmarks, including the S&P 500 and the Public Magnificent 7. This is a defining moment for the private markets and a clear signal of where the future is being built.”
The 2025 Private Magnificent 7 constituents are:
OpenAI – A global leader in AI, powering products like ChatGPT that have attracted over 700 million weekly active users, it operates the fastest-growing consumer application in history. It has positioned itself among the world’s most valuable private companies and is in talks for a $500 billion valuation.
Anthropic – The creator of the Claude family of AI models, which has scaled rapidly from just 7 employees in 2021 to over 1,000 today, while raising more than $24 billion in funding, including a recent round that pushed its valuation to around $177 billion.
xAI – The artificial intelligence company and maker of Grok LLM, founded by Elon Musk in March of 2023, has raised over $17 billion in funding and achieved a valuation of $113 billion following its merger with X (fka Twitter).
Databricks – A leader in intelligent data analytics and AI, has achieved multiple years of growth over 50% and recently surpassed a $100 billion valuation following a funding round.
SpaceX – Founded by Elon Musk, the space exploration technology company has dominated the commercial space launch market with over 500 successful missions and more than 50% global market share, driven by the cost efficiencies of its reusable Falcon 9 rocket. Over the past two years the company’s valuation has increased nearly 170% to around $400 billion.
Stripe – A leading payments infrastructure company, processing roughly $1.4 trillion in transactions in 2024 while serving millions of businesses worldwide, including over half of the Fortune 100. With a valuation of $91.5 billion, it has become one of the most valuable fintech companies globally.
Anduril – A defense technology company, which employs more than 3,500 people, has quickly established autonomous military systems with a focus on AI, increasing its valuation to $30.5 billion after a funding round led by Founders Fund.