Know the franchise before the roadshow

General Fusion (General Fusion Group Ltd. — pending Nasdaq: GFUZ)~$1B

Canadian magnetized-target-fusion (MTF) developer whose LM26 demo machine mechanically compresses a lithium-lined plasma — no superconducting magnets or lasers — pursuing a Nasdaq listing via a ~$1B SPAC after a near-death 2025 cash crunch; commercial net-energy is a mid-2030s aspiration, so this is a speculative, financing-gated, non-US (analysis-only) name.

Finland-based superconducting full-stack quantum-computer maker — Europe's hardware leader, selling on-premises systems to HPC/supercomputing centers — closing a ~$1.8B de-SPAC (Nasdaq: IQMX) to become the first listed European quantum pure-play.

Anthropic~$965B

Frontier AI safety lab behind the Claude model family and Claude Code; #1 most-valuable private AI startup, confidentially filed for a ~Oct-2026 IPO.

Crusoe Energy~$23.6B

Crusoe is a vertically integrated AI-infrastructure company that builds and operates gigawatt-scale data centers (including OpenAI's flagship Stargate campus in Abilene, Texas) by pairing its own power generation with GPU cloud, after pivoting fully out of flared-gas Bitcoin mining in 2025.

Databricks~$134B

Databricks is the leading data + AI 'lakehouse' platform — unifying data engineering, warehousing, ML and generative-AI agents on open formats (Delta/Iceberg, Unity Catalog, Mosaic AI) across AWS, Azure and GCP.

Anduril Industries~$61B

A software-defined defense prime that builds autonomous drones, counter-UAS, subs and combat aircraft and ties them together with its Lattice AI command-and-control OS, selling finished products at fixed price rather than cost-plus programs.

Cohere~$20B

Toronto-based enterprise LLM platform — Command generative models, Embed/Rerank retrieval, and the North agent platform — sold to regulated enterprises and governments on a security-, multilingual-, and data-sovereignty-first positioning rather than consumer scale.

Shield AI builds Hivemind, an AI pilot that flies aircraft and drones autonomously in GPS- and comms-denied combat environments, plus its own V-BAT surveillance drone and the in-development X-BAT VTOL autonomous fighter jet.

Atom Computing, Inc.Undisclosed

Neutral-atom (optical-tweezer) quantum-computing startup building full-stack fault-tolerant machines — held the 1,180-qubit Phoenix record, demonstrated neutral-atom error correction, and is co-delivering the 50-logical-qubit Magne system with Microsoft to Denmark's QuNorth.

OpenAI~$852B

OpenAI is the frontier AI lab behind ChatGPT and the GPT/o-series models, monetizing via consumer subscriptions, a developer API, and enterprise deals while spending tens of billions on compute.

Figure AI builds general-purpose humanoid robots (Figure 03) powered by its in-house Helix vision-language-action model, deployed today on commercial factory floors (BMW Spartanburg) and ramping toward home use via its BotQ manufacturing facility.

Best-funded private fusion company globally (MIT spinout) building a high-temperature-superconducting (HTS) tokamak — SPARC demo targeting net energy gain (Q>1) ~2027, then the ARC ~400 MWe power plant in Chesterfield County, Virginia for grid power in the early 2030s.

Perplexity AI~$20B

Perplexity is an AI-native answer engine that returns cited, synthesized answers instead of blue links, now extending into an agentic browser (Comet) and autonomous task agent (Computer) to own the surface where an AI agent starts — and increasingly finishes — a task.

Blue Origin~$130B

Jeff Bezos's privately held space company building the reusable New Glenn heavy-lift rocket, BE-4 engines, the New Shepard suborbital vehicle, NASA Blue Moon lunar landers, and proposed orbital-data-center constellations — the principal Western challenger to SpaceX.

Groq~$6.9B

Groq designs the LPU, a deterministic SRAM-based AI-inference accelerator, and sells low-latency, low-cost token generation through GroqCloud and on-prem GroqRack — and, since December 2025, licenses that inference IP to Nvidia.

Mistral AI~€11.7B

Paris-based frontier AI lab building open-weight and enterprise LLMs (Mistral Large 3, Medium 3.5, Ministral 3) plus the Vibe assistant/coding agent, positioned as Europe's sovereign alternative to OpenAI and Anthropic.

Helion Energy, Inc.~$15.5B

Sam Altman-chaired private fusion developer using a field-reversed-configuration, pulsed-magnetic-compression machine that captures electricity directly from the plasma — racing a 50MW Microsoft power purchase agreement (Orion plant, target 2028) on the aneutronic deuterium–helium-3 fuel cycle, the hardest fuel cycle in fusion.

