Companies Going Public in 2021: Visualizing IPO Valuations
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Companies Going Public in 2021: Visualizing IPO Valuations

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Companies Going Public in 2021: Visualizing Valuations

The beginning of the year has been a productive one for global markets, and companies going public in 2021 have benefited.

From much-hyped tech initial public offerings (IPOs) to food and healthcare services, many companies with already large followings have gone public this year. Some were supposed to go public in 2020 but got delayed due to the pandemic, and others saw the opportunity to take advantage of a strong current market.

This graphic measures 47 companies that have gone public just past the first half of 2021 (from January to July)— including IPOs, SPACs, and Direct Listings—as well as their subsequent valuations after listing.

Who’s Gone Public in 2021 So Far?

Historically, companies that wanted to go public employed one main method above others: the initial public offering (IPO).

But companies going public today readily choose from one of three different options, depending on market situations, associated costs, and shareholder preference:

  • Initial Public Offering (IPO): A private company creates new shares which are underwritten by a financial organization and sold to the public.
  • Special Purpose Acquisition Company (SPAC): A separate company with no operations is created strictly to raise capital to acquire the company going public. SPACs are the fastest method of going public, and have become popular in recent years.
  • Direct Listing: A private company enters a market with only existing, outstanding shares being traded and no new shares created. The cost is lower than that of an IPO, since no fees need to be paid for underwriting.

So far, the majority of companies going public in 2021 have chosen the IPO route, but some of the biggest valuations have resulted from direct listings.

Listing DateCompanyValuation ($B)Listing Type
08-Jan-21Clover Health$7.0SPAC
13-Jan-21Affirm$11.9IPO
13-Jan-21Billtrust$1.3SPAC
14-Jan-21Poshmark$3.0IPO
15-Jan-21Playtika$11.0IPO
21-Jan-21Hims and Hers Health$1.6SPAC
28-Jan-21Qualtrics$15.0IPO
09-Feb-21Metromile-SPAC
11-Feb-21Bumble$8.2IPO
26-Feb-21ChargePoint Holdings$0.45SPAC
03-Mar-21Oscar Health$7.9IPO
10-Mar-21Roblox$30.0Direct Listing
11-Mar-21Coupang$60.0IPO
23-Mar-21DigitalOcean$5.0IPO
25-Mar-21VIZIO$3.9IPO
26-Mar-21ThredUp$1.3IPO
31-Mar-21Coursera$4.3IPO
01-Apr-21Compass$8.0IPO
14-Apr-21Coinbase$86.0Direct Listing
15-Apr-21AppLovin$28.6IPO
21-Apr-21UiPath$35.0IPO
21-Apr-21DoubleVerify$4.2IPO
05-May-21The Honest Company$1.4IPO
07-May-21Lightning eMotors$0.82SPAC
07-May-21Blade Air Mobility$0.83SPAC
19-May-21Squarespace$7.4Direct Listing
19-May-21Procore$9.6IPO
19-May-21Oatly$10.0IPO
26-May-21ZipRecruiter$2.4IPO
26-May-21FIGS$4.4IPO
01-Jun-21SoFi$8.7SPAC
02-Jun-21BarkBox$1.6SPAC
08-Jun-21Marqueta$15.0IPO
10-Jun-21Monday.com$7.5IPO
16-Jun-21WalkMe$2.5IPO
22-Jun-21Sprinklr$3.7IPO
24-Jun-21Confluent$9.1IPO
29-Jun-21Clear$4.5IPO
30-Jun-21SentinelOne$10.0IPO
30-Jun-21LegalZoom$7.0IPO
30-Jun-21Didi Chuxing$73.0IPO
16-Jul-21Blend$4IPO
21-Jul-21Kaltura$1.24IPO
21-Jul-21DISCO$2.5IPO
21-Jul-21Couchbase$1.4IPO
23-Jul-21Vtex$3.5IPO
23-Jul-21Outbrain$1.1IPO

Though there are many well-known names in the list, one of the biggest through lines continues to be the importance of tech.

A majority of 2021’s newly public companies have been in tech, including multiple mobile apps, websites, and online services. The two biggest IPOs so far were South Korea’s Coupang, an online marketplace valued at $60 billion after going public, and China’s ride-hailing app Didi Chuxing, the year’s largest post-IPO valuation at $73 billion.

And there were many apps and services going public through other means as well. Gaming company Roblox went public through a direct listing, earning a valuation of $30 billion, and cryptocurrency platform Coinbase has earned the year’s largest valuation so far, with an $86 billion valuation following its direct listing.

Big Companies Going Public in Late 2021

As with every year, some of the biggest companies going public are lined up for the later half.

Tech will continue to be the talk of the markets. Payment processing firm Stripe is setting up to be the year’s biggest IPO with an estimated valuation of $95 billion, and now-notorious trading platform Robinhood is looking to go public with an estimated valuation of $12 billion.

But other big players are lined up to capture hot market sentiments as well.

