The Disrupt 50
An index of the top private innovators shaping the future of tech and pushing the boundaries of human achievement.
Innovator Spotlight: Kraken
Kraken operates as a leading cryptocurrency exchange, enabling secure trading of over 600 digital assets across more than 190 countries. It supports retail users with staking options, rapid asset swaps, and a cashback debit card for everyday spending. For institutions, it provides custody solutions, over-the-counter desks, and API integrations to streamline operations. In 2025, Kraken introduced trading of tokenized U.S. stocks and ETFs, which was expanded in February 2026 with commission-free perpetual futures, allowing users to build integrated portfolios that merge crypto with traditional finance elements.
Kraken’s integration with established financial infrastructure represents a key innovation. This is highlighted by its access to a Federal Reserve master account—the first crypto firm granted this privilege—which enables direct, intermediary-free fiat transfers and potentially reduces transaction costs and settlement times. This step advances its objective of building an integrated global payment application, incorporating prediction markets and tokenized equities to converge traditional and decentralized finance, which could enhance liquidity and risk management across sectors. Its 2025 acquisition of NinjaTrader for $1.5 billion underscores efforts to create a scalable, multi-asset trading platform suited for institutional demands. Relative to Coinbase’s retail-oriented model and Binance’s emphasis on volume, Kraken prioritizes compliance and security, positioning it well amid the industry’s 2026 pivot toward regulated institutional capital, blockchain-based efficiencies, and tempered speculation.
Deal Metrics
Median
Recent Deal Size
$0.7B
Average
Recent Deal Size
$9.5B
Median
Raised to Date
$1.6B
Average
Raised to Date
$8.6B
Median
Time Between Financing Rounds
0.8 years
Average
Time Between Financing Rounds
1.0 years
Top Disrupt 50 Investors
Sequoia Capital
Menlo Park, CA
Andreessen Horowitz
Menlo Park, CA
Nvidia (NAS: NVDA)
Santa Clara, CA
Coatue Management
New York, NY
Saraswati Ventures
Austin, TX
Lightspeed Venture Partners
Menlo Park, CA
1789 Capital
Palm Beach, FL
General Catalyst
San Francisco, CA
Thrive Capital
New York, NY
The Disrupt 50
Tap any company for additional details.
| Rank | Rank Move | Company | Post Money | Expand row | |||
|---|---|---|---|---|---|---|---|
| 1 | SpaceX | $1,250.0B |
|
||||
|
Industry
Space Technology
Recent Deal
February 2026
Value Trend
Company DescriptionSpaceX is drastically lowering the cost of space travel and access by pioneering reusable rockets and vertically integrated manufacturing. Recent NewsIn February 2026, SpaceX initiated structural preparations for a potential initial public offering targeting a valuation exceeding $1.75 trillion to fund its developmental Starship rocket and off-planet AI data centers. The company is reportedly considering a dual-class share structure to preserve founder control during the anticipated public listing. Recent FinancingSpaceX acquired xAI through a share exchange agreement with participation from Occasional Ventures. |
|||||||
| 2 | OpenAI | $840.0B |
|
||||
|
Industry
Artificial Intelligence
Recent Deal
February 2026
Value Trend
Company DescriptionOpenAI develops powerful artificial intelligence models that fundamentally change how people and computers interact and create. Recent NewsOn February 26, 2026, OpenAI partnered with the Pacific Northwest National Laboratory to accelerate federal permitting processes using advanced artificial intelligence. Earlier in the month, the company collaborated with Figma to launch a seamless code-to-design experience powered by OpenAI Codex. Recent FinancingOpenAI secured $110 billion in venture funding in a round led by Amazon, SoftBank Group, and Nvidia. |
|||||||
| 3 | Anthropic | $380.0B |
|
||||
|
Industry
Artificial Intelligence
Recent Deal
February 2026
Value Trend
Company DescriptionAnthropic is an AI research company developing highly capable and safe artificial intelligence systems. Recent NewsOn February 27, 2026, the Trump administration designated Anthropic a supply-chain risk to national security and directed all federal agencies to immediately cease using its technology. The directive followed stalled negotiations over Pentagon demands for the company to remove acceptable use policies that prohibited the deployment of its AI models in mass domestic surveillance and autonomous weapons systems. Recent FinancingAnthropic secured $30 billion in Series G venture funding led by Coatue Management, Dragoneer Investment Group, and Founders Fund. |
