The Disrupt 50
An index of the top private innovators shaping the future of tech and pushing the boundaries of human achievement.
Innovator Spotlight: Cursor
Cursor is an AI-native code editor and agent platform developed by Anysphere. It reimagines software development by centering it on autonomous AI agents rather than manual coding. The tool serves as a dedicated workspace where engineers can dispatch, orchestrate, and review AI agents that tackle complex tasks such as bug fixing, code generation, and multi-repository workflows. This approach shifts developers from hands-on coders to conductors of intelligent systems.
Cursor is aggressively disrupting the multi-billion-dollar developer tools market with its agent-first orchestration. Its vision foresees a future in which AI handles the bulk of knowledge work, rendering traditional integrated development environments (IDEs) secondary. In early 2026, the company reached approximately $2 billion in annualized recurring revenue, with internal projections targeting more than $6 billion by year-end. This growth is fueled by robust enterprise adoption, with Cursor now used by roughly two-thirds of Fortune 500 companies.
In April 2026, SpaceX entered into an agreement with Cursor that gives SpaceX the option to acquire Cursor for $60 billion later this year. If SpaceX does not exercise the acquisition option, the arrangement contemplates a $10 billion collaboration payment for joint development work focused on coding and knowledge-work AI. The structure provides Cursor with significant strategic value even if a full acquisition does not occur, including access to SpaceX/xAI’s Colossus compute infrastructure to support the development of proprietary frontier models. For Cursor, the transaction helps address prior constraints around third-party model dependence and high inference costs, while positioning the company to compete more directly with offerings such as Anthropic’s Claude Code and OpenAI’s Codex.
Deal Metrics
Median
Recent Deal Size
$0.8B
Median
Raised to Date
$1.6B
Median
Time Between Financing Rounds
0.8 years
Average
Recent Deal Size
$9.3B
Average
Raised to Date
$8.2B
Average
Time Between Financing Rounds
1.0 years
Top Disrupt 50 Investors
Andreessen Horowitz
Menlo Park, CA
Sequoia Capital
Menlo Park, CA
Coatue Management
New York, NY
Nvidia (NAS: NVDA)
Santa Clara, CA
1789 Capital
Palm Beach, FL
Octant Ventures
San Francisco, CA
Saraswati Ventures
Austin, TX
Thrive Capital
New York, NY
BlackRock (NYS: BLK)
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 NewsSpaceX successfully launched the Artemis 2 mission on April 2, 2026, marking the first crewed lunar flight in over fifty years. On April 29, 2026, the company’s Falcon Heavy rocket delivered the ViaSat-3 F3 communications satellite into orbit. Additionally, in late April 2026, nearly sixty Texas residents filed a lawsuit against the company for structural home damage allegedly caused by rocket launches at the Starbase facility. Recent FinancingSpaceX confidentially filed for a record-breaking IPO on April 1, 2026 (targeting ~$1.75T valuation), following its earlier all-stock merger with xAI. The listing is supported by banks including Bank of America, Citigroup, and Goldman Sachs. |
|||||||
| 2 | OpenAI | $852.0B |
|
||||
|
Industry
Artificial Intelligence
Recent Deal
March 2026
Value Trend
Company DescriptionOpenAI develops powerful artificial intelligence models that fundamentally change how people and computers interact and create. Recent NewsOn April 23, 2026, OpenAI unveiled its newest frontier model, GPT-5.5, followed by the announcement of an expanded partnership with Amazon Web Services on April 28 to integrate its models into the Bedrock platform. The company also amended its partnership with Microsoft on April 27, 2026, a move that ended Microsoft’s revenue share and granted OpenAI the flexibility to serve products through any cloud provider. Concurrently, a high-stakes civil trial involving co-founder Elon Musk proceeded in late April 2026, centering on the organization’s transition from a non-profit to a for-profit entity. Recent FinancingOpenAI completed a $122 billion funding round and expanded its revolving credit facility to $4.7 billion with participation from Amazon, NVIDIA, and SoftBank. |
|||||||
| 3 | Anthropic | $380.0B |
|
||||
|
Industry
Artificial Intelligence
Recent Deal
April 2026
Value Trend
Company DescriptionAnthropic is an AI research company developing highly capable and safe artificial intelligence systems. Recent NewsOn April 7, 2026, Anthropic announced Project Glasswing, a joint initiative with major technology companies to secure critical software using a preview version of its Claude Mythos model. The company subsequently released Claude Opus 4.7 on April 16, 2026, featuring improved performance in coding and vision, and launched Claude Design on April 17, 2026, to enable collaborative visual work and prototyping. Recent FinancingAnthropic secured $5 billion in venture funding from Amazon.com. Pending Round: Estimated valuation range is $850-900 billion. |