Electric truck startup Rivian Automotive (backed by Amazon) is estimated to earn a public valuation around $70 billion, which would make it one of the world’s largest automakers by market cap. Likewise, online grocery delivery platform InstaCart, which saw a big upswing in traction due to the pandemic, is looking at an estimated valuation of at least $39 billion.

Of course, there’s always a chance that potential public listings and offerings fall through. Whether they get delayed due to weak market conditions or cancelled at the last minute, anything can happen when it comes to public markets.

This post will be periodically updated throughout the year.

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The World’s Biggest Startups: Top Unicorns of 2021

Here are the world’s biggest startups with a valuation above $10 billion.

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World’s Biggest Startups Top Unicorns of 2021 Shareable

The World’s Biggest Startups: Top Unicorns of 2021

Many entrepreneurs start businesses around the world, but only the most successful new companies become “unicorns”—the biggest startups with a valuation above $1 billion.

Some unicorns are little-known companies making quiet but impactful strides in software, healthcare, automotive, and other fields. Others have already become well-known industry leaders, like aerospace manufacturer SpaceX and game developer and publisher Epic Games.

In total, there are more than 800 unicorn startups globally. That said, this visualization specifically hones in on the world’s decacorns (unicorns with valuations above $10 billion) as of December 2021 according to CB Insights.

Private Startups Valued at Over $10 Billion

The world’s most prominent unicorns constantly see their valuations change as they enter different rounds of funding or maturity.

In December 2021, there were 35 startups with a valuation above $10 billion, spread out across different countries and industries.

CompanyValuationCountryCategory
Bytedance$140BChinaArtificial intelligence
SpaceX$100.3BU.S.Other
Stripe$95BU.S.Fintech
Klarna$45.6BSwedenFintech
Canva$40BAustraliaInternet software & services
Instacart$39BU.S.Supply chain, logistics, & delivery
Databricks$38BU.S.Data management & analytics
Revolut$33BUKFintech
Nubank$30BBrazilFintech
Epic Games$28.7BU.S.Other
Chime$25BU.S.Fintech
FTX$25BChina (Hong Kong)Fintech
BYJU's$21BIndiaEdtech
Xiaohongshu$20BChinaE-commerce & direct-to-consumer
J&T Express$20BIndonesiaSupply chain, logistics, & delivery
Fanatics$18BU.S.E-commerce & direct-to-consumer
Yuanfudao$15.5BChinaEdtech
DJI Innovations$15BChinaHardware
SHEIN$15BChinaE-commerce & direct-to-consumer
Checkout.com$15BUKFintech
goPuff$15BU.S.E-commerce & direct-to-consumer
Plaid Technologies$13.4BU.S.Fintech
Grammarly$13BU.S.Internet software & services
Devoted Health$12.6BU.S.Health
Faire$12.4BU.S.Artificial intelligence
Brex$12.3BU.S.Fintech
SenseTime$12BChinaArtificial intelligence
Bitmain Technologies$12BChinaHardware
Biosplice Therapeutics$12BU.S.Health
JUUL Labs$12BU.S.Consumer & retail
GoodLeap$12BU.S.Internet software & services
ZongMu Technology$11.4BChinaAuto & transportation
Global Switch$11.1BUKHardware
Celonis$11BGermanyData management & analytics
Weilong$10.9BChinaConsumer & retail

Many of the most valuable startups are already giants in their fields. For example, social media company Bytedance is the developer behind video network platform Douyin and its international version, TikTok, and has amassed a valuation of $140 billion.

Financial services and payment software company Stripe jumped from a valuation of $36 billion to $95 billion over the course of the COVID-19 pandemic.

Even less universally prominent names like Swedish fintech Klarna ($45.6 billion) and Australian graphic design platform Canva ($40.0 billion) are well known within their respective fields.

But private valuations don’t last forever. Many eventually go public, like electric vehicle maker and Tesla competitor Rivian, which had a valuation of $27.6 billion before listing on the NASDAQ.

The Biggest Startups by Industries and Countries

Breaking down the world’s biggest startups by industry highlights that tech is still king in most investing circles.

More than 77% of unicorns valued above $10 billion are categorized directly in tech-related fields, primarily in financial and commerce software.

Startups Valued Above $10B By IndustryNumber
Fintech9
E-commerce & direct-to-consumer4
Artificial intelligence3
Hardware3
Internet software & services3
Consumer & retail2
Data management & analytics2
Edtech2
Health2
Other2
Supply chain, logistics, & delivery2
Auto & transportation1

And many of the unicorns categorized in non-tech fields are still technology companies at their core. In fact, Indonesia’s logistics and package delivery company J&T Express is one of the few unicorns not directly in tech, though it still uses automated sorting in its warehouses.

It was one of the few startups to come from somewhere other than the U.S. or China, which together accounted for over 70% of the 35 biggest startups. The UK (3) was the next most-frequently listed headquarters, while Australia, Brazil, Germany, India and Sweden each had one of these unicorns on the list.

With constantly fluctuating valuations and technological breakthroughs always around the corner, the next $10 billion unicorn could come from almost anywhere.

