ANALYSIS: Meet the Silicon Valley 150’s Incoming Class

The Fenwick–Bloomberg Law Silicon Valley 150 List features 14 newcomers this year, up from 12 in the 2024 list. But the total remains a significant dropoff from 2020–2023, which saw more than 17 new companies join the list each year.

The SV 150 List ranks the largest public technology and life sciences companies in Silicon Valley each year, based on the previous year’s revenue.

After what some may consider an unenthusiastic showing last year in comparison to the year prior, this SV 150 incoming class looks like a solid uptick, providing a reminder that the tech market is not only steadily growing, but growing up as well.

Two of the 14 companies are returnees. After being excluded from last year’s list because it hadn’t yet publicly filed revenues for the relevant period at time of publication, Quantum Corp. returns to the SV 150 list at No. 139. Categorized as a data storage and protection solutions provider, Quantum had been No. 130 on the 2023 SV 150 list.

Arcus Biosciences Inc., which discovers, develops, and commercializes immunotherapies to treat patients with cancer, returns to the list after two years away, coming in at No. 142.

Heads of the Class

Not a single company in this year’s newcomers class breaks into the top 50 largest tech firms in Silicon Valley. And only three of the 14 made it to the top 100.

Coming in hot at No. 75 is Reddit Inc. Known for serving customers worldwide as a network of communities, Reddit enters the SV 150 chat with a total 2024 revenue of $1.3 billion.

Ten steps behind, at No. 85, is Rubrik Inc., a company offering cloud data management and data security services. Rubrik’s 2024 revenue sits at $887 million.

Rounding off this year’s newcomers making it into the top 100 at No. 97, with a total 2024 revenue of $729 million, is LiveRamp Holdings Inc. Also serving worldwide clients, LiveRamp Holdings operates as a marketing technology company.

Industry Categories

The remaining nine companies—with 2024 revenues ranging from $224 million to $434 million—represent a mix of next-gen tech, biotech, and consumer tech corporations.

Next-Generation Technology

Next-gen technology refers to the latest advancements in the digital innovation that are transforming industries and everyday life, including artificial intelligence, blockchain, internet of things (IoT), quantum computing, and edge computing.

Here are the next-gen tech newcomers to the 2025 list, in addition to Quantum Corp.:

• JFrog Ltd., No. 123, is a software development company that develops and markets software supply chain platform that serves its customers worldwide.
• Astera Labs Inc., No. 126, develops and deploys intelligent connectivity platforms built for cloud and AI infrastructure.
• Hippo Holdings Inc., No. 128, provides property and casualty insurance products through its subsidiaries.
• Credo Technology Group Holding Ltd, No. 148, provides connectivity solutions through its subsidiaries.
• Planet Labs PBC, No. 149, provides satellite data daily to help individuals, businesses, and governments understand the physical world and transmit that information to action.

Biotechnology

Biotechnology integrates natural sciences and engineering sciences to innovate products and technologies that improve human life and the environment. Examples of biotech include genetic engineering, bioremediation, biofuels, and stem cell research.

There are four biotech companies that are new to the list this year, in addition to Arcus Biosciences:

• Protagonist Therapeutics Inc., No. 122, discovers and develops peptide-based new chemical entities to address medical needs that have been categorized as significant.
• Mirum Pharmaceuticals Inc., No. 133, develops therapies to treat cholestatic liver diseases and serves patients in the United States.
• PROCEPT BioRobotics Corp., No. 150, offers surgical robots to treat benign prostatic hyperplasia through autonomous tissue removal.

Consumer Technology

Consumer technology includes tech that is intended for personal use and plays a significant role in shaping how individuals interact with, communicate, and access information. Appliances, smart devices, drones, computer software, and social media are a few examples of consumer tech.

In addition to Reddit, Rubrik, and LiveRamp, the other consumer tech company that’s new to this year’s list is Life360 Inc., No. 129, which offers a safety and location-sharing application that enables multi-channel messaging and tracking for family communication.

The 2025 SV 150 newcomers represent a cautious but consistent rebound in Silicon Valley’s public-company landscape. While the absence of standout revenue leaders or top 50 entries suggests that this class is characterized by stability rather than distinctiveness, its composition reflects a maturing tech ecosystem that is increasingly defined by specialization in next-generation innovations, biotechnology, and consumer applications. In a market still recalibrating from recent volatility, steady growth may be the new standout.

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In other analysis articles covering the results of the 2025 Fenwick–Bloomberg Law SV 150 List:

• Boebin Park spotlights the top 10 companies on this year’s list, including their M&A activity over the past year.
• Preston Brewer analyzes how the 2025 list’s IPOs compare to previous years and to the market at large.
• Kafui Quashigah explores the growing impact SV 150 members are having in the syndicated lending markets.

Bloomberg Law subscribers can find related content on our Securities Practice Center resource.

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