2026 edition · as of 17 October 2026
Watchlist
Companies in the research universe that are not ranked this edition, alphabetically, with the reason. No numbers are shown for them.
Why a company is on the watchlist
Researched for the list, not ranked this edition.
The list ranks on one thing: disclosed revenue that meets its standard. These 59 companies are in the research universe, but none has a figure that passes it yet, so each is held here with the reason and no number. The reasons, by company:
No revenue disclosed
The company has not published a revenue figure, and no admitted outlet has reported one with attribution. A place on the list is never estimated.
Figure out of date
The latest figure was published before the 15-month window that ends at this edition's cut-off, or covers a year more than two years back.
Growth under 20%
Revenue is disclosed, but year-on-year growth is below the 20% floor the list applies wherever growth is known.
Source not admitted
The only figure found comes from a source outside the three admitted tiers — the company, a regulator, or named press with the figure attributed — or is not revenue.
A company moves onto the list in the next edition once it discloses a figure that meets the standard, or a named outlet reports one with attribution — ranked in its place by revenue, like every other company. A company can send a figure and its source to info@investingplatform.com.au. Below the table: the 3 that qualify but sit outside the fifty, and the 7 that have listed or been acquired since research began.
| Company | Why we watch it | Why not ranked |
|---|---|---|
 Abnormal SecurityCyber security | Announced a US$250m Series D at a US$5.1bn valuation in August 2024, and says 5,000 organisations, including 30% of the Fortune 500, trust its AI-native behavioural security. | figure dated 2024-08-06 is older than the 15-month window |
 Ant GroupFintech | Operates Alipay, which it says provides payment services for over 1 billion users and 80 million merchants, and serves more than 100 million SMEs and small operators worldwide. | no revenue figure disclosed |
 Applied IntuitionDeep tech & defence | Closed a US$600m Series F and tender offer at a US$15bn valuation in June 2025, and says eighteen of the top 20 global carmakers trust its vehicle software. | no revenue figure disclosed |
 Arctic WolfCyber security | Reached a US$4.3bn valuation after a US$150m Series F in July 2021, and says its Aurora platform delivers threat detection and response to over 10,000 organisations worldwide. | no revenue figure disclosed |
 Base PowerDeep tech & defence | Raised a US$1bn Series C, according to its own press page, and says 30,000+ homeowners across Texas and Illinois trust its home battery and power service. | no revenue figure disclosed |
 BoltFintech | Runs a one-click checkout, identity and payments network that it says connects merchants to over 100 million shoppers and instantly recognises over 40% of a merchant's shoppers. | no revenue figure disclosed |
 CastelionDeep tech & defence | Announced a US$1bn Series C in August 2026, then won a US Navy production order valued at up to US$200m for its Blackbeard hypersonic weapon. | no revenue figure disclosed |
 ChainalysisFintech | Valued at US$8.6bn after a US$170m Series F led by Singapore's GIC in May 2022, and says over 1,500 customers trust its blockchain data platform. | no revenue figure disclosed |
 Checkout.comFintech | Processed US$300bn in total payment volume in 2025, and says it now serves over 1,700 enterprise merchants and operates across 56 countries with 10 acquiring licences. | no revenue figure disclosed |
 CohesityCyber security | Makes data security and recovery software, and says it protects 200+ exabytes of data for 12,000+ customers, including two-thirds of the Global 500. | figure dated 2024-12-11 is older than the 15-month window |
 Commonwealth Fusion SystemsDeep tech & defence | Raised another US$1bn in July 2026, taking its total to US$4bn, which the company says is about 30 per cent of all capital raised by the fusion industry. | no revenue figure disclosed |
 CrusoeDeep tech & defence | Announced the initial close of its anticipated US$3.9bn Series F at a US$30.9bn post-money valuation in September 2026, and reports 6GW+ of gross contracted data-centre and cloud capacity. | no revenue figure disclosed |
