1
Andreessen Horowitz
Menlo Park, CA
12companies
The Disrupt 50
An index of the top private innovators shaping the future of tech and pushing the boundaries of human achievement.
SELECT MONTH TO DISPLAY
Innovator Spotlight: Databricks
Databricks is a premier data and AI company offering a unified Data Intelligence Platform that integrates data management, analytics, and AI deployment for enterprises. It empowers non-technical users to extract insights through natural language queries while allowing engineering teams to rapidly develop and deploy secure AI applications. With over 20,000 global customers, including more than 60% of the Fortune 500, the company has achieved a $4.8 billion annualized revenue run rate, growing 55% year-over-year. In December 2025, the company closed a $4 billion Series L funding round that valued it at $134 billion.
Pioneering the lakehouse architecture, Databricks disrupts legacy players like Oracle by delivering cost-effective, seamless data handling that merges massive storage with advanced AI-driven analysis, while outpacing Snowflake in AI-native capabilities. It does this through innovations like Instructed Retriever, which boosts AI agent accuracy by up to 70%. Its vision centers on democratizing AI for global challenges via flexible, agentic systems with multi-cloud compatibility. They hope this will sidestep the projected 60% failure rate for AI projects by 2026 due to poor data readiness. As a Gartner and Forrester leader, it surpasses cloud-bound rivals like BigQuery and Redshift in versatility, positioning for a potential 2026 IPO amid the industry’s shift to autonomous, intelligent agents that automate complex workflows at scale.
Deal Metrics
Median
Recent Deal Size
$0.7 B
13.3% monthover month
Median
Raised to Date
$1.5 B
6.5% monthover month
Median
Time Between Financing Rounds
0.8 years
1.8% monthover month
Average
Recent Deal Size
$1.7 B
8.9% monthover month
Average
Raised to Date
$4.4 B
9.6% monthover month
Average
Time Between Financing Rounds
1.2 years
2.3% monthover month
Top Disrupt 50 Investors
2
Coatue Management
New York, NY
11companies
3
Lightspeed Venture Partners
Menlo Park, CA
10companies
4
Sequoia Capital
Menlo Park, CA
10companies
5
General Catalyst
San Francisco, CA
8companies
6
Nvidia (NAS: NVDA)
Santa Clara, CA
8companies
7
1789 Capital
Palm Beach, FL
7companies
8
GIC Private
Singapore, Singapore
7companies
9
Accel
Palo Alto, CA
6companies
The Disrupt 50
Tap any company for additional details.
Rank
Rank Move
Company
Industry
Post Money
Recent Deal
Value Trend
1
SpaceX
Space Technology
$800.0B
December 2025
Industry:Space Technology
Recent Deal:December 2025
Value Trend:
Company Description
SpaceX is drastically lowering the cost of space travel and access by pioneering reusable rockets and vertically integrated manufacturing.
Recent News
In December 2025, SpaceX continued infrastructure upgrades at its Starbase facility, including demolition of the original Pad 1 and construction advancements on Pad 2, as well as a new facility for on-site production of liquid oxygen and nitrogen. The company successfully launched a classified payload on December 9, 2025, and reported a significant drop in the number of Starlink satellites being de-orbited between June and November 2025, suggesting a large number of older satellites have been successfully retired. The company also made progress in construction on the Starship launch mount at LC-39A and began construction of a new Giga Bay at Starbase to support future Starship operations.
Recent Financing
SpaceX carried out an internally arranged tender offer for eligible existing shareholders. No primary capital was raised. The transaction provided liquidity to employees and early investors and implied a company valuation of roughly $800 billion.
2
OpenAI
Artificial Intelligence
$500.0B
October 2025
Industry:Artificial Intelligence
Recent Deal:October 2025
Value Trend:
Company Description
OpenAI develops powerful artificial intelligence models that fundamentally change how people and computers interact and create.
Recent News
OpenAI announced on November 10, 2025, that it will not seek U.S. government loan guarantees for AI infrastructure expansion. This news relates to the company's approach to funding its artificial intelligence infrastructure development.
Recent Financing
An undisclosed investor sold a $6.6 billion stake to Dragoneer Investment Group, Thrive Capital, and JP Morgan Asset Management.
3
xAI
Artificial Intelligence
$245.0B
December 2025
Industry:Artificial Intelligence
Recent Deal:December 2025
Value Trend:
Company Description
xAI is developing advanced artificial intelligence models aimed at seeking maximum truth and fundamentally understanding the universe, positioning itself as a counterweight to other major AI organizations.
Recent News
xAI launched Grok Business and Grok Enterprise, new subscription tiers designed to bring advanced artificial intelligence tools to businesses, positioning Grok as a direct competitor to other established AI players. The company is also expanding its infrastructure, acquiring properties in Southaven, Mississippi, to increase the capacity of its Colossus data center complex to nearly two gigawatts, which will accommodate thousands of new servers for AI models. The property acquisitions were recorded in mid-December 2025.
Recent Financing
xAI has raised up to $15 billion in venture funding with participation from Valor Capital, the Qatar Investment Authority, and Kingdom Holding Company.