Ilya Sutskever's research-only AI lab building a safe superintelligence as its first and only product, with no API, no chatbot, and no revenue until the mission is solved.

Abridge~$5.3B

Abridge is the category-leading ambient AI clinical documentation ('AI scribe') platform, turning doctor-patient conversations into structured notes and billing codes inside the EHR; last valued ~$5.3B (Series E, Jun 2025), deployed at 150+ US health systems at that round and 250+ reported by mid-2026.

Aidoc

Aidoc is the enterprise clinical-AI operating system for acute imaging — the largest independent holder of FDA AI authorisations at 34, of which 33 sit under software product codes, and the first vendor to get a foundation model (CARE) cleared for multi-indication CT triage — and its economics invert the reimbursed-diagnostics names on this board: it sells hospital software out of operating budgets, so there is no CMS rate to defend and none to collect.

athenahealth

athenahealth is the largest independent cloud EHR + revenue-cycle platform for US ambulatory practices (athenaOne, 160,000-170,000+ providers), owned since Feb 2022 by Bain Capital and Hellman & Friedman at a $17B enterprise value; it ships athenaAmbient at no additional cost inside the core athenaOne fee — one of only two confirmed $0 rungs on the ambient price ladder.

Bunkerhill Health

Bunkerhill Health sells Carebricks, a platform health systems use to deploy and govern fleets of clinical and operational AI agents — a bet that the binding constraint in clinical AI is deployment, not the model; unusually for an agent startup it also holds its own FDA-cleared imaging algorithms, has randomised evidence behind its flagship use case, and drove CMS to establish a national billing code (HCPCS G0680, effective 1 April 2026) for the service those agents perform.

Cleerly

Cleerly is the AI coronary-plaque company: its FDA-cleared AI-QCT software quantifies and characterises atherosclerotic plaque from a coronary CT angiogram, and it holds the sector's cleanest reimbursement pathway — CPT Category I code 75577, effective 1 January 2026 — which is also, critically, a shared category code that HeartFlow and Elucid bill at the same CMS-set rate.

Commure

Commure is the AI-native revenue-cycle and provider-operations platform in US healthcare — autonomous coding, claims and denials automation, ambient documentation and practice management across 500+ healthcare organisations and 3,000+ sites of care; last marked at $7B on a $70M round led by General Catalyst (19 May 2026), which is ~1% dilution and so a negotiated mark, not a clearing price.

Epic Systems

Epic Systems is the privately held owner of the US clinical record — 43.7% of acute-care hospitals and 56.9% of beds per the 2026 KLAS report as relayed — and it monetises AI by SUBSTITUTION, not toll: it charges third-party AI vendors almost nothing to cross its chokepoint and sells its own AI inside contracts it already holds. It has never taken outside capital, has no shares and has no IPO path, so the largest single lever on US clinical-AI distribution cannot be owned at any price.

Etched~$5B

Etched designs Sohu, a transformer-only inference ASIC (TSMC N4P), now sold as a full 'one-stop' datacenter system — Frontier Inference Clusters (chip + racks + cooling + networking + software) with Low-Voltage Inference and Cluster-Scale Memory — betting that hard-wiring the transformer into fixed-function silicon wins inference on tokens-per-dollar and tokens-per-watt.

Heidi

Heidi is a Melbourne-headquartered clinical AI company bundling an ambient scribe with an AI phone agent (Comms) and a reference layer (Evidence); last marked at US$465M post-money (Oct 2025), and in Apr 2026 it turned its clinician-led motion into a US enterprise win at Beth Israel Lahey Health.

Hippocratic AI

Hippocratic AI builds safety-focused generative-AI healthcare agents — patient-facing voice agents for non-diagnostic clinical work (outreach, chronic-care check-ins, pre-op and post-discharge calls, scheduling) plus an inpatient nurse assistant; last marked $3.5B, 3 Nov 2025.

Innovaccer

Innovaccer is the healthcare data-and-agents platform — it unifies clinical, claims, CRM and financial data on its Healthcare Intelligence Platform (Gravity) and runs AI agents on top across patient access, population health, risk and quality, utilization management and revenue cycle; private, ~$200M ARR crossed per Fortune's 23 Jul 2026 profile, and the one name on canon's IPO watchlist whose valuation cannot be sourced anywhere.

OpenEvidence$12B

OpenEvidence is the 'ChatGPT for doctors' — a free, ad-supported AI clinical-evidence search platform that the company says over 40% of US physicians use daily, valued at $12B in its Jan 2026 Series D.