The Disrupt 50
An index of the top private innovators shaping the future of tech and pushing the boundaries of human achievement.
Innovator Spotlight: OpenAI
OpenAI is a pioneering artificial intelligence research organization founded to advance digital intelligence in ways that benefit humanity. Best known for its GPT language models and the widely adopted ChatGPT platform, the company recently converted its main entity into a for-profit benefit corporation in October 2025, shifting from its previous capped-profit structure while continuing to balance commercial pursuits with a mission to ensure safe AGI development. With recent expansions into enterprise solutions, OpenAI serves over 1 million businesses, delivering tools that integrate AI into workflows for measurable ROI.
OpenAI's disruptive advantage comes from its fast-paced development of multimodal AI. This is shown in the 2025 launch of ChatGPT Atlas, a web browser that integrates real-time AI assistance. It also includes projections for AI systems that could enable small scientific discoveries by 2026 and larger breakthroughs by 2028. Envisioning a future where AGI transforms industries from healthcare to finance, OpenAI is pushing boundaries amid financial headwinds, including anticipated losses through 2028 before profitability in 2030, while seeking U.S. policy support for data center expansions. Competitors like Anthropic, which eyes faster profitability, and tech giants Google and Meta are intensifying the race, steering the AI sector toward compute-intensive AGI pursuits that demand trillions in infrastructure investment and ethical safeguards.
Deal Metrics
Median
Recent Deal Size
$0.7B
Median
Raised to Date
$1.7B
Median
Time Between Financing Rounds
0.9 years
Average
Recent Deal Size
$1.7B
Average
Raised to Date
$5.2B
Average
Time Between Financing Rounds
1.2 years
Top Disrupt 50 Investors
Andreessen Horowitz
Menlo Park, CA
Coatue Management
New York, NY
1789 Capital
Palm Beach, FL
Lightspeed Venture Partners
Menlo Park, CA
Altimeter Capital Management
Menlo Park, CA
General Catalyst
San Francisco, CA
Nvidia
Santa Clara, CA
Sequoia Capital
Menlo Park, CA
BFA Global Investors
Sydney, Australia
The Disrupt 50
Tap any company for additional details.
| Rank | Rank Move | Company | Post Money | Expand row | |||
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| 1 | OpenAI | $500.0B |
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Industry
Artificial Intelligence
Recent Deal
October 2025
Value Trend
Company DescriptionOpenAI develops and deploys advanced artificial intelligence to create systems capable of general intelligence, fundamentally transforming industries and setting the direction for how AI interacts with humanity. Recent NewsOpenAI finalized a comprehensive restructuring of its partnership agreement with Microsoft on October 29, 2025, converting to a public benefit corporation. The deal allows OpenAI to explore partnerships with other cloud providers while preserving Microsoft's stake and exclusive rights until AGI is achieved. Recent FinancingAn undisclosed investor sold a $6.6 billion stake in OpenAI to Dragoneer Investment Group, Thrive Capital, and JP Morgan Asset Management. |
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| 2 | SpaceX | $400.0B |
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Industry
Space Telecommunications
Recent Deal
August 2025
Value Trend
Company DescriptionSpaceX is a private aerospace manufacturer and space transportation services company that aims to reduce the cost of space travel and enable the colonization of Mars through fully reusable rockets and advanced spacecraft. Recent NewsSpaceX launched a new batch of 29 Starlink satellites in late October 2025, furthering the deployment of its global broadband constellation. The company also successfully completed another high-altitude test flight of its Starship prototype in early September 2025. Recent FinancingWejchert Capital sold a stake in the company to Korea Investment Partners for $10 million. |
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| 3 | Anthropic | $183.0B |
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Industry
Artificial Intelligence
Recent Deal
September 2025
Value Trend
Company DescriptionAnthropic develops frontier artificial intelligence systems with an explicit focus on safety and reliability, setting a new standard for responsible AI development. Recent NewsAnthropic partnered with the Government of Rwanda and ALX in November 2025 to launch 'Chidi', an AI learning tutor built on the Claude model. This collaboration aims to build AI skills across the continent and expand the use of AI for public good worldwide. Recent FinancingAnthropic secured $13 billion in Series F venture funding, led by Lightspeed Venture Partners, ICONIQ Capital, and Fidelity Management & Research Company. |
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| 4 | xAI | $113.0B |
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Industry
Artificial Intelligence
Recent Deal
July 2025
Value Trend
Company DescriptionxAI is developing advanced artificial intelligence systems that aim to understand the true nature of the universe, offering an alternative approach to current foundational AI research. Recent NewsThe US Department of Defense awarded xAI a $200 million contract in September 2025 to integrate its AI technology into national security workflows. This move has raised questions regarding data privacy and competition among government contractors. Recent FinancingxAI secured $10 billion in venture funding, consisting of debt and equity. |