|||||||
| 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 NewsOn April 29, 2026, Stripe launched a suite of agentic commerce tools, including a new Link wallet that allows AI agents to make secure payments using one-time-use cards. The company also announced a partnership with Google on April 30, 2026, and introduced real-time streaming payments for AI-native businesses to handle token-based consumption. Additionally, Stripe launched a new checkout experience for Facebook on March 24, 2026, to optimize cross-platform payment processing. 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 March 24, 2026, Databricks expanded into the cybersecurity market with the launch of Lakewatch, an open, agentic SIEM platform designed for the AI era. The company also announced the general availability of Genie Code on March 11, 2026, introducing agentic engineering capabilities to data workflows. Additionally, on April 23, 2026, Databricks entered a significant partnership with OpenAI to integrate GPT-5.5 models into its ecosystem. 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 NewsDuring March 2026, the company announced the expansion of its driverless ride-hailing service to four additional cities across Texas and Florida. 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 NewsOn March 5, 2026, Revolut submitted an application for a U.S. national bank charter to facilitate the direct offering of personal loans and insured deposits. More recently, the company introduced an AI assistant on April 9, 2026, followed by the launch of GlobalHire on April 15, 2026, to support international expansion for its business customers. Recent FinancingThe company completed a secondary share sale led by Coatue, Greenoaks, and Dragoneer. |
|||||||
| 8 | Cursor | $52.0B |
|
||||
|
Industry
Software Development
Recent Deal
April 2026
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 April 2026, a Cursor AI agent autonomously deleted the entire production database and backups of the startup PocketOS in just nine seconds after encountering a credential mismatch. On April 29, 2026, the company released the Cursor SDK, a programmatic tool allowing engineers to integrate its agent runtime directly into software delivery pipelines. Previously, on April 2, 2026, the company launched Cursor 3, which introduced a unified workspace for building software using autonomous agents. Recent FinancingCursor is in a major collaboration with SpaceX, which includes an option for SpaceX to acquire it for $60 billion (or pay $10B for work) within the next year, following prior funding rounds led by Andreessen Horowitz, Thrive, and Nvidia participation." |
|||||||
| 9 | 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 April 29, 2026, Ripple expanded its presence in the United Arab Emirates and partnered with Thailand’s Kbank to deploy scalable digital asset wallet infrastructure. On April 15, 2026, the company collaborated with Kyobo Life Insurance to initiate South Korea’s first tokenized government bond settlement on a blockchain. Earlier that month on April 1, 2026, the firm launched its Ripple Treasury management system to provide institutions with native digital asset capabilities. Recent FinancingThe company secured $500 million in venture capital from Citadel Securities, Fortress Investment Group, and Galaxy Digital, along with C1 Fund. |
|||||||
| 10 | 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 NewsOn April 29, 2026, Figure AI announced it scaled manufacturing of its Figure 03 humanoid robot by 24x over four months, achieving a production rate of one unit per hour. The company also released an update to its Helix AI model that incorporates camera-based perception for improved whole-body movement across uneven terrain. Previously, in March 2026, the CEO reported that the company produced more robots in a single month than in its entire history combined. Recent FinancingFigure AI secured $1.5 billion in Series C venture funding, led by Parkway Venture Capital, with participation from Intel Capital and Microsoft. |
|||||||
| 11 | Project Prometheus | $38.0B |
|
||||
|
Industry
Physical AI
Recent Deal
April 2026
Value Trend
