The Largest Private SaaS and Software Companies in 2026

Software-as-a-service (SaaS) companies sell software by subscription over the internet, and many of the most valuable private technology companies in the world are SaaS businesses. Some, like Databricks and Canva, are worth tens of billions of dollars; dozens more are valued in the billions. This guide ranks the largest private SaaS and software companies in our database by sourced valuation, explains what drives their value, and highlights how AI is changing the SaaS business model.

Each company links to a full profile with sources, funding history and, where available, revenue or ARR. We include business software, developer tools, data platforms and productivity software; AI model labs, fintechs and consumer apps are covered in other guides.

The ranking

What stands out

Data platforms lead by value

Databricks, valued at US$190 billion, is by far the most valuable private software company, powered by demand for data and AI platforms. Other data infrastructure companies have also grown fast: ClickHouse reached about US$15 billion, and Fivetran merged with dbt Labs to create a data integration company with nearly US$600 million in ARR. Sigma Computing doubled its valuation to US$3 billion in 2026 with about US$200 million in ARR. AI applications need clean, current data, which keeps these companies in demand.

HR and work management

HR and payroll software is another large category: Deel and Rippling are each valued at more than US$16 billion, with Gusto, Personio, HiBob and Lattice also in the billions. Productivity and work management tools such as Notion, ClickUp, Linear and Calendly compete to be where teams do their daily work.

Developer tools boomed with AI

Developer platforms have benefited from AI coding and "vibe coding". Supabase, Vercel and Replit each reached valuations near or above US$9 billion as AI tools generated huge numbers of new applications. Temporal, whose durable execution platform helps AI agents run reliably, saw its valuation jump to US$5 billion. Postman and Grafana Labs serve tens of millions of developers.

Many valuations date from 2021

A large share of the companies in this list last raised in 2021 or early 2022, at the peak of software valuations. Postman, Webflow, ClickUp, Calendly, Cockroach Labs and Lattice are examples. Public software multiples fell sharply in 2022, so these figures may be above what investors would pay today. Others, such as Dataiku and Miro, have already reset lower; Miro agreed in 2026 to be acquired by Bending Spoons at a fraction of its US$17.5 billion peak. Always check the date in the "As of" column.

How SaaS companies are valued

Investors usually value SaaS companies as a multiple of annual recurring revenue (ARR), the yearly value of subscription contracts. The multiple depends on:

• Growth rate: faster-growing companies earn higher multiples.
• Net revenue retention: how much existing customers expand their spending over time; see our guide to net revenue retention.
• Gross margin: software typically earns 70% to 85% gross margins; lower margins reduce value.
• Profitability: the "Rule of 40", growth rate plus profit margin, is a common benchmark; see our Rule of 40 guide.
• Market size and competition: how large the opportunity is and how defensible the product is.

In 2021, top SaaS companies traded at 30 to 60 times forward revenue; by 2023, median public multiples had fallen to single digits. Private valuations adjusted more slowly, which is why many 2021 marks look high. Our guide to SaaS valuation multiples explains these dynamics, and ARR versus revenue explains the metrics.

How AI is changing SaaS

AI is reshaping software businesses in several ways. First, it creates new products: AI assistants, agents and analytics built into existing tools. Second, it changes pricing: many SaaS companies are moving from per-seat pricing towards usage-based or outcome-based pricing, because AI agents can do work that previously required more human users. Third, it creates competitive threats: general AI assistants can perform some tasks that specialised software used to handle, and AI coding tools make it cheaper for companies to build their own software. Investors increasingly reward SaaS companies that can show real AI revenue and penalise those whose core product looks vulnerable.

Consolidation

After a decade in which companies bought many specialised tools, buyers are consolidating. That favours platforms that can replace several products, such as all-in-one HR suites or data platforms, and has driven mergers like Fivetran and dbt Labs. It has also enabled acquirers such as Bending Spoons to buy established products at lower prices. Expect more mergers among mid-sized SaaS companies, especially those that raised at high 2021 valuations and need a path to liquidity.

Which private SaaS companies might IPO?

Databricks, Canva, Deel, Rippling, Grafana Labs, Gong and ClickHouse are among the private software companies most often mentioned as IPO candidates. Some have hired public-company finance chiefs or talked publicly about listing timelines. Market conditions, growth and profitability will determine timing. Our guide to upcoming tech IPOs tracks companies preparing to list, and our guide to the IPO process explains how listings work.

Using this list

• Sales teams can target fast-growing software companies that buy tools and services; see selling to venture-backed companies.
• Job seekers can compare funding, growth and stability.
• Investors can compare private marks with public software multiples.
• Founders can study which business models and categories attract the highest valuations.

Methodology

We include private companies in our database whose main business is subscription software, developer tools or data platforms, ranked by their latest sourced valuation converted roughly to US dollars. Valuations from different years aren't directly comparable. Some figures come from tender offers or secondary sales rather than primary rounds, as noted on each profile.

Profitability matters more than before

Since 2022, investors have placed much greater weight on profitability and efficient growth. SaaS companies that once spent heavily to grow at any cost have cut sales and marketing spending, reduced headcount and focused on free cash flow. Companies such as Linear and Zapier, which grew efficiently, have been held up as examples.

Efficient growth is now a key factor in private SaaS valuations.