Private Members Club: an A-Z guide

Since we published our first private companies primer a year ago, the total value of the world's unicorns has increased 40% to $9.2tn, equivalent to the 3rd largest economy on the planet. In this report, we set out an A to Z compendium of c.65 leading private companies, previously written about in the past year, that are shaping industries across AI, autonomy, computing, consumer tech, energy, fintech, healthcare, space and wellness. More than 99% of companies globally are private now vs 96% a year ago, underscoring how much growth, innovation and transformation can sit outside public markets. Capital flows point to greater investor interest in private companies: YTD unicorn funding is double the amount raised in 2025. This easier access to capital while remaining private means that much more development now takes place before companies go public. The universe of private companies may be growing but the value remains concentrated among a small group. In the past year, hectocorns drove