4
Anthropic
Artificial Intelligence
$183.0B
September 2025
Industry:Artificial Intelligence
Recent Deal:September 2025
Value Trend:
Company Description
Anthropic is an AI research company developing highly capable and safe artificial intelligence systems.
Recent News
Anthropic introduced Agent Skills on December 18, 2025, which equips its models like Claude with procedural knowledge and organizational context to build specialized agents, a feature the company has also published as an open standard for cross-platform portability. This development follows recent product announcements in September and October 2025, including the release of Claude Opus 4.5 and Claude Sonnet 4.5, demonstrating continued advancement in their AI offerings. The company is emphasizing a "do more with less" strategy to differentiate itself in the competitive AI landscape.
Recent Financing
The company raised $13 billion of Series F venture funding in a deal led by Lightspeed Venture Partners, ICONIQ Capital, and Fidelity Management & Research Company.
5
Databricks
Data Intelligence
$134.0B
December 2025
Industry:Data Intelligence
Recent Deal:December 2025
Value Trend:
Company Description
Databricks offers a unified data platform built on the open-source Apache Spark framework that allows organizations to combine their data engineering, data science, and machine learning workflows.
Recent News
Databricks introduced Unity Catalog on November 21, 2025, a governance solution for data and AI assets across multiple cloud environments, providing organizations a unified view of their data. In October 2025, the company announced a partnership with NVIDIA to accelerate generative AI development on their platform. These developments showcase Databricks' continued focus on expanding its platform capabilities and ecosystem.
Recent Financing
Databricks secured an estimated $4 billion in Series L venture funding with Insight Partners, J.P. Morgan Growth Equity Partners, and Fidelity Management & Research Company as lead investors.
6
Stripe
Fintech
$91.5B
February 2025
Industry:Fintech
Recent Deal:February 2025
Value Trend:
Company Description
Stripe offers an easy and intuitive platform for businesses to manage and process online payments, disrupting traditional banking methods for e-commerce.
Recent News
Stripe launched its Agentic Commerce Suite on December 11, 2025, to help businesses adapt to the AI-enabled commerce era. The company also announced a partnership with technology retailer Currys on December 30, 2025, to install Stripe's payment terminals across nearly 300 UK and Ireland stores as part of Currys' store modernization and improved customer experience initiatives.
Recent Financing
The company agreed to a secondary transaction to provide liquidity to current and former employees, and the company will also repurchase shares.
7
Waymo
Autonomous Vehicles
$45.0B
October 2024
Industry:Autonomous Vehicles
Recent Deal:October 2024
Value Trend:
Company Description
Waymo is building fully autonomous driving technology to fundamentally change personal transportation and logistics.
Recent News
A widespread power outage in San Francisco on December 20, 2025, caused Waymo robotaxis to stall at intersections and contribute to city-wide gridlock, leading to renewed public and regulatory scrutiny over the readiness of autonomous vehicles during crises. Waymo stated that while its vehicles are designed to handle non-operational traffic signals, the concentration of confirmation requests during the outage led to response delays. Separately, Waymo has also been seen operating driverless vehicles on public roads in San Antonio, Texas, as recently as December 26, 2025.
Recent Financing
Waymo raised $5.6 billion of Series C venture funding, with Alphabet, Silver Lake, and Perry Creek Capital being among the participants.
8
Ripple
Blockchain Payments
$40.0B
November 2025
Industry:Blockchain Payments
Recent Deal:November 2025
Value Trend:
Company Description
Ripple offers a protocol using blockchain technology to modernize and streamline inefficient and costly cross-border payment systems between banks.
Recent News
In December 2025, Ripple secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust bank, marking a major step toward federal regulation and enabling expanded custody and payment services for its RLUSD stablecoin, which surpassed a $1.3 billion market cap. This milestone bolstered Ripple's institutional push amid ongoing XRP ETF inflows and discussions of native lending on the XRP Ledger.
Recent Financing
The company secured $500 million in venture capital from Citadel Securities, Fortress Investment Group, and Galaxy Digital, along with C1 Fund.
9
Figure AI
Humanoid Robotics
$39.0B
May 2025
Industry:Humanoid Robotics
Recent Deal:May 2025
Value Trend:
Company Description
Figure AI is developing general-purpose humanoid robots designed to assist with everyday tasks in unpredictable environments using advanced artificial intelligence.
Recent News
Figure AI announced the Figure 03, a general-purpose humanoid robot for home use, on October 9, 2025, which aims to handle various household tasks and whose autonomy depends on data expansion. The company also announced a strategic partnership with Qualcomm on January 5, 2026, where Qualcomm's platform will be used as a valuable building block to enable Figure AI to turn its vision into reality for physical AI. Additionally, the company's Figure 02 robot was deployed for 11 months at a BMW plant, operating in 10-hour shifts and recording over 90 parts loaded.
Recent Financing
Figure AI secured $1.5 billion in Series C venture funding, led by Parkway Venture Capital, with participation from Intel Capital and Microsoft.
