2026

Tech

Trends

COMPLIANTWITHMADEINNYC

PredictiveIntelligenceonPrivateCompanies

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2

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CBINSIGHTS

3

TableofContents

Enterprise&work

AIagentsmakeROIamovingtargetThebackofficerunsitself

Finance&commerce

PrivatebecomesthenewpublicStablecoinsgocorporate

Thestorefrontdisappears

Health&bio

HealthcareputsvoiceAItothetest

Pharma’spathtoself-drivinglabs

Theunbundlingofemployerhealthplans

9

15

21

28

35

41

47

53

Industrial&nationalinfrastructure

Datacentersbecomegridassets

SovereignAIcreatesregionalAIecosystems

Thecommercialspaceraceentersanewera

DefenseAIstartupsmobilizeformassproduction

PhysicalAI&robotics

4

AIlearnshowthephysicalworldworksRobotslearntoworktogether

60

66

73

81

88

95

RatingTechTrends2025

?Se?elas?tyer,s?repIoIrII

Didwehitthemark?Ratingour2025techtrends

(reportpublished11/19/2024)

TrendEvidence

Financialservices

Thecyborg

wealthadvisor

Thefastest-growingfintech

marketsbyYoYhiringareinwealth

tech,poweredbyAI-enabled

solutions.Investorsaredoublingdownonthesector.

AIagentsare

givenmoneytospend

TheAIagentpayments

infrastructuremarketnowfeatures20+playersaslaunchesaccelerate.

Cryptotakes

morebaby

stepstowardthemainstream

Digitalassetswereakeydriverof

M&AandIPOsin2025,

underscoringgrowinginstitutionalinterest.

Stablecoinshavetakenoff

.

Compressed

FintechM&Adeals

hittheirhighestpointinmorethan3yearsinQ3'25.

fintechvaluationscreate

opportunitiesforacquirers

TrendEvidence

Healthcare&lifesciences

Disease

management

entersanew

phasewithAI

Themostpromisingdigitalhealth

companiespursueproactivecare.

Investment

floodgatesopenforRNA

therapeutics

Thespaceseesmajordealsin2025frompharmaplayerslikeLilly,

Novartis,andBristol-MyersSquibb.

manufacturingandlogisticsremainthepriority.

Autonomousrobotseyecaregiving

Industrialusecases

like

Trend

Evidence

AI

AIM&Afuelsthenextwaveof

corporatestrategy

AIacquisitionshitall-timehighsin

2025,withenterprisesoftware

incumbentslikeSalesforceandWorkdayamongthemostactiveacquirers.

LLMs'

explainabilitymoment

Researchisongoing,withGoodfireraisinga$50MSeriesAbackedbyAnthropictosupportinterpretabilityresearch.

Open-source

cedestopLLMs

butdominates

smallermodels

Closed-sourcemodelstopthe

leaderboards,whileMeta'sopen-sourceLlamadisappoints.Smallmodelsdominateopen-sourcedownloads.

TheUScontinuestodominateAI

innovationandfundingactivity,

whileChina'smodelsholdtheirground.

TheUSisleading

theAIarmsrace—fornow

5

RatingTechTrends2025

Didwehitthemark?Ratingour2025techtrends?Se?elas?tyer,s?repIoIrII

(reportpublished11/19/2024)

TrendEvidence

Industrials

Thefuturedatacenterarrives

ExplosivegrowthinAI

developmentispushingdatacentersintothemuti-GW

range,drivinginnovation

across45+marketsCB

Insightstracksinthevaluechain.

SpaceXiseyeinga2026IPOraisingabove$30B,while

spacetechmarkets

see

spiking

activity.

Cheaper

accessto

spacesparksinvestorrush

TrendEvidence

Enterprise

Spatial

computingforenterprisesisheretostay

Spatialcomputingfallsin

interestonearningscalls.

VisionProunderwhelmed,andcorporateAR/VR

adoptionisstillmarginal.

Retail&consumer

Agents

expandedtheirrole

inthedigitalshopping

experience,drivingpersonalizationfrom

dynamicwebsitesto

customerserviceto

newlevels.

