San Francisco-based blockchain company Ripple has been ranked as the 23rd biggest private company by market capitalization.
According to data provided by business analytics firm CB Insights, the company, which is primarily known for being associated with the XRP cryptocurrency, is valued at $15 billion.
It is ranked right above Swedish fintech company Klarna ($14.5 billion) and Palmer Luckey-funded defense technology company Anduril ($14 billion).
Some other firms on the list include non-fungible token (NFT) marketplace OpenSea, mining hardware manufacturer Bitman ($12 billion), and cryptocurrency exchange KuCoin ($10 billion).
The biggest private companies
American aerospace manufacturer SpaceX, which holds roughly $850 million worth of Bitcoin, is the biggest private company with an estimated valuation of $350 billion. TikTok owner ByteDance and artificial intelligence giant OpenAI share second place with $300 billion each.
However, it is worth noting that such family-owned companies as Mars, Incorporated, do not appear on VC-driven rankings. Some other examples of such companies include Cargill, Koch Industries, and Bosch.
Will Ripple go public?
In early 2020, Ripple CEO Brad Garlinghouse stated that Ripple would be "on the leading side" of the crypto IPO bonanza.
However, the company got embroiled in a long-lasting battle with the U.S. Securities and Exchange Commission (SEC).
Even though the grueling legal case finally appears to be over, Ripple is not rushing to go public.
As reported by U.Today, Ripple President Monica Long clarified that the company has plenty of liquidity, which is why it sees no need for an IPO.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team