|||||||
| 4 | Stripe | $159.0B |
|
||||
|
Industry
Fintech
Recent Deal
February 2026
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 released its newest annual letter, reporting that its total platform payment volume reached $1.9 trillion, representing approximately 1.6 percent of global GDP. The company also highlighted its co-incubation of Tempo, a payments-focused blockchain developed alongside Paradigm to scale stablecoin transactions. Recent FinancingThe company completed a secondary transaction with Thrive Capital, Coatue Management, and Andreessen Horowitz to provide liquidity to employees and repurchase shares. |
|||||||
| 5 | Databricks | $134.0B |
|
||||
|
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 NewsOn February 23, 2026, Databricks announced the general availability of Zerobus Ingest, a fully managed, serverless service that streams data directly into governed Delta tables. The service eliminates the need for intermediate message brokers like Kafka, allowing organizations to achieve sub-five-second latency while delivering massive aggregate throughput. 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 | Waymo | $126.0B |
|
||||
|
Industry
Autonomous Driving
Recent Deal
February 2026
Value Trend
Company DescriptionWaymo develops and operates a fleet of fully autonomous vehicles that provide commercial ride-hailing services without a human driver, aiming to replace traditional transportation models with automated technology. Recent NewsOn February 24, 2026, Waymo announced the expansion of its fully autonomous ride-hailing service to public riders in four new cities: Dallas, Houston, San Antonio, and Orlando. This simultaneous deployment brings the company's total commercial metropolitan markets to ten, significantly widening its early lead in the autonomous mobility sector. Recent FinancingWaymo secured $16 billion in venture funding led by Dragoneer Investment Group, DST Global, and Sequoia Capital. |
|||||||
| 7 | Revolut | $100.0B |
|
||||
|
Industry
Financial Technology
Recent Deal
February 2026
Value Trend
Company DescriptionRevolut is a global financial technology company that provides a mobile-based platform for digital banking, foreign exchange, and multi-currency payment services to replace traditional banking infrastructure. Recent NewsRevolut announced a global partnership with Manchester City football club on February 13, 2026, becoming the official back of shirt partner for its men’s and women’s teams. Earlier, on January 27, 2026, the company launched full banking operations in Mexico after successfully securing an independent banking license and capitalizing the operation with over $100 million. Recent FinancingThe company completed a secondary share sale led by Coatue, Greenoaks, and Dragoneer. |
|||||||
| 8 | Ripple | $40.0B |
|
||||
|
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 NewsOn February 2, 2026, Ripple received full approval for an Electronic Money Institution license from Luxembourg’s financial regulator, enabling the expansion of its blockchain-based payment infrastructure throughout the European Union. This regulatory milestone follows the company obtaining a similar EMI license and cryptoasset registration from the UK’s Financial Conduct Authority in January 2026. Recent FinancingThe company secured $500 million in venture capital from Citadel Securities, Fortress Investment Group, and Galaxy Digital, along with C1 Fund. |
|||||||
| 9 | Figure AI | $39.0B |
|
||||
|
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 NewsIn early 2026, Figure AI's flagship humanoid robot, Figure 02, received significant industry attention for its Helix Vision-Language-Action AI system, which controls the robot's upper body at 200 Hz to enable zero-shot manipulation of unseen objects. Recent FinancingFigure AI secured $1.5 billion in Series C venture funding, led by Parkway Venture Capital, with participation from Intel Capital and Microsoft. |
|||||||
| 10 | Ramp | $32.0B |
|
||||
|
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 February 5, 2026, Ramp released its Winter Business Spending Report, which revealed that nearly half of all businesses are now paying for AI services as adoption spikes in sectors like retail and manufacturing. During the same month, the company also launched Ramp Rate, an interactive and data-backed vendor directory that allows businesses to track market share and growth trends for software providers based on actual transaction data. Recent FinancingRamp secured $300 million of venture funding from Lightspeed Ventures, Coatue Management, and Avenir Growth Capital. |
|||||||