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Ranked: The World’s Most Popular Social Networks, and Who Owns Them

When it comes to social networks, Meta is the dominant player, with a combined total of 7.5 billion MAUs across its four platforms.

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The World’s Most Popular Social Networks, and Who Owns Them

Currently, there are over 4.5 billion people around the world who use some form of social media—about 57% of the global population.

Yet, while social media’s audience is widespread and diverse, just a handful of companies control a majority of the world’s most popular social media platforms. Meta, the tech giant formerly known as Facebook, owns four of the five most widely used platforms.

This graphic highlights the biggest social networks across the globe, measured by their monthly active users (MAUs).

Note: We’ll be using terms like “social network” and “social platform” interchangeably to refer to various messaging, video, and image-sharing platforms that have social attributes built in.

Top Social Platforms by Monthly Active Users

To measure each platform’s MAUs, we dug into various sources, including the most recent company SEC filings, and quarterly earnings reports.

A majority of Meta’s user base comes from its most popular platform, Facebook—the social media giant currently has around 2.9 billion MAUs worldwide.

RankPlatform nameParent companyCountryMonthly active users, in millions
#1FacebookMeta🇺🇸 U.S.2,910
#2YouTubeAlphabet🇺🇸 U.S.2,291
#3WhatsAppMeta🇺🇸 U.S.2,000
#4MessengerMeta🇺🇸 U.S.1,300
#5InstagramMeta🇺🇸 U.S.1,287
#6WeChatTencent🇨🇳 China1,225
#7KuaishouKuaishou🇨🇳 China1,000
#8TikTokBytedance🇨🇳 China1,000
#9TelegramTelegram🇦🇪 UAE600
#10QzoneTencent🇨🇳 China600
#11QQTencent🇨🇳 China591
#12WeiboSina🇨🇳 China566
#13DouyinBytedance🇨🇳 China550
#14SnapchatSnap🇺🇸 U.S.538
#15TwitterTwitter🇺🇸 U.S.463
#16PinterestPinterest🇺🇸 U.S.454
#17RedditReddit🇺🇸 U.S.430
#18LinkedInMicrosoft🇺🇸 U.S.310
#19QuoraQuora🇺🇸 U.S.300
#20SkypeMicrosoft🇺🇸 U.S.300
#21TiebaBaidu🇨🇳 China300
#22ViberRakuten🇯🇵 Japan250
#23TeamsMicrosoft🇺🇸 U.S.250
#24imoPageBites🇺🇸 U.S.212
#25LineNaver🇰🇷 South Korea169
#26PicsartPicsart🇺🇸 U.S.150
#27LikeeBigo Live🇸🇬 Singapore150
#28DiscordDiscord🇺🇸 U.S.140

Where in the world are Facebook users located? The platform’s biggest user base comes from India, with an audience size of almost 350 million. Its second-largest user base is the United States, with 193.9 million users, while Indonesia comes in third with 142.5 million.

But Facebook isn’t the only social giant in Meta’s network of platforms. WhatsApp has approximately 2 billion MAUs, making it Meta’s second-largest platform, and the third-largest social network overall.

Like Facebook, a significant number of WhatsApp users are located in India, with roughly 390 million users. Brazil has a large portion of WhatsApp users as well, with an audience size of 108 million.

The Billion Users Club

Meta currently dominates the social network landscape, with a combined total of 7.5 billion MAUs across all four of its platforms. However, a few other companies also hit the one billion MAU mark across all their platforms on the list:

RankParent company# of companies on the listCountryCombined MUAs
1Meta4🇺🇸 U.S.7.5 billion
2Tencent3🇨🇳 China2.4 billion
3Alphabet1🇺🇸 U.S.2.3 billion
4Bytedance2🇨🇳 China1.6 billion
5Kuaishou1🇨🇳 China1 billion

After Meta, Tencent has the second-highest reach thanks to its three platforms—WeChat, Qzone, and QQ. Of the three, WeChat is currently the most popular. On average, WeChat users send about 45 billion messages a day.

Third on the list is Alphabet, thanks to its one platform, YouTube. Founded in 2005, this video streaming platform currently has over 50 million content creators, who share approximately 500 hours of video content every minute.

Close behind Alphabet is Bytedance, with a combined 1.6 billion MAUs across its two platforms—Douyin and its international counterpart TikTok. While the apps share a lot of similarities, they function as completely separate entities, with different registration, content policies, and regulations.

Global Social Networks? Not Always

While social media networks often transcend country borders, it’s worth noting that the online realm does not completely escape the constraints and regulations of our physical world.

Since 2009, Facebook has been banned in China for not complying with censorship rules. Facebook was also blocked in Iran and Syria around the same time and has been blocked sporadically since.

In 2020, the Trump administration tried to enact a similar ban against TikTok, but the order was blocked by a federal judge and eventually revoked by the Biden administration a year later.

Despite various bans and roadblocks, it’s clear that social media platforms have seeped into the lives (and onto the screens) of users across the globe. And as internet access worldwide continues to grow, so too will the number of social media users.

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