The Futuriom 50: 2025 in Review
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We’re now into the fourth quarter of 2025, and that means it’s time for our annual review of the Futuriom 50 top private companies in cloud and communications technology.
Each year at this time, we take a look back to see how our choices are faring in the markets we cover. And of course, we’re keeping an eye on who’s still hot, who’s not, and who might make the list in 2026, which will be our fifth year of publishing this report.
Following is the Futuriom 50 list for 2025: Alkira, Arcee, Arrcus, Aryaka Networks, Aviatrix, Aviz Networks, CAST AI, Cato Networks, Chronosphere, ClearBlade, Cockroach Labs, CoreWeave, Databricks, DriveNets, Eclypsium, Elisity, Enfabrica, Engflow, Fivetran, Fortanix, Graphiant, Index Engines, IP Fabric, Itential, Kentik, Komprise, Kong, Lambda Labs, MinIO, Netris, Netskope, Nile, Pinecone, ProsperOps, Pulumi, Qumulo, Render, Selector, Spacelift, Stellar Cyber, Teleport, Tigera, Vantage, VAST Data, Versa Networks, Vultr, Wasabi, Wiz, Yugabyte, ZEDEDA
Who’s Gone Public
Two of our Futuriom 50 picks went public this year:
CoreWeave’s (CRWV) IPO raised $1.5 billion in March, which was followed by a 200%+ increase in the stock price YTD as of this writing:
Source: Google
Since the IPO, neocloud CoreWeave also has made headlines for offering $9 billion to purchase Core Scientific and for inking a lucrative deal with Meta for over $14 billion, which came just after CoreWeave expanded its multibillion-dollar arrangement with OpenAI. While challenges remain, CoreWeave’s growth continues to prompt shock and awe.
Netskope (NTSK) raised $908.2 million in its IPO on September 17. The cybersecurity company offers a fully integrated SASE solution built around its network of cloud points of presence (PoPs). Its Netskope Security Cloud platform provides access to a range of security functions, including zero trust network access (ZTNA). All of these features are in demand in the enterprise. Bon voyage on the public markets!
Who’s Next for IPO?
We see some of the same names on this year’s list of potential IPO candidates as we have for the past two years. Still, there are couple of interesting additions:
Cato Networks. Still a candidate for IPO—and still waiting in the wings for the right moment. The SASE services pioneer raised $359 million at a valuation of $4.8 billion last June, bringing its total raised to over $1 billion. CEO Shlomo Kramer seems determined to stay in high-valuation limbo for now. Perhaps 2026 will see Cato pull the trigger.
Databricks. Another longstanding lingerer on our prospective IPO list. There’s plenty of news here: In August, Databricks announced it’s pursuing a Series K round of funding at a valuation of over $100 billion. Within the past two weeks, the data storage and management company unveiled a new Data Intelligence for Cybersecurity platform, unifying threat intelligence across a multivendor security estate; taken a stake in Indicium, a data and AI consultancy based in New York; and launched an accelerator program for early-stage AI startups. With all this activity, maybe it’s too busy to think about going public? We’ll see.
Fivetran, which manages data at scale for use in AI, is reportedly considering a multibillion-dollar merger with dbt Labs, which prepares data from a range of sources for AI workloads. According to The Information, the deal would make Fivetran big enough to launch a sizable IPO. The jury's out.
Lambda Labs. While we were launching the Futuriom 50 in February 2025, Lambda Labs was busy raising a $480 million Series D round, bringing its total raised to $863 million at a rumored valuation of $2.5 billion. The neocloud company also has signed a deal with NVIDIA for $1.5 billion to lease its GPUs back to NVIDIA. And reports say Lambda is aiming to raise another $500 million at a valuation of up to $5 billion. Word has it this is all building up to a potential IPO next year. So....
Who’s Been Acquired
Wiz, one of the largest companies in our F50 by funding size with nearly $2 billion in investment, is one of the leaders in the cloud-native application protection platform (CNAPP) space. In March 2025, Google announced plans to buy Wiz for a stunning $32 billion and incorporate it into Google Cloud. The transaction is expected to close next year.
Other Newsmakers
A variety of Futuriom 50 companies have garnered significant funding this year, made interesting deals, or dealt some dramatic M&A hands:
Arrcus landed $67 million from Fujitsu in June and signed a deal with Fujitsu subsidiary 1Finity to jointly develop go-to-market plans to expand its business globally with a primary focus on Japan, targeting network operators, enterprise customers, and datacenter operators.
CAST AI scored $108 million in April 2025 in a round led by G2 Venture Partners and SoftBank Vision Fund 2. The company uses an AI engine to manage cloud costs, targeting and implementing ways to reduce costs of cloud services in all the major hyperscaler networks.
DriveNets, whose cloud-native software serves up telco-grade networking for a series of Tier 1 operators worldwide, has been the focus of a $650 million stake by AT&T. The move is a boon for DriveNets stakeholders, and it is a significant indicator that AT&T is serious about moving away from heavy hardware reliance toward a software-based networking solution.
Enfabrica has had its CEO Rochan Sankar and other engineers hired away by NVIDIA. The GPU giant also has licensed Enfabrica’s technology, which connects massive GPU clusters with higher utilization and reduced AI job completion times compared to typical NICs and PCIe switches. NVIDIA spent $900 million on the deal—and avoided uncomfortable questions from government watchdogs by not buying Enfabrica outright.
Graphiant received $19 million in May from Saudi Aramco's Wa'ed Ventures and Saudi Telecom Co.'s Tali Ventures. Graphiant offers a private NaaS that provides policy-driven connectivity between the enterprise WAN, hybrid cloud, network edge, customers, and partners.
Where Are They Now?
Part of our look back takes in companies that may have drifted from their initial F50 focus. Aviatrix, a pioneer in multicloud networking, has redefined itself as a security company. Its network-layer Cloud Native Security Fabric (CNCF) is now the focal point of its strategy. We remain interested in seeing what its future brings.
Futuriom Take: As AI continues its grip on the technology markets, we’re looking at the 2025 list of Futuriom 50 top private companies to see who’s pulling ahead and who may get left behind. Got an opinion? Write to us at [email protected]
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