By now, we’ve heard it many times: AI has the potential to change everything.

If that’s true, then it’s more worthwhile than ever to keep track of the up-and-comers — the next crop of young companies poised to strike it big. The Forbes Next Billion-Dollar Startups list aims to do just that. In its 12th annual year, we’re searching for 25 companies that we think have the best shot of not only hitting that milestone but also continuing to thrive afterwards. But we’re not just looking for AI firms, as we cast a wide net for the most promising upstarts.

The list’s stellar alumni include DoorDash (2015), Away (2018), Duolingo (2019), Rippling (2020) and Reflection AI (2025) — all of which have since surged past the unicorn threshold. (Check out last year’s list here.)

Nominations for the 2026 list are open through April 24, 2026. The final selections will be featured online in August and in the August/September issue of Forbes magazine.

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.

Our data partner TrueBridge will conduct a quantitative analysis of all submissions based on financial information provided in the nominations. Forbes reporters will be in touch with the most promising companies to continue the selection process.

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