| 11 | Safe Superintelligence | $32.0B |
|
||||
|
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 NewsIn April 2025, Google Cloud announced a major infrastructure partnership to provide Tensor Processing Units for Safe Superintelligence's research and development efforts. During this period, the startup rapidly expanded its operations by hiring dozens of engineers for its new research laboratory in Tel Aviv, Israel, while also establishing offices in Palo Alto, California. Recent FinancingSafe Superintelligence secured $2 billion in venture funding from Greenoaks Capital Partners, Nvidia, and Lightspeed Venture Partners. |
|||||||
| 12 | Anduril Industries | $30.5B |
|
||||
|
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 NewsOn February 24, 2026, Anduril's YFQ-44A Collaborative Combat Aircraft successfully demonstrated the ability to switch between two different mission autonomy software suites during a single flight. Additionally, on January 21, 2026, the company announced a significant expansion of its operations with the opening of a new campus in Long Beach, California. Recent FinancingThe company raised $2.5 billion in Series G venture funding, led by Founders Fund, with participation from Baillie Gifford and V12 Partners. |
|||||||
| 13 | VAST Data | $30.0B |
|
||||
|
Industry
AI Infrastructure
Recent Deal
February 2026
Value Trend
Company DescriptionVAST Data provides a unified software platform that integrates storage, database, and computing functions to replace traditional hard drives with high-performance flash infrastructure for large-scale artificial intelligence workloads. Recent NewsIn February 2026, VAST Data introduced a fully CUDA-accelerated AI data stack and the CNode-X solution, integrating its software directly onto NVIDIA-powered servers. The company also announced a strategic partnership with CrowdStrike on February 25, 2026, to combine native data-layer governance with advanced enterprise threat detection. Additionally, VAST launched its capacity amplification program, VAST Amplify, to optimize flash storage utilization. Recent FinancingAn undisclosed investor reached an agreement to sell a 3.33% stake in the company for $1 billion. |
|||||||
| 14 | Anysphere | $29.3B |
|
||||
|
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 NewsIn late 2025, reports highlighted that the company achieved a major milestone by surpassing $1 billion in annual recurring revenue within two years of its product launch. Additionally, during an October 2025 interview, Nvidia CEO Jensen Huang identified the startup’s flagship code editor as his favorite enterprise AI service, noting its significant impact on developer productivity. Recent FinancingAnysphere raised $2.3 billion in Series D venture funding led by Coatue Management and Accel, with participation from Nvidia. |
|||||||
| 15 | Motional | $28.2B |
|
||||
|
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 NewsOn February 2, 2026, Motional announced it had commenced supervised driverless testing of its IONIQ 5 robotaxis in Las Vegas as the final operational step toward commercialization. The company confirmed plans to officially launch its fully driverless Level 4 robotaxi service in the city by the end of 2026. Recent FinancingThe company received KRW 629.1 billion in venture funding from Hyundai Motors Group. |
|||||||
| 16 | Cerebras Systems | $23.0B |
|
||||
|
Industry
AI Hardware
Recent Deal
February 2026
Value Trend
Company DescriptionCerebras Systems builds specialized computer hardware designed to accelerate complex artificial intelligence deep learning applications. Recent NewsIn January 2026, Cerebras Systems signed a multi-year agreement with OpenAI to deploy 750 megawatts of wafer-scale systems, establishing the largest high-speed AI inference deployment globally. Subsequently, on February 12, 2026, OpenAI unveiled GPT-5.3-Codex-Spark, its first production model deployed specifically on Cerebras hardware to achieve ultra-low latency response times. Recent FinancingCerebras Systems raised $1.1 billion of Series H venture funding in a round led by Tiger Global Management, with participation from Advanced Micro Devices and Coatue Management. |
|||||||
| 17 | Epic Games | $22.5B |
|
||||
|
Industry
Video Games
Recent Deal
November 2024
Value Trend
