CNBC Disruptor 50 reflects booming AI valuations allowing cash-rich startups to scale rapidly and continue to transform the annual list.

Defense contractor Anduril is the No. 1 2025 CNBC Disruptor 50 company as the ties between Silicon Valley technology and the U.S. military increase.

French AI firm Mistral will release its first reasoning model Tuesday, taking on the likes of OpenAI and China’s DeepSeek.