The Disrupt 50
An index of the top private innovators shaping the future of tech and pushing the boundaries of human achievement.
Innovator Spotlight: Anduril Industries
Anduril Industries is a defense technology company focused on AI-driven autonomous systems, such as drones, submarines, and surveillance platforms, to support U.S. and allied military operations. Its financial growth has been steady: starting with initial funding to fuel development, the company raised capital progressively, reaching a $14 billion valuation in August 2024 and climbing to $30.5 billion through a $2.5 billion Series G round in June 2025. Revenues grew consistently to approximately $1 billion in 2024 with over $1.5 billion in new contracts that year. Into 2026, it has secured deals like a $23.9 million U.S. Marine Corps contract for armed drones and a $159 million Army award for mixed-reality helmets, alongside a $1 billion investment in a new Long Beach facility for manufacturing expansion and job creation.
Anduril advances defense innovation through software-focused approaches and efficient production of cost-effective AI systems, aiming for a future where autonomous technologies have improved response times against emerging threats. This reflects a sector-wide move from traditional 5-7 year development cycles under established contractors to shorter 12-18 month timelines, enabled by internal R&D funding, capital investments, and commercial-style methods. Facilities like the Ohio Arsenal-1, set for production ramp-up in the summer of 2026, support quicker adaptations at higher volumes. Programs like the AI Grand Prix draw talent for autonomy progress, with partnerships in Taiwan and South Korea extending influence. Competitors including AeroVironment and Lockheed Martin adapt as the industry favors agile procurement, aligning with Pentagon goals for scalable and responsive systems to enhance deterrence.
Deal Metrics
Median
Recent Deal Size
$0.5 B
Median
Raised to Date
$1.2 B
Median
Time Between Financing Rounds
0.7 years
Average
Recent Deal Size
$1.5 B
Average
Raised to Date
$3.8 B
Average
Time Between Financing Rounds
1.1 years
Top Disrupt 50 Investors
Sequoia Capital
Menlo Park, CA
Andreessen Horowitz
Menlo Park, CA
Coatue Management
New York, NY
Nvidia (NAS: NVDA)
Santa Clara, CA
1789 Capital
Palm Beach, FL
Lightspeed Venture Partners
Menlo Park, CA
DST Global
George Town, Cayman Islands
General Catalyst
San Francisco, CA
GIC Private
Singapore, Singapore
The Disrupt 50
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| Rank | Rank Move | Company | Industry | Post Money | Recent Deal | Value Trend | Expand row | |
|---|---|---|---|---|---|---|---|---|
| 1 | SpaceX | Space Technology | $800.0B | December 2025 | ||||
Industry:Space Technology Recent Deal:December 2025 Value Trend: Company DescriptionSpaceX is drastically lowering the cost of space travel and access by pioneering reusable rockets and vertically integrated manufacturing. Recent NewsSpaceX announced on February 2, 2026 that it has acquired xAI. SpaceX filed an application with the Federal Communications Commission to launch a constellation of 1 million solar-powered data centers in orbit. The company stated this system is intended to alleviate the environmental strain of terrestrial AI data centers by harnessing clean solar energy in space. This proposed system aims to enable sustainable AI advancement by minimizing land disruption and reducing the environmental costs of grid expansion. Recent FinancingSpaceX 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 DescriptionOpenAI develops powerful artificial intelligence models that fundamentally change how people and computers interact and create. Recent NewsIn December 2025, OpenAI released its new flagship model, GPT-5.2, which features state-of-the-art reasoning and is optimized for everyday professional work. Following this, the company announced on January 29, 2026, that it will retire older models like GPT-4o in February to concentrate resources on the latest version. This shift in focus has been accompanied by reports of a strategic pivot from a research lab to a product-driven company, which has been cited as a reason for recent senior staff departures. Recent FinancingAn 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 DescriptionxAI 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 NewsSpaceX announced on February 2, 2026 that it has acquired xAI. In January 2026, xAI announced plans to construct a massive data center in Southaven, Mississippi, which is slated to be the largest private investment in the state's history. This infrastructure expansion is part of the company's aggressive strategy to build out its computing capacity for training advanced AI models. Recent FinancingxAI 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 DescriptionAnthropic is an AI research company developing highly capable and safe artificial intelligence systems. Recent NewsOn January 30, 2026, the company's Claude AI assisted NASA's Perseverance rover in navigating four hundred meters on Mars, a notable first for AI-assisted extraterrestrial travel. Additionally, the company launched a major product update on November 24, 2025, with the introduction of Claude Opus 4.5, a new version of its most powerful AI model. This new model is optimized for coding, agent tasks, and computer use, signaling an effort to compete for business and enterprise customers. Recent FinancingThe 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 DescriptionDatabricks 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 NewsIn January, Databricks announced a new milestone by achieving ISMAP certification in Japan, allowing the