Paper marks are not an outcome.
Assets under management reflect who managed to deploy the most capital, rather than how effectively that capital was invested.
Odin Observations · October 2026
Top 50 VC firms by value created
How much value each venture firm’s investments created for every dollar it put at risk, across 424 US listings from 2014 to 2026.
Most rankings of venture firms reward unicorns or private valuations. Funding activity shows who raised the most money, rather than who has created the most value.
This ranking asks a narrower question: for each dollar a firm put at risk, how much value did its investments create in companies that went on to list in the US?
- US listings, Jan 2014 to Jun 2026
- 424
- Their value on 2 Oct 2026
- $5.7trn
- Fund vehicles, 180 firms
- 3,422
- Firms ranked
- 147
The ranking
The top 10
Firms ranked by consistency-adjusted value per dollar of capital at risk.
Ranks 11 to 50 open when you subscribe.
01Sutter Hill
Value per $ at risk11.6×Range 7.8–16.6×
- Value created
- $19.1bn
- Capital at risk
- $1.33bn
- Companies
- 5
- Largest company
- Snowflake (49%)
| Rank | Firm | Value per $ | Value created | Capital at risk | Largest company |
|---|---|---|---|---|---|
| 01 | Sutter HillSnowflake (49%) | 11.6× | $19.1bn | $1.33bn | Snowflake (49%) |
| 02 | Founders FundSpaceX (63%) | 11.2× | $95.2bn | $6.16bn | SpaceX (63%) |
| 03 | IA VenturesDigitalOcean (49%) | 10.0× | $4.27bn | $344m | DigitalOcean (49%) |
| 04 | GigafundSpaceX (100%) | 9.1× | $11.0bn | $357m | SpaceX (100%) |
| 05 | Lowercase CapitalUber (98%) | 8.8× | $2.29bn | $98m | Uber (98%) |
| 06 | PelionCloudflare (100%) | 7.3× | $15.1bn | $660m | Cloudflare (100%) |
| 07 | Union Square VenturesTwilio (28%) | 6.3× | $10.2bn | $1.46bn | Twilio (28%) |
| 08 | BenchmarkUber (52%) | 6.0× | $18.0bn | $2.37bn | Uber (52%) |
| 09 | BessemerShopify (63%) | 5.1× | $48.4bn | $6.92bn | Shopify (63%) |
| 10 | DFJSpaceX (87%) | 4.4× | $29.8bn | $3.85bn | SpaceX (87%) |
Value created is what a firm’s primary stakes were worth at the 2 October 2026 close. Capital at risk is its funds’ commitments, scaled to the share of their listings expected in the window.
The method
Why another list?
Private marks aren’t prices.
The last funding round is priced by people already inside the deal. A public listing gives a price anyone can check.
Rewarding long‑term hold value.
The best firms can hold shares for many years after IPO, and the best companies keep compounding.
Primary investments, no secondaries.
Investments that contributed to the growth of a company, rather than riding on the success of an already obvious winner through secondaries.
The rules
Window
Companies that listed in the US between January 2014 and June 2026: IPOs, direct listings and SPAC mergers. Life sciences are excluded.
End date
Every value is the close on 2 October 2026. Later price moves don’t change the figures.
Capital at risk
Each fund’s commitment, scaled by the share of its listings expected inside the window. A 2011 early-stage fund counts 92% of its size; a 2000 fund counts the 25% floor.
The headline measure
Value per dollar, weighted two-thirds, blended with value per dollar excluding the firm’s largest company, weighted one-third. One great company still counts, but it can’t carry a firm alone.
Ranges
Estimated inputs, such as smaller stakes, some fund sizes and primary shares, carry low and high cases. Neighbouring firms’ ranges often overlap.
Who is ranked
Independent venture firms investing pooled outside money, mainly in private technology companies. Family offices, individuals and single-company vehicles are listed separately in the data.
What this leaves out
Acquisitions and companies still private are not counted, so every firm’s figure understates its full return; the comparison between firms is the point. Non-US listings are outside the window, and listings under $2bn that the first search missed were not added. Fees and carried interest are ignored: this is value created, not investor returns. Single outcomes matter: SpaceX alone is 37% of the value in the set.
The full findings
See all 50 firms and the full report
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- All 50 firms, with value created and capital at risk
- The companies and funds that drove the results
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- The open data behind every figure
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Report
The full report
Everything behind this page in one PDF: the top 10 firms in detail, the method and how robust the ranking is, the sources and open data, the top 50 firms, the top 20 funds and the top 20 companies.
