Which Private Companies With $10 Billion-Plus Valuations May Qualify

When a borrower applies for a conventional mortgage, the lender’s primary focus is on the borrower’s income, credit, and assets. The employer matters, but mainly as a source of income verification. For a private RSU mortgage, the employer is a central part of the underwriting picture.

Portfolio lenders who offer programs for private RSU income need confidence that the company behind the equity is financially stable, that the equity has genuine value, and that some form of liquidity is realistic in a reasonable timeframe. Those factors vary significantly from one private company to the next, which is why the program is not available to employees at every private company.

The primary eligibility threshold is company valuation. Borrowers must work at a private company valued at ten billion dollars or more. That figure is not arbitrary. It reflects the level of financial maturity, investor backing, and market presence that gives portfolio lenders the confidence to underwrite against private equity income. Why Most Lenders Can’t Help: Conventional Loans Require Publicly Traded Stock

Unlike publicly traded companies, which have a stock price that updates throughout every trading day, private companies do not have a continuously published market value. Their valuation is determined through a small number of formal and informal mechanisms, each of which carries different weight with lenders.

Funding Rounds

The most widely recognized valuation benchmark for a private company is its most recent funding round. When a company raises capital from venture capital firms, private equity investors, or other institutional sources, the price per share paid by those investors implies an overall company value. A company that raises five hundred million dollars at a per-share price that values the entire business at fifty billion dollars is described as being valued at fifty billion dollars.

This figure is what most people refer to when discussing a private company’s valuation, and it is the primary figure lenders use when assessing whether a company meets the ten billion dollar threshold. It is a real number based on an actual transaction, which gives it more credibility than an estimate.

409A Appraisals

Private companies are required by the IRS to conduct periodic independent appraisals of their common stock value, known as 409A appraisals. These appraisals are used to set the exercise price for stock options and are typically conducted annually or after a significant funding event. A 409A valuation tends to be more conservative than a funding round valuation because it uses a different methodology and serves a different purpose, but it provides another documented data point about the company’s worth.

Lenders are generally more familiar with funding round valuations than with 409A figures, but both can be relevant in establishing that a company meets the program threshold.

Secondary Market Activity

Secondary market transactions occur when existing shareholders, including employees, sell their shares to outside buyers through private exchanges or brokerage arrangements. These transactions are negotiated privately and require company approval, but they do establish a price at which shares are actually changing hands. Secondary market pricing can differ from funding round pricing and may reflect a more current view of the company’s value, particularly if the most recent funding round was several years ago.

For lenders, secondary market data can support or supplement a funding round valuation. It also demonstrates that there is an active market for the company’s shares, which is itself a positive indicator.

Why This Matters for the Program

When a lender evaluates whether a borrower’s employer meets the ten billion dollar threshold, they are looking for documented evidence of value from one or more of these sources. A company with a recent funding round at a twenty billion dollar valuation is straightforward to assess. A company that has not raised a formal round in several years but has active secondary market transactions requires a more nuanced evaluation.

The key point for borrowers is that valuation is not a single fixed number. It is an assessment based on the best available information, and that information can change. A company that did not meet the threshold two years ago may meet it today based on a new funding round or significant secondary market activity.

A private company valued at ten billion dollars or more is generally a well-established organization with significant institutional investor backing, a documented valuation history, and in most cases some mechanism for employee liquidity. These are companies that have been around long enough, grown large enough, and attracted enough capital that their equity is viewed as having meaningful underlying value even without a public market for the shares.

Below that threshold, the picture is less clear. A company valued at two billion dollars may be a strong business, but the lender has less information to work with, less confidence in the stability of the valuation, and less certainty that a liquidity event is on the horizon. The ten billion dollar mark is where the risk profile shifts enough to make a portfolio lending program viable.

The following companies are among those currently valued at ten billion dollars or more and known to offer RSUs as part of employee compensation. This list reflects current market information and is not exhaustive. Valuations change, and new companies cross the threshold regularly.

Companies Valued at $100 Billion or More

SpaceX, OpenAI, Anthropic, ByteDance, xAI, Databricks, and Stripe are among the largest private companies in the world by valuation. All are known to offer RSUs as a component of employee compensation. Several have conducted tender offers that have created documented income for participating employees. These companies represent the strongest candidate profile for a private RSU mortgage program, both because of their scale and because of their track record of providing employee liquidity.