company to expand its secure data and AI offerings to the public sector there. This followed an earlier announcement in January that Toyota had adopted Databricks to power its unified data and AI platform, vista. Recent FinancingDatabricks 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 DescriptionStripe offers an easy and intuitive platform for businesses to manage and process online payments, disrupting traditional banking methods for e-commerce. Recent NewsStripe completed its acquisition of billing platform Metronome on January 14, 2026. The company also helped power a new shopping experience within Microsoft Copilot in early January 2026. Furthermore, businesses on Stripe processed a record high of over $40 billion in transactions during the four-day period from Black Friday through Cyber Monday in December 2025. Recent FinancingThe company agreed to a secondary transaction to provide liquidity to current and former employees, and the company will also repurchase shares. | ||||||||
| 7 | Ripple | Blockchain Payments | $40.0B | November 2025 | ||||
Industry:Blockchain Payments Recent Deal:November 2025 Value Trend: Company DescriptionRipple offers a protocol using blockchain technology to modernize and streamline inefficient and costly cross-border payment systems between banks. Recent NewsThe company significantly expanded its European regulatory presence by securing an Electronic Money Institution license and cryptoasset registration from the UK's Financial Conduct Authority. This license allows Ripple to offer compliant payment services to financial institutions and enterprises across the region. Additionally, the company partnered with LMAX to integrate its RLUSD stablecoin as core collateral on the exchange's global marketplace to accelerate institutional stablecoin adoption. Recent FinancingThe company secured $500 million in venture capital from Citadel Securities, Fortress Investment Group, and Galaxy Digital, along with C1 Fund. | ||||||||
| 8 | Figure AI | Humanoid Robotics | $39.0B | May 2025 | ||||
Industry:Humanoid Robotics Recent Deal:May 2025 Value Trend: Company DescriptionFigure AI is developing general-purpose humanoid robots designed to assist with everyday tasks in unpredictable environments using advanced artificial intelligence. Recent NewsFigure AI recently introduced the Helix 02 update in January 2026, which focuses on delivering full-body autonomy for its general-purpose humanoid robots. This advancement builds on a November 2025 successful real-world deployment where the Figure 02 robot contributed to the production of 30,000 cars at a BMW facility. The company continues to develop its proprietary Helix AI platform, aiming to enable its human-shaped robots to handle complex tasks in unpredictable commercial and residential environments. Recent FinancingFigure AI secured $1.5 billion in Series C venture funding, led by Parkway Venture Capital, with participation from Intel Capital and Microsoft. | ||||||||
| 9 | Safe Superintelligence | Artificial Intelligence | $32.0B | April 2025 | ||||
Industry:Artificial Intelligence Recent Deal:April 2025 Value Trend: Company DescriptionSafe Superintelligence develops extremely powerful artificial intelligence systems by prioritizing safety and long-term research over immediate commercial demands. Recent NewsCo-founder Daniel Gross departed the company in July 2025 to join Meta Superintelligence Labs, resulting in co-founder Ilya Sutskever formally assuming the role of Chief Executive Officer. The company publicly confirmed that it had rejected earlier attempts by Meta to acquire it, stating its focus remains solely on its core mission. Safe Superintelligence has been noted as one of the elite new AI research laboratories, or "neolabs," formed by high-profile researchers who believe existing large language models are fundamentally insufficient for achieving true superintelligence. Recent FinancingSafe Superintelligence secured $2 billion in venture funding from Greenoaks Capital Partners, Nvidia, and Lightspeed Venture Partners. | ||||||||
| 10 | Ramp | Fintech | $32.0B | November 2025 | ||||
Industry:Fintech Recent Deal:November 2025 Value Trend: Company DescriptionRamp uses AI to streamline corporate spending management, helping businesses automate finance tasks and save money and time. Recent NewsOn November 2, 2025, Ramp released multiple product updates, including adding co-owners for Shared Funds and vendors, enhanced filtering options for tables, and a new process to verify vendor payment details. Separately, the company's Fall 2025 Business Spending Report, released in late October, revealed that AI adoption is accelerating fastest in industries traditionally slow to adopt new technology, such as healthcare and manufacturing. Recent FinancingRamp secured $300 million of venture funding from Lightspeed Ventures, Coatue Management, and Avenir Growth Capital. | ||||||||
| 11 | Anduril Industries | Defense Technology | $30.5B | June 2025 | ||||
Industry:Defense Technology Recent Deal:June 2025 Value Trend: Company DescriptionAnduril Industries builds autonomous defense systems and software to rapidly modernize and deliver capabilities for military applications. Recent NewsAnduril announced in January 2026 a major expansion plan to establish a second Southern California campus in Long Beach, committing an estimated $1 billion. This new 1.18 million-square-foot facility, which will focus on R&D and manufacturing, is expected to create approximately 5,500 direct jobs. The company was also awarded a $23.9 million contract from the U.S. Marine Corps in January 2026 to deliver over 600 Bolt-M loitering systems for the Organic Precision Fires-Light program. Recent FinancingThe company raised $2.5 billion in Series G venture funding, led by Founders Fund, with participation from Baillie Gifford and V12 Partners. | ||||||||