Company DescriptionEpic Games develops popular video games and provides the foundational creation software and digital storefront used by developers to build and distribute interactive content under more favorable financial terms than traditional platforms. Recent NewsOn February 26, 2026, reports revealed that the U.S. Committee on Foreign Investment sent letters of inquiry to Epic Games regarding data security protocols tied to its business relationship with Chinese conglomerate Tencent. This federal scrutiny aligns with broader government efforts to investigate the handling of American personal data by domestic gaming companies with foreign shareholders. Recent FinancingEpic Games secured $1.5 billion in venture funding in a round led by The Walt Disney with participation from Qatar Investment Authority and Insight Capital Partners. |
|||||||
| 18 | Kraken | $20.0B |
|
||||
|
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 February 2026, Kraken launched Flexline, a crypto-secured term loan offering that allows users to borrow against their digital assets without liquidating positions. Additionally, the platform introduced tokenized equity perpetual futures and expanded its Kraken Pro margin capabilities to include leveraged exposure to traditional assets like the S&P 500 and major tech stocks via xStocks. Recent FinancingKraken secured $800 million in Series C venture funding, with the deal led by Jane Street, Oppenheimer Partners, and Tribe Capital. |
|||||||
| 19 | Perplexity AI | $20.0B |
|
||||
|
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 NewsOn February 25, 2026, Perplexity AI launched Perplexity Computer, an autonomous system that coordinates multiple AI models to execute complex research, coding, and design projects. The following day, the company announced a deep, system-level integration with Samsung, deploying its API to power search and reasoning capabilities on the new Galaxy S26 smartphone series. Recent FinancingThe company raised $200 million of venture funding from Glade Brook Capital Partners, Alpha Partners, and OurCrowd. |
|||||||
| 20 | Deel | $17.3B |
|
||||
|
Industry
AI Robotics
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 NewsOn February 22, 2026, Deel launched The Pitch, an international competition featuring a 15 million dollar investment pool designed to identify and fund promising seed-stage startups across seven global regions. Recent research from the company also highlighted a shift in recruitment trends, noting that many HR leaders are extending employee probation periods due to the increasing prevalence of AI-generated job applications. Recent FinancingDeel secured $300 million of Series E venture funding led by Coatue Management, Ribbit Capital, and Andreessen Horowitz. |
|||||||
| 21 | Rippling | $16.8B |
|
||||
|
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 NewsIn January 2026, Rippling expanded its global workforce management platform by launching automated onboarding and compliance services for employees in Guatemala and Congo. The company also introduced product updates in January 2026 that included automated license tracking for clinical staff and a one-click offboarding process for Microsoft 365 accounts. 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. |
|||||||
| 22 | Veeam | $15.0B |
|
||||
|
Industry
Data Resilience
Recent Deal
December 2024
Value Trend
Company DescriptionVeeam provides data protection and disaster recovery software that allows businesses to backup, restore, and replicate workloads across virtual, physical, and cloud environments. Recent NewsOn December 19, 2025, Veeam completed its acquisition of Securiti AI to integrate AI governance and data security into its unified resilience platform. On December 22, 2025, the company announced a partnership with ServiceNow to automate data resilience workflows and strengthen compliance orchestration. Veeam further expanded its backup storage capabilities on January 9, 2026, by acquiring Object First. Recent FinancingVeeam completed a $2 billion secondary stake sale to TPG, NB Capital Solutions, and Alkeon Capital Management. |
|||||||
| 23 | Surge AI | $15.0B |
|
||||
|
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 NewsOn September 7, 2025, Surge AI reached a milestone of $1 billion in recurring revenue, driven by the intense demand for high-quality training data for generative AI models. This achievement highlighted the company's significant growth and profitability as it captures market share from competitors by utilizing a network of specialized domain experts. Recent FinancingThe company is in talks to raise venture funding from undisclosed investors. |
|||||||
| 24 | Applied Intuition | $15.0B |
|
||||
|
