Over the last few years covering tech, headphone and smartphone maker Nothing has always stood out to me as a bit of an outlier. In 2020, Swedish-born founder Carl Pei dared to launch a challenger smartphone out of London, 13 years after Apple’s iPhone first dropped. Consumer tech hardware is an industry that requires scale to succeed, and Pei could have built Nothing out of larger markets like the US or China. But he chose London for its design and brand-positioning potential, in a move that seems to be paying off.

Nothing’s growth has accelerated in the last two years, with revenues increasing 150% to over $500 million in 2024. Pei says the company is on track to hit $1 billion in sales for 2025, and has collectively sold seven million of its headphones, earbuds and smartphones since la

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