Orange County’s Fastest-Growing Public Companies Are Up 27%

Orange County’s fastest growing public companies are a diverse mix of real estate, biotech, software and hospitality industries. The 25 fastest-growing public companies headquartered in Orange County based on revenue growth from 2022 to 2023 generated $33.6 billion in revenue combined for 2023 – that’s an increase of 27% from the $26.5 billion reported for 2022.

Five Point Leads
The fastest growing public company headquartered in Orange County is Five Point Holdings LLC, an owner and developer of residential mixed-use developments in Orange County, Los Angeles County and San Francisco. The Irvine-based company reported revenue of $212 million in 2023, up by 396% from 2022. Revenues were primarily generated from land sales at its Valencia site, where it closed the sale of land entitled for an aggregate of 729 homesites on approximately 72 acres for $162.4 million. In total, Five Point communities are designed to include approximately 40,000 residential homes and approximately 23 million square feet of commercial space.

“We will continue to closely monitor the market and interest rates; however, we believe that the ongoing housing supply shortage will help sustain strong demand for our land,” said Dan Hedigan, Five Point chief executive, in a statement.

Next-Level Automotive
Electric vehicle manufacturer Rivian Automotive Inc. was the second-fastest-growing company with $4.43 billion in revenue last year, up 167% from the prior year. The Irvine-based automaker produced 57,232 vehicles and delivered 50,122, which more than doubled the totals from 2022. However, growth for 2024 was tempered due to higher interest rates and the company projects to match vehicle production from 2023.

During the first quarter of 2024, Rivian unveiled the newest version of its inventory. The midsize platform underpins R2, R3 and R3X vehicles. Pricing for R2 is expected to start around $45,000, and R3 will be priced below R2 with deliveries expected in 2026.

“Our design and engineering teams are extremely focused on driving innovation into not only the product features but also our approach to manufacturing to achieve dramatically lower costs,” said Rivian founder and chief executive RJ Scaringe, in a statement.

Biotech Growth
Biotech, pharmaceutical and medical device companies account for six of the top 10 fastest-growing public companies headquartered in Orange County. RxSight Inc., an ophthalmic medical device company based in Aliso Viejo, had its initial public offering in 2021 and recently raised an additional $115 million through a secondary public offering that closed in May. The company is dedicated to providing customized vision to patients following cataract surgery.

Axonics Inc., a medical technology company focused on the development and commercialization of differentiated devices to treat urinary and bowel dysfunction, announced plans to be acquired by Boston Scientific Corp. in January for $3.7 billion. This deal had not yet closed as of print time, because the Federal Trade Commission has asked for additional information during the acquisition review process.