| 12 | Anysphere | Software Development | $29.3B | November 2025 | ||||
Industry:Software Development Recent Deal:November 2025 Value Trend: Company DescriptionAnysphere is developing an AI-powered operating system for software development that fundamentally changes how developers interact with code. Recent NewsThe maker of the AI coding assistant Cursor announced the acquisition of the code review platform Graphite in December 2025 to create an end-to-end developer workflow. The company also reported a major business milestone in late 2025, surpassing $1 billion in annual recurring revenue. Recent FinancingAnysphere raised $2.3 billion in Series D venture funding led by Coatue Management and Accel, with participation from Nvidia. | ||||||||
| 13 | Motional | Autonomous Vehicles | $28.2B | August 2025 | ||||
Industry:Autonomous Vehicles Recent Deal:August 2025 Value Trend: Company DescriptionMotional develops and deploys advanced, fully driverless vehicles to bring autonomous ride-hailing services to market. Recent NewsMotional announced in January 2026 that it plans to launch its commercial, fully driverless Level 4 robotaxi service in Las Vegas by the end of the year. This service will be built on the Hyundai IONIQ 5 platform and will utilize a new end-to-end artificial intelligence architecture and a Large Driving Model for motion planning. The company is currently conducting test drives and plans to begin pilot operations for the public early this year. Recent FinancingThe company received KRW 629.1 billion in venture funding from Hyundai Motors Group. | ||||||||
| 14 | Kraken | Cryptocurrency Exchange | $20.0B | November 2025 | ||||
Industry:Cryptocurrency Exchange Recent Deal:November 2025 Value Trend: Company DescriptionKraken is a major global platform that allows users to buy, sell, and trade a wide variety of digital assets and cryptocurrencies. Recent NewsIn January 2026, Kraken's parent company Payward finalized the acquisition of Backed, which fully verticalizes the xStocks platform for tokenized equities. The company also announced it completed its latest quarterly Proof of Reserves on December 31, 2025, providing a key transparency measure that allows clients to independently verify their assets are fully backed on-chain. Recent FinancingKraken secured $800 million in Series C venture funding, with the deal led by Jane Street, Oppenheimer Partners, and Tribe Capital. | ||||||||
| 15 | Perplexity AI | Artificial Intelligence | $20.0B | September 2025 | ||||
Industry:Artificial Intelligence Recent Deal:September 2025 Value Trend: Company DescriptionPerplexity 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 NewsThe company confirmed a strategic shift to a multi-cloud approach on January 30, 2026, by partnering with Microsoft's Azure cloud service to gain access to frontier AI models from companies including OpenAI, Anthropic, and xAI. This new agreement complements the existing cloud infrastructure they maintain with Amazon Web Services, which the company stated remains their preferred provider. Separately, Perplexity continues to face a legal dispute with Amazon over its "agentic" shopping feature, which Amazon has alleged improperly accessed customer accounts. Recent FinancingThe company raised $200 million of venture funding from Glade Brook Capital Partners, Alpha Partners, and OurCrowd. | ||||||||
| 16 | Deel | Global HR | $17.3B | October 2025 | ||||
Industry:Global HR Recent Deal:October 2025 Value Trend: Company DescriptionDeel provides a platform that simplifies the legal, payment, and compliance complexities of hiring and managing international workers, disrupting traditional global employment models. Recent NewsThe ongoing legal dispute with rival Rippling escalated following the unsealing of court documents that detailed payments allegedly routed from a Deel executive's spouse to a former Rippling employee accused of corporate espionage. Separately, a federal lawsuit was filed alleging the company facilitated fund transfers for a Ponzi scheme, which has prompted questions regarding Deel's anti-money laundering and compliance protocols. Recent FinancingDeel secured $300 million of Series E venture funding led by Coatue Management, Ribbit Capital, and Andreessen Horowitz. | ||||||||
| 17 | Rippling | Workforce Management | $16.8B | May 2025 | ||||
Industry:Workforce Management Recent Deal:May 2025 Value Trend: Company DescriptionRippling 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 NewsOn March 17, 2025, Rippling filed a high-profile corporate espionage lawsuit against its competitor, Deel. The suit alleged that an employee had acted as a spy for Deel, stealing thousands of confidential sales leads, deal notes, and internal HR data. Rippling claimed the stolen information was used by Deel to undercut pricing, poach employees, and interfere with customer negotiations. Recent FinancingThe 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. | ||||||||
| 18 | Applied Intuition | Autonomous Vehicle Software | $15.0B | June 2025 | ||||
Industry:Autonomous Vehicle Software Recent Deal:June 2025 Value Trend: Company DescriptionApplied 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 NewsIn January 2026, Applied Intuition announced an alliance with the Department of Energy's Oak Ridge National Laboratory to demonstrate a digital proving ground for the Golden Dome for America program. Additionally, in December 2025, the company formed a partnership with Sierra Nevada Corporation to fast-track the development of battlefield autonomy systems. Recent FinancingApplied Intuition secured $600 million in Series F venture funding, with Kleiner Perkins, BlackRock, and CE-Ventures as key investors. | ||||||||
