Business News from the Fairfax County Economic Development Authority – June 6

Fairfax County Economic Development Authority Talk of Tysons

17 Fairfax County-based Companies Land on Fortune 1000 List

10 Fairfax County Companies Remain on the Fortune 500

Seventeen Fairfax County-headquartered companies landed on Fortune magazine’s 70th annual Fortune 1000 list, with 10 companies again making the Fortune 500. With the retaining of the 10 companies, Fairfax County is the headquarters location of 40 percent of Virginia’s 25 Fortune 500 companies – the most of any locality in the state. Fairfax County’s Fortune 500 companies combined revenue of $300 billion is 24 percent of the Virginia’s total Fortune 500 companies combined revenue of $1.3 trillion.

Eight of the ten Fairfax County-based companies increased their ranking on the list this year, and one remained on the same spot, with Freddie Mac, the top-ranked company in Virginia, jumping up nine spots to No. 36 on the Fortune 500, posting $108.05 billion in revenue for 2023.

Notably, Tysons-based Hilton, increased 42 spots to No. 389 on the Fortune 500. In addition, Booz Allen Hamilton (Tysons) jumped 30 spots; Leidos (Reston) went up 22; Beacon Roofing Supply (Herndon) increased 20; Capital One (Tysons) rose 15; Northrop Grumman (Falls Church area) went up four, and General Dynamics (Reston) went up one place. SAIC (Reston) stayed on the same spot on the list.

Here are the Fairfax County-based companies that made the 2024 Fortune 1000 list, in order of ranking:

Fairfax County Fortune 1000 Companies
RANKNAMECity REVENUES ($M)
36Freddie MacTysons                            108,050.00
91Capital One FinancialTysons                              49,484.00
104General DynamicsReston                              42,272.00
109Northrop GrummanFalls Church                              39,290.00
266LeidosReston                              15,438.00
389Hilton WorldwideTysons                              10,235.00
406NVRReston                                 9,687.30
422Booz Allen HamiltonTysons                                 9,258.90
429Beacon Roofing SupplyHerndon                                 9,119.80
479SAICReston                                 7,444.00
525CACIReston                                 6,702.50
608ParsonsChantilly                                 5,442.70
653MaximusTysons                                 4,904.70
657NavientHerndon                                 4,828.00
752V2XTysons                                 3,963.10
908TEGNATysons                                 2,910.90
957Park Hotels & ResortsTysons                                 2,698.00
Source: Fortune Magazine

In addition, here are the Fortune 1000 companies located in additional Northern Virginia Economic Development Alliance jurisdictions:

NOVA EDA Fortune 1000 Companies (excluding Fairfax County)
RANKNAMECityCounty REVENUES ($M)
2AmazonArlingtonArlington               574,785.00
52BoeingArlingtonArlington                  77,794.00
55RTXArlingtonArlington                  68,920.00
294DXC TechnologyAshburnLoudoun                  14,430.00
319AESArlingtonArlington                  12,668.00
694Graham HoldingsArlingtonArlington                    4,414.90
941AvalonBay CommunitiesArlingtonArlington                    2,767.90
Source: Fortune Magazine

Fairfax County is the choice location for national and global corporate headquarters of companies looking for unparalleled access to top talent, customers and decision makers to accelerate growth. Click here if you are looking to relocate or establish your next HQ at the doorsteps of the Nation’s Capital – we are here to support your next strategic move.

Notable Fairfax County-based Entrepreneurs to Participate at Wharton DC Innovation Summit

Three Fairfax County-based entrepreneurs will participate in a panel discussion focused on “Pathways to Entrepreneurial Success: Lessons Learned” during the 10th annual Wharton DC Innovation Summit on June 20, 2024. With Fairfax County Economic Development Authority (FCEDA) Director of National Business Investment John Gustavo Blair as moderator, the esteemed panelists will be:

Each of the speakers will discuss the unique pathways to their entrepreneurial success.

With FCEDA as a strategic partner, and presented by The Wharton Club of DC, the 10th annual Wharton DC Innovation Summit will be held at Valo Park Conference Center, 7950 Jones Branch Drive, Tysons.

The summit’s theme, “Create an Innovation Ecosystem: Maximize Your Results,” is based on the premise that “a rising tide raises all boats.” Amidst global challenges and shifting economic environments, the summit provides guidance on a path forward.

Click here to see the schedule of events throughout the day, view the list of speakers, and to register.

About the “Pathways to Success” Panel Participants

Blake Hall is the Co-Founder and CEO of ID.me, the next-generation digital identity network that simplifies how individuals can create a secure, private, and portable digital identity. More than 130 million members can use their ID.me Wallet to easily verify and use their identity across 30 states, 16 federal agencies, and over 600 organizations.

Kendall N. Holbrook is CEO of Dev Technology Group. Ms. Holbrook was promoted to be the top executive of Dev Technology in 2018. Prior to taking on the role of CEO, she was the Vice President of Business Development for the company for eight years. In her 27-year career, she has supported a variety of roles and has honed her skills by working hands-on with government stakeholders to identify IT solutions that help meet their mission requirements.

Steven Chen is an investor, serial entrepreneur, and mentor. Previously he served as the founder and CEO of an Intel Capital portfolio company, 20x exit; CTO and Mergers and Acquisitions for a $150 million public company, $300 million and SBIR contracts; and Chairman of the IEEE 1451.5 standard for Wireless Sensor Networks. Currently Mr. Chen is the founder of two startups, investor in more than 50 companies, and has board roles in more than five companies. His main interests include cyber security, wireless, IoT and data analytics.

Visit https://whartondcinnovation.com/ to learn more and to register.