10
Safe Superintelligence
Artificial Intelligence
$32.0B
April 2025
Industry:Artificial Intelligence
Recent Deal:April 2025
Value Trend:
Company Description
Safe Superintelligence develops extremely powerful artificial intelligence systems by prioritizing safety and long-term research over immediate commercial demands.
Recent News
In a July 3, 2025, update to their team and investors, Safe Superintelligence Inc. confirmed that an early contributor was no longer part of the company. The company also addressed rumors of acquisition, stating they are focused on their work to build safe superintelligence because they have the necessary compute and team.
Recent Financing
Safe Superintelligence secured $2 billion in venture funding from Greenoaks Capital Partners, Nvidia, and Lightspeed Venture Partners.
11
Ramp
Fintech
$32.0B
November 2025
Industry:Fintech
Recent Deal:November 2025
Value Trend:
Company Description
Ramp uses AI to streamline corporate spending management, helping businesses automate finance tasks and save money and time.
Recent News
Ramp announced several product updates in 2025, including the introduction of policy-enforcing AI agents for expense review, the ability to manage expenses via SMS or Slack, and AI reporting that allows users to ask questions about company spend in plain English. The company also expanded its cash management offerings, including the Ramp Business Account which earns 2% on operating cash.
Recent Financing
Ramp secured $300 million of venture funding from Lightspeed Ventures, Coatue Management, and Avenir Growth Capital.
12
Anduril Industries
Defense Technology
$30.5B
June 2025
Industry:Defense Technology
Recent Deal:June 2025
Value Trend:
Company Description
Anduril Industries builds autonomous defense systems and software to rapidly modernize and deliver capabilities for military applications.
Recent News
In December 2025, China announced sanctions on Anduril, which is already blacklisted by the country, coinciding with naval drills around Taiwan. Additionally, Anduril and Boeing teamed up on a bid for a future air defense system in December 2025. The company also announced a joint venture with EDGE Group in November 2025 to develop autonomous systems in the UAE, and a partnership with HD Hyundai Heavy Industries to design and produce new autonomous surface vessels.
Recent Financing
The company raised $2.5 billion in Series G venture funding, led by Founders Fund, with participation from Baillie Gifford and V12 Partners.
13
Anysphere
Software Development
$29.3B
November 2025
Industry:Software Development
Recent Deal:November 2025
Value Trend:
Company Description
Anysphere is developing an AI-powered operating system for software development that fundamentally changes how developers interact with code.
Recent News
Anysphere, the company behind the AI-powered integrated development environment (IDE) 'Cursor,' announced its debut in late December 2024. The tool is designed to allow users to write, edit, and debug code directly within the IDE using natural language prompts, leveraging large language models. The company aims to fundamentally change how developers interact with their coding environment by deeply integrating AI.
Recent Financing
Anysphere raised $2.3 billion in Series D venture funding led by Coatue Management and Accel, with participation from Nvidia.
14
Motional
Autonomous Vehicles
$28.2B
August 2025
Industry:Autonomous Vehicles
Recent Deal:August 2025
Value Trend:
Company Description
Motional develops and deploys advanced, fully driverless vehicles to bring autonomous ride-hailing services to market.
Recent News
Motional detailed its approach to autonomous driving technology in December 2025, including a deep dive into its human-in-the-loop data engine with visual web apps on December 18, 2025. The company also shared how it is utilizing a single, unified model for multi-object tracking, a fundamental component in identifying and following objects in the driving scene on December 3, 2025. This news highlights Motional's ongoing efforts to advance its core machine learning and data annotation systems.
Recent Financing
The company received KRW 629.1 billion in venture funding from Hyundai Motors Group.
15
Epic Games
Video Games
$22.5B
November 2024
Industry:Video Games
Recent Deal:November 2024
Value Trend:
Company Description
Epic Games develops a highly popular and widely adopted game engine that fundamentally reshapes interactive entertainment and virtual production across various media.
Recent News
The Epic Games Store made the strategy title Total War: Three Kingdoms available for free until January 8, 2026. Additionally, the game Wildgate went free on the Epic Games Store through January 9, 2026, in a move interpreted as a measure to secure the game's sustainability by bringing in new players.
Recent Financing
The company raised $1.5 billion of venture funding led by The Walt Disney.
16
Kraken
Cryptocurrency Exchange
$20.0B
November 2025
Industry:Cryptocurrency Exchange
Recent Deal:November 2025
Value Trend:
Company Description
Kraken is a major global platform that allows users to buy, sell, and trade a wide variety of digital assets and cryptocurrencies.
Recent News
Kraken indicated on November 15, 2025, that it has no immediate plans to pursue an initial public offering (IPO) in the United States, despite a favorable political and market environment. The company is focusing on stability, unaffected by Bitcoin's price fluctuations.
Recent Financing
Kraken secured $800 million in Series C venture funding, with the deal led by Jane Street, Oppenheimer Partners, and Tribe Capital.
