2026 Edition (Q3) · Refreshed quarterly

We screened for two things that rarely show up together: revenue growth that keeps accelerating and insiders buying their own stock with their own money. Specifically: market cap between $1B and $50B, latest-quarter revenue up at least 25% year over year, revenue rising every quarter for at least the last three, and net insider buying over the past six months. Eleven names passed every filter; the twelfth missed one (noted). For each: the thesis in two sentences, the number that matters, and the risk that would kill it. This is a watchlist, not a buy list — do your own work, size accordingly.

Thesis: The only proven small-launch alternative to SpaceX, transitioning from launch provider to full space-systems company, with Neutron opening the medium-lift market. Revenue up 63% YoY with four straight quarters of sequential growth.
The number: +63.5% YoY revenue, accelerating.
The risk: Neutron delays. The stock prices in a successful ramp; slips push the thesis out years. Also brushing our $50B cap ceiling — the easy multiple expansion may be behind it.

Thesis: The quiet way to own AI data-center buildout — networking and compute hardware for hyperscalers, growing 53% without an AI multiple. Boring name, spectacular tape.
The number: +52.8% YoY revenue at a fraction of pure-AI-play valuations.
The risk: Customer concentration in a handful of hyperscalers; one paused program shows up fast.

Thesis: The full-stack digital bank compounding members and cross-sell, now GAAP-profitable with revenue still growing 40%+. The bear case (rate sensitivity, credit) keeps not happening.
The number: +42.5% YoY revenue with four straight up quarters.
The risk: Credit cycle. A real consumer downturn tests the loan book and the multiple at once.

Thesis: Operations software for the physical economy (fleets, industrial, field) with 30%+ durable growth, high retention, and a data moat that compounds with every connected asset.
The number: +30.5% YoY revenue, sequential growth every quarter.
The risk: Expensive on any near-term multiple; growth deceleration below ~25% would re-rate it hard.

Thesis: Liquid biopsy hitting its inflection — screening (Shield) plus therapy selection growing together, 48% revenue growth in a market that barely existed five years ago.
The number: +48.3% YoY revenue.
The risk: Reimbursement pace and screening adoption; diagnostics stories burn cash longer than anyone models.

Thesis: The consumer-AI product that actually works — AI lowered content costs and raised engagement, driving 26%+ growth with real margins. Insiders buying after the AI-fear drawdown.
The number: Net insider buying while growth holds above 26%.
The risk: If "AI replaces language learning" narratives dent bookings growth for two straight quarters, the premium multiple goes with it.

Thesis: AI-native insurance finally showing the model works: 70% revenue growth, improving loss ratios, and a decade of skepticism priced in.
The number: +70.6% YoY revenue — fastest full-pass name on the list.
The risk: Insurance is a loss-ratio business; one bad cat season resets the story.

Thesis: AI-driven marketing platform growing ~50% and still valued like the market doesn't quite believe it, with insiders adding.
The number: +49.9% YoY revenue at a mid-single-digit revenue multiple.
The risk: Ad-tech gets sold first in any macro wobble; short reports have targeted it before and will again.

Thesis: The default marketing/data platform for e-commerce brands, growing ~28% with best-in-class retention, at a valuation reset far below its IPO hype.
The number: +27.9% YoY revenue, four straight up quarters.
The risk: SMB e-commerce exposure — its customers feel recessions immediately.

Thesis: Tech-native health insurer growing 50%+ with insiders buying the dip in a hated sector — a contrarian setup with real revenue behind it.
The number: +52.6% YoY revenue plus net insider buying.
The risk: Missed one filter (sequential-quarter streak, from seasonal enrollment). Medical-loss ratios and ACA policy risk can swamp everything else.

Thesis: High-speed connectivity for AI clusters — the picks-and-shovels name whose revenue is compounding faster than any semi on our screen.
The number: +157% YoY revenue, four straight up quarters.
The risk: Missed the insider-buying filter, and it's near our cap ceiling after a huge run. Hyperscaler order timing makes quarters lumpy.

Thesis: The purest public quantum-computing play, with revenue (finally) scaling off contracts and acquisitions while insiders add.
The number: +754% YoY revenue — from a small base, driven partly by acquisitions.
The risk: This is the speculative slot on the list, and it's the first cut in any drawdown: commercial quantum advantage remains unproven, and the growth rate is not organic. Size it like the lottery ticket it is.

Prices and figures as of July 23, 2026; sourced from public financial data. The Market Letter is for informational and educational purposes only and is not investment advice. We are not a registered investment adviser. Markets involve risk, including loss of principal. Do your own research. We may hold positions in securities mentioned; we'll disclose when we do.

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