Retail's

personalizationimperative

6

CBInsightsPredictiveIntelligence

EachtrendinthisreportcombinesCBInsights’proprietarysignalsacrosscompanyfundamentalsandmarketbehaviortoshowwhereinnovation,capital,andcustomermomentumaremovingnext.

SignalOverviewPredictivepowerVisual

Privatecompanyhealth(scoredoutof1,000)

MosaicScore

Indicatesstartuppotential,with4.7xtheSmartMoneyVChitrateforfutureunicorns

Abilitytocompeteandpartner(5-pointscale)

CommercialMaturity

Revealswhenanemergingmarketisabouttoscalecommercially

Rateofprojectedhiringandroleshiringfor

HiringMomentum&Insights

Hiringstrategypreviewsdemandandproduct-marketfit

LikelihoodofIPOorM&Aexitwithintwoyears

ExitProbability

Top-scoringcompaniesshowhigherexitrates(M&Aupto3.5xhigher)

Partnerships,vendor-clientties,andstrategicalliances

BusinessRelationships

MapsinfluencenetworksandsignalsupcomingM&AorGTMmoves

Markets&MarketIndex

AggregatedcompanydataandsignalsQuantifiesthepaceanddirectionofinnovation

across1,500+techmarketsacrosscategories

7

Enterprise&work

Enterprise&work

AIagentsmakeROIamovingtarget

Newtoolshelpcompanieskeepupwithhowagentimpactactuallyshowsup

?2026CBInsights.Source:CBInsightssurvey(Oct-Dec2025)of59participantsdirector-leveloraboveatorganizationswith200+employees.10

ENTERPRISE&WORK

CostsavingsandtimetrackingdominateearlyAIagentmeasurementefforts

Organizationstrackefficiencymetricswhilerevenueimpactremainsdifficulttoquantify

LeadingKPIsusedtotrackAIagentsuccess

WhatKPIsdoyoutrackforAIagentsuccess?Selectallthatapply.

63%

58%

58%

ProductivitygainsTimesaved

Costsavings Accuracyofoutputs ErrorreductionCustomersatisfactionResponsetime

Revenueimpact

Useradoptionrate#ofescalationsreduced Employeesatisfaction ROI/paybackperiodDon'tcurrentlytrack

0%10%20%30%40%50%60%

ENTERPRISE&WORK

?2026CBInsights.Source:CBInsightssurvey11

VendorshaveanopeningtodefineagentROIframeworks

Withdeploymentsintheearlystages,organizationsstillrelyoninformal,anecdotalassessmentapproaches

“Atpresent[ROI]isbeingmonitoredat

boardlevel,wheretheyaretrackingspendonAIagents.Howtheeffectivenessis

beingmeasuredthenfiltersup,butisnotaprecisescienceandfullytrackedas

yet.”

VPofApplicationDevelopment,Fortune500finservcompany

“Wearestillstrugglingwiththis–

[measuringAIagentROI]seemstobeamajorissueforallofthesetools.”

DirectorofInformationSecurity,

$1Brevenuemedia&entertainmentcompany

ENTERPRISE&WORK

?2026CBInsights.Source:CBInsightsmarkets—

Softwareengineeringanalyticsplatforms

;

DealAgent

12

Softwareengineeringanalyticsplatformsestablishmeasurementapproachesincoding

Software

engineeringanalytics

platforms

CompanieslikeSpanmovetoprovideclearwaystomeasureagenticAIimpactacrosssoftwareengineeringworkflows,aleadingareaofAIagentusageandspend

?11/17/2025seriesA

SpantargetsAIcodemeasurementasengineeringteamsnavigatedevelopmenttransformation

proprietarymodelthatdetectsAI-generatedcodeatthechunklevelandtracksitthroughthedevelopment

lifecycle,differentiatingfromcompetitorsthatrelyon

Spanlaunchedspan-detect-1inSeptember2025,a

vendordataorsurveys.

$25MinSeriesAfundingwilldeepencapabilitiesfor

measuringROIofAI-augmenteddevelopmentandbuild

towardansweringcomplexengineeringquestionsinsecondsratherthandays.