17
Perplexity AI
Artificial Intelligence
$20.0B
September 2025
Industry:Artificial Intelligence
Recent Deal:September 2025
Value Trend:
Company Description
Perplexity AI is an AI-powered search engine that delivers direct, cited, and conversational answers to user queries, fundamentally changing how information is retrieved online.
Recent News
Six authors filed individual copyright infringement lawsuits against Perplexity AI and other AI companies on December 23, 2025, arguing the companies illegally copied their books from pirate libraries to train their large language models. The lawsuits contend that the proposed settlement from a previous case is inadequate, as high-quality books are essential training data for valuable AI systems. Separately, Perplexity introduced 'BrowseSafe' on December 2, 2025, as part of its efforts to build safer AI browsers.
Recent Financing
The company raised $200 million of venture funding from Glade Brook Capital Partners, Alpha Partners, and OurCrowd.
18
Deel
Global HR
$17.3B
October 2025
Industry:Global HR
Recent Deal:October 2025
Value Trend:
Company Description
Deel provides a platform that simplifies the legal, payment, and compliance complexities of hiring and managing international workers, disrupting traditional global employment models.
Recent News
According to a survey of 5,500 executives from 22 countries conducted by Deel and IDC, 70% of organizations globally have deployed AI in their workplaces. The survey, which highlights the AI-driven reorganization of jobs, also found that 91% of corporate leaders believe job roles have changed or are being reorganized due to AI adoption. Companies are currently engaged in a competitive recruitment drive for skilled AI talent.
Recent Financing
Deel secured $300 million of Series E venture funding led by Coatue Management, Ribbit Capital, and Andreessen Horowitz.
19
Rippling
Workforce Management
$16.8B
May 2025
Industry:Workforce Management
Recent Deal:May 2025
Value Trend:
Company Description
Rippling offers a single, unified platform that automates HR, IT, and finance, allowing businesses to manage everything from payroll to device setup for their global workforce in one system.
Recent News
Rippling released its December 2025 product updates, including new features to help clients stay compliant with 2025–2026 federal payroll rules. The company also announced in December 2025 that it will more than double its 2026 internship program, hiring over 150 interns.
Recent Financing
The company secured $460 million in Series G venture funding from Goldman Sachs Growth Equity, Elad Gil, and Dubin & Co. The capital will be used for market expansion, product enhancements, and new product development.
20
Veeam
Data Protection
$15.0B
December 2024
Industry:Data Protection
Recent Deal:December 2024
Value Trend:
Company Description
Veeam provides essential data protection and ransomware recovery solutions that ensure businesses can quickly restore operations after any disruption.
Recent News
Veeam completed the acquisition of Securiti AI on December 10, 2025, to establish the industry's first trusted data platform focused on accelerating safe AI at scale. This move reinforces Veeam's position in Data Resilience and integrates 600 AI and security experts into the company.
Recent Financing
A 13.3% stake in the company was sold for $2 billion to TPG, NB Capital Solutions, and Alkeon Capital Management.
21
Surge AI
AI Data Infrastructure
$15.0B
July 2025
Industry:AI Data Infrastructure
Recent Deal:July 2025
Value Trend:
Company Description
Surge AI provides a platform that uses human intelligence to create high-quality, annotated data for training advanced artificial intelligence models like large language models.
Recent News
Surge AI's CEO, Edwin Chen, warned on December 8, 2025, that the artificial intelligence industry is focusing too much on "flashy" models optimized for superficial leaderboard results rather than true scientific progress or solving real-world problems. He noted that this trend is driven by investors and clients who inquire about leaderboard placement, compelling companies to prioritize two-second tests over developing deeper, more impactful AI capabilities.
Recent Financing
The company is in talks to raise venture funding from undisclosed investors.
22
Applied Intuition
Autonomous Vehicle Software
$15.0B
June 2025
Industry:Autonomous Vehicle Software
Recent Deal:June 2025
Value Trend:
Company Description
Applied Intuition provides software and AI stacks to help manufacturers develop, validate, and deploy autonomous driving and advanced driver-assistance systems for vehicles across multiple industries.
Recent News
Applied Intuition formed an alliance with SNC on December 2, 2025, to accelerate battlefield autonomy. This collaboration focuses on integrating Applied Intuition's software for vehicle autonomy with SNC's defense systems, particularly for missile defense and counter-drone operations. The goal of the partnership is to combine rapid software innovation with combat-tested systems integration.
Recent Financing
Applied Intuition secured $600 million in Series F venture funding, with Kleiner Perkins, BlackRock, and CE-Ventures as key investors.
23
Labs Companies
Technology Incubator
$12.5B
August 2025
Industry:Technology Incubator
Recent Deal:August 2025
Value Trend:
Company Description
Labs Companies develops innovative, app-driven technology to enhance human social experiences and personal well-being.
Recent News
In November 2025, founder and CEO Duránd F. announced the release of new Chemí Avatars, created in collaboration with Maya Elz Davis. These avatars represent an advancement in Labs' interactive perception and sensory technologies, enhancing user engagement within their ecosystems.
Recent Financing
Labs Companies raised $35 million of Series 2 seed funding in the form of convertible debt, led by JetDebt Finance.