Companies Valued Between $10 Billion and $100 Billion

Revolut, Anduril, Fanatics, Scale AI, Canva, Chime, Klarna, Rippling, and Plaid are among the private companies in this valuation range that offer RSU compensation. Employees at these companies may qualify for the program depending on their individual compensation profile and the specific lender’s requirements. Eligibility in this tier tends to be more case-by-case than at the largest companies.

Other companies may also qualify. The list above reflects companies that are well-documented in terms of valuation and equity programs. Employees at companies not named here should still discuss their situation with a lender, as additional companies may meet the threshold based on current valuation data.

Meeting the company valuation threshold opens the door to the program, but it does not guarantee qualification. Once the employer eligibility is established, the lender evaluates the borrower’s individual profile.

Base Salary

Base salary is typically the primary qualifying income source in a private RSU mortgage. In many cases, the borrower qualifies on salary alone, and the RSU history serves as a supporting factor that strengthens the file. In other cases, the RSU income is needed to reach the qualifying threshold for the desired loan amount.

RSU Vesting and Distribution History

The most useful documentation a private RSU borrower can bring to a mortgage application is W-2 income from prior RSU distributions. Employees who have participated in tender offers or secondary sales have a documented income trail that lenders can work with directly. Employees who have not yet received any distributions will be evaluated primarily on base salary and the overall strength of their financial profile. Double-Trigger Vesting: Why There Is Often No Income on Paper Yet

Liquidity History at the Company

Lenders also consider whether the company has a track record of providing employee liquidity. A company that has conducted multiple tender offers over several years gives the lender more confidence that future distributions are realistic. A company that has never conducted a tender offer and has no announced IPO plans presents a less certain picture, even if the valuation is strong.

Overall Financial Profile

Credit, assets, and debt-to-income ratio are evaluated in the same way they would be for any mortgage. The private RSU component adds complexity, but the fundamental borrower profile still matters. Strong credit and asset reserves can offset some of the uncertainty around RSU income documentation.

The starting point is a straightforward conversation about the company. Lenders familiar with this program will know many of the qualifying companies by name. For companies that are less widely covered, the lender will look at available valuation data, funding history, and equity program documentation to assess eligibility.

Employees who are unsure whether their employer qualifies should not assume the answer is no before asking. Company valuations change, and some employers that did not qualify in prior years now meet the threshold based on recent funding activity. What You Need to Apply: A Documentation Guide for Private RSU Borrowers

Bridgepoint Funding works with employees at large private companies regularly and can quickly assess whether an employer and borrower profile are likely to qualify for a private RSU mortgage program. If you are unsure whether your company meets the threshold, that conversation is the right starting point. Reach out at (925) 478-8630 or at bpfund.com.

What if my company’s valuation has changed since its last funding round?

Private company valuations are not updated in real time. Lenders will use the most current available information, which may include recent funding round announcements, secondary market transaction data, or third-party valuation estimates. If a company has grown significantly since its last formal round, that context is worth discussing with the lender directly.

My company is valued just below $10 billion. Are there any options?

The ten billion dollar threshold is a common requirement among portfolio lenders offering private RSU programs, but individual lender guidelines vary. Some lenders may have flexibility depending on the overall borrower profile and the specific circumstances of the company. It is worth having the conversation rather than assuming the answer. FAQ: Can I Use Private RSU Income to Buy a House?

Does it matter if my company has conducted a tender offer before?

It does. A prior tender offer creates documented W-2 income and demonstrates that the company has a mechanism for providing employee liquidity. Both of those factors strengthen a mortgage file. Employees at companies that have never conducted a tender offer can still qualify, but the file will rely more heavily on base salary and overall financial profile.

What if I work at a private company subsidiary of a larger public company?

This situation varies depending on how the equity is structured. If the RSUs are grants from the parent public company, standard Fannie Mae and Freddie Mac guidelines may apply. If the RSUs are grants from the private subsidiary, the private RSU program framework is more likely to apply. A lender familiar with this type of structure can assess which guidelines are relevant. Why Most Lenders Can’t Help: Conventional Loans Require Publicly Traded Stock

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Mike Trejo is the Broker/Owner of Bridgepoint Funding, a residential mortgage brokerage based in Pleasant Hill, California. With more than 20 years of experience in the mortgage industry, Mike has helped thousands of borrowers navigate the home loan process, including many healthcare professionals and travel nurses with non-traditional income profiles.

Mike founded Bridgepoint Funding in 2006 and is consistently ranked among the Top 1% of Mortgage Loan Originators nationwide. Reach out at (925) 478-8630 or visit bpfund.com.