Charting the AI industry since 2021
Explore the IA40 winners and navigate the evolutions in applied AI since 2021.
200
appearances
37
repeat winners
$200B+
raised by winners
Scroll to explore five years of AI innovation and growth
2021
Way before ChatGPT, we knew applied AI would change the world. Even AI builders weren't clear on the companies defining the sector, so we created the IA40 list to provide clarity and focus.
1st
annual list
4
future 4×+ winners
2022
Our second list released days before ChatGPT changed everyone's roadmap. With 27 new names and the most repeat Enablers of any year, the 2022 list was a precursor of what was to come.
27
debut
13
repeat
$16B+
raised this year
2023
ChatGPT became a household name and 29 first-timers emerged, resulting in the biggest turnover in list history. Foundation models made the list for the first time, and Rising Stars were introduced.
28
debut
12
repeat
$24.5B
raised this year
2024
Enterprise productivity and agent infrastructure dominate. Nearly half the cohort's lifetime capital arrived in twelve months.
20
debut
20
repeat
$45.3B
raised this year
2025
Just 13 repeats as the pace of innovation hit warp speed. Some companies outgrew the list's stages in a single year. Databricks became the only five-time winner.
27
debut
13
repeat
$119B+
raised this year
The field keeps growing
The IA40 Summit gathers the AI sector — founders, builders, researchers and investors — in Seattle this September.
IA40 Summit 2026 → Request an invite142 companies · 200 appearances
Presented by Madrona
Determined by a research-driven process based on objective data, curation by over 70 of the most important AI investors, validated against PitchBook data.
The IA40 2025 is the 5th annual list presented by Madrona.
Intelligent applications and the Reasoning Revolution
In collaboration with humans, this unlocks a reasoning flywheel with transformative potential for individuals, organizations and society.
Leverage unstructured and structured data to build contextually relevant applications.
Streamline workflows using models and agents to create new customer experiences.
Enablers are the systems and technologies that enable builders to leverage data and computational power to train and operate intelligent applications at scale.
September 29 – 30, 2026 · Four Seasons, Seattle