24
OpenEvidence
Medical Information
$12.0B
December 2025
Industry:Medical Information
Recent Deal:December 2025
Value Trend:
Company Description
OpenEvidence is an artificial intelligence company that develops a medical search engine to assist physicians with clinical decision support.
Recent News
OpenEvidence expanded access to evidence-based family medicine guidance from the AAFP on December 16, 2025. The company also partnered with ACEP to expand access to emergency medicine resources on December 11, 2025. Additionally, the American Diabetes Association collaborated with OpenEvidence to accelerate evidence-based guideline delivery on December 3, 2025.
Recent Financing
OpenEvidence received $250 million in venture funding.
25
Wiz
Cloud Security
$12.0B
May 2024
Industry:Cloud Security
Recent Deal:May 2024
Value Trend:
Company Description
Wiz provides an agentless cloud security platform that gives unified visibility and risk prioritization across a company's entire cloud environment, from code to runtime.
Recent News
Wiz reported on the active exploitation of the MongoDB vulnerability CVE-2025-14847, explaining that the flaw in the zlib-based network message decompression logic could expose adjacent heap memory. In November 2025, the company announced an expansion of its AI security posture management (AI-SPM) offering to cover AI agents and usage of the Model Context Protocol (MCP).
Recent Financing
The company raised $1 billion of Series E venture funding led by Lightspeed Venture Partners, Andreessen Horowitz, and Thrive Capital.
26
Whatnot
Live Commerce
$11.5B
October 2025
Industry:Live Commerce
Recent Deal:October 2025
Value Trend:
Company Description
Whatnot operates a live-stream shopping platform that lets users buy and sell collectibles and unique items in real-time auctions.
Recent News
Whatnot surpassed $6 billion in sales in 2025, more than double its sales from the previous year, demonstrating the growth of its live shopping platform. In December 2025, the company introduced new features to help sellers with financial health and launched a web-friendly version of Seller Home for better access to business tasks and searches.
Recent Financing
Whatnot secured $225.00 million in Series F venture funding from major investors including CapitalG, DST Global, and Andreessen Horowitz.
27
Kalshi
Financial Exchange
$11.0B
November 2025
Industry:Financial Exchange
Recent Deal:November 2025
Value Trend:
Company Description
Kalshi is an event contract exchange platform that allows users to trade on the outcome of future real-world events.
Recent News
Kalshi is on track for a record-breaking December 2025, having recorded over 18.5 million transactions by December 23, demonstrating strong momentum in the event trading market. However, the company continues to face regulatory challenges, with 38 states filing an amicus brief in support of a lawsuit against Kalshi in Maryland this month, underscoring an ongoing nationwide legal battle over event contracts.
Recent Financing
Kalshi secured $1 billion in venture funding from CapitalG, Sequoia Capital, and Paradigm (Crypto Fund).
28
Quantinuum
Quantum Computing
$10.8B
November 2025
Industry:Quantum Computing
Recent Deal:November 2025
Value Trend:
Company Description
Quantinuum uses trapped-ion quantum computing hardware and software to offer solutions for complex problems in chemistry, material science, and finance.
Recent News
Quantinuum announced the commercial launch of its new Helios Quantum Computer on November 5, 2025, which offers unprecedented accuracy to enable Generative Quantum AI (GenQAI). Also on November 5, 2025, the company formed a strategic partnership with Singapore's National Quantum Office to accelerate quantum computing and strengthen Singapore's quantum ecosystem. Additionally, on November 6, 2025, Quantinuum was selected by DARPA to advance to Stage B of the Quantum Benchmarking Initiative.
Recent Financing
Quantinuum secured $838.85 million in Series B venture funding from NVentures, Cambridge Quantum Computing, and Honeywell.
29
Colossal Biosciences
De-extinction Genetics
$10.3B
September 2025
Industry:De-extinction Genetics
Recent Deal:September 2025
Value Trend:
Company Description
Colossal Biosciences uses genetic engineering and reproductive technology to bring back extinct species and protect critically endangered ones.
Recent News
Colossal Biosciences was awarded "The Screamers Award for science hype on dire wolf de-extinction claim" on December 30, 2025. This news reflects a general discussion in the media about the feasibility of the company's genetic engineering efforts to de-extinct animals like the dire wolf and the implications of creating genetically engineered animals.
Recent Financing
Colossal Biosciences secured $320 million in Series C venture funding, led by Thomas Tull, Mark Walter, and North Equity.
30
Cognition
AI Software
$10.2B
September 2025
Industry:AI Software
Recent Deal:September 2025
Value Trend:
Company Description
Cognition develops artificial intelligence tools designed to independently plan and execute complex software engineering tasks.
Recent News
Cognition announced the Devin Agent Preview with Sonnet 4.5 on September 29, 2025. Cognition's AI engineer has also been noted for transforming enterprise software by deploying Microsoft Azure, which has enabled up to 2x developer productivity and cut project costs by 50%.
Recent Financing
Cognition raised $400 million in Series C venture funding from Founders Fund, Khosla Ventures, and Lux Capital.
