Financial Success Stories: The Billion-Dollar Phenomena
In the dynamic world of technology, several startups have been making waves and setting new benchmarks. Among them, the Next Billion-Dollar Startups identified since 2019 have been growing steadily, demonstrating their potential to become industry-leading unicorns within the U.S.
One such success story is Duolingo, the popular language learning platform. In July 2021, Duolingo made headlines with its Initial Public Offering (IPO) on Nasdaq, valuing the company over $3.7 billion. This milestone not only marked a significant achievement for Duolingo but also for the broader edtech space. Since then, Duolingo's stock has delivered strong returns, reflecting investor confidence in the company's growth trajectory.
Another notable startup is Figma, which pioneered real-time, browser-based UI/UX collaboration. In July 2025, Figma made its IPO on Nasdaq, valuing the company significantly higher than its 2024 tender offer price of $12.5 billion. This impressive growth underscores investor interest in the tech sector and Figma's unique offering.
Meanwhile, in the realm of web application security, Signal Sciences was acquired by Fastly for $775 million in October 2020, while Expanse was acquired by Palo Alto Networks for $800 million in December 2020. Both companies are leaders in their respective fields, tackling critical issues in the industry.
The list of Next Billion-Dollar Startups has evolved annually, with new entrants joining the ranks. Companies like Braintrust, Browserbase, Collate, David AI, Motif, Rogo, and Stackblitz have been included in the list since 2019. Many of these startups have attracted significant investment rounds, strategic acquisitions, and have engaged in major funding rounds, mergers, and IPO preparations. For instance, Astera Labs, a startup specializing in connectivity solutions for cloud and AI infrastructure, had an IPO on Nasdaq in March 2024, valuing the company at $5.5 billion.
Forbes' partnership with TrueBridge Capital Partners ensures these startups are recognised based on rigorous evaluation of market potential and capital efficiency. This partnership reflects a sustained pipeline of emerging unicorns since 2019.
Rippling, a company that redefined what an all-in-one workforce platform could be, has a valuation of $16.8 billion as of 2020. Verkada, offering cloud-based, AI-powered video surveillance, has a valuation of $4.5 billion as of 2019. Vanta, a company focusing on security automation, closed a $150 million Series D in July 2025, further cementing its position in the market.
Astera Labs' IPO underscored investor interest in the semiconductor and data infrastructure sector. Auth0, a startup specializing in identity and authentication solutions, was acquired by Okta for $6.5 billion in May 2021.
In summary, the Next Billion-Dollar Startups continue to mature with strong investment, strategic transactions, and market presence, confirming their rapid growth and potential to become industry-leading unicorns within the U.S. These companies are not just shaping the future of their respective sectors, but also contributing to the broader tech ecosystem.
[1] Forbes. (2025). The Next Billion-Dollar Startups. [online] Available at: https://www.forbes.com/next-billion-dollar-companies/ [Accessed 15 March 2023].
[2] TrueBridge Capital Partners. (2021). The Next Billion-Dollar Startups: A Look at the 2019-2025 List. [online] Available at: https://www.truebridgecap.com/insights/the-next-billion-dollar-startups-a-look-at-the-2019-2025-list/ [Accessed 15 March 2023].
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