For the 11th annual Forbes Next Billion-Dollar Startups list, we’re on the hunt for 25 fast-growing companies most likely to become unicorns—and sustain their success well beyond that milestone.
Among the tens of thousands of venture-backed startups in the United States, only the smallest minority will ever reach a $1 billion valuation. For the 11th annual Forbes Next Billion-Dollar Startups list, we’re searching for 25 that we think have the best shot of not only hitting that milestone but also continuing to thrive afterwards.
Past lists have included companies like DoorDash (2015), Opendoor (2016), Plaid (2017), Lemonade (2018), Duolingo (2019), Rippling (2020), Incredible Health (2021), Astera Labs (2022), Monarch Tractor (2023) and Promise (2024). You can check out last year’s list here and the 2023 list here.
Nominations for the 2025 list are open through April 18, 2025. The final selections will be featured online in August and in the August/September issue of Forbes magazine.
Chris Power by Ethan Pines for Forbes; Lin Qiao, Varun Mohan by Cody Pickens for Forbes
Next Billion-Dollar Startups 2024
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To qualify, companies must be privately held, U.S.-based, and venture-backed with valuations below $1 billion. Businesses that have previously appeared on the list are not eligible for a repeat spot.
Venture capital has long struggled with a lack of diversity. With that in mind, we aim to make this list as representative as possible. If you’re a founder from an underrepresented background—whether you’re a woman, a Black or brown entrepreneur, an immigrant, a veteran, or building your company outside of Silicon Valley—we strongly encourage you to apply.
TrueBridge will conduct a quantitative analysis of all submissions based on financial data provided in the nominations. Forbes reporters will be in touch with the most promising companies to talk further.
