The 2025 cohort represents an unprecedented surge in private and public investment — a signal that non-traditional companies are no longer on the margins. They are front and center.

Turnover is not a flaw — it’s a feature. The NatSec100 is designed to reward momentum, and companies naturally rise and fall depending on where they are in their growth and delivery cycles. A healthy ecosystem is one where new players break through, while established ones mature and move to the next stage.

Of note, two companies in this year’s top ten are brand new to the list - Dataminr and X Energy. Both companies owned large commercial businesses ahead of announcing and forming their public sector defense business units. For this reason, commercial momentum propelled these companies to the top of our list.