The private companies everyone wants to invest in.

Maker of ChatGPT and GPT-4. Private capped-profit structure — Microsoft (MSFT) is the largest backer. The closest tradeable AI exposure.

Online payments infrastructure powering Shopify, Amazon, and millions of businesses. Private — IPO repeatedly delayed since 2022.

Maker of Claude AI assistant. Private — backed by Amazon (AMZN) and Google (GOOGL). Closest public AI plays: NVDA, MSFT, GOOGL.

Parent of TikTok and Douyin. Chinese tech giant — has flirted with IPO since 2020 but politics keeps blocking it.

Social network owned by Elon Musk after $44B take-private in 2022. Re-IPO has been hinted but not committed.

Fast-fashion e-commerce giant. Has been preparing for IPO (London, then potentially Hong Kong) since 2023.

Online design platform. Australian-founded, profitable, repeatedly cited as an IPO candidate but no filing yet.

Maker of Fortnite and the Unreal Engine. 40%-owned by Tencent (private investment). Closest public peers: TTWO, EA, RBLX, U.

Voice + text chat platform popular with gamers and communities. IPO rumored since 2021.