Company DescriptionProject Prometheus develops "physical AI" systems focused on engineering, manufacturing, and industrial applications in sectors like computers, automobiles, aerospace, and spacecraft. Recent NewsProject Prometheus has scaled its workforce to approximately 200 employees by recruiting researchers from leading AI organizations such as OpenAI and Google DeepMind. The startup is currently focusing on developing physical AI to automate industrial sectors like aviation and chip manufacturing and is reportedly considering the production of its own hardware. In November 2025, the company acquired General Agents to strengthen its capabilities in autonomous systems that translate visual inputs into real-world actions. Recent FinancingProject Prometheus is in talks to raise an undisclosed amount of venture funding from BlackRock and JP Morgan Chase. |
|||||||
| 12 | 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 April 29, 2026, Ramp introduced a suite of AI agents to its procurement platform designed to automate tasks like sourcing vendors and reviewing contract terms. Earlier in the month, the company released updates including an auto-capture receipt tool on April 13 and a smart contract management feature on April 1. In March 2026, Ramp also collaborated with Visa to launch AI agents that automate corporate bill payments. Recent FinancingRamp secured $300 million of venture funding from Lightspeed Ventures, Coatue Management, and Avenir Growth Capital. |
|||||||
| 13 | 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 early February 2026, senior software engineer Shahar Papini left the company to co-found a new startup focused on AI verification. Reports from April 2026 highlight the company's continued focus on a research-centric business model that prioritizes safety over immediate commercial products or revenue. Additionally, the company has grown to approximately 40 employees while developing new scientific principles to address limitations in current large language models. Recent FinancingSafe Superintelligence secured $2 billion in venture funding from Greenoaks Capital Partners, Nvidia, and Lightspeed Venture Partners. |
|||||||
| 14 | 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 April 30, 2026, Anduril Industries announced the addition of 5G communications to its Sentry family of systems to enhance tactical networking and connectivity. During April 2026, the company also formed a partnership with Kraken Technology Group to build unmanned military boats and saw the U.S. Air Force begin experimental testing of its YFQ-44A Fury fighter jet. Additionally, on March 11, 2026, Anduril reached an agreement to acquire ExoAnalytic Solutions to accelerate its space domain awareness and missile defense capabilities. Recent FinancingThe company raised $2.5 billion in Series G venture funding, led by Founders Fund, with participation from Baillie Gifford and V12 Partners. Pending Round: Estimated valuation is $60 billion. |
|||||||
| 15 | 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 NewsOn March 16, 2026, VAST Data announced the availability of VAST Foundation Stacks, a library designed to streamline the adoption of NVIDIA Blueprints for enterprise AI pipelines. Additionally, on February 25, 2026, the company introduced Polaris, a global control plane for orchestrating AI data infrastructure across hybrid multicloud environments, and unveiled a new computing platform for agentic AI systems. Recent FinancingAn undisclosed investor reached an agreement to sell a 3.33% stake in the company for $1 billion. |
|||||||
| 16 | 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 March 13, 2026, Motional and Uber relaunched a commercial robotaxi service in Las Vegas, deploying all-electric IONIQ 5 vehicles to riders at key locations including the Strip and Downtown. Earlier in February 2026, the company resumed driverless testing in the city as part of its plan to achieve fully driverless operations by the end of the year. Additionally, in February 2026, the company established a new autonomous solutions division to assist other firms in commercializing autonomous vehicle technology. Recent FinancingThe company received KRW 629.1 billion in venture funding from Hyundai Motors Group. |
|||||||
| 17 | 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 NewsOn March 13, 2026, Cerebras Systems announced a partnership with Amazon Web Services to provide high-speed AI inference and performance within the cloud. The company also indicated in April 2026 that it resolved previous regulatory concerns regarding its relationship with G42, which is no longer a commercial partner or investor. 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. |
|||||||
| 18 | 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 NewsIn early April 2026, Epic Games reportedly initiated layoffs of over 1,000 employees following a significant downturn in Fortnite engagement. On April 30, 2026, the company launched a major v40.30 update for Fortnite, introducing several new modes and maintenance schedules. Additionally, on May 4, 2026, Apple filed an emergency application with the Supreme Court to stay a mandate related to App Store commissions in its ongoing legal battle with Epic Games. 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. |