ENTERPRISE&WORK

?2026CBInsights.Source:CBInsights—

Companyprofiles

.SelectcompaniesbasedonMosaicscore,fundingrecency,andrelevancy.13

Whileprocessintelligenceplatformsevolvetotacklemeasurementacrossenterpriseworkflows

WorkhelixScoutingReport

Keytakeaways

?EliteAIinvestorbacking:Thecompanysecured

$15.3MSeriesAfromtop-tierinvestorsincludingReidHoffman,YannLeCun,JeffDean,andMiraMurati,

signalingvalidationofitsapproachtoenterpriseAImeasurementandoptimization.

?StrategicAccentureintegration:Integrationwith

AccentureLearnVantageandparticipationinProjectSpotlightprovidesdirectaccesstoenterpriseclientsstrugglingwithAIROImeasurement.

Newbreedofsolutionshelpenterprisesidentifyagenticautomationopportunities,trackinvestments,andquantifyimpactbeyondengineeringteams

Foundedyear

Latestfundingdate

Mosaic

Company

ScoreHighlight

LaunchedScribeOptimize

scribe=

(Nov.2025),movingbeyond

11/10/252019

767documentationtoworkflowanalysisandROIidentificationforAIautomationdecisions

Scoutproductmeasuresteams'

661AIusageandmonitors4/2/252024productivity

643

2/27/252021

Platformidentifiesspecifictasksthatcanbeenhancedthrough

genAIwhileprovidingROImetrics

TracksgenAIinvestmentsand

rJpay-i

5/21/252023

615monitorsrevenue,costs,and

profitmarginsofAIapplications

ENTERPRISE&WORK

?2026CBInsights.SourceCBInsights–

Companyprofiles

;

ScoutingReportAgent

.Note:SelectcompaniesbasedonMosaicscoresandfundingrecency(since1/1/2023).14

BillingplatformsemergetohelpcompaniesmonetizeAIagentactivity

ScoutingReport

Vendorsexperimentwithpricingmodels(usage-based,outcome-based,andhybrid)asagentmonetizationapproachesremainunsettled

PaidbuildsbillinginfrastructureforAIagents,enabling

outcome-basedpricingmodelsascompaniesmoveawayfromtraditionalseat-basedSaaSpricing.

Usage-basedbillingplatformswithAImonetizationofferings

CompanyMosaicScore

Latestfunding

DateFoundedyear

InlMETRONOME

N/A

AcquiredbyStripe

12/2/2025

2020

__orb.

845

$25MSeriesB

9/17/2024

2021

GLago

745

$15MSeriesA

3/14/2024

2021

725

$21.6MSeed

9/28/2025

2024

$4MSeed

2023

9/25/2025

644

Enterprise&work

Thebackofficerunsitself

Enterprisesmovefromtool-assistedwork

toautonomousexecutionincoreoperationalworkflows

ENTERPRISE&WORK

OverhalfofAIagentcompanieshavereachedCommercialMaturitylevel3andarereadytodistributetocustomers

CommercialMaturityCompanycountShare

1:Emerging32025%

394

254

20%

2:Validating

31%

3:Deploying

4:Scaling212

17%

816%

5:Established

n=1,261AIagentcompanieswithCommercialMaturityscores(ameasureofacompany’sabilitytocompeteforcustomersorserveasapartnerona1-5scale)

Agentplatformshavecrossedfrompilotstoproduction

AsAIagentcompaniesreachdeploymentmaturity,enterprisesbeginautomatingroutineoperationalworkratherthanexperimentingwithcopilots

WhileamajorityofexecutivessurveyedbyCBInsights*saytheirorgsarealreadyusingorpilotingagenticAI

6%,Notcurrentlyusing

36%

Currentlyusing/Deploying

?2026CBInsights.Source:CBInsights.AnalysisincludescompaniesdevelopingAIagents,assistants/copilots,andagenticinfrastructure.Includespure-playemergingagentstartupsaswellascompaniesbuildingagentinfrastructure.

16

*FromaJune2025surveyof64executivesdirector-leveloraboveatorganizationswith250+employees.56%workatcompaniesgeneratingmorethan$100Minrevenueand31%haverevenueover$1B.