 Culture AmpAI applications | Its employee experience platform, powered by People Science and AI, covers engagement, performance and AI coaching, and the company says it is trusted by 6,000+ companies. | growth 10.8% is under the 20% floor |
 Devoted HealthHealth | Closed US$555m of Series G primary funding led by Advent in October 2026, and grew its membership from 212,000 to 538,000 between December 2025 and September 2026. | no revenue figure disclosed |
 DiscordConsumer & commerce | Its communications platform built around playing games reports 90M+ daily active users (company data, Q4 2025); 90%+ of users surveyed in 2025 play video games. | no revenue figure disclosed |
 Epic GamesConsumer & commerce | Disney agreed to invest US$1.5bn for an equity stake in February 2024, citing Fortnite's more than 100 million active players and creators. | founded 1991, before 2001; no revenue figure disclosed |
 EtchedAI models & infrastructure | Raised US$700m at a US$21bn valuation in August 2026, led by Jane Street after it tested the inference chip; the first rack has shipped to Jane Street. | no revenue figure disclosed |
 FanaticsConsumer & commerce | Its commerce, collectibles, gaming and other businesses reach over 100 million fans globally, supported by more than 22,000 employees (including Lids) across 80+ locations worldwide. | the only figure found is from a source outside tiers 1–3 |
 Figure AIDeep tech & defence | Secured more than US$1bn in committed capital at a US$39bn post-money valuation in September 2025, and by April 2026 its BotQ facility had delivered over 350 third-generation humanoid robots. | no revenue figure disclosed |
 FlexportConsumer & commerce | Operates as a freight forwarder, customs broker and fulfilment provider whose global operations network spans 135 countries covering 97% of global GDP. | figure dated 2025-03-27 is older than the 15-month window |
 Form EnergyDeep tech & defence | Raised a US$750m Series G led by T. Rowe Price in August 2026, and lifted its backlog to 80 gigawatt-hours of iron-air battery systems. | no revenue figure disclosed |
 GetirConsumer & commerce | Billed as Türkiye's first super app, linking users to over 100,000 restaurants; in July 2026 Uber completed buying its food delivery arm and a grocery minority stake for about US$465m. Uber and Mubadala · 9 Feb 2026Uber (SEC filing) · 1 July 2026 | no revenue figure disclosed |
 Go1Software | Says it is trusted by over 10,000 organisations; in June 2022 it said total funding had passed $400m and its valuation was over $2bn (currency not stated). | no revenue figure disclosed |
 GopuffConsumer & commerce | Delivers food, drinks and home essentials from its own facilities in minutes, and raised US$250m in November 2025 in a round led by Eldridge Industries. | no revenue figure disclosed |
 GroqAI models & infrastructure | Raised US$350m at a US$3.5bn valuation in August 2026, and operates 13 data centres serving more than six million developers. | no revenue figure disclosed |
 HalterSoftware | Raised US$220m at a US$2bn valuation in a Founders Fund-led Series E in March 2026, and serves more than 2000 ranchers and farmers across New Zealand, Australia and the US. | no revenue figure disclosed |
 Helion EnergyDeep tech & defence | Announced a Thrive Capital-led Series G at a US$15.5bn post-money valuation in June 2026, later closed at US$500m; its Orion fusion plant is being built in Malaga, Washington. | no revenue figure disclosed |
 HelsingDeep tech & defence | Raised US$1.8bn at a US$18bn valuation in July 2026, and its HX-2 strike drone is deployed in Ukraine, where thousands of systems are on the front lines. | the only figure found is from a source outside tiers 1–3 |
 IllumioCyber security | A US$225m Series F led by Thoma Bravo in June 2021 valued it at US$2.75bn; Microsoft has deployed it across its entire corporate IT environment. | no revenue figure disclosed |
 ImmutableConsumer & commerce | Describes itself as an AI growth platform for games, trusted by 800+ game studios and publishers across PC/Steam, mobile and cross-platform titles. | figure dated 2025-03-17 is older than the 15-month window |
