WASHINGTON (Diya TV) — Indian-origin entrepreneurs have become the largest contributors to the United States’ unicorn ecosystem, according to a new analysis by the National Foundation for American Policy (NFAP).
The study found that immigrants from India founded 96 U.S.-based unicorns, or privately held companies valued at more than $1 billion. That figure represents more than one-fifth of all immigrant-founded unicorns in the country and places India far ahead of every other nation. The findings highlight the growing impact of Indian entrepreneurs on the American startup ecosystem. They also come at a time when immigration policies and programs such as the H-1B visa continue to spark debate across the United States.
NFAP identified 455 immigrant-founded unicorns in the United States. India ranked first with 96 companies, followed by Israel with 60, the United Kingdom with 47, China with 41, and Canada with 30. The report shows that immigrant founders continue to drive innovation, investment, and job creation across the American economy. Many entrepreneurs arrived in the United States through different immigration pathways. These included employment-based visas such as H-1B, family-sponsored immigration programs, and refugee programs. After settling in the country, many of these founders launched businesses that later reached billion-dollar valuations.
The economic impact of immigrant-founded startups has grown rapidly over the past decade.
According to NFAP, the combined valuation of the 455 immigrant-founded unicorns now stands at approximately $5 trillion. The organization noted that this figure exceeds the total stock market capitalization of companies listed in all but seven countries worldwide, including the United Kingdom, Germany, and Saudi Arabia. The growth has been dramatic. In 2016, immigrant-founded unicorns had a combined valuation of $168 billion. Since then, their value has increased by more than 2,800%. The report suggests that immigrant entrepreneurs have become a major force in shaping the modern U.S. technology and business landscape.
Several of the most valuable private companies in the United States have immigrant founders. These include SpaceX, Anthropic, OpenAI, Databricks, Stripe, Ramp Financial, Safe Superintelligence, Anysphere, Cerebras Systems, Epic Games, Chobani, Perplexity, and Miro.
Many of these companies operate in fast-growing sectors such as artificial intelligence, cloud computing, financial technology, and advanced software development. The study also highlighted immigrant-founded companies that have successfully gone public. These include Palantir, Uber, CrowdStrike, Cloudflare, Robinhood, Zoom Video, Moderna, Nutanix, Instacart, Rubrik, and ServiceTitan. Their success demonstrates how immigrant-led startups continue to influence both private and public markets.
NFAP identified at least 15 entrepreneurs who have founded two or more billion-dollar companies. Six of those repeat founders were born in India before moving to the United States. They include Mohit Aron, Jyoti Bansal, Ashutosh Garg, Arvind Jain, Sachin Nayyar, and Ajeet Singh. Their achievements reflect a broader trend of Indian entrepreneurs playing a leading role in America’s startup economy. Many have built successful businesses across sectors, including cybersecurity, enterprise software, cloud infrastructure, and artificial intelligence.
The report also highlighted the employment impact of immigrant-founded companies. On average, these unicorns employ 833 people each. Together, they support hundreds of thousands of jobs across the country. SpaceX leads the group with 25,700 employees. Other major employers include REEF Technology, Stripe, Gopuff, Databricks, Deel, Cohesity, and OpenAI.
NFAP also found that immigrant influence extends beyond founders. The organization identified 158 additional U.S. unicorns where immigrants hold key leadership positions, including chief executive officer, chief technology officer, and vice president of engineering roles.