The countdown begins:
Submit a pitch for the QWC Startup Pitch Competition by June 23!

In response to multiple requests for more time, the deadline to submit for QWC’s Startup Pitch Competition has been extended to Sunday, June 23 at 11:59 PM ET.

If you are an innovative startup or emerging company that is utilizing the convergence of quantum science and technology with adjacent technologies like AI, cybersecurity, optics, photonics, and cryogenics, we want to hear from you. This powerful synergy unlocks possibilities across numerous sectors and industries with innovative solutions that can commercialize and push the boundaries of what’s possible. If you lead a startup or emerging company, apply now.

Please spread the word with your connections to give them the opportunity to pitch to quantum investors and industry experts live on Monday, September 9 at Quantum World Congress 2024 in Tysons, Virginia. The Startup Pitch Competition provides a unique platform for these companies to gain global exposure and a chance to win $25,000.

Google “Cybersecurity”

Fairfax-headquartered George Mason University’s Antonin Scalia Law School‘s National Security Institute’s Cyber and Tech Center (CTC), located in Arlington, Va., and Howard University School of Business (HUSB) have been selected to receive $1 million in support from Google’s Cybersecurity Clinics Fund to establish the NSI CTC – HUSB Cybersecurity Clinic. The funding from Google.org, the company’s philanthropic arm, is part of a $25 million collaboration with the Consortium of Cybersecurity Clinics.  The clinic will be able to provide students critical hands-on practical experience from faculty, lecturers, and mentors, enabling them to provide direct cybersecurity assistance to public critical infrastructure organizations, including state and local governments, K-12 schools, utilities, public hospitals, and small businesses within the Washington, D.C., metropolitan area—all of which are facing a barrage of cybersecurity threats without the resources to address these threats. The region is not only a thriving tech hub, but it also houses numerous universities and other educational institutions that are training the next generation of cybersecurity practitioners. “Scalia Law is thrilled to be partnering with the Howard University School of Business and Google.org on this important effort to educate young leaders and drive positive cybersecurity outcomes in the local community,” said Ken Randall, Allison and Dorothy Rouse Dean and George Mason University Foundation Professor of Law at the Scalia Law School. George Mason News has more.

Sparrow in flight

Reston-based Scout Space, an in-space observation service provider focused on space security and comprehensive Space Domain Awareness (SDA), announced its optical payload dubbed “Sparrow,” launched aboard the SpaceX Transporter-10 mission in March 2024, has successfully completed commissioning and captured its first in-space calibration image, reported SatNow. This achievement represents the successful launch, commissioning, and operation of Scout’s second optical payload—underscoring the company’s commitment to enhancing space safety and improving multi-domain SDA capabilities. “We are pleased to report the successful deployment and operation of our second optical sensor payload in orbit, which captured its first imagery today,” said Philip Hover-Smoot, CEO of Scout Space. “With each successful launch, we move closer to achieving Scout’s vision of enhancing Space Domain Awareness through the proliferation of secure, platform-agnostic sensing solutions. This achievement underscores the dedication of both the Scout team and the Apex team, reflecting our shared commitment to advancing space technology.”

New point in mind

Herndon government contractor and Arlington Capital Partners portfolio company Tyto Athene announced another acquisition, signing an agreement to buy Tysons-based MindPoint Group, one of the largest cybersecurity companies in Greater Washington, according to Washington Business Journal. The deal would be Tyto Athene’s second for a local government contractor under CEO Dennis Kelly, who’s been in the role since March. In April Tyto announced it had acquired Greenbelt, Maryland, aerospace technology company Microtel, whose clients include NASA and other international space agencies. Tyto said its purchase of MindPoint, which it announced Tuesday, is expected to close at the end of June.

Leveraging innovation

Tysons-based Iridium won a long-term U.S. government contract that could be worth $100 million, reported Via Satellite. It has been tapped by the United States Space Force’s Space Systems Command’s Commercial Space Office (COMSO) for Enhanced Mobile Satellite Services (EMSS) capabilities and security sustainment services for a new five-year deal. “This new contract ensures our critical support to the EMSS Service Center well into the future. We have been working with Department of Defense EMSS Program Office for over 20 years, providing the sustainment and security enhancements necessary for our warfighters to execute their missions. The EMSS mission is a perfect example of the U.S. Space Force’s recently released Commercial Space Strategy, leveraging the innovation of Iridium and our valuable partner ecosystem,” Scott Scheimreif, executive vice president, government programs, Iridium, said in a statement.

Healthcare staffing investment

Tysons-based healthcare staffing firm ShiftMed has raised $47 million from unnamed investors, a month after it announced the acquisition of CareerStaff Unlimited, according to a listing on Crunchbase, reported citybiz. The startup, whose investors include Baltimore-based Audacious Capital, has so far $298.2 million since its founding in 2019.

Spine and Orthopedic Center

Reston Hospital Center has carved out a new space for spine and orthopedic surgery patients, one of a handful of projects the HCA Healthcare-owned facility has been advancing in a multiyear expansion to change the way it provides high-demand care, according to Washington Business Journal. The 231-bed hospital at 1850 Town Center Parkway started accepting patients in mid-April to its new Spine and Orthopedic Center.


About the Fairfax County
Economic Development Authority

The Fairfax County Economic Development Authority (FCEDA) promotes Fairfax County, Virginia, as a business and technology center. The FCEDA offers site location and business development assistance, and connections with county and state government agencies, to help companies locate and expand in Fairfax County.

Want to know more about the services of the FCEDA, or how economic development helps Fairfax County? Visit the FCEDA website or e-mail  info@fceda.org.