Students and visitors walk toward the Janss Steps and the central campus pathway at the University of California, Los Angeles (UCLA), one of 10 campuses of the University of California system.
Photo courtesy of UCLA
We tabulated where all 5,000 Inc. 5000 firms have their headquarters. The first part of a three-part series examines the top states.
The state known for growing half the nation’s vegetables and three-quarters of its fruits and nuts knows a thing or two about firm cultivation as well.
Around this time last year, Site Selection’s analysis of the geographic footprint of the 2025 Inc. 5000 found California with 649 of them — 131 more than second-place Texas and 13% of the entire national total.
This year the Golden State has 662, 13 more than last year, 10 fewer than the year before that, and once again good enough for No. 1 in the country. It’s also a full 157 firms ahead of the 505 in Texas (which saw a decline of 13 from last year).
Top States by Number of 2026 Inc. 5000 Firms
| State | Companies |
|---|---|
| California | 662 |
| Texas | 505 |
| Florida | 470 |
| New York | 339 |
| Virginia | 247 |
| Georgia | 229 |
| Illinois | 228 |
| Pennsylvania | 158 |
| New Jersey | 147 |
| Colorado | 136 |
You can’t blame geographic locations completely for the ups and downs of the numbers. The 2026 Inc. 5000 firms were determined by examining percentage of revenue growth between 2022 and 2025. Companies can’t be expected to maintain breakneck or even rapid growth year after year indefinitely. It would be like expecting a rookie phenom whose first Major League Baseball at-bat was a home run to hit one every time.
That said, it’s still an indicator. The innovation and ecosystem implications of the list are strong enough that Site Selection two years ago added this location analysis to the 13-factor index that determines our annual State Business Climate Rankings appearing in the publication’s November issue.
Among the 5,000 companies on the 2026 list, the median three-year revenue growth rate was 130%, and those companies have collectively added more than 627,208 jobs to the U.S. economy over the past three years.
Notable upward movers among the top 10 states include Florida (a jump of 19 firms to a total of 470); Georgia gaining 10 since last year; New Jersey gaining 18 to move from No. 11 to No. 9; and Colorado surging by 19 to a total of 136, shooting from No. 15 in the nation to No. 10. Meanwhile the total in No. 7 Illinois dropped by 29 and No. 5 Virginia’s tally dropped by 30 firms.
But California reigns supreme, an unsurprising result in a state known for its world-leading startup ecosystems. As documented in the July issue of Site Selection, when findings from Startup Genome, Startup Blink and Pitchbook were indexed, the Bay Area was the No. 1 startup ecosystem in the world and Greater Los Angeles was No. 4. Go down the list of top metros by number of Inc. 5000 firms (that’s next week’s installment) and you will see high numbers also from places such as San Diego, San Jose-Sunnyvale-Santa Clara, which also place in the top 20 nationally.
The continuing momentum in San Francisco-Oakland-Fremont can largely be attributed to innovative advances in AI. The highest ranked California firm on the list is No. 8 Sanas, a speech AI company that now offers real-time translation across 13 languages with minimal latency. The company got its start in 2021 at Stanford’s Artificial Intelligence Laboratory “after a co-founder’s classmate lost a job not because of skill or performance, but because his accent was not easily understood,” the company’s website explains. “That moment revealed a deeper systemic challenge across global enterprises. Every global enterprise runs on voice, but the infrastructure powering real-time communication has not meaningfully evolved in decades.”
Since going to market in 2023, Sanas says it has grown from $0 to $60 million in annual recurring revenue (ARR) and is on track to surpass $120 million. The company was the top AI company and top data company on the Inc. 5000 list. And as one might expect, its technology is growing in popularity in places known for their business process outsourcing and contact center business. At nearly the same time as the August release of the Inc. 5000, the company announced it was hiring Jack Madrid, president and CEO of the IT & Business Process Association of the Philippines (IBPAP) as its ambassador for the Philippines.
As Site Selection Group CEO King R. White writes in exclusive new analysis in Site Selection’s September issue, “The Philippines and India together account for more than 2.8 million contact center workers and remain the backbone of global offshore delivery.” Sanas, which already works with more than 200 enterprises globally, said that the Philippines “is a key market for Sanas as it brings AI into an industry where Filipino talent already plays a leading role in serving customers around the world.”
