Starlink’s SpaceX, TikTok’s ByteDance and ChatGPT’s OpenAI have emerged among the top 10 most valuable private companies/startups in 2025. The September 2025 report analysed the list of unicorns (private startups with at least $1 billion valuation) as of early July 2025. “The most valuable private companies today are also the ones most capable of converting breakthrough technology into steady revenue,” it said in the report. SpaceX, Elon Musk’s rocket and satellite company, emerged as the most valuable company with a $400 billion valuation. Sam Altman’s OpenAI is the third-most valuable private company at a $300 billion valuation.