|||||||
| 19 | Kalshi | $22.0B |
|
||||
|
Industry
Financial Exchange
Recent Deal
March 2026
Value Trend
Company DescriptionKalshi is an event contract exchange platform that allows users to trade on the outcome of future real-world events. Recent NewsIn February 2026, a Massachusetts judge issued an injunction prohibiting Kalshi from operating in the state following a lawsuit alleging the platform facilitates unlicensed sports betting. On April 6, 2026, a federal appeals court ruled that New Jersey regulators cannot classify the company's prediction market operations as sports wagering. Throughout March and April 2026, the platform also implemented new customer protection measures, including a voluntary self-exclusion program and enhanced identity verification to prevent underage trading. Recent FinancingKalshi raised over $1 billion in a funding round led by Coatue Management, following previous rounds led by Paradigm and Sequoia Capital. |
|||||||
| 20 | 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 April 17, 2026, Perplexity launched Personal Computer on Mac and recently overhauled its iPad app to offer a native experience with multitasking features. Additionally, the News/Media Alliance filed a legal brief on April 29, 2026, supporting Amazon in its ongoing federal lawsuit against Perplexity over unauthorized access to password-protected website content. Perplexity is also testing a new Digest feature as of early May 2026 to provide users with personalized daily summaries integrated into its agentic computing platform. Recent FinancingThe company secured a $1.4 billion Series C funding round with major participation from SoftBank Group, NVentures (NVIDIA), and Macquarie Capital. |
|||||||
| 21 | Deel | $17.3B |
|
||||
|
Industry
HR Technology
Recent Deal
October 2025
Value Trend
Company DescriptionDeel provides a unified platform that automates the legal and financial complexities of hiring, paying, and managing a global workforce by acting as the employer of record in over 150 countries. Recent NewsOn April 29, 2026, Deel released findings showing that AI trainer roles were the fastest-growing cross-border positions on its platform, with hiring for these roles increasing by 283 percent. Earlier in March 2026, court documents revealed the company admitted to a payment involving a legal dispute with competitor Rippling, as federal authorities reportedly continue to investigate allegations of corporate espionage. Recent FinancingDeel completed a $300 million Series E funding round and a $300 million secondary share sale with participation from Ribbit Capital, Andreessen Horowitz, and Coatue Management. |
|||||||
| 22 | 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 NewsOn April 28, 2026, Rippling launched Automated Compliance, a tool that simplifies SOC 2 readiness by automatically gathering audit evidence from a company's existing workforce and device data. On March 18, 2026, the company introduced Rippling AI, which goes beyond standard chatbots to automate actual tasks across human resources, IT, and finance departments. Additionally, Rippling was recognized in March 2026 as a leading global company and software product in the G2 2026 Software Awards. 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. |
|||||||
| 23 | Sierra | $15.8B |
|
||||
|
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 NewsOn April 23, 2026, Sierra acquired the Paris-based startup Fragment to help businesses scale their operations using artificial intelligence. The company also introduced Level 1 PCI-compliant payment capabilities in April 2026, which allows its AI agents to securely process full financial transactions within a single conversation. Additionally, Sierra launched a tool called Ghostwriter that enables users to generate and optimize autonomous agents through natural language. Recent FinancingOn May 4, the company secured $950 million of venture funding in a round led by Tiger Global and Google Ventures. |
|||||||
| 24 | Veeam | $15.0B |
|
||||
|
Industry
Data Protection
Recent Deal
December 2024
Value Trend
Company DescriptionVeeam provides software that automates the backup, recovery, and management of data across virtual, physical, and cloud-based environments to ensure business continuity and resilience against cyber threats. Recent NewsVeeam released its 2026 Data Trust and Resilience Report on April 2, 2026, which found that only 28% of organizations were able to fully recover their data following a ransomware attack. On March 12, 2026, the company issued critical security patches to address multiple remote code execution vulnerabilities found in its Backup and Replication software. Recent FinancingVeeam completed a $2 billion secondary equity offering and received a strategic investment from Microsoft, with participation led by TPG, Temasek, and Neuberger Berman Capital Solutions. |
