George: Aggregate unicorn market cap reached $3.5 trillion, growing 7x in a decade
David George · The Biggest Bottlenecks For AI: Energy & Cooling · Jan 26, 2026 · at 43:57
David George, General Partner at Andreessen Horowitz (a16z), highlights the rapid expansion and scale of late-stage private markets relative to public exchanges like the NASDAQ.
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“If you take the market cap of, you know, the private markets valued above a billion dollars, you know, we could argue are some of them overvalued, undervalued but that whole value in aggregate Is like three and a half trillion dollars, and that's like 11%, three and a half trillions, like 11, 12% of the NASDAQ or 10% of the NASDAQ, something like that. If you go back 10 years ago, that whole private market cap Of three and a half trillion was like five hundred billion. So over the last 10 years, the market cap of these private companies is like seven X.”
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