| 19 | Surge AI | AI Data Infrastructure | $15.0B | July 2025 | ||||
Industry:AI Data Infrastructure Recent Deal:July 2025 Value Trend: Company DescriptionSurge 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 NewsIn December 2025, Surge AI expanded its product offering with new RL environments and rubric-based verifiers designed to train and evaluate advanced agentic AI models. The company also announced a collaboration with Meta's Superintelligence Labs, introducing AdvancedIF to enhance instruction-following in AI systems. Recent FinancingThe company is in talks to raise venture funding from undisclosed investors. | ||||||||
| 20 | Skild AI | AI Robotics | $14.0B | January 2026 | ||||
Industry:AI Robotics Recent Deal:January 2026 Value Trend: Company DescriptionSkild AI develops a universal, adaptable AI brain that enables any robot to perform diverse tasks in the physical world. Recent NewsThe company is focused on building the Skild Brain, which is the industry's first unified robotics foundation model designed to generalize across tasks and diverse robot hardware, a concept they call "omni-bodied intelligence." This omni-bodied model allows robots to adapt their movements in real time to new bodies or unseen environments and has been rapidly commercialized, growing to about $30 million in revenue in just a few months during 2025. Recent FinancingThe company secured a $1.4 billion Series C funding round with major participation from SoftBank Group, NVentures (NVIDIA), and Macquarie Capital. | ||||||||
| 21 | Labs Companies | Technology Incubator | $12.5B | August 2025 | ||||
Industry:Technology Incubator Recent Deal:August 2025 Value Trend: Company DescriptionLabs Companies develops innovative, app-driven technology to enhance human social experiences and personal well-being. Recent NewsNo major non-financing news within the last 12 months. Recent FinancingLabs Companies raised $35 million of Series 2 seed funding in the form of convertible debt, led by JetDebt Finance. | ||||||||
| 22 | Clear Street | Capital Markets | $12.0B | January 2026 | ||||
Industry:Capital Markets Recent Deal:January 2026 Value Trend: Company DescriptionClear Street replaces fragmented, outdated capital markets infrastructure with a single, cloud-native platform that offers institutional clients real-time clearing, financing, and trading capabilities. Recent NewsClear Street was fined $175,000 by FINRA on December 19, 2025, for supervisory failures related to the inaccurate reporting of options order origin codes between January 2022 and June 2023. The firm incorrectly counted multi-leg options orders, which resulted in the mismarking of over 160,000 orders as originating from a "Customer" instead of a "Professional Customer." Recent FinancingClear Street's Series C financing totaled $135.39 million, with notable backing from Baillie Gifford, SBI Holdings, and BlackRock Inc. | ||||||||
| 23 | OpenEvidence | Medical Information | $12.0B | December 2025 | ||||
Industry:Medical Information Recent Deal:December 2025 Value Trend: Company DescriptionOpenEvidence is an artificial intelligence company that develops a medical search engine to assist physicians with clinical decision support. Recent NewsOpenEvidence expanded its medical AI platform to include new features such as an agentic research assistant tool and medical scribing. In November 2025, the company secured a licensing agreement with the National Comprehensive Cancer Network to integrate the NCCN's oncology guidelines into its medical AI technology. Recent FinancingOpenEvidence received $250 million in venture funding. | ||||||||
| 24 | Whatnot | Live Commerce | $11.5B | October 2025 | ||||
Industry:Live Commerce Recent Deal:October 2025 Value Trend: Company DescriptionWhatnot operates a live-stream shopping platform that lets users buy and sell collectibles and unique items in real-time auctions. Recent NewsWhatnot announced on January 28, 2026, that its 2025 sales had more than doubled year-over-year, reaching over $8 billion in live Gross Merchandise Value (GMV). The company's 2026 State of Live Selling Report highlighted that over 20 million new accounts were created, and one in eight sellers are now selling full-time on the platform. The report also showed massive growth in lifestyle categories such as beauty, electronics, and women's fashion, indicating an expansion beyond its collectible origins. Recent FinancingWhatnot secured $225.00 million in Series F venture funding from major investors including CapitalG, DST Global, and Andreessen Horowitz. | ||||||||
| 25 | Notion | Knowledge Management | $11.0B | January 2026 | ||||
Industry:Knowledge Management Recent Deal:January 2026 Value Trend: Company DescriptionNotion is an AI-powered, all-in-one workspace that consolidates an organization's documents, projects, and knowledge base, allowing teams to manage all their work in one place. Recent NewsNotion released its 3.2 update on January 20, 2026, which included new features such as the Notion Agent on mobile, a People Directory, and multi-account support for Notion Mail. Earlier in December 2025, the company rolled out updates that brought AI answers from GitHub, new webhook and button-based automations, and easier scheduling in Notion Calendar. These recent product developments focus on enhancing team collaboration and expanding the platform's artificial intelligence and mobile capabilities. Recent FinancingA $270 million private tender offer for employee shares included investments from GIC, Sequoia Capital, and Index Ventures. | ||||||||