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| 5 | Databricks | $100.0B |
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Industry
Data Analytics
Recent Deal
September 2025
Value Trend
Company DescriptionDatabricks combines data warehousing and data lakes into a single platform for data and AI workloads, fundamentally streamlining the process for enterprises to build and deploy machine learning models. Recent NewsDatabricks was named a Leader in the 2025 Gartner Magic Quadrant for Cloud Database Management Systems, recognized for its new Lakebase architecture and 'Agent Bricks' capabilities. The company is actively focusing on vertical expansion into sectors like healthcare and finance and is optimizing workloads to manage rising operational expenses. Recent FinancingDatabricks raised $1 billion of Series K venture funding, led by Andreessen Horowitz and Insight Partners (New York). |
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| 6 | Stripe | $91.5B |
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Industry
Fintech
Recent Deal
February 2025
Value Trend
Company DescriptionStripe provides the underlying infrastructure that enables online businesses to easily accept and manage digital payments, challenging traditional financial institutions. Recent NewsStripe announced new product updates on September 30, 2025, during Stripe Tour New York. These updates include new agentic commerce capabilities and modular infrastructure for the crypto stack, such as the ability to collect subscription payments using stablecoins. Recent FinancingThe company completed a secondary transaction with existing and new investors to provide liquidity for current and former employees, which also involved Stripe repurchasing shares. |
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| 7 | Waymo | $45.0B |
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Industry
Autonomous Vehicles
Recent Deal
October 2024
Value Trend
Company DescriptionWaymo develops fully autonomous driving technology to replace human drivers in vehicles for both ride-hailing and trucking. Recent NewsWaymo announced in late August 2025 that it is expanding its autonomous ride-hailing services in San Francisco, now offering driverless rides throughout the city. This expansion follows regulatory approval and marks a significant step in the company's deployment of commercial self-driving technology. Recent FinancingWaymo secured $5.6 billion in Series C venture funding, led by Alphabet, with participation from Silver Lake and Perry Creek Capital. |
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| 8 | Ripple | $40.0B |
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Industry
Fintech
Recent Deal
November 2025
Value Trend
Company DescriptionRipple offers a faster, more efficient, and less expensive cross-border payment system using blockchain technology, challenging traditional financial methods. Recent NewsThe first US spot XRP ETF, the Canary XRP ETF, began trading on November 13, which is expected to support XRP's price. Additionally, Ripple's RLUSD stablecoin has seen its total circulating supply surge to $1.26 billion within 12 months of its launch. Recent FinancingRipple secured $500 million in venture funding, led by Citadel Securities and Fortress Investment Group, with participation from Galaxy Digital. |
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| 9 | Figure AI | $39.0B |
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Industry
Humanoid Robotics
Recent Deal
May 2025
Value Trend
Company DescriptionFigure AI is developing general-purpose humanoid robots designed for a wide range of daily tasks, aiming to integrate robotics into everyday life. Recent NewsFigure AI introduced Figure 03 on October 9, 2025, demonstrating its ability to perform autonomous household chores, which is considered a significant step toward developing truly general-purpose physical AI. The robot features a new vision system and updated tactile sensors for handling fragile objects. Recent FinancingFigure AI secured $1.5 billion in Series C venture capital, with the round led by Parkway Venture Capital and supported by Intel Capital and Microsoft. |
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| 10 | Safe Superintelligence | $32.0B |
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Industry
Artificial Intelligence
Recent Deal
April 2025
Value Trend
Company DescriptionSafe Superintelligence develops superintelligent systems by integrating safety and capability to ensure long-term, impactful technological advancements are scaled safely. Recent NewsCo-founder Daniel Gross departed the company in July 2025 to join Meta, leaving Ilya Sutskever as the sole CEO to lead the company's research efforts. The company continues to focus exclusively on solving the technical challenges of safe superintelligence without near-term commercial distractions. Recent FinancingThe company secured $2 billion in venture funding, led by Greenoaks Capital Partners, with participation from Nvidia and Lightspeed Venture Partners. |
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| 11 | Anduril Industries | $30.5B |
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Industry
Defense Technology
Recent Deal
June 2025
Value Trend