ENTERPRISE&WORK

FinancialservicespullsaheadinAIagentdeployment

Theindustry’sdocument-heavy,rules-

basedworkflowsmakeitanidealprovinggroundforautonomoussystems

?2026CBInsights.Source:CBInsightsbusinessrelationshipsdata.*Basedonananalysisof565industry-specificrelationshipswithAIagentcompaniesin2025YTD(asof11/20/2025).ExcludesUSbigtechcompanies.17

??Track1,900+AIagentcompanieIsI

FinServoutpaceseveryotherindustryinAIagentpartnershipsin2025*

FinancialServices

118relationships21%share

Consumer/Retail

103

18%

Healthcare&LifeSciences

90

16%

Industrials

106

19%

Legal

87relationships15%share

Other

60relationships11%share

ENTERPRISE&WORK

?2026CBInsights.Themesarenotmutuallyexclusive.*Dataasof11/20/2025.18

Withinfinserv,agentstargetback-officeautomationfirst

Compliance,real-timeintelligence,anddocumentprocessingdominateearly,full-scaledeployments

Topthemesamongfinancialservices-focusedrelationshipsin2025*

Theme

Count

%infull-scaledeployment(vs.pilot/testing)

Compliance&Fraud

30

85%

Real-timeIntelligence

30

93%

DocumentProcessing

27

93%

Blockchain&Web3

25

59%

AgenticCommerce

20

36%

CustomerService

18

81%

Claims&Underwriting

12

83%

ENTERPRISE&WORK

?2026CBInsights.Source:CBInsights–BusinessRelationshipsAgent19

ThosewhobuildAI-nativeoperationswillgainanadvantage

Earlyadoptioninfinancialservicessignalshowback-officeautomationwillspreadacrossenterprises

Theme#1:Complianceshiftsfromcostcentertocompetitivedifferentiator

Partnerswith

CapcojoinsOpenAIPartnerProgramtoscaleAI-drivencomplianceautomationforfinancialandenergyclients.

November17,2025

BusinessRelationshipInsights

Theme#2:AIagentsuncoverandsurfacereal-timeintel,generatingalpha

Partnerswith

鄉(xiāng)databricks

LSEGpartnerswithDatabrickstodeliverreal-timefinancialintelligenceforAI

agentdevelopment.

September23,2025

BusinessRelationshipInsights

Theme#3:AIagentsincrease

documentprocessingthroughputandaccuracy

Partnerswith

.Agentech

AgentechintegrateswithMid-AmericaCatastropheServicestodeployAI

agentsforautomatedinsurancefilereview.

November18,2025

BusinessRelationshipInsights

Finance&commerce

Finance&commerce

Privatebecomesthenewpublic

Thenextgenerationofmajorcompaniesbuildsoutsidetraditionalmarketvisibility

FINANCE&COMMERCE

Manyoftheworld’smostinfluentialcompaniesnolongerhavestocktickers

Thereare1,300+unicornsworldwide—

including12valuedhigherthanthemedianS&P500marketcap

??TrackthefullunicornlistI

?2026CBInsightsSource:CBInsights—

Theunicornmarket

Based

22

.map.onmedianmarketcapof$39Band

valuationdata

(asof1/7/2026).

?2026CBInsights.Source:CBInsights—

StateofVentureQ3’25

;

Acquisitiondata

.Note:ExcludesbusinessaggregatorBendingSpoons'acquisitionsofAOLandVimeo.23

FINANCE&COMMERCE

Privatecompaniesoperateatapubliccompanyscale,butstayprivatelongerthanever

IPOtimelinesstretchasprivatecompaniesaccesscapital,liquidity,andacquisitionopportunities

