The Hurun Research Institute published its annual ranking of the world's most valuable private companies. The top of the list was dominated by AI firms, but there was also a spot for miHoYo — the studio behind Genshin Impact.
Genshin Impact
miHoYo ranked 25th on the list, sharing the spot with Telegram and VAST Data. According to analysts, the studio is currently valued at around $30 billion.
No other purely gaming company on the list came close to miHoYo's results. To put this into perspective, the second-highest gaming developer by market value was Lilith Games, the creator of Rise of Kingdoms and AFK Arena, which ranked 256th with a valuation of $4.4 billion.
However, it should be noted that the Hurun Research Institute does not include everyone in its rankings. Firstly, they are only interested in private companies — those whose shares are not publicly traded. Secondly, all the companies in the ranking were founded after 2000. It's possible that if more established developers were included, the results might be different.
Regardless, miHoYo has become extremely valuable. Just a few years ago, its valuation was significantly lower — for instance, in 2023, the creators of Genshin Impact were valued at "only" about $7.2 billion. By 2024, this figure had jumped to $23 billion and has continued to rise since then.