Montana

Highlights

• #10 of 50: Startup formation
• #30 of 50: Innovation and patents
• #32 of 50: Economic output and wealth

The seven inputs

Each input is a z-score against the other states: 0 is the average state, and each step is one standard deviation (capped at ±3). Ranks are among the 50 states.

• Venture capital -0.3 #33 of 50
• Startup formation +0.4 #10 of 50
• Scale-ups -0.8 #42 of 50
• Economic output and wealth -0.4 #32 of 50
• Innovation and patents -0.1 #30 of 50
• Talent -1.0 #45 of 50
• Momentum -0.4 #36 of 50

Top companies

The largest companies headquartered in Montana, by latest annual revenue.

1. Fair Isaac Corporation FICO · Industrials · Bozeman, MT $2.0B
2. First Interstate BancSystem Inc. FIBK · Financials · Billings, MT $1.1B
3. Xtant Medical Holdings Inc. XTNT · Healthcare · Belgrade · Bozeman, MT metro $134M
4. Bridger Aerospace Group Holdings Inc. BAER · Industrials · Belgrade · Bozeman, MT metro $123M

Roots Density Data, All Companies (public: SEC filings; private: Forbes Top Private Companies 2025). Ranked by latest annual revenue.

Metros in Montana

• Bozeman, MT #12 of 109 metros 64
• Billings, MT #99 of 109 metros 16