Genshin Impact developers miHoYo have joined the ranks of the top 15 largest private companies in 2024 according to a report by the Hurun Research Institute.

The Hurun Research Institute has released their Global Unicorn Index for 2024, which ranks private companies and startups across the world worth at least $1 billion. The report’s assessment cut-off was on 1 January 2024, with significant changes in valuation updated up to the date of release (9 April 2024).

Valued at $23 billion USD, miHoYo has shot up 91 places to take the 12th spot on the list as the only gaming related company among the top 15 private companies alongside other big names such as OpenAI, Stripe and Telegram. With this rise, the company has the most valuable private game developer on the list.

The reports also states that miHoYo was one of the top 5 rises in valuation of the year, as the Shanghai-based mobile gaming platform surged up to $15.8 billion USD in value within a year.

Founded in 2011, miHoYo has developed and published a number of popular titles including Honkai Impact 3rd, Genshin Impact and Honkai Star Rail, with their next project, Zenless Zone Zero currently in development. Although the game company rebranded to HoYoverse with the launch of its global publishing subsidiary for international audiences in February 2022, they have retained their original name in China.