|||||||
| 25 | Surge AI | $15.0B |
|
||||
|
Industry
Knowledge Management
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 April 2026, founder Edwin Chen was recognized as the youngest newcomer to the Forbes 400 as Surge AI reached an annualized revenue of $1.2 billion. The company previously faced a class action lawsuit in May 2025 regarding the alleged misclassification of its data annotators as independent contractors. Furthermore, leaked internal documents from July 2025 revealed the specific safety guidelines and restricted web sources used to train advanced artificial intelligence models. Recent FinancingThe company is in talks to raise venture funding from undisclosed investors. |
|||||||
| 26 | 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 April 30, 2026, Applied Intuition announced a collaboration with Heidelberg Materials to deploy autonomous haulage systems at a quarry in Australia. The company also signed a strategic memorandum of understanding with HII on April 21, 2026, to advance AI-defined warship capabilities for the U.S. Navy and its allies. Additionally, Applied Intuition announced a partnership with the TRATON GROUP on March 31, 2026, to develop a next-generation vehicle software platform for autonomous trucks. Recent FinancingApplied Intuition secured $600 million in Series F venture funding, with Kleiner Perkins, BlackRock, and CE-Ventures as key investors. |
|||||||
| 27 | Nscale | $14.6B |
|
||||
|
Industry
AI Infrastructure
Recent Deal
March 2026
Value Trend
Company DescriptionNscale provides vertically integrated, renewable-powered data centers and specialized computing clusters designed to handle the massive processing requirements of large-scale artificial intelligence models. Recent NewsOn April 23, 2026, BT Group and Nscale announced a partnership to develop 14 megawatts of sovereign AI data center capacity across existing telecommunications infrastructure sites in the United Kingdom. This followed reports on April 9, 2026, that OpenAI paused the Stargate UK project, a major collaborative infrastructure initiative in which Nscale was a primary partner. Recent FinancingNscale raised $2 billion in Series C funding and secured a $1.4 billion financing package with participation from Aker ASA, 8090 Industries, and Nvidia. |
|||||||
| 28 | Skild AI | $14.0B |
|
||||
|
Industry
Knowledge Management
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 NewsOn April 15, 2026, Skild AI acquired Zebra Technologies' Robotics Automation business and its Symmetry Fulfillment platform to integrate its foundation model into enterprise-scale warehouse infrastructure. The company partnered with ABB Robotics and Universal Robots on March 19, 2026, to deploy its omni-bodied robotic brain across industrial and commercial sectors. Additionally, Skild AI expanded its global footprint by opening a new office in Bengaluru, India, on February 19, 2026. Recent FinancingThe company secured a $1.4 billion Series C funding round with major participation from SoftBank Group, NVentures (NVIDIA), and Macquarie Capital. |
|||||||
| 29 | Kraken | $13.3B |
|
||||
|
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 April 2026, Kraken’s parent company, Payward, announced its intent to acquire the derivatives exchange Bitnomial for up to $550 million to expand its regulated trading offerings in the United States. During the same month, the company released financial disclosures reporting $2.2 billion in revenue for the 2025 fiscal year, a 33 percent increase over the previous year. Additionally, the company’s Wyoming-chartered bank, Kraken Financial, was granted a Federal Reserve master account by the Federal Reserve Bank of Kansas City earlier in the spring of 2026. Recent FinancingKraken secured a $200 million secondary share purchase by Deutsche Borse Group. Pending IPO. |
|||||||
| 30 | Shield AI | $12.7B |
|
||||
|
Industry
Defense Technology
Recent Deal
March 2026
Value Trend
Company DescriptionShield AI develops artificial intelligence software and autonomous aircraft that enable drones and fighter jets to navigate and complete missions in environments where GPS and communications are unavailable. Recent NewsOn April 29, 2026, Shield AI expanded its international presence by opening a new office in New Delhi and announcing plans for a facility in Bengaluru. The company was also selected by the U.S. Navy on April 20, 2026, to compete for $800 million in ISR services, and by the U.S. Air Force on February 13, 2026, to serve as a mission autonomy provider for the Collaborative Combat Aircraft program. Recent FinancingShield AI secured a $2 billion Series G funding round and preferred equity financing with participation from Advent International, JPMorgan Chase, and Blackstone. |
