For a decade, the success of French Tech was measured by the number of unicorns, the amounts raised and the capacity of French startups to reproduce the models that had made Silicon Valley successful. The reference figures were called Doctolib, BlaBlaCar, Back Market, Mirakl or Contentsquare. Their commonalities were known: digital platforms, software models, global markets and rapid growth.
The 2026 class of Next40 is changing the narrative, in a context marked by the global race for artificial intelligence, tensions around semiconductors, the return of industrial policies and the increasing fragmentation of technological value chains, France seems to have changed priorities. The companies highlighted this year are developing quantum computers, artificial intelligence models, biomaterials, batteries, exoskeletons, electric planes and even innovative nuclear reactors. Behind the annual selection of French Tech champions lies a new definition of technological success: the mastery of capabilities considered strategic for the economic autonomy of the country.
The Next40 is no longer just a growth ranking
The break first appears in the selection criteria; for the first time, the program explicitly calls for two complementary pillars to economic performance: technological excellence and contribution to major economic and societal issues. Companies must demonstrate their innovative character through their patents, their research work or their participation in public systems supporting innovation. A dedicated selection committee was also tasked with identifying companies whose trajectory contributes to economic competitiveness, the general interest and the improvement of citizens’ lives.
This change may seem technical, but it is in reality political. No more startup nation, the class of 2026 seeks more to identify companies deemed strategic for the decade to come. The objective is no longer just to measure growth. It also involves directing attention towards the sectors that France now considers critical.
This development marks the return of a logic that we thought had largely disappeared: that of the strategic State.
From unicorn to critical technology
The change is particularly visible in the composition of Next40 itself. If a few companies that have shaped the French Tech story over the last ten years remain present. Doctolib, Back Market, BlaBlaCar, Qonto or Contentsquare continue to embody the French capacity to create global digital leaders, they no longer constitute the heart of the story.
The class of 2026 now highlights a new generation of actors. In artificial intelligence there are Mistral AI, H Company and AMI Labs. In quantum computing appear Alice & Bob, Pasqal and Quobly. In health, Aqemia and Tissium illustrate the growth of technologies based on scientific research. Wandercraft represents French ambitions in advanced robotics while Aura Aero symbolizes new industrial strategies in aeronautics.
Their common point is not only their growth, but the mastery of technologies that are difficult to reproduce, requiring several years of research, highly qualified scientific teams and significant investments. Where previous generations of startups built their competitive advantage on network effects, distribution or user experience, these new entrants seek to build technological barriers. Nearly 40% of Next40 companies now come from deeptech.
The return of industrial policy
This transformation goes well beyond the framework of Next40. The weight of France 2030 in the promotion is also revealing, thirty-seven selected companies benefited from the program. Several are among the main representatives of national strategies in the areas of artificial intelligence, quantum, energy or health.
After having devoted a decade to creating an entrepreneurial ecosystem capable of competing with its European counterparts, the State is now seeking to concentrate its efforts on the technologies that it considers decisive for the next phase of global competition.
From software to factories
The 2026 class includes twenty-five companies with production sites in France, representing thirty-three industrial sites spread across ten regions. These sites concern batteries, biomaterials, photonic components, exoskeletons, nuclear reactors, space launchers and even electric planes.
The companies highlighted this year follow a trajectory that builds laboratories, pilot lines, production centers or industrial infrastructures. Their development requires more capital, more time and more industrial execution.
French Tech is no longer just an innovation policy, and is gradually becoming a reindustrialization policy.
The question that the Next40 leaves open
The technologies highlighted this year are among the most capital-intensive in the contemporary economy. Quantum, artificial intelligence, batteries, robotics and even nuclear power will require investments in the hundreds of millions, sometimes billions of euros.
France has considerably strengthened its seed financing capacities thanks to Bpifrance and France 2030. The challenge of the coming years will be different, it will consist of determining whether Europe has the investors capable of supporting these companies to a global scale or whether this stage will continue to depend mainly on international capital.
A question which is far from being secondary, because technological sovereignty is not only measured by patents, laboratories or factories, but is also measured by the capacity to finance the development of its champions oneself.