“Being named No. 8 on the Inc. 5000 and earning the No. 1 ranking in both AI & Data and California is an incredible honor for the entire Sanas team,” said Sharath Keshava Narayana, co-founder and CEO of Sanas, in a press release, “and a powerful validation of our mission to remove communication barriers and help people connect without limits.”
The Irvine Center of Innovation & Entrepreneurship, announced this summer and to be located Irvine’s Healthcare Corridor, figures to help California add to its roster of fast-growing firms.
Image courtesy of City of Irvine
Delaware and Virginia Top Per-Capita Fast-Growth Territories
Just like last year, if the District of Columbia were a state, its 25 firms, though down from 34 last year, would make the District tops in our analysis of Inc. 5000 firms per capita. As it is, that title is taken by Delaware, which saw a rise of 10 firms to total 37 this year, outdistancing No. 2 Virginia and No. 3 Utah.
With its second-place finish in this category combined with a No. 5 ranking by total number of firms, Virginia is the best-performing state across the board. And again, Colorado shoots up the scoreboard from No. 7 to No. 4. Florida rises from No. 8 to No. 6. Illinois drops out of the top 10, but Arizona, which was No. 13 in the per-capita ranking last year, slides into the No. 10 spot this time around.
Top States by Number of 2026 Inc. 5000 Firms Per Capita
| State | Companies | Companies Per 1M residents |
|---|---|---|
| Delaware | 37 | 35.1744 |
| Virginia | 247 | 28.0325 |
| Utah | 96 | 27.4004 |
| Colorado | 136 | 22.8284 |
| Georgia | 229 | 20.4814 |
| Florida | 470 | 20.1094 |
| Maryland | 119 | 18.9999 |
| Illinois | 228 | 17.9383 |
| Massachusetts | 125 | 17.5163 |
| Arizona | 131 | 17.2769 |
The highest-ranking Inc. 5000 firm in Delaware is No. 50 Nomix Group, an advertising, marketing and PR firm based in Lewes. “Founded by digital media, search and AI veteran Colin Jeavons, Nomix Group encompasses five operating business units: Shopnomix, Appnomix, Fanomix, Pronomix and Creatornomix,” the firm explained in its launch announcement. “Each division is strategically positioned to leverage emerging trends in performance-based commerce technology.”
“Being named in the top 1% of the Inc. 5000 is a tremendous honor and reflects the commitment of our team, partners and clients,” said Jeavons in an August release. “We’re building for where commerce is headed. As discovery becomes increasingly fragmented across AI, creators, content and new digital experiences, brands need partners that can connect those moments into measurable business outcomes. This recognition validates both our growth and our long-term vision.”
AI is also a big part of the picture for Massive, the next-highest-ranked Delaware Inc. 5000 firm at No. 217. The AI and data firm in Claymont offers real-time web access for AI. Among the 10 open positions at the firm (all remote) are job titles such as web scraping engineer and security researcher.
The State of Delaware is doing all it can to further a reputation for innovation in a territory known for a legacy of incorporation. In August, Governor Matt Meyer joined the Delaware Prosperity Partnership (DPP) to announce Innovate Delaware, a new statewide initiative to serve as a central hub to support innovators and better connect them to existing partners and opportunities. “Housed within DPP, Innovate Delaware will broaden the state’s appeal to local startups, attract new emerging companies from beyond the region — particularly those in financial technology, next-generation chemical products, clean energy, sustainable advanced materials and biopharma manufacturing — and enrich Delaware’s business environment for those whose work leads to impactful and scalable advancements,” the state’s announcement said, based on the four pillars of pipeline development, capital attraction, corporate connection and international soft landing.
“Delaware has all the ingredients to lead in innovation,” said Meyer. “We have world-class research institutions, talented entrepreneurs and a prime, central location. Now we have the infrastructure to turn great ideas into great companies.”
Judging by the Inc. 5000 momentum in The First State and other high-performing states, some of those great companies have already launched and headed into orbit.
Watch this space over the coming weeks for additional Site Selection Snapshots naming and exploring top Inc. 5000 metros, cities and industry sectors. Don’t want to miss the next installment? Sign up for the newsletter here.
