The solubilization of hydrophobic components by surfactants that form microemulsion droplets has been investigated from a theoretical point of view. By means of combining thermodynamics of self-assembly to form small systems with bending elasticity theory, we have been able to demonstrate a strong correlation between the second critical micelle concentration (CMC 2 ) of surfactant micelles and their solubilization capacity (σ). The correlation may be rationalized as a consequence of all three bending elasticity constants spontaneous curvature (H 0 ), bending rigidity (k c ) and saddle-splay constant (k c ) showing similar trends with respect to the two quantities, i.e. σ increases and CMC 2 decreases with decreasing values of k c H 0 and increasing values of k c and k c , respectively. As a result, we demonstrate that the solubilization capacity is predicted to always be higher for a gemini surfactant with CMC 2 = 11 mM as compared with a gemini surfactant with CMC 2 = 18 mM. The predicted correlation between solubilization capacity and CMC 2 agrees with experimental observations showing that surfactants forming larger micelles in general have better solubilization capacity than surfactants forming smaller micelles. The theory also demonstrates, in agreement with experiments, that σ is raised in the entire range of surfactant concentrations, below as well as above CMC 2 , regardless of micelle size. Consequently, our theory predicts that small micelles formed below CMC 2 increase in size, whereas large rodlike or wormlike micelles formed above CMC 2 decrease in size, as a hydrophobic solubilizate is added to a micellar solution. © 2018 Author(s)