31
Mercor
Artificial Intelligence
$10.0B
October 2025
Industry:Artificial Intelligence
Recent Deal:October 2025
Value Trend:
Company Description
Mercor operates an AI talent platform that utilizes human workers to train its machines by generating data, fundamentally changing how workforce tasks contribute to AI development.
Recent News
Mercor announced the launch of its new AI-driven talent sourcing and vetting platform on September 15, 2025, which utilizes machine learning to match companies with top tech talent globally. This expansion of its platform aims to address the growing demand for specialized remote technical professionals across various industries.
Recent Financing
Mercor secured $350 million in Series C venture funding, with notable investors including Felicis, General Catalyst, and Benchmark Capital Holdings.
32
Crusoe
AI Infrastructure
$10.0B
October 2025
Industry:AI Infrastructure
Recent Deal:October 2025
Value Trend:
Company Description
Crusoe builds vertically integrated AI infrastructure by converting wasted natural gas into energy for high-performance computing clusters.
Recent News
Crusoe announced a significant expansion of its digital flare mitigation (DFM) operations in North Dakota in October 2025, partnering with oil and gas companies to reduce flaring emissions by converting wasted natural gas into electricity for high-performance computing. This initiative highlights the company's continuous commitment to sustainable energy solutions in the energy sector.
Recent Financing
Crusoe raised $1.38 billion of Series E venture funding led by Valor Equity Partners and Mubadala Capital, with participation from Nvidia.
33
Sierra
Conversational AI
$10.0B
September 2025
Industry:Conversational AI
Recent Deal:September 2025
Value Trend:
Company Description
Sierra provides AI technology that enables businesses to create more human-like and effective customer experiences.
Recent News
Sierra Space's Dream Chaser Spaceplane completed critical pre-flight milestones on November 13, 2025, advancing its mission readiness. Previously, on September 25, 2025, the company announced a strategic transition for the Dream Chaser to expand its capabilities for a multi-use demonstration flight. These developments highlight the company's progress toward its first flight and broader applications for its spaceplane technology.
Recent Financing
The company secured $350 million of venture funding in a round led by Greenoaks Capital Partners and Singtel Innov8, with participation from undisclosed investors.
34
Thinking Machines Lab
Artificial Intelligence
$10.0B
June 2025
Industry:Artificial Intelligence
Recent Deal:June 2025
Value Trend:
Company Description
Thinking Machines Lab is building advanced artificial intelligence systems by integrating research and product development to ensure empirical and safety-focused deployment.
Recent News
Thinking Machines Lab announced the general availability of Tinker, their early flagship product, which now includes vision input capabilities on December 12, 2025. The company is actively scaling compute and infrastructure to train next-generation systems and accelerate the adoption of Tinker.
Recent Financing
The company raised $2 billion of seed funding in a deal led by Andreessen Horowitz, with participation from Nvidia and ServiceNow Ventures.
35
Neuralink
Medical Devices
$9.7B
January 2025
Industry:Medical Devices
Recent Deal:January 2025
Value Trend:
Company Description
Neuralink is developing implantable brain-machine interfaces designed to connect humans with computers and eventually facilitate direct neural communication.
Recent News
On December 31, 2025, Neuralink announced plans to begin high-volume production of its brain-computer interface devices in 2026, alongside moving to an almost entirely automated surgical procedure. A key innovation in this process is the ability of the device threads to pass through the dura without requiring its removal. This automation aims to make the implantation surgery faster and more accessible for patients with paralysis and other severe neurological conditions.
Recent Financing
Raised $650 million of Series E venture funding from Group 42 Holding, SaxeCap, and 1802 Ventures.
36
Harvey AI
Legal AI
$9.3B
October 2025
Industry:Legal AI
Recent Deal:October 2025
Value Trend:
Company Description
Harvey AI provides specialized artificial intelligence models to law firms for legal research and workflow customization, streamlining legal work and reducing the need for human research.
Recent News
Aderant and Harvey announced a market-defining partnership on December 15, 2025, to integrate Aderant's business-of-law solutions with Harvey's AI-powered legal work platform. Separately, the law firm CMS expanded its rollout of Harvey AI to more than 7,000 lawyers on December 12, 2025, noting that the software has saved its lawyers, on average, 118 hours per year. These developments show the expansion and impact of Harvey's legal AI technology within the professional services sector.
Recent Financing
The company raised EUR 150 million of venture funding in a deal led by EQT, Andreessen Horowitz, and OpenAI Startup Fund.
37
Vercel
Cloud Applications
$9.3B
September 2025
Industry:Cloud Applications
Recent Deal:September 2025
Value Trend:
Company Description
Vercel is a cloud platform that simplifies and accelerates web development by providing infrastructure and tools for modern, high-performance websites and applications.
Recent News
In December 2025, Vercel announced several product updates, including the availability of MiniMax M2 and GLM-4.7 on the Vercel AI Gateway on December 22, 2025. Additionally, on December 18, 2025, Vercel introduced the ability to chat with Vercel Marketplace integrations using Vercel Agent. These updates demonstrate Vercel's continuous development and expansion of its AI and development platform capabilities.