| 26 | Kalshi | Financial Exchange | $11.0B | November 2025 | ||||
Industry:Financial Exchange Recent Deal:November 2025 Value Trend: Company DescriptionKalshi is an event contract exchange platform that allows users to trade on the outcome of future real-world events. Recent NewsKalshi is currently engaged in a multi-front legal battle against various state regulators who are attempting to classify its prediction contracts, particularly those related to sports, as unlicensed gambling. Most recently, a Massachusetts judge ruled on January 30, 2026, to issue a preliminary injunction that would block the platform from accepting sports-related contracts from residents without a state license. Additionally, on January 30, 2026, the company submitted a new filing to the Commodity Futures Trading Commission seeking approval to allow "block trades" for large, privately negotiated transactions to attract institutional investors. Recent FinancingKalshi secured $1 billion in venture funding from CapitalG, Sequoia Capital, and Paradigm (Crypto Fund). | ||||||||
| 27 | Quantinuum | Quantum Computing | $10.8B | November 2025 | ||||
Industry:Quantum Computing Recent Deal:November 2025 Value Trend: Company DescriptionQuantinuum uses trapped-ion quantum computing hardware and software to offer solutions for complex problems in chemistry, material science, and finance. Recent NewsQuantinuum commercially launched its next-generation Helios Quantum Computer in November 2025, which features 98 all-to-all connected physical qubits with improved fidelity for enterprise adoption. The company also announced a strategic partnership with Singapore's National Quantum Office to install the Helios system in Singapore by 2026. Separately, in November 2025, Quantinuum was selected by DARPA to advance to Stage B of the Quantum Benchmarking Initiative. Recent FinancingQuantinuum secured $838.85 million in Series B venture funding from NVentures, Cambridge Quantum Computing, and Honeywell. | ||||||||
| 28 | Colossal Biosciences | De-extinction Genetics | $10.3B | September 2025 | ||||
Industry:De-extinction Genetics Recent Deal:September 2025 Value Trend: Company DescriptionColossal Biosciences uses genetic engineering and reproductive technology to bring back extinct species and protect critically endangered ones. Recent NewsColossal Biosciences announced on January 13, 2026, the "reawakening" of the dire wolf, an animal extinct for approximately 12,000 years, using advanced gene-editing technology. This milestone, which the company claims is the world's first de-extinction, was achieved by engineering gray wolf DNA to carry dire wolf traits. This breakthrough follows the company's November 2025 acquisition of ViaGen Pets and Equine, a leading animal cloning company. Recent FinancingColossal Biosciences secured $320 million in Series C venture funding, led by Thomas Tull, Mark Walter, and North Equity. | ||||||||
| 29 | Cognition | AI Software | $10.2B | September 2025 | ||||
Industry:AI Software Recent Deal:September 2025 Value Trend: Company DescriptionCognition develops artificial intelligence tools designed to independently plan and execute complex software engineering tasks. Recent NewsCognition announced a strategic partnership with Cognizant on January 28, 2026, to integrate its autonomous AI software engineer, Devin, and its Windsurf development environment into large-scale enterprise development pipelines. Earlier in January, the company also formed a strategic collaboration with Infosys to deploy Devin across the consulting firm's global client base to accelerate the AI value journey and enhance engineering capacity. Recent FinancingCognition raised $400 million in Series C venture funding from Founders Fund, Khosla Ventures, and Lux Capital. | ||||||||
| 30 | Crusoe | AI Infrastructure | $10.0B | October 2025 | ||||
Industry:AI Infrastructure Recent Deal:October 2025 Value Trend: Company DescriptionCrusoe builds vertically integrated AI infrastructure by converting wasted natural gas into energy for high-performance computing clusters. Recent NewsCrusoe won the "North American Data Center Project of the Year" for its Abilene AI Data Center at the 2025 Data Center Dynamics Global Awards in December. The company also unveiled major expansion plans, including a partnership with Blue Energy to develop a nuclear-powered AI data center campus in Texas and the approval of a new AI data center in Springfield, Ohio. Additionally, Crusoe launched its Managed Inference product in November, which is designed to deliver faster production AI services. Recent FinancingCrusoe raised $1.38 billion of Series E venture funding led by Valor Equity Partners and Mubadala Capital, with participation from Nvidia. | ||||||||
| 31 | Mercor | Artificial Intelligence | $10.0B | October 2025 | ||||
Industry:Artificial Intelligence Recent Deal:October 2025 Value Trend: Company DescriptionMercor 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 NewsIn January 2026, news reported that Mercor, a company connecting domain experts with AI labs, had hired over 30,000 white-collar contractors, including doctors and lawyers, to train AI models for clients like OpenAI and Anthropic. CEO Brendan Foody indicated this model drove the company to scale rapidly to a $500 million revenue run rate in 16 months. He suggested that Mercor is positioned to create a new category of work where human expertise is directly monetized as input for artificial intelligence systems. Recent FinancingMercor secured $350 million in Series C venture funding, with notable investors including Felicis, General Catalyst, and Benchmark Capital Holdings. | ||||||||