 LambdaAI models & infrastructure | Raised over US$1.5bn in Series E funding led by TWG Global in November 2025, then closed a US$1bn senior secured fixed rate financing in October 2026. | no revenue figure disclosed |
 LinktreeConsumer & commerce | More than 70 million creators and businesses use it worldwide, with 1.3B monthly profile views and 70K new profiles created every day, by its own count. | no revenue figure disclosed |
 Lyra HealthHealth | Serves more than 20 million people through direct employer contracts and more than 100 million through health plan and partner relationships, per its March 2026 release. | no revenue figure disclosed |
 MidjourneyAI applications | Describes itself as an independent, community-funded research lab exploring new mediums of thought, run by a lean, self-funded and distributed team. | figure is for 2023, more than two years before the 2026 cut-off; not venture or growth-capital backed |
 N26Fintech | Operates with a German banking licence across 24 markets, and reported its first full year of net profitability in 2025, with 5.6 million revenue-relevant customers. | growth 12.6% is under the 20% floor |
 NeuralinkHealth | Closed a US$650m Series E in June 2025, and by January 2026 had 21 participants enrolled in its brain-computer interface trials worldwide. | no revenue figure disclosed |
 OKXFintech | NYSE owner ICE invested at a US$25bn valuation in March 2026, a round extended in October 2026; OKX serves more than 120 million people globally. | no revenue figure disclosed |
 Pet CircleHealth | Describes itself as Australia’s largest online pet retailer, offering over 10,000 products alongside free advice from its in-house Vet Squad. | growth -2.9% is under the 20% floor |
 Project PrometheusAI applications | Co-founded by Jeff Bezos and former Google executive Vik Bajaj, it builds multimodal AI models for the industrial economy from San Francisco, London and Zurich. | no revenue figure disclosed |
 RapydFintech | Completed its acquisition of PayU Global Payment Organisation in Latin America and Africa in March 2025, expanding its ability to offer card acquiring in 6 Latin American countries. | no revenue figure disclosed |
 Redwood MaterialsDeep tech & defence | Closed a US$425m Series E in January 2026 with Google joining as an investor, and produced 60,000 tonnes of critical minerals at its Nevada campus in 2025. Redwood Materials · 28 Jan 2026Redwood Materials · 29 Dec 2025 | no revenue figure disclosed |
 Reflection AIAI applications | Raised US$2bn to build open AI models, released Beam, a 501-billion-parameter open-weight model, in October 2026, and supplies models to 17 US National Laboratories. Reflection AI · 9 Aug 2025Reflection AI · 16 Oct 2026Reflection AI | no revenue figure disclosed |
 Relativity SpaceDeep tech & defence | Holds more than US$3bn in pre-sold launch contracts from over a dozen customers, has a team of 2,000, and is developing its reusable Terran R rocket. | no revenue figure disclosed |
 RippleFintech | Raised US$500m at a US$40bn valuation in November 2025 in a round led by Fortress and Citadel Securities, and holds 75 regulatory licences to move money for customers. | no revenue figure disclosed |
 RipplingFintech | Raised US$450m at a US$16.8bn valuation in its May 2025 Series G, and offers over two dozen HR, IT and spend products, integrated with 600+ apps. | the only figure found is from a source outside tiers 1–3 |
 RoHealth | Worked with Novo Nordisk on the January 2026 nationwide launch of the Wegovy pill, and has helped millions of patients in nearly every US county since 2017. | figure dated 2020-07-27 is older than the 15-month window; figure is for 2020, more than two years before the 2026 cut-off |
| Safe Superintelligence (SSI)AI applications | Raised US$1bn from NFDG, a16z, Sequoia, DST Global and SV Angel, and in July 2026 entered a strategic NVIDIA partnership to scale its compute by 10x. | no revenue figure disclosed |
 SaronicDeep tech & defence | Closed a US$1.75bn Series D led by Kleiner Perkins at a US$9.25bn valuation in March 2026, and has won a US$392m production contract with the US Navy. | no revenue figure disclosed |
 Scale AIAI applications | Its own site lists a US$29bn valuation, 1,000+ employees and 15bn human decisions supplied to train AI models, and it works with enterprises and governments. | figure dated 2025-06-10 is older than the 15-month window |