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 NewsOn February 12, 2026, Applied Intuition was awarded a contract by the UK’s Defence Science and Technology Laboratory to lead a consortium focused on accelerating drone swarming capabilities. The company also partnered with Oak Ridge National Laboratory on January 22, 2026, to demonstrate a digital proving ground for the Golden Dome project and opened a new office in Fort Walton Beach on January 20, 2026, to advance aerial autonomy and physical AI. Recent FinancingApplied Intuition secured $600 million in Series F venture funding, with Kleiner Perkins, BlackRock, and CE-Ventures as key investors. |
|||||||
| 25 | Skild AI | $14.0B |
|
||||
|
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 NewsIn January 2026, Skild AI reported reaching a revenue milestone of approximately $30 million within only a few months of operation during 2025. The company also disclosed that its robotic foundation model has been successfully deployed in public environments such as LaGuardia Airport and is scheduled to serve as the operational brain for robots in upcoming NVIDIA factories. Recent FinancingThe company secured a $1.4 billion Series C funding round with major participation from SoftBank Group, NVentures (NVIDIA), and Macquarie Capital. |
|||||||
| 26 | Labs Companies | $12.5B |
|
||||
|
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. |
|||||||
| 27 | Clear Street | $12.0B |
|
||||
|
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 NewsOn February 23, 2026, Clear Street announced its expansion into the Asia-Pacific region through the acquisition of Boom Securities. During the same month, the company moved to voluntarily deregister its common stock and indefinitely suspend its reporting obligations following the withdrawal of its planned initial public offering. Additionally, in December 2025, the firm agreed to a settlement with FINRA regarding the inaccurate marking of options order origin codes. Recent FinancingClear Street's Series C financing totaled $135.39 million, with notable backing from Baillie Gifford, SBI Holdings, and BlackRock Inc. |
|||||||
| 28 | OpenEvidence | $12.0B |
|
||||
|
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 NewsOn February 25, 2026, OpenEvidence launched a wide release of its AI-integrated Doctor Dialer, a tool designed for privacy-centric telemedicine that incorporates clinical decision support. The company also reached a significant commercial milestone in January 2026, surpassing $100 million in annual revenue within a year of launching its commercial operations. Recent FinancingOpenEvidence received $250 million in venture funding. |
|||||||
| 29 | Wiz | $12.0B |
|
||||
|
Industry
Cloud Security
Recent Deal
May 2024
Value Trend
Company DescriptionWiz provides a cloud security platform that scans entire cloud environments without using software agents to identify and prioritize critical vulnerabilities and configuration risks. Recent NewsOn February 17, 2026, Wiz was recognized as a leader in cloud-native application protection and announced a strategic partnership with Saviynt to enhance security for non-human identities and AI agents. Additionally, Wiz researchers released a report on February 20, 2026, highlighting critical vulnerabilities across multiple layers of AI infrastructure. Recent FinancingWiz raised $1 billion in Series E venture funding in a round led by Lightspeed Venture Partners, Andreessen Horowitz, and Thrive Capital. |
|||||||
| 30 | Whatnot | $11.5B |
|
||||
|
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 NewsIn January 2026, Whatnot released its State of Live Selling Report, which highlighted that the platform generated $8 billion in gross merchandise value during 2025 as live shopping transitions into a mainstream retail category. Additionally, the company announced several platform updates on February 11, 2026, focusing on enhanced seller protections and new tools for monitoring account health. Recent FinancingWhatnot secured $225.00 million in Series F venture funding from major investors including CapitalG, DST Global, and Andreessen Horowitz. |
|||||||
| 31 | Notion | $11.0B |
|
||||
|
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 NewsOn February 24, 2026, Notion released version 3.3, which introduced Custom Agents designed to automate repetitive tasks and run autonomously based on specific triggers. Earlier that month, the company launched Library on February 18 to improve workspace organization and integrated the Claude Opus 4.6 AI model into its platform on February 9. Recent FinancingA $270 million private tender offer for employee shares included investments from GIC, Sequoia Capital, and Index Ventures. |
|||||||
| 32 | Kalshi | $11.0B |
|
||||
|
