New research has revealed that 59% of startups worth over one billion in the U.S. have been founded by immigrants. This comes despite the absence of a dedicated entrepreneur visa in U.S. immigration law. In 2022, Senator Chuck Grassley blocked efforts to include such a provision in the CHIPS and Science Act.
According to a study by National Foundation for American Policy, “immigrants have founded or co-founded 59% (455 of 775) of America’s privately held startup companies valued at $1 billion or more.”
“Moreover, approximately two-thirds (66%) of U.S. billion-dollar companies (unicorns) were founded or cofounded by immigrants or the children of immigrants. Nearly 80% of America’s unicorn companies (privately held, billion-dollar companies) have an immigrant founder or an immigrant in a key leadership role, such as CEO or vice president of engineering,” the study states.
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The research involved interviewing and gathering information on over 700 U.S. startup companies valued at over $1 billion (as of April 2026). These companies are yet to be added on the U.S. stock market, and are tracked by CB Insights and have received venture capital financing.
The study revealed that privately held U.S. billion-dollar startups with immigrant founders have created an average of 833 jobs per company.
Immigrant founders of U.S. billion-dollar companies come from nearly 76 countries. India leads the list, with Indian American entrepreneurs founding 96 companies, followed by Israel (60), the United Kingdom (47), China (41), Canada (30), Russia (23), France (21), Germany (18), Ukraine (16), Australia (14), Pakistan (10), and Romania (10).
The findings come amid ongoing debates over immigration and visa policy under the Trump administration, highlighting the significant role immigrants continue to play in U.S. entrepreneurship and innovation.
Some Congress members like Sen. Alex Padilla (D-CA) and Rep. María Elvira Salazar (R-FL) have recognized the role of immigrants in founding startups. “Immigrants have always and continue to make enormous contributions to the U.S. economy, driving American innovation, entrepreneurship, and job creation,” Padilla said.
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“Immigrant talent is deeply connected to the nation’s economic growth and technological leadership, and the billion-dollar startups founded or cofounded by immigrants are creating hundreds of thousands of jobs in cutting-edge industries. They continue to exemplify the very best of our country, and their outsized role in creating high-growth companies further highlights the importance of empowering immigrant communities,” he added.
Salazar said the study underscores the significant role immigrants play in driving American innovation and economic growth, calling it a longstanding U.S. competitive advantage. She noted that immigrants have helped build startups in sectors such as AI, defense, cybersecurity, and medical research, and argued that the findings demonstrate the need to strengthen the country’s talent pipeline.
If the U.S. wants to remain a global leader in emerging industries and “the world’s top economy,” she said, policymakers should pursue reforms such as the Dignity Act and modernize the high-skilled immigration system.