| 32 | Sierra | Conversational AI | $10.0B | September 2025 | ||||
Industry:Conversational AI Recent Deal:September 2025 Value Trend: Company DescriptionSierra provides AI technology that enables businesses to create more human-like and effective customer experiences. Recent NewsSierra Space completed the first nine satellite structures for the Space Development Agency's Tranche 2 Tracking Layer ahead of schedule. This milestone accelerates the company's progress toward delivering advanced missile tracking capabilities as part of the Proliferated Warfighter Space Architecture. Recent FinancingThe company secured $350 million of venture funding in a round led by Greenoaks Capital Partners and Singtel Innov8, with participation from undisclosed investors. | ||||||||
| 33 | Thinking Machines Lab | Artificial Intelligence | $10.0B | June 2025 | ||||
Industry:Artificial Intelligence Recent Deal:June 2025 Value Trend: Company DescriptionThinking Machines Lab is building advanced artificial intelligence systems by integrating research and product development to ensure empirical and safety-focused deployment. Recent NewsIn January 2026, co-founder and CTO Barret Zoph, along with co-founder Luke Metz and other senior researchers, departed the company to rejoin OpenAI. The exodus followed internal conflict regarding the company's direction and a dispute that led to Zoph's firing on January 14. CEO Mira Murati announced the promotion of PyTorch co-creator Soumith Chintala to the role of new Chief Technology Officer. Recent FinancingThe company raised $2 billion of seed funding in a deal led by Andreessen Horowitz, with participation from Nvidia and ServiceNow Ventures. | ||||||||
| 34 | Neuralink | Medical Devices | $9.7B | January 2025 | ||||
Industry:Medical Devices Recent Deal:January 2025 Value Trend: Company DescriptionNeuralink is developing implantable brain-machine interfaces designed to connect humans with computers and eventually facilitate direct neural communication. Recent NewsAs of late January 2026, Neuralink announced it has enrolled 21 participants worldwide in its clinical trials for its brain-computer interface, an increase from 12 in September. These trial participants are using the implants to telepathically control digital and physical tools, with some reportedly achieving performance exceeding that of able-bodied mouse users. Additionally, the company's CEO, Elon Musk, stated in January 2026 that the company plans to move to high-volume production of its brain implants and fully automated surgical procedures by the end of the year. Recent FinancingRaised $650 million of Series E venture funding from Group 42 Holding, SaxeCap, and 1802 Ventures. | ||||||||
| 35 | Harvey AI | Legal AI | $9.3B | October 2025 | ||||
Industry:Legal AI Recent Deal:October 2025 Value Trend: Company DescriptionHarvey 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 NewsThe legal AI company has recently acquired the startup Hexus to enhance its product development for in-house corporate legal teams. Furthermore, the company launched its "Shared Spaces" product, a new collaborative AI workspace designed for law firms and their clients to work together in a secure environment. Recent FinancingThe company raised EUR 150 million of venture funding in a deal led by EQT, Andreessen Horowitz, and OpenAI Startup Fund. | ||||||||
| 36 | Vercel | Cloud Applications | $9.3B | September 2025 | ||||
Industry:Cloud Applications Recent Deal:September 2025 Value Trend: Company DescriptionVercel is a cloud platform that simplifies and accelerates web development by providing infrastructure and tools for modern, high-performance websites and applications. Recent NewsVercel announced the general availability of Vercel Sandboxes on January 30, 2026, which provides a secure compute environment for safely running untrusted code from sources like AI agents. The Vercel Agent, which entered public beta on November 18, 2025, was also updated to integrate investigations for anomaly alerts directly into Slack. Furthermore, the company released a security advisory on January 26, 2026, regarding two medium-severity denial-of-service vulnerabilities affecting self-hosted Next.js applications. Recent FinancingThe company raised $300.00 million of Series F venture funding in a deal led by Enterprise Holding (Singapore), Accel, and GIC Private. | ||||||||
| 37 | Gusto | HR & Payroll Platform | $9.3B | June 2025 | ||||
Industry:HR & Payroll Platform Recent Deal:June 2025 Value Trend: Company DescriptionGusto simplifies and modernizes payroll, benefits, and HR for small and medium-sized businesses through an integrated, user-friendly platform. Recent NewsGusto is evolving into an AI-native organization through initiatives like AI hackathons that have produced over 50 projects and an AI taskforce upskilling product managers. Gusto partnered with zerohash to enable instant global stablecoin payouts for contractors, enhancing speed and flexibility in payments. Recent FinancingThe company is currently raising venture funding, led by Teachers' Venture Growth. | ||||||||
| 38 | Polymarket | Prediction Market | $9.0B | October 2025 | ||||
Industry:Prediction Market Recent Deal:October 2025 Value Trend: Company DescriptionPolymarket 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 NewsPolymarket implemented a major strategic shift in January 2026 by moving to a revenue-generating financial infrastructure, introducing fees on high-frequency crypto markets, and launching new real estate prediction markets. The company also signed an exclusive multi-year licensing agreement with Major League Soccer in January 2026. However, on January 31, 2026, a court granted a temporary restraining order that barred the platform from offering event contracts in Nevada for at least two weeks following a lawsuit by the state's gaming regulator. Recent FinancingPolymarket secured $2 billion in venture financing and debt, with major contributions from Intercontinental Exchange, Dubin & Co., and Electric Feel Ventures. | ||||||||