Company DescriptionAnduril Industries builds advanced autonomous systems and software-defined weapons for military defense, aiming to modernize defense capabilities with cutting-edge technology. Recent NewsAnduril Industries began flight testing its new YFQ-44A autonomous aircraft on October 30, 2025, as part of the Collaborative Combat Aircraft program. This development marks a significant step in deploying affordable mass in the air for defense applications. Recent FinancingAnduril Industries secured $2.5 billion in Series G venture capital funding, led by Founders Fund, with additional participation from Baillie Gifford and V12 Partners. |
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| 12 | Scale AI | $29.2B |
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Industry
Data Annotation
Recent Deal
June 2025
Value Trend
Company DescriptionScale AI transforms raw data for artificial intelligence applications, making it possible for companies to train and deploy advanced machine learning models. Recent NewsScale AI laid off its entire 'New Projects Organization' team in Dallas on October 20, 2025, signaling a strategic shift toward expert-level AI training. The company is now focusing on specialized data annotation tasks rather than generalist work and has invited affected workers to its gig platform. Recent FinancingThe company secured $14.3 billion in venture funding, led by Meta Platforms, with participation from Accel and TMT Investments. |
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| 13 | Motional | $28.2B |
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Industry
Autonomous Vehicles
Recent Deal
August 2025
Value Trend
Company DescriptionMotional develops and commercializes SAE Level 4 autonomous vehicles for ride-hail and delivery services, aiming to fundamentally change everyday transportation. Recent NewsMotional published a technical blog on October 30, 2025, covering their strategy for prediction in autonomous driving. Motional also introduced Omnitag, an ML-Powered Multimodal Data Mining Framework in a blog post on July 14, 2025, which refines autonomy data for next-generation autonomous vehicles. Recent FinancingMotional received KRW 629.1 billion in venture funding from Hyundai Motors Group to strengthen its autonomous driving capabilities. |
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| 14 | Ramp | $22.5B |
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Industry
Fintech
Recent Deal
July 2025
Value Trend
Company DescriptionRamp uses artificial intelligence and automation to streamline and reduce corporate spending and financial management for businesses. Recent NewsRamp released its Fall 2025 Business Spending Report on October 29, 2025, revealing that AI adoption is accelerating in unexpected sectors like healthcare and manufacturing. The report highlights that businesses are maintaining spend despite tariff concerns, with healthcare companies increasing AI investment faster than any other category. Recent FinancingRamp secured $514.09 million in Series E2 venture funding, led by ICONIQ Capital, with participation from GV and Sands Capital. |
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| 15 | Epic Games | $22.5B |
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Industry
Video games
Recent Deal
November 2024
Value Trend
Company DescriptionEpic Games fundamentally changed the video game landscape by offering a highly successful, free-to-play battle royale game and creating a digital storefront with more favorable revenue splits for developers. Recent NewsEpic Games concluded October 2025 with a major Halloween event, giving away 'Bendy and the Ink Machine' to mobile gamers on Android and iOS. The company also continues to expand its Epic Games Store offerings, maintaining its strategy of weekly free titles to drive user acquisition. Recent FinancingEpic Games received $1.5 billion in venture funding, led by The Walt Disney, with contributions from Andalusian Private Capital & Advisory and Excedea Capital. |
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| 16 | Kraken | $20.0B |
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Industry
Cryptocurrency Exchange
Recent Deal
November 2025
Value Trend
Company DescriptionKraken provides an AI-powered operating system that fundamentally changes how energy utilities manage operations, customer relations, and innovation. Recent NewsKraken acquired the crypto-native prop trading platform 'Breakout' in late September 2025, becoming the first major exchange to enter the prop trading space. Additionally, Kraken launched a Mastercard debit card for UK and European users in November 2025 to increase crypto utility. Recent FinancingKraken secured $800 million in Series C venture funding, led by Jane Street, Oppenheimer Partners, and Tribe Capital. |
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| 17 | Perplexity AI | $20.0B |
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Industry
Artificial Intelligence, Search Engine
Recent Deal
September 2025
Value Trend
Company DescriptionPerplexity AI is an AI-powered search engine that redefines information discovery by providing direct, cited, and conversational answers to user questions instead of just links. Recent NewsPerplexity AI was sued by Reddit in October 2025 for allegedly scraping data without permission to train its models. This legal challenge highlights the growing tension between AI platforms and content publishers over data rights. Recent FinancingPerplexity AI secured $200 million in venture funding, backed by Glade Brook Capital Partners, Alpha Partners, and OurCrowd. |
