Identifying Billion-Dollar Businesses: Uncovering the Next Major Startups in the Market
The annual Next Billion-Dollar Startups list by Forbes, a renowned financial publication, is a comprehensive guide to the most promising venture-backed U.S. startups on the brink of reaching a $1 billion valuation, often referred to as unicorn status.
This list is compiled using a data-driven methodology that combines information submitted directly by companies with other data points. The specific criteria for a startup to qualify typically include being a U.S.-based, venture-backed company demonstrating rapid growth and innovation, having recently completed significant funding rounds, and operating in markets with substantial growth potential.
For instance, AcuityMD, a MedTech startup, made the list after raising $83 million in total funding, signing hundreds of customers, launching new products, and doubling its team—all indicators of strong growth and market potential in a large industry sector.
Each year, the list features 25 startups, selected from a broader pool, and has a strong track record of identifying future unicorns. The list not only spotlights companies demonstrating extraordinary growth and long-term promise but also the visionary leaders driving them forward.
One defining trend among this year's honorees is capital efficiency—they are scaling quickly while maximizing limited resources. Understanding how companies differentiate themselves and how leaders navigate challenges gives deeper insight into the long-term potential of founding teams and companies.
The process for selecting the Next Billion-Dollar Startups begins with nominations from top-tier venture capitalists. A range of metrics are considered in the model, including team size, user or customer base, annual revenue, valuation, capital raised, and the growth rates of each of these metrics. Direct outreach to companies is also conducted if they are believed to fit the profile.
The evaluation process also considers the distinct ways in which startups position themselves in their respective markets and examines qualitative indicators such as the strength and experience of founding teams. Strong leadership is a key differentiator in determining which startups break through in the competitive investment landscape.
In the current investment climate, only the most capital-efficient startups, led by resilient and visionary founding teams, are managing to secure the funding needed for growth. The Next Billion-Dollar Startups list, in partnership with TrueBridge Capital, aims to shed light on these startups and the emerging investment patterns and market dynamics shaping the future of innovation.
As of mid-2025, there are over 54,000 venture-backed startups operating in the U.S. alone. Interested parties can reach out to be notified when submissions open each year.
Any data included in the Next Billion-Dollar Startups story is provided directly to Forbes reporters by the companies during original reporting for the list. TrueBridge, data partner for the list, receives the confidential submission data and runs a comprehensive analytical model to produce the list. Further details on the Next Billion-Dollar Startups model and evaluation criteria can be found on the submission site.
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