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........

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