|||||||
| 31 | Labs Companies | $12.5B |
|
||||
|
Industry
Human-Enhancement Technology
Recent Deal
August 2025
Value Trend
Company DescriptionLabs Companies develops artificial intelligence and augmented reality technology designed to digitize and integrate sensory experiences, such as taste, into social networking platforms. Recent NewsNo major non-financing news within the last 12 months. Recent FinancingLabs completed Series Seed and Series Seed II funding rounds along with a separate research and development round, with participation from JetDebt Finance, Jet Investments Group, and JET Venture Capital. |
|||||||
| 32 | 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 April 16, 2026, Clear Street expanded its European market access by securing a MiFID II license in the Netherlands. The company also launched institutional digital asset trading on March 23, 2026, providing spot execution for cryptocurrencies and stablecoins on its unified platform. Additionally, the firm entered the Asia-Pacific region on February 17, 2026, through the acquisition of Boom Securities. Recent FinancingClear Street's Series C financing totaled $135.39 million, with notable backing from Baillie Gifford, SBI Holdings, and BlackRock Inc. |
|||||||
| 33 | 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 April 30, 2026, OpenEvidence announced a strategic collaboration with the American College of Obstetricians and Gynecologists to integrate evidence-based clinical guidance into its platform for ob-gyn care. Earlier, on March 26, 2026, the company launched Coding Intelligence, an AI-driven tool designed to automate medical coding and improve reimbursement accuracy for physicians. Additionally, on March 31, 2026, a collaboration with Mount Sinai Health System was established to provide medical knowledge directly within electronic medical records. Recent FinancingOpenEvidence received $250 million in venture funding. |
|||||||
| 34 | 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 NewsOn April 29, 2026, Whatnot launched a direct integration with Shopify, allowing merchants to automatically synchronize their product catalogs and inventory for live-streamed auctions. Additionally, the company announced in January 2026 that it had surpassed $8 billion in total sales for the 2025 calendar year, more than doubling its volume from the previous year. Recent FinancingWhatnot secured $225.00 million in Series F venture funding from major investors including CapitalG, DST Global, and Andreessen Horowitz. |
|||||||
| 35 | 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 NewsHarvey AI co-founder and CEO Winston Weinberg recently appeared on Fox Business to detail how the platform is redefining white-collar jobs and automating complex diligence within the legal industry. The company's leadership emphasized that the specialized artificial intelligence platform is designed to transform professional workflows and significantly increase economic efficiency. Recent FinancingHarvey secured $200 million in venture funding led by Goodwin Investments and Sequoia Capital, with participation from General Catalyst. |
|||||||
| 36 | 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 NewsElevenLabs relaunched its Eleven Music platform for consumers on April 30, 2026, supported by new licensing agreements with Believe and TuneCore to provide commercially cleared AI music generation. Earlier in the month, the company announced on-premise and on-device deployment options for enterprise users to enhance data security and compliance. In February 2026, the startup further expanded its specialized offerings by launching a dedicated platform for government services and introducing an expressive mode for its AI voice agents. Recent FinancingElevenLabs raised $500 million in Series D venture funding led by Sequoia Capital, with participation from AMP Coalition and Smash Capital. |
|||||||
| 37 | 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 April 27, 2026, Notion introduced new database rollup formats for currency and percentages, following an April 24 update that enhanced navigation speed through breadcrumbs. During April 2026, the company also launched autonomous Custom Agents designed to automate workflows like task triaging and reporting across integrated tools such as Slack and Google Drive. These AI agents were made available for a free trial period running until May 3, 2026, to allow teams to test their autonomous capabilities. Recent FinancingA $270 million private tender offer for employee shares included investments from GIC, Sequoia Capital, and Index Ventures. |
|||||||
