As state power declines in fragile regions, governance is increasingly shifting to non-state actors—militant groups, corporations, and private investors. From Gaza to tech-run cities, sovereignty is no longer exclusive to nations. This brief examines the rise of private governance, its geopolitical drivers, and the risks it poses to legitimacy, stability, and diplomacy. The future of power may lie not in parliaments, but in boardrooms, algorithms, and fortified zones.