Notes
Values are best estimates as of September 28, 2026. Public companies are shown at market capitalization; private companies at the post-money price of their latest closed funding round or acquisition offer. Reported talks that haven't closed are listed under pending deals and not counted, except where marked ‡.
San Francisco view: AI-first companies headquartered in the city of San Francisco. Entire Bay Area view: AI-first companies plus large public companies whose core business is frontier AI models or AI chips (Nvidia, Alphabet, Broadcom, Meta, AMD, Cerebras), headquartered anywhere in the Bay Area. Adding the Bay Area pushes the smaller San Francisco companies off the list.
Excluded as judgment calls: Apple (Cupertino, about $4.9T; AI is not its core business), Intel (Santa Clara, about $644B), Cisco and Salesforce (not AI-first). Tesla and Oracle are headquartered in Texas. Cursor is excluded because SpaceX completed its acquisition on August 14, 2026; Reflection AI is based in New York.
† Headquarters disputed or status changing. Some databases list Crusoe in Denver and Replit in San Francisco rather than Foster City; Decart is sometimes described as Israeli and was reported to be in acquisition talks.
‡ Older, estimated, or single-source mark that could not be re-verified; may be out of date.
Cerebras is shown at about $47B across all share classes; counting Class A shares only gives about $30B. Figure AI is shown at $39B; some trackers cite $48B. Scale AI's ~$29B comes from Meta's 2025 investment. Notion is shown at ~$11B, the midpoint of a $10–12B estimate.
Market value and GDP measure different things: one is the price of ownership, the other a year of output. The comparison is for scale only.
Dot positions are approximate; many startups don't publish an address. Circles with initials stand in for company logos.
Map data: streets © OpenStreetMap contributors (ODbL), via EqualStreetNames San Francisco; parks, highways, Market Street and the San Francisco shoreline from DataSF via sf-map-svg; Bay Area coastline from OpenStreetMap via geo-maps (ODbL); county lines from Code for America's Click That 'Hood. Icons: PublicaMundi (U.S. states) and world.geo.json (countries).