French Tech 120 2026: What will the French economy look like over the next decade?

Artificial intelligence, quantum computing, batteries, biomaterials, next-generation nuclear reactors, but also collaborative logistics, digital tourism and enterprise software. The 2026 French Tech 120 provides a particularly revealing snapshot of the sectors on which France is building its next generation of champions.

The figures reflect the growing strength of this ecosystem. The 120 selected companies generate a combined €11.3 billion in revenue, employ 46,000 people in France and internationally, conduct 38% of their business outside France and operate across 89 countries. More tellingly, 25 companies now possess industrial capabilities spanning 33 production sites across ten French regions.

Beyond their economic performance, this year’s cohort reveals a deeper transformation. For a decade, French Tech was associated with digital platforms, SaaS companies and unicorns. The 2026 French Tech 120 tells a different story: that of an ecosystem where disruptive technologies, industrial ambitions and companies entering the scale-up phase now coexist.

A snapshot of France’s new economy

The established players remain. Doctolib continues to shape Europe’s digital healthcare sector, Qonto has emerged as one of the continent’s leading financial-services providers for SMEs, Back Market is pursuing its international expansion in refurbished electronics, while BlaBlaCar retains its position as a global leader in carpooling.

But the centre of gravity is gradually shifting towards artificial intelligence, quantum computing, cybersecurity, energy, healthcare, space and robotics. Thirty-two companies in the cohort are deeptech businesses, while thirty-seven have received support through the France 2030 programme.

This evolution reflects a change in perspective. The objective is no longer simply to create digital companies capable of growing rapidly, but also to develop technological capabilities considered strategic to the European economy.

Two technological visions of France now coexist

The 2026 cohort effectively brings together two categories of companies. The first consists of champions of technological sovereignty. These include artificial intelligence companies such as Mistral AI, AMI Labs and H Company; quantum computing specialists such as Alice & Bob, Pasqal and Quobly; and companies working in batteries, nuclear energy, robotics and biotechnology.

These businesses are seeking to master fundamental technologies. Their competitive advantage rests on scientific research, patents, industrial infrastructure or computing capabilities.

Alongside them are companies whose main challenge is less technological than operational. These include Shopopop, a specialist in collaborative delivery, and Naboo, a platform dedicated to organising corporate events.

The French Tech 120 is not solely a selection of disruptive technologies. It also remains a programme for companies that have successfully transformed an innovation in usage into a sustainable business.

For Shopopop president Johan Ricaut, joining the French Tech 120 represents above all “an important milestone in the company’s maturity”. After ten years of development, Shopopop views its selection as recognition of “a useful model rooted in local communities”, as well as its ability to build sustainable growth.

The same applies to Naboo. Three and a half years after its launch, the company is joining the French Tech 120 after recording annual growth of more than 200% over each of the past three years and expanding to over 200 employees. For CEO Maxime Eduardo, the selection rewards its ambition to build “a global leader with French roots” in digital tourism.

The real challenge: scaling successfully

Despite their sectoral differences, French Tech 120 companies face a common challenge: scaling.

At Shopopop, growth alone is no longer the priority. The company must now demonstrate that it can expand across Europe profitably. “We want to prove that Shopopop can scale across Europe with discipline, method and profitability,” Johan Ricaut explains.

The approach is different at Naboo, which operates in Paris, London, Hamburg, Barcelona, Montreal, New York, San Francisco, Singapore and Manila. The company is now targeting a far more aggressive change of scale. With a gross transaction value of €200 million, its stated objective is to reach €1 billion within the next twenty-four months. “Our most important metric today is growth,” Maxime Eduardo says.

This contrast illustrates the different trajectories that now make up French Tech. Some companies prioritise profitability and the consolidation of their business model, while others are primarily seeking to accelerate their global expansion. All, however, face the same question: how can they grow without weakening their economic foundations?

The return of industry to French Tech

One of the most striking developments in the 2026 cohort is the return of industrial production, with 33 sites spread across ten French regions. Batteries, biomaterials, photonics, space, electric aviation and robotics: French Tech is now investing in sectors that require substantial physical infrastructure.

Examples abound. Verkor manufactures batteries for electric vehicles, Aura Aero is developing electric regional aircraft, Jimmy is working on nuclear microreactors, Wandercraft is industrialising its exoskeletons, Latitude is preparing its space launch vehicles, while Scintil Photonics is developing critical components for computing infrastructure.

This shift marks a clear break with the image of an ecosystem composed primarily of software publishers.

European ambition, financial challenge

Internationalisation is another defining feature of the 2026 cohort. On average, the selected companies generate more than a third of their revenue internationally and operate in nearly ninety countries.

For the executives interviewed, Europe is emerging as the main playing field.

Shopopop is seeking to reproduce its collaborative delivery model across the continent. Naboo is building a global organisation capable of managing multicultural teams across several continents. Companies working in AI, quantum computing and energy are pursuing the goal of creating champions capable of competing with their American and Chinese rivals.

This ambition nevertheless raises an increasingly central question: funding.

The technologies highlighted this year rank among the most capital-intensive in the global economy. Artificial intelligence, quantum computing, batteries and nuclear power require massive investment over long time horizons.

Asked about Bercy’s priorities, Maxime Eduardo points to the need to continue attracting foreign capital to finance the growth of France’s future champions. Johan Ricaut, meanwhile, emphasises the importance of establishing a clearer framework for companies entering the scale-up phase, particularly regarding European funding.

A new definition of entrepreneurial success

The 2026 French Tech 120 is not merely the story of emerging technologies or spectacular funding rounds. It reflects the evolution of an ecosystem now seeking to reconcile several objectives: developing strategic technologies, rebuilding industrial capabilities, accelerating companies’ international expansion and constructing sustainable business models.

From the quantum laboratories of Pasqal and Alice & Bob to Verkor’s factories, Naboo’s global ambitions and Shopopop’s pursuit of profitability, the same question runs through the entire cohort: how can innovation be transformed into a lasting European champion?

That question is all the more relevant because this is precisely where the next chapter of French Tech will be decided.

The French Tech 120 companies

The 2026 Next40 companies can be viewed on this page.