 SnykCyber security | Serves more than 4,800 customers worldwide as of October 2026, and achieved US FedRAMP Moderate authorisation for its government product in April 2025. | growth 11.1% is under the 20% floor |
 SumUpFintech | Serves over 4 million businesses in 38 countries with payments, point-of-sale systems and business accounts, and has 3000+ employees. | no revenue figure disclosed |
 The Boring CompanyDeep tech & defence | Raised a US$3bn Series D at a US$23bn valuation in September 2026, and its Vegas Loop has carried more than four million passengers. | no revenue figure disclosed |
 Together AIAI models & infrastructure | Raised a US$800m Series C at a US$8.3bn post-money valuation in July 2026, and says it is trusted by thousands of customers. | figure dated 2025-02-20 is older than the 15-month window |
 VowSoftware | Its cell-cultured quail became a permitted food under the Australia New Zealand Food Standards Code on 18 June 2025 (FSANZ), and 60+ venues worldwide now serve it. | no revenue figure disclosed |
 WhatnotConsumer & commerce | Runs a live shopping marketplace to shop, sell and connect around the things people love, and reported a fully sold US$547m equity offering to the SEC in August 2026. | no revenue figure disclosed |
 WriterAI applications | Has raised US$326m of venture capital, at a US$1.9bn valuation set in its November 2024 Series C, and serves hundreds of customers including KPMG, Uber and Vanguard. | no revenue figure disclosed |
 Xiaohongshu (RedNote)Consumer & commerce | Its lifestyle platform passed 200 million monthly active users in October 2021, after a June 2018 Series D that valued it at over US$3bn. | no revenue figure disclosed |
 ZepzFintech | Powers the WorldRemit and Sendwave remittance brands, which processed over 50 million customer transactions in 2025; customers can send to over 130 locations. | growth -5.3% is under the 20% floor |
 ZocdocHealth | Each month, millions of patients visit its platform to connect to care across every state and specialty, searching by insurance, location and availability. | no revenue figure disclosed |
Qualified, outside the fifty
These companies pass every test; their disclosed revenue is below the fiftieth company's this edition.
| Company | Revenue | Source |
|---|---|---|
| Octopus Deploy | US$83m ARR · Jan 2026 | Octopus Deploy · open |
| Fluidstack | US$70m Dec 2024 · reported | Companies House · open |
| Nscale | US$33m FY2025 · reported | SEC Form S-1 · open |
Graduated
Listed, acquired or wound up since the research universe was drawn; kept on file, never ranked.
| Company | Status | Detail |
|---|---|---|
| Anysphere | acquired | Cursor's own post dated Aug 14, 2026: 'Cursor has officially been acquired by SpaceX.' Homepage lists 'Cursor is now a part of SpaceX'. Not eligible as a private company. |
| Brex | acquired | Capital One announced 7 Apr 2026 it completed the acquisition of Brex (stock and cash). Not eligible as a private company. |
| Cerebras | listed | LISTED: Form 424B4 filed 2026-05-14 (IPO priced $185/share Class A); Q2 2026 8-K (2026-08-12) states Nasdaq ticker CBRS. Not a private company; exclude from a private ranking. |
| Northvolt | bankrupt | Lyten completed its acquisition of Northvolt Ett and Ett Expansion (Skellefteå) and Northvolt Labs (Västerås) on 27 Feb 2026, after buying the Northvolt Dwa battery-storage plant in Gdańsk in Oct 2025. On 1 Jul 2026 Lyten signed a memorandum of understanding to progress its acquisition of the Northvolt Drei site near Heide, Germany. No current revenue figure has been disclosed. |
| Shein | listed | Listed on the Hong Kong Stock Exchange as SHEIN Global Holdings (stock code 00625, short name SHEIN-W); dealings began on 1 Sep 2026 (HKEX allotment results announcement, 31 Aug 2026). |
| SpaceX | listed | LISTED. 424B4 prospectus filed 2026-06-12; Class A common trades as SPCX on Nasdaq (10-Q cover page). Not a private company: exclude from Late Stage 50. |
| xAI | acquired | SpaceX completed its acquisition of X.AI Holdings Corp. on 2 Feb 2026, making xAI a wholly owned subsidiary (SpaceX prospectus, SEC, 12 Jun 2026). SpaceX completed its IPO on 15 Jun 2026 and trades on Nasdaq as SPCX. |