Looking at the Most Valuable Startups in Each State

Private equity data provider Pitchbook is out with a fascinating new look at the most valuable startups by U.S. state.

Before looking at the results, take a guess.  Would you guess the most valuable startup is headquartered in Massachusetts, with its biotechnology-centered cluster?  What about California?  Silicon Valley certainly has some very valuable startups.  Perhaps New York has the most valuable startup?  Perhaps a sleeping giant is out there that’s not headquartered in Silicon Valley or one of the other well-known technology clusters?

Switching to companies, which companies would you guess show up at the top?  Perhaps Uber, and its massive freelancer workforce?  Perhaps the most valuable startup is a company we’ve never heard of?  Perhaps a virtual reality company, such as MagicLeap?

Take your guesses, because the answers follow.

The States Where The Most Valuable Companies are Headquartered

Here’s the broad map of the largest startup in each state.  With this map as the background, do you want to update your guess?

On top of the list is a well-known startup headquartered in California – Uber.   Uber has a private valuation of approximately $72 billion.

In second place is WeWork.  The New York-based company has a valuation of about $21 billion.

Third place belongs to Moderna Therapeutics.  With the valuation of $7.1 billion, the company is far behind the top two, but nowhere near small money.

In fourth place is Magic Leap.  The Florida-based virtual reality company has a private valuation of $6.4 billion.

Rounding out the top 5 is Qualtrics.  The Utah-based consumer research company has a valuation of approximately $2.5 billion.

Source: Pitchbook

The Remaining Top Companies (i.e. the Other 45)

What about the remaining startup companies?

The remaining states in the top 10 are contained in the following infographic.

Sixth place belongs to Uptake Technologies.  The Illinois-based company has a private value of approximately $2.3 billion.

Seventh place goes to AvidXchange.  The technology company is headquartered in North Carolina and has a valuation of about $1.4 billion.

Either place belongs to OfferUp.  The Washington-based company has a valuation of $1.4 billion.

Ninth and tenth places belong to Butterfly Network in Connecticut ($1.2 billion valuation) and Kabbage in Georgia ($1.2 billion).

Two other states have top companies with valuations of $1 billion or more.  They are Missouri (Essence Group Holdings, $1.1 billion) and Ohio (Root Insurance, $1.0 billion).

Sources: CBInsights, Econometric Studios, LLC

State on the Bottom End of the Valuation Spectrum

What about states on the bottom end of the valuation spectrum?  The states with the “lowest” highly valued private companies are West Virginia (Liberty Hydo, $4 million), Alaska (ADS-B Technologies, $4 million), and South Dakota (Immutrix Therapeutics, $8 million).

Conclusion

In a fascinating look at the most valuable startups in each U.S. state, Pitchbook shows companies headquartered in California, New York, Massachusetts, Florida, and Utah as the most valuable privately valued companies in the U.S.