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 NewsOn February 25, 2026, Kalshi announced its first public enforcement actions by fining and suspending a candidate for California governor and a MrBeast employee for violating insider trading rules. The exchange also faced significant scrutiny on February 28, 2026, regarding its settlement of prediction markets following reports of the death of Iran's Supreme Leader in military strikes. Recent FinancingKalshi secured $1 billion in venture funding from CapitalG, Sequoia Capital, and Paradigm (Crypto Fund). |
|||||||
| 33 | ElevenLabs | $11.0B |
|
||||
|
Industry
AI Audio
Recent Deal
February 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 NewsOn February 2, 2026, ElevenLabs announced the general availability of Eleven v3, its most advanced text-to-speech model featuring improved expressiveness and turn-taking capabilities for conversational agents. The company also expanded its enterprise footprint in February 2026 through a multi-year infrastructure extension with Google Cloud and a partnership with Better.com to launch the mortgage industry's first voice-based loan assistant. Additionally, the platform recently became the first to secure specialized insurance coverage for AI agents after achieving a new industry security certification. Recent FinancingElevenLabs raised $500 million in Series D venture funding led by Sequoia Capital, with participation from AMP Coalition and Smash Capital. |
|||||||
| 34 | Harvey | $11.0B |
|
||||
|
Industry
Legal Tech
Recent Deal
February 2026
Value Trend
Company DescriptionHarvey develops specialized artificial intelligence systems that automate complex legal tasks like contract analysis, regulatory compliance, and litigation research to streamline professional workflows. Recent NewsOn February 25, 2026, the law firm Thommessen announced a firmwide rollout of Harvey’s legal AI platform, following a similar selection by HSBC on January 20. Additionally, in February 2026, the company integrated the latest AI models, Sonnet 4.6 and Opus 4.6, into its system and announced plans to open a new office in Dallas. Recent FinancingHarvey secured $200 million in venture funding led by Goodwin Investments and Sequoia Capital, with participation from General Catalyst. |
|||||||
| 35 | Quantinuum | $10.8B |
|
||||
|
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 NewsOn December 11, 2025, Quantinuum announced the first successful execution of a full scientific workflow across Japan’s Fugaku supercomputer and the Reimei quantum computer, marking a transition from infrastructure development to practical deployment. The company also reported progress in automated quantum algorithm discovery for chemistry using artificial intelligence platforms during the same month. Earlier, on November 6, 2025, Quantinuum was selected by DARPA to advance to the next stage of the Quantum Benchmarking Initiative to develop utility-scale quantum systems. Recent FinancingQuantinuum secured $838.85 million in Series B venture funding from NVentures, Cambridge Quantum Computing, and Honeywell. |
|||||||
| 36 | Colossal Biosciences | $10.3B |
|
||||
|
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 NewsOn February 26, 2026, Colossal Biosciences announced the successful reawakening of the dire wolf, reporting that its first pups are exhibiting healthy growth and natural pack behaviors. On the same day, the company launched the BioVault, a global initiative designed to preserve the genetic diversity of 10,000 species. These milestones highlight the company's progress in using genetic engineering to restore extinct traits and stabilize modern ecosystems. Recent FinancingColossal Biosciences secured $320 million in Series C venture funding, led by Thomas Tull, Mark Walter, and North Equity. |
|||||||
| 37 | Cognition | $10.2B |
|
||||
|
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 NewsOn January 28, 2026, Cognition announced a strategic partnership with Cognizant to deploy its autonomous AI software engineer, Devin, and agentic development environment, Windsurf, across enterprise systems. Throughout February 2026, the company expanded its product offerings by launching Devin 2.2 and a dedicated platform for government infrastructure modernization. These developments follow a January 7, 2026, collaboration with Infosys to integrate Cognition's AI agents into global client delivery models. Recent FinancingCognition raised $400 million in Series C venture funding from Founders Fund, Khosla Ventures, and Lux Capital. |
|||||||
| 38 | Mercor | $10.0B |
|
||||
|
