The Lonergan SV150 is the definitive list of the top public companies in technology located in the Silicon Valley. It is the successor to the SV150 list published for over thirty years by The Mercury News.
Download the 2021 rankings now, and continue reading for our analysis and insights below.
The Lonergan SV150 had total 2020 revenues of $1.245 trillion, which represents 11% same company growth year-over-year. 115 companies in the list were revenue winners, with an average growth of 30%. The revenue loss for the 35 companies with declining sales averaged 13%.
#1 ranked Apple (representing 24% of Lonergan SV150 revenue) continued to be a major contributor to determining overall growth. Apple grew calendar year 2020 revenues by 10% versus only 2% for the 2019 calendar year (Apple fiscal year adjusted per our ranking methodology; the Apple fiscal year ended September 30, 2020).
Total net income for the Lonergan SV150 was $199 billion, up $24 billion from the prior year (on a same company basis), for a weighted average growth of 13%.
Astonishing growth in Lonergan SV150 total market cap
March 31, 2021 market cap was $9.5 trillion, an incredible 83% same-company increase year-over-year.
Over half of LSV150 companies saw their market caps rebound over 100% from year-prior March 31, 2020 levels, which was near a market low for the year.
The top two performers on this metric were two companies led by women CEOs: Sunrun (LSV#83) grew market cap 913% under CEO Lynn Jurich, benefitting from the current administration’s big support for green projects; and Upwork (LSV#125) grew market cap 655% under CEO Hayden Brown, as pandemic tailwinds expanded the freelance-gig economy.
Revenue growth winners were not confined to ‘pandemic story’ stocks – but two of them did top the list
In a same-company comparison, total Lonergan SV150 revenues grew 11% (to a total of $1.2 trillion), a respectable but not record-breaking increase. The ratio of companies growing versus losing revenue (115 growing to 35 contracting) resembled recent prior years.
While aggregate growth was not remarkable, individual companies did see some record-setting increases, however.
Our first-ranked company for revenue growth in 2020 was Zoom Video Communications (LSV#48) — up 326%.
Our second-ranked company was newly public Doordash (LSV#46) — up 226%.
Some honorable mentions: Snowflake (LSV#104) up 124%, and Square (LSV#23) up 101%, which were ranked #4 and #5 on revenue growth.
Newly public Airbnb makes the list of top revenue losers in 2020
Airbnb (LSV#39) revenues were down 30%, putting it high on the list of those companies who lost revenue in 2020. Also among the top revenue losers were newly public Opendoor (LSV#50) — down 46%; Lyft (LSV#53) — down 35%; GoPro (LSV#89) down 25%; and Über (LSV#20) — down 21%.
Leaving the Silicon Valley was Popular
Seven companies on last year’s Lonergan SV150 ranking moved headquarters out of California in time for this year’s publication. Movement away from Silicon Valley in significant numbers is an unprecedented trend.
Which companies from last year’s list have moved?
|Last Year’s Rank||Company (New headquarters)||2020 Revenues ($ million|
adjusted to quarter closest to calendar year end)
|Market cap (March 31, 2021)|
|7||Oracle (Austin, TX)||$39,402||$203.4 b|
|8||HPE (Houston, TX)||$26,866||$20.5 b|
|46||Avaya (Durham, NC)||$2,901||$2.3 b|
|50||Align (Tempe, AZ)||$2,472||$41.5 b|
|70||Viavi (Scottsdale, AZ)||$1,107||$3.6 b|
|129||Natera (Austin, TX)||$391||$8.8 b|
|136||Aviat (Austin, TX)||$261||$0.4 b|
Acquisition activity slow for a second year in a row year
As of this posting, only five Lonergan SV150 ranked public companies have been fully acquired and delisted since our ranking last year. These include Forescout, Mobileiron, Livongo Health, Fitbit, and Telenav.
However, as of the time of this analysis in April 2021, several additional LSV150 ranked companies are in the process of being acquired, including #86 ranked Slack, #42 ranked Varian (update — closed April 15), #43 ranked Xilinx, #54 ranked Maxim, #79 ranked Proofpoint, and #100 ranked Inphi (update — closed April 21).
Explosion of IPOs
After a long pandemic-related pause in accessing public markets starting in March of 2020, the last half of the year saw an explosion of public trading enthusiasm for Silicon Valley based companies, including long awaited IPOs such as Airbnb (LSV#39). For the first time, ranked companies also accessed public markets as a result of direct listing (Asana LSV#141) and SPAC merger (Opendoor LSV#50) as well.
The highest ranking debut IPO on the Lonergan SV150 is #39 ranked Airbnb, with 2020 revenues of $3,378 million.