In2025,unicornsled9acquisitionsexceeding$1B

AcquirerDealDateValuationCompany

3/28/25

$45.0B

5/21/25

$6.5B

3/20/25

$1.5B

NlNIATRADER

4/8/25

$1.3B

HiddenRoad

12/11/25

$1.2B

cocardless

openAl

9/2/25

$1.1B

似STATSIG

鄉(xiāng)databricks

5/14/25

$1.0B

cclio

6/30/25

$1.0B

vllex

10/16/25

$1.0B

AveragetechcompanyageatIPO

FINANCE&COMMERCE

TopAIstartupsscaleto$100MARRinrecordtime—outsidetraditionalmarketvisibility

$100M

$80M

$60M

$40M

$20M

$0M

01020304050607080

Monthsto$100MinARR

AIcompanies’timeto$100MinARRfromfoundeddate

Lovable

xAI

DreamSecurity

Anysphere

Perplexity

TogetherAI

FireworksAI

Anthropic

Harvey

Suno

Databricks

Scale

OpenAI

??SeeAIcompan?iesbyrevenueI

24

?2026CBInsights.Source:CBInsights—revenuedata.Note:ChartcomparesemergingandestablishedAIcompanies’timeto$100MARRbasedonreportedmonthandfoundedmonth.

FINANCE&COMMERCE

?2026CBInsights.Source:USgovernmentmedia25

Privatemarketsbegintoopenuptoretailinvestors

AsmorevaluecreationhappensbeforeIPOs,regulatorsaremovingtoallowprivateassetsintoretirementplansandothermainstreaminvestmentvehicles

FINANCE&COMMERCE

?2026CBInsights.Source:CBInsights—AcquisitionInsightsAgent;

Privatecompanysecondarytradingplatforms

market26

acquires

GForge

AcquisitionInsights

Schwabentersprivatemarketstradingbyacquiringpre-IPO

platformservingretailinvestors

November6,2025

Leadingfinancialinstitutionsseizetheopportunity

WallStreetembracesinfrastructuretomanage,value,andtradepre-IPOcompanyshares

Morganstanley

acquires

AcquisitionInsights

MorganStanleystrengthens

privatemarketspositioningwithintegratedcaptableand

secondarytradingplatform

October29,2025

EquityZen’splatformhasseena

Theseinvestorscometoour

platformtoinvestintoday’s

marketleadersinindustrieslikeAI,roboticsanddatabeforetheygopublic.

—AtishDavda,CEOofEquityZen

200%increaseinfirst-timeinvestorsyear-over-year.

FINANCE&COMMERCE

Ascompaniesstay

privateforlonger,

investorsrelymoreonpredictivesignalstoevaluateopportunities

CBInsights’Mosaicscoreisanalgorithmically-drivenhealthscoreforprivatecompaniesthathelpsindicatewhichstartupsaremostlikelytoachieveunicornstatusanddeliverexceptionalreturns.

Learnmore

.

?2026CBInsights.Note:Mosaic’stop30companies(scored10/1/2023)werecomparedtoinvestmentsbyCBInsights’

SmartMoneyVCs

between10/1/2022-10/1/2023.Onlyfirmswith5+investmentswereincluded.27

AI+datanowbeatstraditionalVCapproachesinprivatemarketpredictivepower

%ofcompaniesthatbecameunicorns

Mosaicis

4.7x

moreeffective

inpredictingfutureunicornstatus

Finance&commerce

Stablecoinsgocorporate

Stablecoinsshiftfromcryptotradingtoolstopracticalenterprisefinance

?2026CBInsights.Source:CBInsights—CommercialMaturityscores(ameasureofacompany’sabilitytocompeteforcustomersorserveasapartnerona1-5scale)asof1/7/2025.Excludescompanieswithoutscores.29

FINANCE&COMMERCE

Thestablecoinecosystemismaturing

Investorsbackstablecoincompaniesacrossallstages,withemphasisonlivedeploymentsandoperationaltraction

Stablecoincompaniesfundedin2025byCommercialMaturityscores

1:Emerging

28%

2:Validating

22%

3:Deploying

49%

23%

4:Scaling

raisedfundingin2025are

deploying/scalingtheirsolutions

25%ofstablecoincompaniesthat

5:Established

1%

FINANCE&COMMERCE

?2026CBInsights.Source:CBInsights—

Earningscalls

,

financingdata

.Note:BasedontheactivityofmajorUSandEuropeanbanks.30

Institutionalinterestinstablecoinsreachesanewhigh

BanksandfinancialinstitutionsincreasinglyengagewithstablecoinsastheGENIUSAct(July2025)providesregulatoryclarityandenterpriseusecasesexpand

