Private tech valuations double to $1.3 trillion, led by OpenAI and SpaceX

The private tech market just hit a number that would’ve sounded like a joke a few years ago: $1.3 trillion, which is almost double their total from last year.

This massive jump was reported by Forge Global, a firm that tracks private market investments. Three years after Sam Altman dropped ChatGPT into the world, this is where things stand.

Altogether, the seven companies have multiplied their value four times over since late 2022, which was when ChatGPT hit the market and everything changed.

Forge’s figures are built from actual private trading, funding rounds, and investor tender offers, not guesses. And this number isn’t slowing down. Elon Musk’s xAI is raising $10 billion at a $200 billion valuation, up from $150 billion just a few months ago.

The demand for anything AI-related is still insane. It’s not just pumping the public market, where names like Oracle, Broadcom, and Nvidia are flying—it’s setting off an arms race in the private world too.

AI pushes OpenAI, Anthropic, and xAI into the top tier

Forge says OpenAI is sitting at $324 billion, the highest of the pack. Right behind is Anthropic at $178 billion, and then xAI with $90 billion.

Those three are all chasing the same thing, big AI language models, and they’re fighting not just each other but also Google and Meta. They’re still private companies, but their influence is public as hell.

Databricks is also on the list, now valued at $100 billion. That’s thanks to the company’s AI-first push in data analytics. Musk’s other giant, SpaceX, has ballooned to $456 billion, making it the second-biggest name after OpenAI.

Stripe holds a $92 billion tag, and defense tech startup Anduril rounds it out with $53 billion. That last one is moving so much money into military-grade AI that Forge had to create a new defense investment fund just to keep up.

AI capital flood keeps firms private and disrupts public trading

Forge CEO Kelly Rodriques told reporters this isn’t a bubble of hot air. “We’ve not seen this in the private market ever,” he said. “Companies that are growing at 100%, 200%, 300% on numbers that are already pretty big.” He’s not alone in that view.

Forge also tracked that 19 AI companies have pulled in $65 billion so far in 2025, making up 77% of all private-market capital. With that kind of cash, none of these players need to go public anytime soon.

Rodriques added, “If these stocks are liquid and have access to as much capital as they can get, regulation is probably the only thing stopping them from staying private for as long as they want.”

Still, the effect on public markets is obvious. Oracle’s stock shot up 36% in one day after reporting a huge deal with OpenAI. Broadcom also signed its own massive agreement with Sam’s team.

Microsoft’s bet on OpenAI keeps paying off. Google, Meta, Amazon—they’ve all jacked up their infrastructure spending plans to handle what’s coming.

Sam isn’t blind to how wild it’s gotten. At a private dinner with reporters in San Francisco, he called the valuations “insane” and straight-up admitted, “we are in a bubble.” But that didn’t stop him from revealing OpenAI’s next play.

“You should expect OpenAI to spend trillions of dollars on datacenter construction,” he said. “We will spend maybe more aggressively than any company who’s ever spent on anything… because we just have this very deep belief in what we’re seeing.”

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