Naspers carries a market cap of approximately $55 billion USD as of early 2026, trading on the Johannesburg Stock Exchange under NPN. The South African technology investment group trades at a persistent discount to the value of its Tencent stake alone, a structural anomaly that has frustrated investors and led to ongoing share buybacks and Prosus listing activity to close the gap.
Market Cap Of Naspers
Naspers JSE market cap in USD equivalent from 2001 (post-Tencent investment era) through 2026. ZAR/USD at approximate annual average rates. The 2021 peak above $100B reflects peak Tencent valuations; subsequent decline tracks Tencent's regulatory and market compression in China.
Year-On-Year Naspers Market Cap
| Year | Market Cap (USD equiv.) | YoY Change |
|---|---|---|
| 2016 | $40.4B | — |
| 2017 | $78.0B | +93.1% |
| 2018 | $72.0B | −7.7% |
| 2019 | $84.0B | +16.7% |
| 2020 | $92.0B | +9.5% |
| 2021 | $100.0B | +8.7% |
| 2022 | $52.0B | −48.0% |
| 2023 | $54.0B | +3.8% |
| 2024 | $56.0B | +3.7% |
| 2025 | $55.0B | −1.8% |
Note: Naspers trades at a 30–40% discount to the sum-of-its-parts value, primarily because its Tencent stake exceeds its own market cap. The 2022 collapse reflects Chinese regulatory pressure on Tencent combined with a broader technology sector selloff. ZAR/USD conversion at approximate annual averages.