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| 18 | Deel | $17.3B |
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Industry
Global Payroll
Recent Deal
October 2025
Value Trend
Company DescriptionDeel is a unified platform that eliminates geographical barriers for hiring, paying, and managing a global workforce while ensuring local compliance. Recent NewsDeel announced a significant product expansion on September 25, 2025, launching new compliance features tailored for global employment laws, which allows companies to manage international teams more smoothly. This update simplifies complex payroll and HR requirements across multiple jurisdictions. Recent FinancingDeel secured $300 million in Series E venture funding, led by Coatue Management, Ribbit Capital, and Andreessen Horowitz. |
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| 19 | Rippling | $16.8B |
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Industry
Workforce Management
Recent Deal
May 2025
Value Trend
Company DescriptionRippling unifies and automates HR, IT, and finance functions on a single platform, fundamentally simplifying and eliminating administrative work for running a business. Recent NewsRippling launched 'Rippling 1:1s' on August 19, 2025, a new feature designed to automate and structure manager-employee check-ins. The tool provides guided agendas and action-item tracking to improve consistent feedback within organizations. Recent FinancingRippling secured $460 million in Series G venture funding, led by Goldman Sachs Growth Equity and Elad Gil, with additional participation from Dubin & Co. |
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| 20 | Veeam | $15.0B |
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Industry
Data Protection
Recent Deal
December 2024
Value Trend
Company DescriptionVeeam provides a platform for data resilience, enabling organizations to quickly recover from disruptions like cyberattacks to maintain business continuity. Recent NewsVeeam announced a partnership with IBM in September 2025 to deliver enhanced data protection and ransomware recovery solutions for hybrid cloud environments. Earlier, in June 2025, Veeam unveiled a new data platform update focusing on AI-powered anomaly detection and immutable storage capabilities. Recent FinancingInsight Partners (New York) completed a $2 billion stake sale, supported by $22.7 million in debt financing, with TPG, NB Capital Solutions, and Alkeon Capital Management as purchasers. |
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| 21 | Applied Intuition | $15.0B |
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Industry
Autonomous Vehicles
Recent Deal
June 2025
Value Trend
Company DescriptionApplied Intuition provides essential software tools and AI technology that accelerate the development and safe deployment of autonomous and software-defined vehicles. Recent NewsApplied Intuition completed ISO/SAE 21434 Cybersecurity Certification on October 23, 2025, validating its security standards for automotive software. The company also announced a partnership with Stellantis on October 21, 2025, to redefine intelligent in-vehicle infotainment systems. Recent FinancingApplied Intuition secured $600 million in Series F venture funding, led by Kleiner Perkins and BlackRock, with additional participation from CE-Ventures. |
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| 22 | Surge AI | $15.0B |
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Industry
AI Data Labeling
Recent Deal
July 2025
Value Trend
Company DescriptionSurge AI provides high-quality human intelligence feedback and data annotation services crucial for training and improving advanced artificial general intelligence models. Recent NewsNo major non-financing news within the last 12 months. Recent FinancingSurge AI is currently engaging in discussions with undisclosed investors to secure a round of venture capital funding. |
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| 23 | Labs Companies | $12.5B |
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Industry
Software
Recent Deal
August 2025
Value Trend
Company DescriptionLabs Companies develops innovative human-enhancement technologies delivered through apps to improve social experiences and personal well-being. Recent NewsNo major non-financing news within the last 12 months. Recent FinancingLabs Companies secured $35 million in Series 2 seed funding, structured as convertible debt, with JetDebt Finance as the lead investor. |
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| 24 | Wiz | $12.0B |
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Industry
Cloud Security
Recent Deal
May 2024
Value Trend
Company DescriptionWiz provides a cloud security platform that gives organizations full visibility into their cloud environment to identify and fix critical risks and vulnerabilities. Recent NewsWiz announced a collaboration with Check Point Software Technologies in October 2025 to deliver a fully integrated network and cloud-native application protection platform. This initiative is aimed at addressing emerging security challenges for enterprises moving workloads to the cloud and adopting AI. Recent FinancingWiz secured $1 billion in Series E venture funding, led by Lightspeed Venture Partners, Andreessen Horowitz, and Thrive Capital. |