| 39 | Replit | AI Software | $9.0B | January 2026 | ||||
Industry:AI Software Recent Deal:January 2026 Value Trend: Company DescriptionReplit is a cloud-based software creation platform with an autonomous AI agent that enables any user to build, deploy, and iterate on full-stack applications using plain language. Recent NewsReplit launched a new $100/month Pro plan on January 20, 2026, for teams, which includes tiered credits and priority support. This change streamlined their offerings by moving to a new Pro plan and integrating collaboration into the Core plan, while also sunsetting the previous Teams plan. Additionally, on January 13, 2026, Replit introduced an integration allowing users to go from a Product Requirements Document (PRD) to a running application in minutes using the Replit Agent. Recent FinancingReplit secured $400 million in a funding round led by Georgian | ||||||||
| 40 | Cyera | Data Security | $9.0B | December 2025 | ||||
Industry:Data Security Recent Deal:December 2025 Value Trend: Company DescriptionCyera 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 NewsIn November 2025, Cyera announced a new strategic collaboration with Microsoft Purview, Sentinel, Entra, and Copilot Studio to address the security challenges of Agentic AI. This partnership came shortly after the launch of the AI Guardian platform in August 2025 and the introduction of its Access Trail feature in November 2025, expanding its data security platform into comprehensive AI security solutions. Recent FinancingCyera obtained $400 million in venture funding, with Blackstone leading the deal and Koru Capital participating. | ||||||||
| 41 | Odoo | Enterprise Software | $8.2B | January 2026 | ||||
Industry:Enterprise Software Recent Deal:January 2026 Value Trend: Company DescriptionOdoo is a modular, open-source Enterprise Resource Planning platform that provides a cost-effective and flexible all-in-one suite of business applications, disrupting the traditional high-cost ERP market. Recent NewsOdoo announced a deeper integration of AI Agents into its ERP system, which can help users build data views and analyze the content of uploaded documents directly within the platform. This new product release also includes a significant backend performance optimization, resulting in all pages loading and rendering multiple times faster. Recent FinancingGeneral Atlantic acquired an additional minority stake from Wallonie Entreprendre as a follow-on secondary investment. General Atlantic is a significant shareholder. | ||||||||
| 42 | Cerebras Systems | AI Hardware | $8.1B | September 2025 | ||||
Industry:AI Hardware Recent Deal:September 2025 Value Trend: Company DescriptionCerebras Systems builds specialized computer hardware designed to accelerate complex artificial intelligence deep learning applications. Recent NewsCerebras Systems, G42, and MBZUAI announced the release of K2 Think V2, a new and more transparent reasoning system, on January 27, 2026. Reports emerged on December 21, 2025, that the AI chipmaker is rekindling its IPO plans, targeting an early 2026 listing after resolving a U.S. national security review concerning a major investor and customer. This decision follows the company's previous postponement and cancellation of its initial public offering in October 2025. Recent FinancingThe 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 DescriptionReflection AI develops generative artificial intelligence models to create chatbots that automate customer service and marketing interactions by mimicking human communication styles. Recent NewsReflection AI announced a collaboration with GMI Cloud on November 20, 2025, a partnership focused on building agile, high-performance AI systems. As part of this alliance, Reflection AI will leverage GMI Cloud's U.S.-based GPU clusters to accelerate the training and deployment of its next-generation autonomous AI models. The two companies are also exploring broader opportunities in AI Factory and sovereign AI initiatives. Recent FinancingReflection AI raised $2 billion in venture funding from Nvidia, Disruptive, and Citi Ventures. | ||||||||
| 44 | Zipline | Drone Logistics | $7.6B | January 2026 | ||||
Industry:Drone Logistics Recent Deal:January 2026 Value Trend: Company DescriptionZipline designs, manufactures, and operates the world's largest fully autonomous drone network to provide on-demand logistics for medical supplies and commercial goods, bypassing traditional transportation infrastructure. Recent NewsZipline announced in January 2026 that it is expanding its autonomous drone delivery services into two major new US markets, Houston and Phoenix, as part of a plan to accelerate growth into at least four new states this year. This operational expansion follows the company's milestone of surpassing two million total commercial drone deliveries globally. Additionally, in November 2025, Zipline secured an agreement with the U.S. State Department to significantly expand its life-saving drone delivery network across Africa. Recent FinancingThe company secured over $600 million in funding with participation from Fidelity Management & Research Company, Baillie Gifford, and Valor Equity Partners. | ||||||||
| 45 | Flock Safety | Public Safety Tech | $7.5B | March 2025 | ||||
