Emerging

SNF Emerging Watchlist™

Research and monitoring of newly public companies positioned around emerging economic themes.

SNF Emerging Watchlist(TM) tracks newly public companies positioned around emerging economic themes. Inclusion reflects SNF research interest and ongoing monitoring; it is not a recommendation to buy, sell, or hold a security.

New Research Report

SNF Emerging Watchlist™ - September 2026

17 companies, four expanded research profiles, the complete cohort scorecard and the evidence that could change each thesis.

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Watching

Candidates

Last Review

Sep 18, 2026

Themes

Biotechnology / Health Innovation 6AI Infrastructure 3Cybersecurity 2Financial Infrastructure / Fintech 2AI software / design systems 1Defense Technology / Space Systems 1Next-Generation Software 1Nuclear / Advanced Energy 1

Watching

Companies formally admitted to SNF Emerging Watchlist for ongoing research and monitoring.

12 Names

FIGR

Figure Technology Solutions, Inc. - NASDAQ

Watching

Financial Infrastructure / FintechNext-Generation SoftwareInnovative Consumer

Emerging Score

87/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Credit-cycle / marketplace execution

HNGE

Hinge Health, Inc. - NYSE

Watching

Biotechnology / Health InnovationNext-Generation SoftwareInnovative Consumer

Emerging Score

84/100

Confidence

93%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Multi-condition expansion and Cylinder integration

SAIL

SailPoint, Inc. - NASDAQ

Watching

CybersecurityNext-Generation SoftwareFinancial Infrastructure / Fintech

Emerging Score

84/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 18, 20266 evidence

Earnings converted the identity-security thesis into measurable operating validation.

Primary Risk

Sustaining ARR growth while closing the GAAP profitability gap

NTSK

Netskope, Inc. - NASDAQ

Watching

CybersecurityNext-Generation SoftwareAI Infrastructure

Emerging Score

84/100

Confidence

90%

Strong Emerging ProfileReviewed Sep 14, 20267 evidence

Earnings strengthened growth and operating-leverage evidence.

Primary Risk

Sustaining ARR growth while converting scale into durable profitability

CRWV

CoreWeave, Inc. - NASDAQ

Watching

AI InfrastructureData CentersNext-Generation Software

Emerging Score

83/100

Confidence

93%

Strong Emerging ProfileReviewed Sep 18, 20267 evidence

Demand remains exceptional; financing and dilution risk increased.

Primary Risk

Financing intensity, leverage and potential shareholder dilution

FIG

Figma, Inc. - NYSE

Watching

AI software / design systemsProduct development platformDesign collaboration

Emerging Score

83/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

AI infrastructure cost, SBC and margin pressure

CBRS

Cerebras Systems, Inc. - NASDAQ

Watching

AI InfrastructureSemiconductorsData Centers

Emerging Score

83/100

Confidence

91%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Scaling economics and manufacturing/capacity execution

CRCL

Circle Internet Group, Inc. - NYSE

Watching

Financial Infrastructure / FintechNext-Generation SoftwareInnovative Consumer

Emerging Score

82/100

Confidence

90%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Reserve-rate sensitivity

STDN

Standard Nuclear, Inc. - NYSE

Watching

Nuclear / Advanced EnergyPower InfrastructureDefense / Aerospace

Emerging Score

82/100

Confidence

90%

Strong Emerging ProfileReviewed Sep 14, 202611 evidence

Commercial evidence strengthened; classification unchanged.

Primary Risk

Backlog conversion, facility authorization and production scale-up

OMDA

Omada Health, Inc. - NASDAQ

Watching

Biotechnology / Health InnovationNext-Generation SoftwareInnovative Consumer

Emerging Score

81/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Customer/channel concentration and CEO transition

CAI

Caris Life Sciences, Inc. - NASDAQ

Watching

Biotechnology / Health InnovationNext-Generation SoftwareAI Infrastructure

Emerging Score

81/100

Confidence

90%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Reimbursement and clinical adoption

MNTN

MNTN, Inc. - NYSE

Watching

Next-Generation SoftwareInnovative ConsumerAI Infrastructure

Emerging Score

79/100

Confidence

91%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Refreshed September 1 evidence-backed family score.

Primary Risk

Slower top-line growth

Research Candidates

Companies under active SNF research that have not yet been formally admitted to Watching.

5 Names

IOND

Ionic Digital Inc. - Nasdaq

Candidate

AI InfrastructureData CentersHPC Infrastructure

Emerging Score

84/100

Confidence

91%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Structural Theme Relevance

Primary Risk

Execution converting contracted power and development pipeline into durable AI/HPC leasing revenue

LYNX

Lyntris Inc. - NYSE

Candidate

Defense Technology / Space SystemsSensorsSpace ISR

Emerging Score

83/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Structural Theme Relevance

Primary Risk

Government funding concentration, acquisition integration and combined-company execution

LTGO

Latigo Biotherapeutics, Inc. - Nasdaq

Candidate

Biotechnology / Health InnovationNon-Opioid PainIon Channels

Emerging Score

80/100

Confidence

92%

Strong Emerging ProfileReviewed Sep 18, 20266 evidence

Runway and clinical execution strengthened; pivotal proof remains ahead.

Primary Risk

Phase 3 execution and reproducing efficacy at pivotal scale

APMD

Apnimed, Inc. - Nasdaq

Candidate

Biotechnology / Health InnovationSleep MedicineOral Therapeutics

Emerging Score

80/100

Confidence

90%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Structural Theme Relevance

Primary Risk

Binary FDA approval risk and single-asset concentration ahead of the February 28, 2027 PDUFA date

SCTX

Scribe Therapeutics Inc. - Nasdaq

Candidate

Biotechnology / Health InnovationCRISPRCardiometabolic Gene Editing

Emerging Score

77/100

Confidence

84%

Strong Emerging ProfileReviewed Sep 1, 20266 evidence

Structural Theme Relevance

Primary Risk

Early-clinical execution, cash burn and future financing requirements