Technology

Infographic: The Biggest Private Tech Deals Since 2018

Published

3 weeks ago

April 3, 2025

Marcus Lu

Graphics/Design:

Sam Parker

See this visualization first on the Voronoi app.

Use This Visualization

Infographic: The Biggest Private Tech Deals Since 2018

This was originally posted on our Voronoi app. Download the app for free on iOS or Android and discover incredible data-driven charts from a variety of trusted sources.

Key Takeaways

OpenAI announced on April 1, 2025 that it had closed a record-breaking $40 billion funding round
This dwarfs previous private tech deals by Ant Group ($14B raised) and Juul Labs ($13B raised)

Over the past decade, the private tech landscape has seen a wave of mega-deals, with startups attracting billions as investors chase the next big disruption.

However, none are as big as OpenAI’s recent $40 billion raise, which has the potential to reshape the AI arms race. In this graphic, we break down some of the biggest private tech deals since 2018, putting OpenAI’s blockbuster round into perspective.

Data and Highlights

The data we used to create this graphic comes from a variety of sources including PitchBook, CNBC, and company press releases.

Note that this is not an exhaustive list of deals.

Company	Date	Amount Raised ($B)
OpenAI	April 2025	$40
Ant Group	June 2018	$14
Juul Labs	Dec 2018	$13
Databricks	Dec 2024	$10
OpenAI	Jan 2023	$10
Stripe	March 2023	$7
xAI	Dec 2024	$6

About That $40B Deal…

OpenAI’s latest funding round is being led by Japan’s SoftBank, which is investing $30 billion. The remainder is made up from a syndicate of investors including Microsoft.

With this latest investment, OpenAI is now valued at $300 billion, making it one of the world’s most valuable private companies alongside SpaceX ($350 billion) and ByteDance ($300 billion).

There’s one catch, though: SoftBank says it will reduce its investment to $20 billion if OpenAI fails to restructure into a for-profit company by Dec. 31, 2025.

Up in Smoke

In late 2018, Juul Labs made headlines with a $13 billion investment from Altria, the tobacco giant behind Marlboro. This deal valued Juul at $38 billion and signaled Big Tobacco’s bet on the future of smoking.

Juul’s rapid rise to prominance would eventually become a double-edged sword. By 2022, the company’s valuation had plummeted as it faced multiple state lawsuits and bans.

xAI Takes on OpenAI

In late 2024, Elon Musk’s artificial intelligence startup, xAI, secured $6 billion in funding from investors including Sequoia Capital, Andreessen Horowitz, and Fidelity.

This raise, in combination with a previous $6 billion round earlier in 2024 (not shown in the graphic), equals total funding of $12 billion and a valuation of roughly $50 billion.