The full ranking
All 50 firms
The top 50 on the same measure, valued at the 2 October 2026 close.
| Rank | Firm | Value per $ | Value created | Capital at risk | Largest company |
|---|---|---|---|---|---|
| 01 | Sutter HillSnowflake (49%) | 11.6× | $19.1bn | $1.33bn | Snowflake (49%) |
| 02 | Founders FundSpaceX (63%) | 11.2× | $95.2bn | $6.16bn | SpaceX (63%) |
| 03 | IA VenturesDigitalOcean (49%) | 10.0× | $4.27bn | $344m | DigitalOcean (49%) |
| 04 | GigafundSpaceX (100%) | 9.1× | $11.0bn | $357m | SpaceX (100%) |
| 05 | Lowercase CapitalUber (98%) | 8.8× | $2.29bn | $98m | Uber (98%) |
| 06 | PelionCloudflare (100%) | 7.3× | $15.1bn | $660m | Cloudflare (100%) |
| 07 | Union Square VenturesTwilio (28%) | 6.3× | $10.2bn | $1.46bn | Twilio (28%) |
| 08 | BenchmarkUber (52%) | 6.0× | $18.0bn | $2.37bn | Uber (52%) |
| 09 | BessemerShopify (63%) | 5.1× | $48.4bn | $6.92bn | Shopify (63%) |
| 10 | DFJSpaceX (87%) | 4.4× | $29.8bn | $3.85bn | SpaceX (87%) |
| 11 | GreylockAirbnb (25%) | 3.7× | $14.6bn | $3.55bn | Airbnb (25%) |
| 12 | Sequoia CapitalSpaceX (18%) | 3.7× | $82.6bn | $20.8bn | SpaceX (18%) |
| 13 | FirstMarkShopify (91%) | 3.5× | $13.2bn | $1.98bn | Shopify (91%) |
| 14 | Index VenturesDatadog (45%) | 3.4× | $30.5bn | $7.44bn | Datadog (45%) |
| 15 | Founder CollectiveThe Trade Desk (66%) | 3.3× | $850m | $183m | The Trade Desk (66%) |
| 16 | First Round CapitalUber (61%) | 3.3× | $4.37bn | $1bn | Uber (61%) |
| 17 | Granite VenturesAnaplan (78%) | 3.0× | $1.02bn | $218m | Anaplan (78%) |
| 18 | VenrockCloudflare (100%) | 3.0× | $14.7bn | $2.13bn | Cloudflare (100%) |
| 19 | RedpointSnowflake (60%) | 2.9× | $12.4bn | $3.22bn | Snowflake (60%) |
| 20 | Ribbit CapitalRobinhood (63%) | 2.9× | $11.5bn | $2.92bn | Robinhood (63%) |
| 21 | Contour Venture PartnersDatadog (100%) | 2.8× | $1.56bn | $242m | Datadog (100%) |
| 22 | Romulus CapitalEquipmentShare (100%) | 2.7× | $995m | $159m | EquipmentShare (100%) |
| 23 | Khosla VenturesRocket Lab (44%) | 2.6× | $19.2bn | $6.08bn | Rocket Lab (44%) |
| 24 | Gemini IsraelJFrog (92%) | 2.6× | $1.32bn | $276m | JFrog (92%) |
| 25 | AccelCrowdStrike (70%) | 2.6× | $56.0bn | $15.2bn | CrowdStrike (70%) |
| 26 | Glynn CapitalPalantir (62%) | 2.5× | $2.14bn | $647m | Palantir (62%) |
| 27 | Amplify PartnersDatadog (91%) | 2.3× | $2.34bn | $560m | Datadog (91%) |
| 28 | Andreessen HorowitzSpaceX (15%) | 2.3× | $30.8bn | $12.7bn | SpaceX (15%) |
| 29 | Harbor Pacific CapitalZoom (100%) | 2.3× | $149m | $30m | Zoom (100%) |
| 30 | Highway 12 VenturesSendGrid (100%) | 2.3× | $247m | $50m | SendGrid (100%) |
| 31 | March CapitalCrowdStrike (100%) | 2.2× | $5.73bn | $1.19bn | CrowdStrike (100%) |
| 32 | SV AngelAirbnb (21%) | 2.2× | $918m | $388m | Airbnb (21%) |
| 33 | Red SwanCoinbase (98%) | 2.0× | $71m | $18m | Coinbase (98%) |
| 34 | Banyan PartnersPinduoduo (92%) | 2.0× | $4.79bn | $1.36bn | Pinduoduo (92%) |
| 35 | Granite Hill Capital PartnersSentinelOne (100%) | 2.0× | $125m | $31m | SentinelOne (100%) |
| 36 | Emergence CapitalZoom (72%) | 1.9× | $3.31bn | $1.19bn | Zoom (72%) |
| 37 | Section 32Dave (73%) | 1.9× | $1.46bn | $532m | Dave (73%) |
| 38 | FlybridgeMongoDB (99%) | 1.8× | $1.7bn | $456m | MongoDB (99%) |
| 39 | Hummer WinbladMuleSoft (73%) | 1.8× | $1.1bn | $416m | MuleSoft (73%) |
| 40 | Y CombinatorDoorDash (37%) | 1.8× | $3.78bn | $1.8bn | DoorDash (37%) |
| 41 | Altos VenturesRoblox (100%) | 1.7× | $2.9bn | $826m | Roblox (100%) |