Recent Financing
The company raised $300.00 million of Series F venture funding in a deal led by Enterprise Holding (Singapore), Accel, and GIC Private.
38
Gusto
HR & Payroll Platform
$9.3B
June 2025
Industry:HR & Payroll Platform
Recent Deal:June 2025
Value Trend:
Company Description
Gusto simplifies and modernizes payroll, benefits, and HR for small and medium-sized businesses through an integrated, user-friendly platform.
Recent News
Gusto is celebrating the 2025 Gusto Impact Awards, which recognizes the company's influence on small businesses across the country. This news highlights the company's dedication to supporting small businesses.
Recent Financing
The company is currently raising venture funding, led by Teachers' Venture Growth.
39
Cyera
Data Security
$9.0B
December 2025
Industry:Data Security
Recent Deal:December 2025
Value Trend:
Company Description
Cyera is an AI-powered platform that helps enterprises secure and govern their data in the cloud, enabling them to safely utilize AI and prevent data loss.
Recent News
Cyera recently disclosed a serious security flaw called "Ni8mare" in the n8n automation tool, which lets attackers run harmful code on affected systems without permission, risking data exposure and control loss. This issue impacts about 100,000 servers globally and was reported on November 9, 2025, with a fix released soon after on November 18, 2025.
Recent Financing
Cyera obtained $400 million in venture funding, with Blackstone leading the deal and Koru Capital participating.
40
Polymarket
Prediction Market
$9.0B
October 2025
Industry:Prediction Market
Recent Deal:October 2025
Value Trend:
Company Description
Polymarket is a blockchain-based prediction market that allows users to bet on the outcome of real-world events, creating a real-time, useful measure of public belief on future outcomes.
Recent News
A House Democrat is planning to introduce legislation that would prohibit certain government officials from engaging in transactions on prediction markets like Polymarket if they possess or could reasonably obtain material non-public information. This proposal follows a specific trading event in late 2025, where one trader reportedly profited over $400,000 on a political prediction contract, raising concerns about potential insider trading on unregulated platforms. The bill aims to address the lesser scrutiny prediction markets face compared to regulated financial exchanges.
Recent Financing
Polymarket secured $2 billion in venture financing and debt, with major contributions from Intercontinental Exchange, Dubin & Co., and Electric Feel Ventures.
41
Altos Labs
Biotechnology
$8.8B
February 2024
Industry:Biotechnology
Recent Deal:February 2024
Value Trend:
Company Description
Altos Labs is focused on developing technologies for cell rejuvenation to reverse diseases and disabilities associated with aging and injury.
Recent News
Altos Labs won the Generalist Prize at Arc's Virtual Cell Challenge during the NeurIPS 2025 conference in December 2025. This recognition highlights the company's progress and capabilities in cellular research, despite the news being related to a conference award. Given the lack of other major non-financing news, this is the most relevant recent update.
Recent Financing
Altos Labs secured approximately $1.50 billion in development capital from General Catalyst and Mubadala Capital.
42
Cerebras Systems
AI Hardware
$8.1B
September 2025
Industry:AI Hardware
Recent Deal:September 2025
Value Trend:
Company Description
Cerebras Systems builds specialized computer hardware designed to accelerate complex artificial intelligence deep learning applications.
Recent News
Cerebras Systems and the U.S. Department of Energy signed a Memorandum of Understanding on December 18, 2025, to accelerate the Genesis Mission and the U.S. National AI Initiative. Additionally, on December 9, 2025, Cerebras delivered end-to-end training and inference for Jais 2, which is reported to be the world's leading open Arabic large language model. These developments show the company's continued focus on governmental partnerships and large-scale AI model performance.
Recent Financing
The company raised $1.1 billion of Series G venture funding led by Fidelity, Tiger Global Management, and Atreides Management.
43
Reflection AI
Artificial Intelligence
$8.0B
October 2025
Industry:Artificial Intelligence
Recent Deal:October 2025
Value Trend:
Company Description
Reflection AI develops generative artificial intelligence models to create chatbots that automate customer service and marketing interactions by mimicking human communication styles.
Recent News
In October 2025, Reflection AI shared updates on its progress, highlighting the assembly of a world-class team with experience from projects like PaLM, Gemini, AlphaGo, AlphaCode, AlphaProof, ChatGPT, and Character AI. The company emphasized its development of a large-scale LLM and reinforcement learning platform for training massive Mixture-of-Experts (MoE) models, now expanding from autonomous coding to general agentic reasoning.
Recent Financing
Reflection AI raised $2 billion in venture funding from Nvidia, Disruptive, and Citi Ventures.
44
Flock Safety
Public Safety Tech
$7.5B
March 2025
Industry:Public Safety Tech
Recent Deal:March 2025
Value Trend:
Company Description
Flock Safety creates a vast network of automated license plate readers and other surveillance tools that allow law enforcement and communities to track vehicles and detect events like gunshots for crime prevention.
