Forbes has published its 11th annual “Next Billion-Dollar Startups” list, naming 25 U.S. venture-backed companies it believes are most likely to surpass a $1 billion valuation. The 2025 cohort was selected from a field of more than 54,000 privately held, VC-funded firms and was compiled in partnership with TrueBridge Capital Partners. Artificial-intelligence businesses dominate the ranking, accounting for 20 of the 25 picks. The group spans sectors from defense and accounting software to biotech and creative tools, underscoring the breadth of AI adoption. Featured companies include satellite manufacturer Apex, canine-longevity drug developer Loyal and AI research lab Decart, whose first product helps customers squeeze more performance from AI chips. Forbes says its selection record remains strong: of the 250 companies chosen over the past decade, 140—about 56%—have since reached unicorn status, while 42 were acquired and only five shut down. The publication argues the trend highlights both the predictive value of the list and the continued ability of venture-backed firms to scale in difficult markets. Early evidence of that momentum surfaced even before the ink dried. Shortly after the 2025 list closed, Decart raised $100 million at a reported $3.1 billion valuation, moving it from candidate to bona-fide unicorn and reinforcing the central theme of AI-powered growth identified in this year’s ranking.