| 42 | JVPCyberArk (100%) | 1.7× | $3.8bn | $1.09bn | CyberArk (100%) |
| 43 | NEACloudflare (56%) | 1.7× | $33.0bn | $15.5bn | Cloudflare (56%) |
| 44 | Celesta CapitalCredo (100%) | 1.6× | $1.84bn | $566m | Credo (100%) |
| 45 | 8VCPalantir (96%) | 1.6× | $5.21bn | $1.77bn | Palantir (96%) |
| 46 | MadronaSmartsheet (48%) | 1.5× | $2.92bn | $1.56bn | Smartsheet (48%) |
| 47 | Cathay InnovationPinduoduo (74%) | 1.5× | $1.59bn | $742m | Pinduoduo (74%) |
| 48 | Revel PartnersThe Trade Desk (100%) | 1.5× | $93m | $32m | The Trade Desk (100%) |
| 49 | FelicisShopify (90%) | 1.4× | $2.24bn | $920m | Shopify (90%) |
| 50 | Mobius Venture CapitalBloom Energy (80%) | 1.4× | $1.11bn | $537m | Bloom Energy (80%) |
Companies
Where the value was made
The five most valuable listings with venture-fund backers, valued at the 2 October 2026 close on the shares outstanding at listing. Alibaba and Arista Networks, also among the most valuable, had no venture-fund holders at listing.
-
01 · Listed Jun 2026
SpaceX
The largest listing in the set: 37% of all the value, more than the next nine listings combined.
- Value now
- $2.1trn
- At listing
- $1.8trn
- Since listing
- 1.2×
- Venture stakes now
- $136bn
- Venture funds held 10.9% at listing
- Founders Fund 3.1% · Vy Capital 2.1% · DFJ 1.6%
-
02 · Listed Sep 2020
Palantir
Listed directly, without an IPO. Founders Fund was the largest venture holder.
- Value now
- $326bn
- At listing
- $16.4bn
- Since listing
- 19.9×
- Venture stakes now
- $34.3bn
- Venture funds held 10.9% at listing
- Founders Fund 8.1% · 8VC 1.6% · Mithril Capital 0.8%
-
03 · Listed Jun 2019
CrowdStrike
- Value now
- $212bn
- At listing
- $6.69bn
- Since listing
- 31.8×
- Venture stakes now
- $47.9bn
- Venture funds held 22.8% at listing
- Accel 18.7% · March Capital 2.7% · IVP 1.3%
-
04 · Listed May 2019
Uber
- Value now
- $115bn
- At listing
- $76.3bn
- Since listing
- 1.5×
- Venture stakes now
- $20.0bn
- Venture funds held 19.2% at listing
- Benchmark 8.8% · GV 3.9% · Lowercase Capital 2.6%
-
05 · Listed May 2015
Shopify
- Value now
- $113bn
- At listing
- $1.27bn
- Since listing
- 89.1×
- Venture stakes now
- $47.6bn
- Venture funds held 45.0% at listing
- Bessemer 27.1% · FirstMark 10.6% · OMERS Ventures 5.4%
Funds
The top five funds
Single funds, ranked on the same measure. A fund can far outrun the firm that raised it.
-
01 · Founders Fund · 2007
Founders Fund II
- Value per $
- 183.5×
- Value created
- $37.4bn
- Capital at risk
- $139m
-
02 · Techstars Ventures · 2009
Bullet Time Ventures I
- Value per $
- 53.3×
- Value created
- $440m
- Capital at risk
- $4.4m
-
03 · Founders Fund · 2010
Founders Fund III
- Value per $
- 52.2×
- Value created
- $16.1bn
- Capital at risk
- $220m
-
04 · Index Ventures · 2012
Index Ventures VI
- Value per $
- 39.7×
- Value created
- $21.2bn
- Capital at risk
- $419m
-
05 · Lowercase Capital · 2010
Lowercase Ventures Fund I
- Value per $
- 38.1×
- Value created
- $1.95bn
- Capital at risk
- $8.03m
Open data
Check our work
The data comes from SEC filings, fund announcements and public reports. There will be gaps and mistakes. Everything is open under CC BY 4.0, so you can check any figure, suggest a correction and run your own analysis.
Cite as: Gray, D. (2026). Venture value created per dollar at risk: US venture-backed listings, 2014–2026 (Version 1.0.0) [Data set]. Odin. https://doi.org/10.5281/zenodo.23455286