Recent News
In December 2025, Flock Safety's automated license plate reader (ALPR) network was the subject of investigations by the Electronic Frontier Foundation (EFF) that exposed surveillance abuses and susceptibility to misuse. Furthermore, state and local police departments, such as those in St. Cloud and Sartell, Minnesota, explained their use of Flock Safety cameras and addressed public concerns, clarifying that they operate under stringent state statutes regarding data retention, auditing, and preventing mass surveillance. Legislation is also being proposed in Washington state in early January 2026 to regulate ALPRs like those sold by Flock Safety, which would require public agencies to delete footage within 72 hours, stricter than the company's default 30-day deletion policy.
Recent Financing
Flock Safety received $275 million in Series H and H-1 venture funding, led by Andreessen Horowitz, with participation from Sands Capital and Stripes.
45
Glean
Enterprise AI
$7.2B
June 2025
Industry:Enterprise AI
Recent Deal:June 2025
Value Trend:
Company Description
Glean provides a unified search and knowledge discovery platform for enterprise teams, making internal company information easily accessible through AI.
Recent News
Glean and Vercel announced a partnership on December 18, 2025, to enhance the "v0" feature with enterprise context. The company was also recognized on several lists in 2025 for its innovation in enterprise AI.
Recent Financing
The company raised $150 million of Series F venture funding from Wellington Management, Capital One Ventures, and Citi Ventures.
46
PsiQuantum
Quantum Computing
$7.0B
September 2025
Industry:Quantum Computing
Recent Deal:September 2025
Value Trend:
Company Description
PsiQuantum is focused on building and deploying the first practical, utility-scale quantum computers using photonics and leveraging existing semiconductor manufacturing infrastructure.
Recent News
PsiQuantum and Lockheed Martin signed a Memorandum of Understanding on September 30, 2025, to accelerate the development of quantum computing applications, specifically in the aerospace and defense sectors. This collaboration aims to explore the potential for fault-tolerant quantum computing in complex defense and space missions.
Recent Financing
PsiQuantum raised $1 billion of Series E venture funding led by Baillie Gifford, Temasek Holdings, and BlackRock.
47
Grafana Labs
Observability Platform
$6.6B
August 2024
Industry:Observability Platform
Recent Deal:August 2024
Value Trend:
Company Description
Grafana Labs provides an open-source observability platform that fundamentally changes how organizations monitor, visualize, and analyze their IT systems.
Recent News
Grafana Labs announced in mid-December 2025 the general availability of Grafana Fleet Management, which includes an integrated Assistant experience utilizing machine learning for configuration pipelines. This new feature helps users monitor the health of their collectors and provides tools for explaining, validating, and optimizing pipelines. Additionally, Grafana Labs was named a Leader and Outperformer in the 2025 GigaOm Radar Report for Cloud Performance Testing on November 12, 2025.
Recent Financing
The company raised $327.90 million of Series D venture funding led by Lightspeed Venture Partners, NY Technology Capital Partners, and GIC Private.
48
Lovable
AI Software
$6.6B
December 2025
Industry:AI Software
Recent Deal:December 2025
Value Trend:
Company Description
Lovable utilizes AI to autonomously manage all aspects of building a digital platform, from backend logic and API integrations to front-end design, offering a fast and efficient alternative to traditional development.
Recent News
Lovable integrated Perplexity, ElevenLabs, Firecrawl, and Miro into its platform on December 16, 2025. This integration news comes as the company is seeing a surge in demand for its AI coding tools, tripling its valuation in five months, which reflects investor confidence in its no-code software building platform.
Recent Financing
Lovable secured $330 million in Series B venture capital funding, with contributions from CapitalG, Menlo Ventures, and Databricks Ventures.
49
ClickHouse
Data Analytics
$6.3B
October 2025
Industry:Data Analytics
Recent Deal:October 2025
Value Trend:
Company Description
ClickHouse created an open-source columnar database that fundamentally transforms how organizations perform real-time analytical processing on massive datasets.
Recent News
Materialized Views were introduced to ClickStack in December 2025, allowing them to be created in ClickHouse and automatically used by the Query Layer to accelerate charts, searches, and dashboards. This addition represents a significant improvement for performance and scale, enabling multiple views to be attached to a single source with minimal ingestion cost. This feature is currently in Beta and the company plans to further enhance this capability in 2026.
Recent Financing
The company completed a Series C venture funding round, raising $444.07 million, with participation from Khosla Ventures, Nebius Group, and Stifel Financial.
50
Armis
Cybersecurity
$6.1B
November 2025
Industry:Cybersecurity
Recent Deal:November 2025
Value Trend:
Company Description
Armis provides comprehensive visibility and security for all connected devices and critical infrastructure, fundamentally changing how organizations manage cyber risk.
Recent News
Armis recently expanded its reach with the launch of Armis Federal to support U.S. government entities. The company also continues to enhance its Cyber Exposure Management Platform, Armis Centrix.
Recent Financing
The company secured $435 million in venture funding, led by The Goldman Sachs Group, CapitalG, and Georgian.
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's Gemini.
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