Industry:Public Safety Tech Recent Deal:March 2025 Value Trend: Company DescriptionFlock 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 NewsA number of cities have recently ended or suspended their use of the company's automated license plate reader (ALPR) cameras due to public and official concerns over privacy and data sharing. The police chief in Mountain View, California, suspended the program after an audit found unauthorized sharing settings were enabled by the company, and in December 2025, Flagstaff, Arizona, voted to terminate its contract entirely. However, a federal court ruled on January 27, 2026, that the city of Norfolk, Virginia's use of the ALPR system is constitutional and does not violate Fourth Amendment rights. Recent FinancingFlock Safety received $275 million in Series H and H-1 venture funding, led by Andreessen Horowitz, with participation from Sands Capital and Stripes. | ||||||||
| 46 | Glean | Enterprise AI | $7.2B | June 2025 | ||||
Industry:Enterprise AI Recent Deal:June 2025 Value Trend: Company DescriptionGlean provides a unified search and knowledge discovery platform for enterprise teams, making internal company information easily accessible through AI. Recent NewsGlean announced in December 2025 that its annual recurring revenue (ARR) surpassed $200 million, doubling in the span of nine months, signaling rapid adoption of its enterprise Work AI platform. This growth was underpinned by continuous product innovation, including the expansion of the Glean Agents platform for building and governing AI agents and achieving the AWS Agentic AI Specialization. The company's focus is on integrating its AI Assistant and search capabilities into the daily operations of global enterprises. Recent FinancingThe company raised $150 million of Series F venture funding from Wellington Management, Capital One Ventures, and Citi Ventures. | ||||||||
| 47 | PsiQuantum | Quantum Computing | $7.0B | September 2025 | ||||
Industry:Quantum Computing Recent Deal:September 2025 Value Trend: Company DescriptionPsiQuantum is focused on building and deploying the first practical, utility-scale quantum computers using photonics and leveraging existing semiconductor manufacturing infrastructure. Recent NewsIn recent months, PsiQuantum has advanced its commercial strategy through key collaborations with major companies. On January 13, 2026, the company announced a collaboration with Airbus to advance quantum computing applications for aerospace, which follows a November 3, 2025, strategic collaboration with Lockheed Martin. The company is also making progress on its physical infrastructure, having broken ground in September 2025 on a new quantum computing facility in Chicago, for which Jacobs was selected as the Owner's Representative in November 2025. Recent FinancingPsiQuantum raised $1 billion of Series E venture funding led by Baillie Gifford, Temasek Holdings, and BlackRock. | ||||||||
| 48 | ElevenLabs | AI Audio | $6.6B | January 2026 | ||||
Industry:AI Audio Recent Deal:January 2026 Value Trend: Company DescriptionElevenLabs is an artificial intelligence company that develops models to create highly realistic, customizable human-like voices for content and interactive applications. Recent NewsIn November 2025, ElevenLabs launched its Iconic Voice Marketplace, a new platform for creating and licensing high-quality AI-generated voices. This product launch was accompanied by deals with major public figures, including actors Michael Caine and Matthew McConaughey. The initiative highlights the company's focus on collaborating with the creative industry to establish a new standard for ethical voice licensing. Recent FinancingA secondary stake sale for approximately $100 million included investment from Nvidia, Smash Capital, and Sequoia Capital. | ||||||||
| 49 | Lovable | AI Software | $6.6B | December 2025 | ||||
Industry:AI Software Recent Deal:December 2025 Value Trend: Company DescriptionLovable 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 NewsLovable launched a major product update on July 23, 2025, by making "Agent Mode" the default for new users, which significantly upgrades the AI to act as a more autonomous developer. This enhancement allows the platform to handle complex, multi-step projects and leverage external tools like web browsing and image generation for better results. The new agentic capabilities are designed to increase the sophistication of applications users can build and streamline the development process. Recent FinancingLovable secured $330 million in Series B venture capital funding, with contributions from CapitalG, Menlo Ventures, and Databricks Ventures. | ||||||||
| 50 | ClickHouse | Data Analytics | $6.4B | October 2025 | ||||
Industry:Data Analytics Recent Deal:October 2025 Value Trend: Company DescriptionClickHouse created an open-source columnar database that fundamentally transforms how organizations perform real-time analytical processing on massive datasets. Recent NewsClickHouse acquired Langfuse, an open-source LLM observability platform, and launched a native enterprise-grade Postgres service in January 2026 to unify transactional and analytical workloads. The company also expanded its market presence and product integration in November 2025 by acquiring the open-source AI chat platform LibreChat, partnering with Japan Cloud, and strengthening its collaboration with Microsoft through OneLake integration. Recent FinancingThe company completed a Series C venture funding round, raising $444.07 million, with participation from Khosla Ventures, Nebius Group, and Stifel Financial. | ||||||||
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.