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Marcus Lu
2025-04-03 07:36:00
www.visualcapitalist.com
Infographic: The Biggest Private Tech Deals Since 2018
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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.
Learn More on the Voronoi App 
If you enjoyed this post, check out The World’s Most Valuable Unicorns in 2024 on Voronoi, the new app from Visual Capitalist.
The post Infographic: The Biggest Private Tech Deals Since 2018 appeared first on Visual Capitalist.
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