Madrona's IA40 List Highlights the Next Generation of Tech Leaders

The IA40 list from Madrona is back, spotlighting the private companies shaping the next phase of AI. Matt McIlwain, managing director at Madrona, explains how the list is assembled, why OpenAI, Anthropic and Databricks dominate AI fundraising, and how a successful Anthropic IPO could open the door for a new wave of public offerings in 2027.