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| 25 | Whatnot | $11.5B |
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Industry
E-commerce
Recent Deal
October 2025
Value Trend
Company DescriptionWhatnot is a live shopping platform where users can buy, sell, and trade collectibles and other products via streamed auctions and shows. Recent NewsWhatnot implemented a new policy on October 1, 2025, to regulate the sale of 'repacks' and surprise products, requiring manufacturers to meet strict vetting and auditing standards. The move aims to increase transparency and trust within the collectibles community on the platform. Recent FinancingWhatnot secured $225.00 million in Series F venture funding, led by CapitalG and DST Global, with participation from Andreessen Horowitz. |
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| 26 | Quantinuum | $10.8B |
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Industry
Quantum Computing
Recent Deal
November 2025
Value Trend
Company DescriptionQuantinuum is accelerating the development of the world's most powerful quantum computers and advanced quantum software, pioneering breakthroughs in computing, cybersecurity, and materials discovery. Recent NewsQuantinuum recently announced the commercial launch of its new Helios quantum computer, which is designed to accelerate quantum computing adoption. The company claims the Helios platform offers unprecedented accuracy and enables Generative Quantum AI (GenQAI). Recent FinancingQuantinuum secured $838.85 million in Series B venture funding, led by NVentures, with participation from Cambridge Quantum Computing and Honeywell. |
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| 27 | Colossal Biosciences | $10.3B |
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Industry
Biosciences
Recent Deal
September 2025
Value Trend
Company DescriptionColossal Biosciences uses genetic engineering and reproductive technology to pursue the de-extinction of species and advance conservation biology. Recent NewsColossal Biosciences introduced gene-edited Dire Wolves on April 9, 2025, marking a significant milestone in their de-extinction efforts. This announcement showcases their use of genetic engineering to bring back extinct species. Recent FinancingColossal Biosciences secured $320 million in Series C venture funding, led by Thomas Tull and Mark Walter, with contributions from North Equity. |
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| 28 | Cognition | $10.2B |
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Industry
Software Development Applications
Recent Deal
September 2025
Value Trend
Company DescriptionCognition develops an AI software engineer capable of autonomously planning and executing complex, multi-step software development tasks. Recent NewsCognition introduced SWE-1.5, a fast agent model, on October 28, 2025, and announced its availability in Windsurf. On September 29, 2025, they released the Devin Agent Preview featuring Claude Sonnet 4.5, which is reported to be over 2x faster and 12% better on their Jr. Developer Evals. Recent FinancingCognition secured $400 million in Series C venture funding, led by Founders Fund, Khosla Ventures, and Lux Capital. |
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| 29 | Crusoe | $10.0B |
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Industry
AI Infrastructure
Recent Deal
October 2025
Value Trend
Company DescriptionCrusoe utilizes stranded natural gas that would otherwise be flared to power compute-intensive operations, such as Bitcoin mining and cloud computing, transforming wasted energy into valuable resources. Recent NewsCrusoe announced on October 24, 2025, that it is expanding its Digital Flare Mitigation technology to new oil and gas fields globally to help reduce methane emissions. The company's innovative solution captures natural gas that would otherwise be flared and uses it to power modular data centers. Recent FinancingCrusoe secured $1.38 billion in Series E venture funding, led by Valor Equity Partners and Mubadala Capital, with participation from Nvidia. |
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| 30 | Thinking Machines Lab | $10.0B |
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Industry
Artificial Intelligence
Recent Deal
June 2025
Value Trend
Company DescriptionThinking Machines Lab conducts research and co-designs products that integrate iterative learning into deployment, aiming to solve highly impactful problems in AI safety. Recent NewsThinking Machines Lab announced Tinker, an API for fine-tuning language models, on October 1, 2025. This new API allows users to submit jobs for fine-tuning various open-weight models, which the Lab runs on its internal clusters and training infrastructure. Recent FinancingThe company raised $2 billion in seed funding, led by Andreessen Horowitz, with participation from Nvidia and ServiceNow Ventures. |
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| 31 | Sierra | $10.0B |
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Industry
Artificial Intelligence
Recent Deal
September 2025
Value Trend
Company DescriptionSierra develops AI agents for businesses that deliver continuous, human-like customer experiences on every channel. Recent NewsSierra AI announced its first customer conference, Sierra Summit 2025, scheduled for November 5, 2025, to showcase new AI products for customer experience. The company also introduced 'Agent Studio' in October 2025, a tool allowing businesses to build sophisticated AI agents without code. Recent FinancingSierra AI raised $350 million in venture funding, led by Greenoaks Capital Partners and Singtel Innov8. |