A new definition of technological success
Finally, the 2026 class of Next40 probably marks the end of an open cycle with the emergence of the first French unicorns. Success is no longer defined solely by valuation or by a record fundraising, but is now associated with the capacity to develop technologies considered critical for the economic, industrial and digital autonomy of the country.
Artificial intelligence, quantum, energy, health, space or robotics: behind the forty companies in the spotlight this year appears a new hierarchy of national priorities. In short, the Next40 no longer resembles just a ranking of startups, but increasingly the list of technological bets that France intends to win over the next decade.
| Company | Sector | Description |
|---|---|---|
| ALAN | Insurtech / Healthtech | Digital health insurance for businesses and individuals. |
| ALICE & BOB | Quantum | Develops quantum computers with error-corrected qubits. |
| ALMA | Fintech | Split payment solution for merchants. |
| AMI LABS | Artificial intelligence | Develops AI models capable of understanding the physical world. |
| AQEMIA | Healthtech / AI | Uses AI and molecular physics to discover new drugs. |
| AURA AERO | Aeronautics | Develops electric and hybrid regional aircraft. |
| BACK MARKET | Recommerce | Global marketplace dedicated to refurbished electronic products. |
| BLABLACAR | Mobility | Carpooling and shared transportation platform. |
| CHAPSVISION | Data & AI | Data analysis software and sovereign AI agents for businesses and administrations. |
| CONTENTSQUARE | Martech | Analysis of user experience on websites and applications. |
| DESCARTES UNDERWRITING | Insurtech | Parametric insurance and climate risk modeling. |
| DOCTOLIB | Healthtech | Appointment booking platform and software for healthcare professionals. |
| ECOVADIS | ESG / SaaS | Assessment of the CSR performance of companies and suppliers. |
| EKIMETRICS | Data & AI | Consulting in data science and artificial intelligence for large companies. |
| ELECTRA | Electric mobility | Network of fast charging stations for electric vehicles. |
| EXOTEC | Robotics | Warehouse automation using logistics robots. |
| FLYING WHALES | Aeronautics | Develops large-capacity cargo airships. |
| FOODLES | Foodtech | Corporate catering based on connected fridges. |
| H COMPANY | Artificial intelligence | Develops autonomous AI agents for businesses. |
| HUBLO | HR Health | Management of replacements and hospital staff. |
| INNOVAFEED | Agritech | Production of insect proteins for animal and plant food. |
| LEDGER | Crypto / Cybersecurity | Solutions for securing digital assets. |
| LEGALPLACE | Legaltech | Creation and administrative management of online businesses. |
| MALT | Future of Work | Platform for connecting with freelancers. |
| MEDADOM | Healthtech | Medical teleconsultation and connected health terminals. |
| MISTRAL AI | Artificial intelligence | Develops open-weight and sovereign generative AI models. |
| NW | Energytech | Energy storage solutions and electricity network management. |
| PASQAL | Quantum | Develops quantum computers with neutral atoms. |
| PAYFIT | HR Tech | Payroll and human resources management in SaaS. |
| PENNYLANE | Fintech | Financial and accounting management platform for SMEs. |
| PIGMENT | SaaS Finance | Financial planning and budgeting software. |
| QONTO | Fintech | Financial and banking management of VSE-SMEs. |
| QUOBLY | Quantum | Develops quantum processors compatible with existing industrial processes. |
| SHIFT TECHNOLOGY | Insurtech / AI | Fraud detection and automation for insurers. |
| SPENDESK | Fintech | Management of business expenses and purchases. |
| SWILE | HR Tech / Fintech | Management of employee benefits and professional payments. |
| TISSIUM | Medtech | Develops biological polymers for human tissue repair. |
| VERKOR | Energytech | Production of batteries for electric vehicles. |
| VOODOO | Gaming | Global publisher of mobile games and consumer applications. |
| WANDERCRAFT | Robotics | Develops exoskeletons and industrial humanoid robots. |
To discover the 2026 promotion of the FT120, click here