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 NewsMercor recently ended a significant AI grading project with Meta, leading to the sudden displacement of many contracted workers just before the 2025 holiday season. Additionally, the company has reportedly been paying specialized subject-matter experts, including physicians and lawyers, hundreds of dollars per hour to validate and refine commercial AI models for major research labs. Recent FinancingMercor secured $350 million in Series C venture funding, with notable investors including Felicis, General Catalyst, and Benchmark Capital Holdings. |
|||||||
| 39 | Sierra | $10.0B |
|
||||
|
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 reached $100 million in annual recurring revenue in late 2025, achieving the milestone within seven quarters of its launch. The company also introduced Agent OS 2.0 and the Agent Data Platform to enable AI agents with memory and the capability to perform complex actions across enterprise systems. 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. |
|||||||
| 40 | Crusoe | $10.0B |
|
||||
|
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 NewsOn February 24, 2026, Baker Hughes announced an agreement to supply generators providing 1.21 gigawatts of onsite power for Crusoe's AI data center infrastructure. Earlier that month, on February 18, 2026, the company launched Command Center, a unified operations platform designed for high-performance AI workloads. Additionally, on February 23, 2026, Crusoe achieved ISO 27001 and ISO 42001 certifications for information security and responsible AI governance. Recent FinancingCrusoe raised $1.38 billion of Series E venture funding led by Valor Equity Partners and Mubadala Capital, with participation from Nvidia. |
|||||||
| 41 | Thinking Machines Lab | $10.0B |
|
||||
|
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, Thinking Machines Lab experienced a significant leadership shift as co-founders Barret Zoph and Luke Metz departed the company to rejoin OpenAI. Following these exits, the startup named PyTorch co-creator Soumith Chintala as its new Chief Technology Officer to lead its technical direction. Recent FinancingThe company raised $2 billion of seed funding in a deal led by Andreessen Horowitz, with participation from Nvidia and ServiceNow Ventures. |
|||||||
| 42 | Neuralink | $9.7B |
|
||||
|
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 NewsOn February 7, 2026, a popular visually impaired YouTuber’s public application for the Blindsight clinical trial brought significant attention to the potential for the brain-computer interface to restore vision. Additionally, in late February 2026, reports surfaced regarding an intensifying technological race in China, where domestic firms are fast-tracking human trials to compete with the milestones achieved by Neuralink. Recent FinancingRaised $650 million of Series E venture funding from Group 42 Holding, SaxeCap, and 1802 Ventures. |
|||||||
| 43 | Gusto | $9.3B |
|
||||
|
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 NewsIn January 2026, Gusto published its Small Business Jobs Report, which noted that small firms added over 37,000 jobs as hiring stabilized. During early 2026, the company also launched a new integration with ChatGPT to offer AI-driven payroll insights and finalized the acquisition of retirement benefits provider Guideline. Recent FinancingThe company is currently raising venture funding, led by Teachers' Venture Growth. |
|||||||
| 44 | Vercel | $9.3B |
|
||||
|
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 NewsOn February 3, 2026, Vercel announced a major rebuild of its v0 tool to bridge the gap between AI-generated prototypes and production-ready infrastructure. In late January 2026, the company introduced json-render, an open-source tool aimed at advancing generative user interfaces for frontend developers. Additionally, on February 5, 2026, Vercel launched the third cohort of its AI Accelerator program, providing infrastructure and mentorship to early-stage AI startups. Recent FinancingThe company raised $300.00 million of Series F venture funding in a deal led by Enterprise Holding (Singapore), Accel, and GIC Private. |
|||||||
| 45 | Polymarket | $9.0B |
|
||||
|
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 reached a record single-day trading volume of $425 million on February 28, 2026, primarily driven by high activity in prediction markets tied to U.S. military strikes in Iran. During the same month, the platform faced intensified scrutiny and calls for regulation from U.S. lawmakers following allegations of potential insider trading involving accounts that made significant profits betting on the exact timing of geopolitical events and corporate earnings. Recent FinancingPolymarket secured $2 billion in venture financing and debt, with major contributions from Intercontinental Exchange, Dubin & Co., and Electric Feel Ventures. |