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| 32 | Mercor | $10.0B |
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Industry
AI Hiring
Recent Deal
October 2025
Value Trend
Company DescriptionMercor uses artificial intelligence to disrupt the traditional job market by matching talent and engineering new ways of working. Recent NewsMercor shuttered its 'Musen' project with Meta in October 2025, affecting thousands of data labelers who were training AI models. The company subsequently offered workers opportunities on a new project, 'Nova', albeit at a lower wage rate, sparking controversy over labor practices in the AI supply chain. Recent FinancingMercor completed a $350 million Series C venture funding round led by Felicis, with participation from General Catalyst and Benchmark Capital Holdings. |
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| 33 | Anysphere | $9.9B |
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Industry
Software Development
Recent Deal
June 2025
Value Trend
Company DescriptionAnysphere provides an AI-powered code development environment accessible through a web browser, streamlining the process of building software. Recent NewsAnysphere updated its Cursor teams plan and Auto model pricing in August 2025 to better support agentic workflows. The updates include variable request costs for agents and the transition of the 'Auto' model to standard monthly usage limits. Recent FinancingAnysphere raised $900 million of Series C venture funding, led by Thrive Capital, with participation from Andreessen Horowitz and Accel. |
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| 34 | Neuralink | $9.7B |
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Industry
Therapeutic Devices
Recent Deal
January 2025
Value Trend
Company DescriptionNeuralink is developing brain-machine interfaces that aim to restore sensory and motor function and eventually enable direct communication between the human brain and computers. Recent NewsNeuralink received approval for a second human trial for its brain-computer interface in late September 2025. This trial is expected to enroll more participants than the first, expanding the scope of their research into restoring motor functions. Recent FinancingNeuralink completed a $650 million Series E funding round, with investments from Group 42 Holding, SaxeCap, and 1802 Ventures. |
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| 35 | Harvey AI | $9.3B |
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Industry
Legal AI
Recent Deal
October 2025
Value Trend
Company DescriptionHarvey AI develops customized large language models that automate complex tasks for legal professionals, fundamentally transforming the delivery of legal services. Recent NewsHarvey AI announced in August 2025 that it had reached $100 million in annual recurring revenue (ARR) just three years after its founding. This milestone underscores the rapid adoption of its AI-powered legal tools among major law firms. Recent FinancingThe company raised $160 million of venture funding in a deal led by EQT, Andreessen Horowitz, and OpenAI Startup Fund. |
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| 36 | Gusto | $9.3B |
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Industry
Business Software
Recent Deal
June 2025
Value Trend
Company DescriptionGusto simplifies and automates essential and complex human resources tasks, like payroll and benefits, making comprehensive HR accessible to smaller businesses. Recent NewsGusto launched the Business Insurance Hub in 2025, allowing businesses to discover, purchase, and manage various types of business insurance, including General Liability and Workers' Comp, directly within the platform. The company also introduced Gusto 401(k) in 2025, enabling the management of payroll and 401(k) from a single dashboard. Recent FinancingGusto is currently seeking venture funding, led by Teachers' Venture Growth, with other investors also participating. |
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| 37 | Vercel | $9.3B |
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Industry
Cloud Infrastructure
Recent Deal
September 2025
Value Trend
Company DescriptionVercel is a cloud platform that streamlines the deployment and scaling of modern web applications, disrupting traditional hosting and infrastructure management. Recent NewsVercel introduced a new feature for their platform on September 15, 2025, that enhances collaboration for front-end development teams. The company also announced a strategic partnership with a major cloud provider on August 28, 2025, to optimize serverless function deployment and performance. Recent FinancingVercel secured $300 million in Series F venture funding, led by Enterprise Holding (Singapore), Accel, and GIC Private. |
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| 38 | VAST Data | $9.1B |
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Industry
Data Storage
Recent Deal
November 2023
Value Trend