All twelve newly public companies shown below:
|Rank||Company (year public)|
IPO unless noted
|Business Description||2020 Sales |
|Growth||Profitability||Mkt Cap |
(March 31, 2021)
|39||Airbnb (2020)||Online marketplace for temporary lodging||$3,378||-30%||-136%||$114.3 b|
|45||McAfee (2020)||Security software||$2,906||10%||-10%||$9.8 b|
|46||Doordash (2020)||Online Food delivery platform||$2,886||226%||-16%||$42.2 b|
|50||Opendoor (2020 SPAC merger)||Online home selling service||$2,583||-46%||-11%||$11.8 b|
|52||Wish (2020)||Online e-commerce platform||$2,541||34%||-29%||$9.8 b|
|96||Unity (2020)||Video game software||$772||43%||-37%||$27.9 b|
|101||Affirm (2021)||Online shopping installment loan platform||$670||31%||-15%||$18.2 b|
|104||Snowflake (2020)||Cloud data warehousing||$592||124%||-91%||$50.5 b|
|138||Poshmark (2021)||Online fashion marketplace||$262||28%||6%||$2.9 b|
|141||Asana (2020 direct listing)||Project management software||$227||59%||-93%||$4.6 b|
|145||Sumo Logic (2020)||Real-time data analytics service||$203||31%||-40%||$2.0 b|
|149||C3.ai (2020)||AI software platform||$173||10%||-36%||$6.7 b|
The South Bay hangs on as geographical hub for Lonergan SV150 headquarters
The South Bay is still the center of gravity for the public company tech world. Despite VC and start-up company flight northwards, the South Bay (from Mountain View south to San Jose and including Fremont) houses just over half of the headquarters for the Lonergan SV150.
By contrast, while San Francisco is now home to 25% of Lonergan SV150 headquarters, its market share has been steadily rising; San Francisco boasts the headquarters of seven of the twelve newly public companies on the list. San Francisco county is second ranked among the seven counties represented in our ranking (other counties are San Jose, San Mateo, Alameda, Contra Costa, Marin and Santa Cruz).
- 76 of the companies in the Lonergan SV150 are headquartered in Santa Clara county.
- Four of seven IPOs debuting on the list are headquartered in San Francisco
In the past year, the ranks of the SV150 saw no new women CEOs. In fact we said goodbye to Safra Catz of Oracle (2019 LSV#7), when Oracle moved its headquarters to Austin; and we also lost (we hope temporarily) Julia Hartz of Eventbrite (2019 LSV #12), where revenue dropped below our SV150 cutoff. Since we started tracking this metric in 2014, when there were five women CEOs in the SV150, we have had slightly up years, and slightly down years, but we have never seen the metric break into double digits.
The current six women CEOs of the Lonergan SV150 are:
- Lisa Su, AMD (LSV #22)
- Jayshree Ullal, Arista (LSV #55)
- Katrina Lake, Stitch Fix (LSV #59)
- Lynn Jurich, Sunrun (LSV #83)
- Hayden Brown, Upwork (LSV #125)
- Jennifer Tejada, PagerDuty (LSV #144)
Continued improvement in women on boards
As of the week of March 31, 2021, women directors fill 30% of the board seats on the Lonergan SV150. Compared to our study of Silicon Valley boards published in our 2015 Who Runs Silicon Valley Board edition, this is an increase of 16 percentage points. A relentless focus on gender diversity in the Silicon Valley has yielded a change in recruitment at the board level.
- Board seats filled by women: 157 in mid-2015 rising to 404 today
- Percent women held seats: 14% in mid-2015 rising to 30% today
- Number of Lonergan SV150 boards with no women directors: 45 in mid-2015 dropping to 0 today
Note: our 2015 board study reflected the population of board directors of the Silicon Valley 150 in summer 2015. Only 144 companies were included at that time, because six companies in The Mercury News listing had been acquired before summer 2015. Our numbers in the above comparisons have been adjusted to include the board populations of those six companies using the board profiles in their April 2014 proxy filings.
Founders Flourish in the Silicon Valley 150
The Silicon Valley continues to be committed to Founder CEOs. When we started our analysis of the SV150 in 2014, there were 38 companies being led by Founder CEOs. Today, that number has grown to an all-time high of 55.
What’s more, SV150 Founders enjoy high job security. While founder-led companies from the 2014 rankings were 40% likely to still be in the SV150 in 2021, when the company was still on our list, the Founder CEO enjoyed 100% job security: none of them had been replaced.
Non founder-led companies from 2014 were equally likely to still be in the rankings (44% of them were), but the CEO from 2014 had been replaced 59% of the time.