Submissions for the eighth annual Forbes Cloud 100 list are now open through May 12.
With tech’s IPO window still largely slammed shut, the world’s strongest cloud computing companies find themselves in holding patterns. Every single company on last year’s Forbes Cloud 100 remains eligible — even No. 5 Figma, which announced a $20 billion exit via acquisition, but finds that deal still pending regulatory approval.
It’s against this backdrop that submissions open for the 2023 list, produced in partnership with Bessemer Venture Partners and Salesforce Ventures. Nominations may be submitted until May 12 at thecloud100.com.
Forbes
Much has changed in the cloud industry landscape over the past year. The sustained market downturn has been amplified by rising interest rates, less venture capital to go around and a banking crisis to boot. Some startups have stumbled, while others unexpectedly thrive. So while many of last year’s best and brightest cloud startups remain contenders, prospective newcomers — of which there were 20 on last year’s list — are encouraged to apply. Expect to see more major movers that mirror the likes of No. 4 Miro, which jumped 32 spots from 2021, or Lacework, which vaulted to No. 55 on its first year making the list.
The Cloud 100, which is entering its eighth year, recognizes the leading privately-held cloud companies in the world. Past honorees who have graduated from eligibility include household names Zoom, Dropbox and Slack; high-performing software stocks like Cloudflare and CrowdStrike; and Forbes cover story features Snowflake and UiPath.
Nominees confidentially share financial data (within supplied ranges) including valuation, revenue and growth rate. This generates a financial score, which is considered in conjunction with a people and culture score — based on diversity, headcount change and third-party data like employee ratings — and a market leadership score derived from feedback by dozens of C-suite peers at public companies no longer eligible for the list. Companies do not pay a fee for list placement or consideration.
No. 1 Stripe, No. 2 Databricks and No. 3 Canva have held their pole positions on Cloud 100 for two years in a row. The three companies alone represented $173 billion of the 2022 list’s $793 billion in total market value — reflective of a venture-backed ecosystem that has produced increasingly larger companies over time in terms of valuation, as well as revenue and employee count. Typical listmakers boast valuations of at least $1 billion, as was the case for every single honoree last year.
But, the 2022 list only captured the impact of a few months of financial pullback on cloud computing. This year’s list will reveal the effects in full force. A bevy of startups have seen their valuations slashed, either through their own volition or by markdowns from some of their investors; even the trio atop the list have not been immune to these cuts. Others have announced layoffs as they navigate continued market doldrums.
The bar to make Cloud 100 is high. Candidates must be private and not majority owned by another company. The average company last year had 1,300 employees, an $8 billion valuation and more than $600 million in venture capital raised (though bootstrapped companies are also eligible to apply).
The Cloud 100 is accompanied by a list of 20 Rising Stars: fledgling startups which have raised less than $25 million in funding but have shown early promise to become a future breakout cloud company. Candidates should apply through the same submission process.
Forbes publishes the full list in the summer, accompanied by an in-depth package with reporting on standout companies, trends and analysis. Our partners host an event later this year with panels and special programming for honorees. For more information on methodology, judges and a link to apply, go to thecloud100.com.
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Kenrick Cai