Company DescriptionVAST Data provides an operating system for AI that unifies data management and high-performance storage infrastructure to support the scaling of intelligent applications. Recent NewsVAST Data Federal and Leidos introduced Agentic Cybersecurity with NVIDIA AI on October 28, 2025, which delivers the AI Operating System to the U.S. public sector. The company also announced the expansion of its strategic partnership with Cisco on June 3, 2025, to provide scalable, turnkey infrastructure for enterprise AI. Recent FinancingThe company raised $118 million of Series E venture funding in a deal led by FMR (United States), with participation from Nvidia and 2B Global Capital. |
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| 39 | Polymarket | $9.0B |
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Industry
Prediction Market
Recent Deal
October 2025
Value Trend
Company DescriptionPolymarket is a decentralized information markets platform where users bet on the outcome of real-world events, challenging traditional news and forecasting methods. Recent NewsPolymarket launched a market on October 15, 2025, allowing users to bet on the outcome of the next US presidential election. On September 5, 2025, the platform announced an expansion of its available prediction categories to include various current events beyond politics and crypto. Recent FinancingPolymarket received $2 billion in venture funding, a combination of debt and equity, with key investors including Intercontinental Exchange, Dubin & Co., and Electric Feel Ventures. |
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| 40 | Altos Labs | $8.8B |
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Industry
Biotechnology
Recent Deal
February 2024
Value Trend
Company DescriptionAltos Labs is a biotechnology company focused on cell rejuvenation to reverse disease, injury, and age-related disabilities. Recent NewsAltos Labs launched its Institute of Computation to drive advances in AI and computational biology for understanding cellular resilience. Additionally, in 2025, Altos Labs acquired Dorian Therapeutics. Recent FinancingAltos Labs secured $1.50 billion in development capital, with funding provided by General Catalyst and Mubadala Capital. |
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| 41 | Cerebras Systems | $8.1B |
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Industry
AI Hardware
Recent Deal
September 2025
Value Trend
Company DescriptionCerebras Systems builds specialized computer systems using wafer-scale technology to accelerate complex artificial intelligence and deep learning computation. Recent NewsCerebras Systems set a new AI speed record on September 10, 2025, achieving 2,000 tokens/second inference performance on MBZUAI and G42's K2 Think. In August 2025, Cerebras and Core42 delivered record-breaking performance for OpenAI's GPT-OSS-120B model. Recent FinancingCerebras Systems secured $1.1 billion in Series G venture funding, led by Fidelity, Tiger Global Management, and Atreides Management. |
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| 42 | Reflection AI | $8.0B |
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Industry
Artificial Intelligence
Recent Deal
October 2025
Value Trend
Company DescriptionReflection AI develops generative artificial intelligence chatbots that can mimic a person's communication style for automated customer service, marketing, and other communication efforts. Recent NewsReflection AI launched its flagship autonomous coding agent, Asimov, in July 2025. Asimov is designed to reason, write, debug, and optimize code autonomously, marking a step toward the company's goal of open-source superintelligence. Recent FinancingReflection AI received $2 billion in venture funding through Series B-1 and B-2 rounds, led by Nvidia and Disruptive. |
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| 43 | Flock Safety | $7.5B |
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Industry
Safety Technology
Recent Deal
March 2025
Value Trend
Company DescriptionFlock Safety creates a network of automated license plate readers, cameras, and gunshot detectors that enable law enforcement and community groups to share surveillance data for real-time crime prevention and investigation. Recent NewsFlock Safety launched the Flock Aerodome\'99 Drone as an automated security system for private enterprises on September 25, 2025. The company also unveiled Alpha, a U.S.-built drone first responder system designed to improve industry standards for speed, flight endurance, and camera capability on October 16, 2025. Recent FinancingFlock Safety received $275 million in combined Series H and Series H-1 venture funding, with the round led by Andreessen Horowitz, and major participation from Sands Capital and Stripes. |
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| 44 | Glean | $7.2B |
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Industry
Enterprise Search
Recent Deal
June 2025
Value Trend
Company DescriptionGlean provides an AI-powered enterprise search and knowledge discovery tool that connects and surfaces information across a company's disparate applications. Recent NewsGlean launched an AI search tool tailored for engineers in a private preview on September 15, 2025. This tool aims to help developers quickly find relevant internal code, documents, and knowledge across disparate company systems. Recent FinancingThe company secured $150 million in Series F venture funding, led by Wellington Management. |
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| 45 | PsiQuantum | $7.0B |
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Industry
Quantum Computing
Recent Deal
September 2025
Value Trend