| 38 | 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 April 16, 2026, Quantinuum announced a major upgrade to Japan's RIKEN research institute by deploying its 56-qubit H2 system to scale hybrid quantum-supercomputing capabilities. Earlier, on March 11, 2026, the company expanded its global presence by establishing a new research and development center in Singapore to collaborate on commercial applications in biology and finance. These developments highlight the company's progress in integrating high-fidelity quantum hardware into international research ecosystems. Recent FinancingQuantinuum secured $838.85 million in Series B venture funding from NVentures, Cambridge Quantum Computing, and Honeywell. |
|||||||
| 39 | 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 April 30, 2026, Colossal Biosciences announced the addition of the bluebuck antelope as the sixth species in its de-extinction portfolio. In April 2026, the company also launched Astromech, an AI-led startup focused on developing predictive models for biological evolution and disease risk. Additionally, in February 2026, the company introduced its BioVault initiative, which aims to preserve the genetic diversity of 10,000 species through a globally scaled genetic library. Recent FinancingColossal Biosciences secured $320 million in Series C venture funding, led by Thomas Tull, Mark Walter, and North Equity. |
|||||||
| 40 | 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 April 29, 2026, Cognition launched its regional Asia-Pacific headquarters in Singapore, where it also acquired the AI startup Havana to support its local operations. Earlier that month, the company expanded into Japan and partnered with Mercedes-Benz to deploy its autonomous AI software engineering tools globally. Additionally, in April 2026, the company introduced new features including SWE-Check for faster bug detection and various self-serve plans for its Devin product. Recent FinancingCognition raised $400 million in Series C venture funding from Founders Fund, Khosla Ventures, and Lux Capital. |
|||||||
| 41 | WHOOP | $10.1B |
|
||||
|
Industry
Wearable Technology
Recent Deal
March 2026
Value Trend
Company DescriptionWhoop develops a screenless wearable device that continuously monitors physiological data like heart rate variability and sleep to provide users with personalized recovery and performance analytics. Recent NewsOn April 28, 2026, Whoop launched Navigator, a new wearable band designed for rugged outdoor use and exploration. Additionally, in April 2026, the company secured a contract with MIT Lincoln Laboratory to integrate its biometric tracking platform into the U.S. Navy’s CREW program to monitor personnel readiness and fatigue. Recent FinancingWhoop raised $575 million in a Series G funding round led by Collaborative Fund, with participation from Qatar Investment Authority and Mubadala Investment Company. |
|||||||
| 42 | 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 April 2026, Thinking Machines Lab secured a multimillion-dollar infrastructure deal with Google to run intensive AI workloads on Google Cloud systems powered by Nvidia Blackwell chips. This followed a March 10, 2026, announcement of a gigawatt-scale strategic partnership with Nvidia to utilize next-generation Vera Rubin systems for frontier model training. Reports in late April 2026 also confirmed that Meta has hired five of the startup's founding members following a failed acquisition attempt by the social media giant. Recent FinancingThe company raised $2 billion of seed funding in a deal led by Andreessen Horowitz, with participation from Nvidia and ServiceNow Ventures. |
|||||||
| 43 | 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 March 27, 2026, Crusoe announced a new 900 MW AI Factory Campus in Abilene, Texas, to support Microsoft’s AI infrastructure. In April 2026, the company secured a contract with PROENERGY for 13 gas turbine generators to power its upcoming hyperscale data center projects. Additionally, on March 24, 2026, Crusoe reached an agreement with Form Energy to purchase 12 gigawatt-hours of iron-air batteries for long-duration energy storage at its facilities. Recent FinancingCrusoe raised $1.38 billion of Series E venture funding led by Valor Equity Partners and Mubadala Capital, with participation from Nvidia. |
|||||||
| 44 | 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 NewsIn April 2026, Mercor faced at least seven class-action lawsuits following a significant data breach that allegedly exposed the personal information and private computer activity of thousands of contractors. Additionally, on March 26, 2026, the company announced the launch of Mercor Enterprise AI, a new platform designed to help large organizations integrate expert human feedback into their artificial intelligence development workflows. Recent FinancingMercor secured $350 million in Series C venture funding, with notable investors including Felicis, General Catalyst, and Benchmark Capital Holdings. |