|||||||
| 46 | Cyera | $9.0B |
|
||||
|
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 NewsOn February 25, 2026, Cyera announced that its Data Security Posture Management solution is now available through the new Extended plan in AWS Security Hub to help enterprises reduce their data attack surface. Additionally, on December 17, 2025, the company released a series of platform updates aimed at reducing risk and strengthening enterprise data security programs. Recent FinancingCyera obtained $400 million in venture funding, with Blackstone leading the deal and Koru Capital participating. |
|||||||
| 47 | Replit | $9.0B |
|
||||
|
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 NewsOn February 24, 2026, Replit launched Replit Pro, a new $100 per month subscription plan featuring a faster Agent Turbo Mode and tiered credits for professional builders. The company also introduced several platform updates throughout February 2026, including background memory compression for its AI agent and support for Anthropic's Claude Opus 4.5. Recent FinancingReplit secured $400 million in a funding round led by Georgian |
|||||||
| 48 | Wayve | $8.6B |
|
||||
|
Industry
Autonomous Driving
Recent Deal
February 2026
Value Trend
Company DescriptionWayve develops AI software that allows vehicles to navigate complex environments by learning from camera data and driving experience rather than relying on pre-programmed rules or high-definition maps. Recent NewsOn February 24, 2026, Wayve announced the appointment of new senior engineering leaders to accelerate the global deployment of its production-ready autonomous driving systems. Earlier in January 2026, the company expanded its collaboration with Microsoft Azure to enhance the scale and reliability of its embodied AI platform for real-world applications. Additionally, Wayve finalized an agreement with Nissan to integrate its AI technology into next-generation driver assistance systems for mass-produced vehicles scheduled for release starting in 2027. Recent FinancingWayve raised $1.5 billion in Series D venture funding led by SoftBank Investment Advisers, Eclipse Capital, and Balderton Capital. |
|||||||
| 49 | Odoo | $8.2B |
|
||||
|
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 NewsOn February 3, 2026, Odoo entered a strategic partnership with iData to launch self-developed IoT hardware, marking the software provider’s first move into physical device manufacturing to support fiscal compliance in the hospitality industry. In early February 2026, the company also released version 19.1, which introduced advanced AI agents capable of generating data views and answering questions directly from uploaded documents. Additionally, Odoo announced in February 2026 that its global partner network has surpassed 12,000 members following significant growth in Asian and Middle Eastern markets. Recent FinancingGeneral Atlantic acquired an additional minority stake from Wallonie Entreprendre as a follow-on secondary investment. General Atlantic is a significant shareholder. |
|||||||
| 50 | Plaid | $8.0B |
|
||||
|
Industry
Financial Technology
Recent Deal
February 2026
Value Trend
Company DescriptionPlaid provides a secure digital infrastructure that allows consumers to connect their bank accounts to third-party financial applications, bypassing traditional banking silos to enable instant identity and account verification. Recent NewsIn February 2026, Plaid announced a new strategic focus on intelligent finance and unveiled a foundational AI model designed to enhance financial services. The company also released a series of platform updates in December 2025, which introduced AI-enhanced transaction categorization and expanded API access for its fraud protection products. Recent FinancingUndisclosed investors completed a secondary sale of their equity stake in the company. |
|||||||
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.
The information contained in this newsletter is for general information purposes only. The information is provided by Scalar and while we endeavor to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the newsletter or the information, products, services, or related graphics contained in the newsletter for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this newsletter.
Every effort is made to keep the newsletter up and running smoothly. However, Scalar takes no responsibility for, and will not be liable for, the newsletter being temporarily unavailable due to technical issues beyond our control.
Data Sources: S&P Global Market Intelligence and PitchBook Data, Inc. Data was also retrieved from various sources using Google Gemini.