Company DescriptionPsiQuantum is developing a fault-tolerant quantum computer using silicon photonics, aiming to be the first to deliver a commercially useful machine capable of solving complex problems beyond the reach of classical computers. Recent NewsPsiQuantum and Lockheed Martin signed a memorandum of understanding on September 30, 2025, to accelerate the development of quantum computing applications in aerospace and defense. Also on September 30, 2025, the company broke ground on its site in Chicago to build America's first million-qubit scale, fault-tolerant quantum computer. Recent FinancingPsiQuantum secured $1 billion in Series E venture funding, led by Baillie Gifford, Temasek Holdings, and BlackRock. |
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| 46 | Groq | $6.9B |
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Industry
Artificial Intelligence
Recent Deal
September 2025
Value Trend
Company DescriptionGroq develops a custom-built processing chip specifically designed for rapid and cost-effective artificial intelligence inference. Recent NewsGroq expanded its data center capacity by more than 10% in September 2025 to meet surging demand for AI inference workloads. The company also announced plans to open its first Asia-Pacific location by the end of the year to support global adoption of its LPU inference engine. Recent FinancingThe company raised $750 million of Series D2 venture funding in a deal led by Disruptive. |
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| 47 | Grafana Labs | $6.6B |
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Industry
Observability Platform
Recent Deal
August 2024
Value Trend
Company DescriptionGrafana Labs provides an open-source platform that fundamentally changes how organizations monitor, visualize, and analyze their IT systems. Recent NewsGrafana Labs was named a Leader in the 2025 Gartner Magic Quadrant for Observability Platforms for the second consecutive year. New announcements for Grafana Cloud from October 8, 2025, include AI-powered incident response, Adaptive Telemetry for cost control, and Database Observability. Recent FinancingGrafana Labs raised $327.90 million in Series D venture funding, with the round led by Lightspeed Venture Partners, NY Technology Capital Partners, and GIC Private. |
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| 48 | ClickHouse | $6.4B |
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Industry
Real-time Analytics
Recent Deal
October 2025
Value Trend
Company DescriptionClickHouse offers a database management system that enables real-time generation of analytical reports and supports AI-related workloads like vector search. Recent NewsClickHouse acquired LibreChat on October 7, 2025, which is an open-source AI chat platform. The acquisition aims to enhance ClickHouse's offerings by integrating the leading open-source agentic data stack. Recent FinancingThe company raised $444.07 million of Series C venture funding, led by Khosla Ventures, Nebius Group, and Stifel Financial. |
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| 49 | Plaid | $6.1B |
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Industry
Fintech Infrastructure
Recent Deal
April 2025
Value Trend
Company DescriptionPlaid creates the digital infrastructure that connects consumers' financial accounts to thousands of applications and services. Recent NewsPlaid announced a new suite of machine learning-powered risk scores in October 2025, including LendScore for credit risk, Trust Index for fraud risk, and Signal for transaction risk, as part of their Fall 2025 Product Release. The company also partnered with FICO to leverage cash flow data through its open finance network. Recent FinancingPlaid secured $575 million in venture capital, led by Franklin Resources, with Fidelity and CE-Ventures also participating. |
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| 50 | Redwood Materials | $6.0B |
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Industry
Battery Recycling
Recent Deal
October 2025
Value Trend
Company DescriptionRedwood Materials is disrupting the traditional battery supply chain by recycling end-of-life batteries to recover and produce critical materials for new energy storage and electric vehicle production. Recent NewsRedwood Materials announced on June 26, 2025, that it is building the most sustainable and scalable battery materials process to support the electric vehicle transition. The company is focusing on recovering critical battery components to strengthen the domestic supply chain. Recent FinancingRedwood Materials secured $350 million of Series E venture funding, led by Eclipse Ventures, Coatue Management, and nVentures. |
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Data that informs the Disrupt 50 index is collected as of the last day of the previous month.
Metric definitions:
- Rank: Based on the most recently available post money value estimate.
- Move: The rank move from the previous month.
- Post Money: The most recently disclosed or estimated post money value based upon available information.
- Recent Deal: The most recent deal either publicly disclosed or announced.
- Value Trend: The trend in post money value. A down arrow suggests that the most recent round was a down round.
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Data Sources: S&P Global Market Intelligence and PitchBook Data, Inc. Data was also retrieved from various sources using Google Gemini.