How Private Tech Really Stacks Up

Despite all the attention given to private tech firms with multibillion-dollar valuations, these so-called “unicorns” are more like ponies compared to the country's largest private companies.

Take Cargill, the agricultural behemoth, which reported revenue of $120 billion in 2015 and is one of the biggest private U.S. companies, according to research firm PrivCo. To put Cargill’s revenue in perspective, it’s 10 times what Xiaomi generated last year, says an industry executive. Xiaomi is one of the most highly valued private tech firms, with a valuation of $46 billion, and generates more revenue than most of the rest.