Stablecoinmentionsonearningscallsspike

Banksback5stablecoinstartupsin2025,afirstsince2022

Investment

stageDealdateBankbacker

Stablecoin

paymentsSeriesB10/9/25

infrastructure

Crypto

compliance

SeedVC9/22/25

Stablecoin

payments

infrastructure

Stablecoin

paymentsSeed2/18/25

infrastructure

SeriesD7/14/25Morganstanley

B2Bstablecoinpayments

CompanyDescription

許SHIELDAl

BVNK

C少straitsx

Unattributed9/24/25

FINANCE&COMMERCE

Risinginterestreflectedinconsolidation:Cryptoandfintech

startupsacquirestablecoininfrastructureatrecordpace,up4xYoY

AnnualstablecointechM&Atransactions

31

4x

8

1

3

4

20212022202320242025

?Eauaeop?saeoinM&Atrets

?2026CBInsights.Source:CBInsights—

M&Adata

.Note:Includespendingacquisitions.31

FINANCE&COMMERCE

?2026CBInsights.Source:CBInsights—AcquisitionInsightsAgent32

…Withafocusoncorporatetreasuryworkflows

Recentacquisitionsshowstablecoininfrastructurebeingembeddedintocashmanagement,payments,andtreasurysystemsusedbylargeenterprises

acquires

Acquisitioninsights

Ripplegainsaccessto$120T

corporatetreasurymarketthrough

$1BacquisitionofenterprisesoftwareplatforminOctober

10/16/2025

?MODERNTREASURY

acquires

BEAM

Acquisitioninsights

ModernTreasurycombinestraditionalandstablecoinpaymentrailsthroughsingleAPIfollowingBeamintegration

10/22/2025

口Tempo

The24/7,instantliquidityof

stablecoinsthataredollar-

denominated,andincreasinglytrustedsincethepassageoftheGENIUSact,

enabletreasuriestobecomemorecapitalefficient.Forexample,whenthecorrespondentbankingsystem

andlocalpaymentmethodsmaytake3to7daysforfundstosettle,

stablecoinsareinstant.

—SimonTaylor,HeadofMarketDevelopmentatTempo

FINANCE&COMMERCE

?2026CBInsights.Sources:WSJ,Fortune33

Majorcorporationsturntostablecoinstocutpaymentcosts

Instantsettlement,24/7availability,andeliminationofinterchangefeesdrivecorporateinterest

?2026CBInsights.Source:CBInsightsresearch—

Thestablecoinmarketmap

34

FINANCE&COMMERCE

Enterprisescanchoosefromagrowingsetofstablecoinvendorsforcross-borderpayments,suppliersettlements,

andtreasuryoperations

??Ea?luae5+tblcin?cmaieIIsII

Finance&commerce

Thestorefrontdisappears

AIcollapsesdiscovery,comparison,andcheckoutintoasingleinterface

FINANCE&COMMERCE

AIhijacks

e-commercetraffic

?2026CBInsights.36

GenerativeAIplatformsbecomethenewsearchenginesforshopping

FINANCE&COMMERCE

Websitesnowservetwoaudiences:humanandAI

DealAgent

IllANewGeneration

NewinfrastructurelayersrestructureproductdatasoAIagentscancrawlandcomparealongsidehumanshoppers

NewGenerationdevelopsAI-nativestorefrontsthattransform

staticproductcatalogsintoAI-readabledatatoenhanceshoppingexperiencesforbothhumansandAIagents.

IllANewGeneration

ScoutingReport

??Seethefullagenticcommercemarket?mapI

37

?2026CBInsights.Source:CBInsightsresearch—

Theagenticcommercemarketmap

;

ScoutingReportAgent

,

DealAgent

FINANCE&COMMERCE

BrandsracetooptimizeforAIdiscovery

Generativeengineoptimization(GEO)

emergesasthenewSEO,highlightedbymomentum