Annual average market capitalisation of S&P 500 companies, November 2022 and November 2024

Sources

IEA analysis based on data from Bloomberg Terminal (n.d.), (database) accessed February 2025, Bloomberg Terminal and Crunchbase (n.d.), (database) accessed January 2025, Crunchbase.

Notes

Notes: MER = market exchange rate. AI-focused S&P 500 companies include technology companies that have key AI offerings or have integrated AI into their operations in a significant way. Valuations of start-ups are pre-money, and rise with the stage of investment, from seed (initial funding, often to get the company operations started) to series A (first major round of funding that establishes a business model and helps the company scale), series B (second major funding round that helps companies scale further) and series C (usually for well-established companies looking to accelerate expansion).