40 Top Startups Raise €110m

Station F has released its Future 40 list of the 40 best-performing startups of 2026, with the selected companies having raised a total of €110 million to date. The list highlights trends in sovereign AI, physical AI, and companies working on carbon reduction and other technologies.

The Future 40 list is based on results, growth and milestones, rather than funding raised. This approach has led to the selection of companies like Bleu Robotics, which develops AI models for humanoid robots working in factories, and Stellar, which is building a system designed to manage telecommunications networks through a single control layer.

One of the standout companies on the list is Arlequin AI, which raised €28 million in a Series A round in September. Its software is designed to support high-stakes decision-making. Other notable companies include Multiverse Computing, which raised €500 million, and Alan, which raised €480 million in 2026.

The wider Station F community has also had a record year for startup funding, with companies associated with the campus raising €2 billion in 2026. This is up from more than €1.5 billion in 2025. The Future 40 list has been running since 2019, and selected startups from the list have raised a combined €1.2 billion since then.

## What happens next The latest Future 40 cohort will pitch to investors on November 4 at 10:00 CET during an online demo day. This will provide an opportunity for the startups to showcase their products and services to a global audience.

The Future 40 list is a significant indicator of the trends and innovations in the startup ecosystem. With its focus on sovereign AI, physical AI, and carbon reduction, the list highlights the importance of these areas in the development of new technologies. As the startup ecosystem continues to evolve, the Future 40 list will be an important benchmark for measuring progress and identifying the most promising companies.

## Why it matters The Future 40 list matters because it provides a snapshot of the most innovative and promising startups in the ecosystem. By highlighting trends in sovereign AI, physical AI, and carbon reduction, the list shows where the industry is headed and what areas are likely to see significant growth in the coming years. With the wider Station F community raising a record €2 billion in 2026, the list also demonstrates the potential for startups to secure significant funding and make a major impact on the industry.