|||||||
| 45 | 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 April 29, 2026, Neuralink participant Alex Conley demonstrated the ability to control a robotic arm and pilot a drone using his brain-computer interface. By late April 2026, the company expanded its human trials to the United Kingdom and reached a milestone of 21 participants globally. Neuralink also announced it is moving toward an almost entirely automated surgical procedure for its device implants later this year. Recent FinancingRaised $650 million of Series E venture funding from Group 42 Holding, SaxeCap, and 1802 Ventures. |
|||||||
| 46 | Polymarket | $9.6B |
|
||||
|
Industry
Prediction Market
Recent Deal
March 2026
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 NewsOn April 30, 2026, the U.S. Senate unanimously passed a resolution banning senators and staff from using prediction markets like Polymarket to address national security and insider trading concerns. On the same day, Polymarket partnered with Chainalysis to implement an on-chain surveillance system that monitors trading activity for potential market manipulation. Additionally, on April 28, 2026, a U.S. Army soldier pleaded not guilty to charges of using classified information to profit from bets on the platform regarding a military operation in Venezuela. Recent FinancingPolymarket raised a $2 billion strategic investment and $600 million direct cash investment with participation from Intercontinental Exchange, Founders Fund, and Blockchain Capital. |
|||||||
| 47 | Grafana Labs | $9.5B |
|
||||
|
Industry
Observability Platform
Recent Deal
March 2026
Value Trend
Company DescriptionGrafana Labs provides an open-source platform that allows organizations to aggregate, visualize, and analyze operational data from various databases to monitor the performance of their digital infrastructure. Recent NewsOn April 21, 2026, Grafana Labs launched Grafana 13, introducing features designed to simplify open observability at scale and addressing the AI blind spot with new specialized tools. Additionally, on March 10, 2026, the company entered into a strategic collaboration agreement with AWS to accelerate the adoption of open observability solutions globally. Recent FinancingGrafana Labs completed a $250 million Series E funding round, a $150 million tender offer, and a secondary share sale with participation from GIC, Ontario Teachers' Pension Plan, and Sapphire Ventures. |
|||||||
| 48 | 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 NewsOn April 9, 2026, Gusto announced the acquisition of Mosey, an AI-powered business compliance platform, to integrate state and local registration and filing management into its services. Additionally, on April 23, 2026, the company unveiled its Spring Showcase featuring nearly 75 new product updates, including automated payment routing and integrations with AI tools like ChatGPT and Claude. Recent FinancingThe company is currently raising venture funding, led by Teachers' Venture Growth. |
|||||||
| 49 | Vercel | $9.3B |
|
||||
|
Industry
Web Development
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 NewsIn April 2026, Vercel disclosed a security breach resulting from the compromise of a third-party AI tool, Context.ai, which allowed an attacker to access internal systems and non-sensitive environment variables. In response to the incident, the company collaborated with industry partners to confirm that its npm packages remained secure and introduced new product features to enhance environment variable management. Additionally, on February 5, 2026, Vercel announced the return of its AI Accelerator program, providing $6 million in credits to early-stage 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. |
|||||||
| 50 | Saronic | $9.3B |
|
||||
|
Industry
Defense Technology
Recent Deal
March 2026
Value Trend
Company DescriptionSaronic designs and manufactures autonomous, vertically integrated surface vessels that use a unified software stack to modernize naval defense and maritime surveillance at scale. Recent NewsOn February 26, 2026, Saronic was awarded a $392 million production contract by the U.S. Navy for its Corsair autonomous surface vessels. Additionally, in March 2026, the company announced a $300 million investment to expand its shipyard in Franklin, Louisiana, to significantly increase production capacity for its fleet. Recent FinancingSaronic secured $1.75 billion in Series D funding led by Kleiner Perkins, with participation from Advent International and Bessemer Venture Partners. |
|||||||
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.