Companies we're watching.

HQ: Tel Aviv, Israel
Founded: 2017
ARR: $50M
Valuation: $1.4B

Israel's foundation-model lab — and NVIDIA's rumored $2–3B acquisition target.

Anduril

HQ: Costa Mesa, CA
Founded: 2017
ARR: $2.1B
Valuation: $60B

The defense-AI company the US Army wrote a $20B check to.

Anthropic

HQ: San Francisco, CA
Founded: 2021
ARR: $30B
Valuation: $380B

The enterprise lab. Claude is quietly eating the developer stack.

Cerebras

HQ: Sunnyvale, CA
Founded: 2016
ARR: $510M
Valuation: $23–35B

The wafer-scale chip company pricing its IPO at $23–35B after an OpenAI $20B+ deal.

Cognition

◆ Agentic AI

HQ: San Francisco, CA
Founded: 2023
ARR: $200M+
Valuation: $10.2B

Devin, the AI software engineer. The first real agentic coding product.

Cohere

HQ: Toronto, Canada
Founded: 2019
ARR: $240M
Valuation: $7B

The enterprise-only foundation lab. No consumer, no drama, no distraction.

Cursor

◆ Developer Tools

HQ: San Francisco, CA
Founded: 2022
ARR: $2B
Valuation: $50B

The AI editor that got developers to switch from VS Code.

DeepSeek

HQ: Hangzhou, China
Founded: 2023
Valuation: $10B+

The Chinese lab that broke the compute-moat story for frontier AI.

ElevenLabs

HQ: London, UK (with NYC office)
Founded: 2022
ARR: $330M+
Valuation: $11B

The voice-AI stack that every audio product is being built on.

Figure

HQ: Sunnyvale, CA
Founded: 2022
Valuation: $39B

The humanoid-robot company that actually shipped to BMW — $39B valuation, 12K robots/year capacity.

Glean

◆ Search & Retrieval

HQ: Palo Alto, CA
Founded: 2019
ARR: $200M+
Valuation: $7.2B

The enterprise knowledge graph that Microsoft Copilot quietly competes against.

Groq

HQ: Mountain View, CA
Founded: 2016
Valuation: $6.9B

The LPU architecture that made NVIDIA pay $20B to own the playbook.

◆ Agentic AI

HQ: Paris, France
Founded: 2024
Valuation: $370M

Paris-based agentic AI — Holo3 is the first production-ready browser agent at frontier quality.

Harvey

HQ: San Francisco, CA
Founded: 2022
ARR: $190M
Valuation: $11B

The legal operating system every AmLaw firm is quietly migrating to.

Hippocratic

HQ: Palo Alto, CA
Founded: 2023
Valuation: $3.5B

AI nurse agents deployed at 50+ health systems — 115M patient interactions, zero safety incidents.

Hugging Face

HQ: New York, NY (primary) & Paris, France
Founded: 2016
ARR: $130M+
Valuation: $4.5B

The GitHub of AI. Every open-weight model worth using ships here first.

Isomorphic

HQ: London, United Kingdom
Founded: 2021
ARR: $45M
Valuation: $600M

Alphabet's drug-design lab — AlphaFold, commercialized into an active pharma pipeline.

Midjourney

HQ: San Francisco, CA
Founded: 2021
ARR: $500M
Valuation: $5–7B

The image-AI category leader that got to $500M revenue with zero outside funding.

Mistral

HQ: Paris, France
Founded: 2023
ARR: $400M+
Valuation: $13B

Europe's sovereign AI lab — and the only non-US foundation model with real enterprise traction.

Kimi

◆ Search & Retrieval

HQ: Beijing, China
Founded: 2023
Valuation: $18B

Kimi — the Chinese answer engine that scaled revenue faster than any consumer AI outside ChatGPT.

OpenAI

HQ: San Francisco, CA
Founded: 2015
ARR: $25B
Valuation: $852B

The reference point every AI product gets compared against.

Perplexity

◆ Search & Retrieval

HQ: San Francisco, CA
Founded: 2022
ARR: $450M+
Valuation: $22.6B

The answer engine betting that search's next chapter starts without Google.

HQ: San Francisco, CA
Founded: 2024
Valuation: $5.6B

The foundation-model lab for robots. DeepMind alumni building one brain for every robot.

Poolside

◆ Developer Tools

HQ: Paris, France & San Francisco, CA
Founded: 2023
ARR: $50M
Valuation: $12B

The code-AI lab that quietly became NVIDIA's $1B bet against Cursor and GitHub Copilot.

Preferred

HQ: Tokyo, Japan
Founded: 2014
Valuation: $3.5B+

Japan's deepest physical-AI lab — Toyota, Fanuc, and Mitsubishi on the cap table.

Replit

◆ Developer Tools

HQ: Foster City, CA
Founded: 2016
ARR: $150M
Valuation: $9B

The AI coding platform for non-developers — 50M users and climbing toward $1B ARR.

Runway

HQ: New York, NY
Founded: 2018
ARR: $265–300M
Valuation: $5.3B

AI video for people who ship — Gen-4 is the one everyone else is chasing.

Sakana

HQ: Tokyo, Japan
Founded: 2023
Valuation: $2.65B

Tokyo's research-lab bet that the next big ideas in AI won't come from scaling.

Sarvam

HQ: Bengaluru, India
Founded: 2023
Valuation: $1.5B

India's first sovereign-AI champion — foundation models trained on 22 Indian languages.

Sierra

◆ Agentic AI

HQ: San Francisco, CA
Founded: 2023
ARR: $150M
Valuation: $10B

Bret Taylor's customer-service agent company — $150M ARR in 21 months, proving agents actually work.

Suno

HQ: Cambridge, MA
Founded: 2022
ARR: $300M
Valuation: $2.45B

The music-AI product that got to 2M paying subscribers before the labels could stop it.

Synthesia

HQ: London, United Kingdom
Founded: 2017
ARR: $100M+
Valuation: $4B

The AI avatar video platform used by 90% of the Fortune 100.

Together

HQ: San Francisco, CA
Founded: 2022
ARR: $300M
Valuation: $3.3B

The inference cloud quietly hitting $1B ARR by running everyone else's open-weight models.

Upstage

HQ: Yongin, South Korea
Founded: 2020
ARR: $17M
Valuation: $720M

Korea's first AI unicorn — Solar Pro 2 is the first Korean frontier model.

Wayve

HQ: London, United Kingdom
Founded: 2017
Valuation: $8.6B

The London lab that turned end-to-end AI into a real robotaxi business.

Writer

HQ: San Francisco, CA
Founded: 2020
ARR: $47M
Valuation: $1.9B

The enterprise AI platform that's made Fortune 500 content generation actually work.

xAI

HQ: Palo Alto, CA
Founded: 2023
Valuation: $250B

Grok, Colossus, and the largest training cluster on Earth — all built in under three years.

Z.ai

HQ: Beijing, China
Founded: 2019
Valuation: $54B

China's first publicly-listed foundation model company — 12,000 enterprise customers and counting.