Just two days before the opening of VivaTech, France has unveiled the latest edition of the Next40/French Tech 120.
Anne Le Hénanff, France’s Minister Delegate for AI and Digital Affairs, presented the new cohort of the index, which highlights the 120 most promising startups in the French ecosystem. The announcement took place at the headquarters of Aqemia, a Next40 member that leverages AI and advanced research to discover the next generation of therapeutic molecules and medicines.
The choice of Aqemia was no coincidence.
For this seventh edition, the spotlight has been placed firmly on breakthrough innovation. New innovation-focused criteria were introduced into the selection process, including greater consideration of patent filings, public innovation support programs such as those provided by Bpifrance and France 2030, as well as R&D-focused tax incentives including the French Research Tax Credit (CIR) and Innovation Tax Credit (CII).
A Selection Committee for the Next40
Financial performance remained a core selection criterion.
To qualify, startups needed to have generated at least €20 million in revenue in 2025 while achieving an average annual growth rate of 15% over the past three years, or have raised at least €20 million in funding between January 2022 and May 2026.
Ultimately, 60 companies were selected based on 2025 revenue rankings, while another 60 earned their place through total capital raised.
From these 120 companies, a shortlist of 80 was established, comprising the businesses that generated the highest revenues, secured the most funding, and created the largest number of jobs.
A dedicated selection committee was then tasked with choosing the 40 companies that would make up the Next40.
The committee included representatives from Bpifrance, France Digitale, Euronext, France Deeptech, Capgemini, and France’s Directorate General for Enterprise.
In total, 34 companies joined the French Tech 120 this year, including 15 newcomers to the Next40.
Deeptech Accounts for 38% of the Next40
This revamped Next40 features a significant increase in deeptech representation.
Deeptech companies now account for 38% of the index, compared with just 8% a year ago.
Among the new-generation technology leaders represented are France’s AI champions Mistral AI, AMI Labs, H, and Pigment, alongside quantum computing players Alice & Bob, Pasqal, and Quobly.
These companies join long-standing members of the French startup elite, including Alan, Doctolib, BlaBlaCar, Ledger, Qonto, and Swile.
Across the broader French Tech 120, a total of 32 deeptech companies were selected.
The trend highlights the growing maturity of France’s technology ecosystem in strategic sectors such as artificial intelligence, quantum computing, healthcare, and cybersecurity.
“Deeptech companies are more heavily represented, yet the combined revenues of the 120 selected companies continue to grow. This demonstrates the strong momentum of businesses developing breakthrough innovations,” says Julie Huguet, Director of the French Tech Mission.
Industrial technology is also strongly represented.
Manufacturing and industrial startups account for 21% of the cohort, including companies such as Verkor, Exotec, Aura Aero, Ledger, Wandercraft, Flying Whales, and Pixmania.
Together, the 25 industrial companies selected operate 33 production sites across France.
€11.3 Billion in Combined Revenue and 46,000 Direct Jobs
The companies included in the 2026 French Tech 120 generated a combined €11.3 billion in revenue, up from €10 billion in the previous edition.
Among the 120 selected companies, 30 have surpassed the €100 million annual revenue mark—the milestone often associated with the so-called SaaS "centaurs."
The cohort also represents a significant source of employment within the French economy.
Collectively, these companies account for approximately 46,000 direct jobs, including 33,500 positions located in France.
Increasingly Global Businesses
As the ecosystem matures, its companies are becoming more international.
An overwhelming 97% of the selected startups now operate outside France.
International markets account for 38% of the combined revenues generated by Next40/French Tech 120 companies.
Europe remains the primary growth destination, with Spain, Italy, the United Kingdom, Germany, and the Benelux region among the most important expansion markets.
North America, Japan, and Singapore also rank among the preferred international markets for France’s leading technology companies.
The 2026 Next40/French Tech 120 illustrates a broader evolution within the French startup ecosystem: one increasingly driven by deeptech, industrial innovation, and globally scalable technologies, while maintaining strong growth and job creation at home.
