{ "version": 1, "as_of": "2026-09-21", "note": "Verification pass 2026-07-27: 95 of 128 companies carry a sourced valuation. The remaining 33 keep sources:[] and are shown as unsourced in the UI. Divisions are never valued.", "entities": [ { "id": "perplexity", "name": "Perplexity", "sector": "app", "layer": "app", "kind": "company", "signal": "~$500M rev", "role": "Answer engine; orchestrates up to 20 models per query. Routes as a core competency.", "confidence": "reported", "valuation_musd": 20000, "sources": [ { "title": "Eqvista, Top 100 AI Startups by Valuation", "url": "https://eqvista.com/top-ai-startups-by-valuation/", "as_of": "2026-06-05" } ], "as_of": "2026-06-05", "domain": "perplexity.ai", "region": "us" }, { "id": "glean", "name": "Glean", "sector": "app", "layer": "app", "kind": "company", "signal": "enterprise search", "role": "Indexes internal company data across tools; enterprise knowledge retrieval.", "confidence": "verified", "valuation_musd": 7200, "sources": [ { "title": "Glean press release, Glean raises $150M Series F at a $7.2B valuation, led by Wellington Management", "url": "https://www.glean.com/press/glean-raises-150m-series-f-at-7-2b-valuation-to-accelerate-enterprise-ai-agent-innovation-globally", "as_of": "2025-06-10" }, { "title": "BusinessWire (company release), Glean Raises $150M Series F at $7.2B Valuation to Accelerate Enterprise AI Agent Innovation Globally", "url": "https://www.businesswire.com/news/home/20250610090029/en/Glean-Raises-$150M-Series-F-at-$7.2B-Valuation-to-Accelerate-Enterprise-AI-Agent-Innovation-Globally", "as_of": "2025-06-10" } ], "as_of": "2025-06-10", "domain": "glean.com", "region": "us" }, { "id": "harvey", "name": "Harvey", "sector": "app", "layer": "app", "kind": "company", "signal": "~$400M ARR", "role": "Legal AI for contract review, due diligence, drafting. Flagship vertical-AI proof point; >$400M ARR, 3,000+ customers, and four acquisitions in 2026 (latest: Guardrails AI).", "confidence": "verified", "valuation_musd": 15500, "sources": [ { "title": "Harvey, $550M at a $15.5B valuation co-led by Lightspeed and Diffusion, with Sapphire and Whale Rock (company blog)", "url": "https://www.harvey.ai/blog/harvey-raises-dollar550m-at-a-dollar155b-valuation-to-help-legal-teams-own-their-intelligence", "as_of": "2026-09-09" }, { "title": "TechCrunch, Harvey hits $15.5B valuation, months after reaching $11B", "url": "https://techcrunch.com/2026/09/09/harvey-hits-15-5b-valuation-months-after-reaching-11b/", "as_of": "2026-09-09" }, { "title": "Bloomberg, Legal AI startup Harvey hits $15.6 billion value with $550 million round", "url": "https://www.bloomberg.com/news/articles/2026-09-09/legal-ai-startup-harvey-hits-15-6-billion-value-with-550-million-round", "as_of": "2026-09-09" } ], "as_of": "2026-09-09", "domain": "harvey.ai", "region": "us" }, { "id": "legora", "name": "Legora", "sector": "app", "layer": "app", "kind": "company", "signal": "legal AI", "role": "Swedish legal AI; fastest riser challenging Harvey in the same buyer budget.", "confidence": "verified", "valuation_musd": 5600, "sources": [ { "title": "Legora extends its Series D with $50M at a $5.6B post-money, adding Atlassian and NVentures (NVIDIA) (company newsroom)", "url": "https://legora.com/newsroom/legora-extends-series-d-with-additional-50-million-welcomes-atlassian-and-nventures-as-investors", "as_of": "2026-04-30" }, { "title": "TechCrunch, Legal AI startup Legora hits $5.6B valuation and its battle with Harvey just got hotter", "url": "https://techcrunch.com/2026/04/30/legal-ai-startup-legora-hits-5-6-valuation-and-its-battle-with-harvey-just-got-hotter/", "as_of": "2026-04-30" }, { "title": "CNBC, Swedish legaltech Legora hits $5 billion valuation on a $550M Series D led by Accel", "url": "https://www.cnbc.com/2026/03/10/swedish-ai-legaltech-legora-hits-5-billion-valuation.html", "as_of": "2026-03-10" } ], "as_of": "2026-04-30", "domain": "legora.com", "region": "eu" }, { "id": "clio", "name": "Clio", "sector": "app", "layer": "app", "kind": "company", "signal": "legal practice", "role": "Legal practice management adding AI across the workflow.", "confidence": "verified", "valuation_musd": 5000, "sources": [ { "title": "Clio press release, Clio completes landmark $1B vLex acquisition and announces a $500M Series G at a $5B valuation, led by NEA (TCV, Goldman Sachs Asset Management, Sixth Street Growth and JMI participating)", "url": "https://www.clio.com/about/press/clio-completes-landmark-1b-vlex-acquisition-series-g-5b-valuation/", "as_of": "2025-11-10" }, { "title": "Reuters (via Yahoo Finance), Legal AI firm Clio valued at $5 billion in latest funding round", "url": "https://finance.yahoo.com/news/legal-ai-technology-firm-clio-132734607.html", "as_of": "2025-11-10" } ], "as_of": "2025-11-10", "domain": "clio.com", "region": "other" }, { "id": "openevidence", "name": "OpenEvidence", "sector": "app", "layer": "app", "kind": "company", "signal": "clinical search", "role": "Clinical decision search for physicians; fastest-growing medical AI.", "confidence": "verified", "valuation_musd": 12000, "sources": [ { "title": "Sacra, OpenEvidence revenue & valuation", "url": "https://sacra.com/c/openevidence/", "as_of": "2026-01" } ], "as_of": "2026-01", "domain": "openevidence.com", "region": "us" }, { "id": "abridge", "name": "Abridge", "sector": "app", "layer": "app", "kind": "company", "signal": "clinical notes", "role": "Ambient clinical documentation; converts patient visits into structured notes.", "confidence": "verified", "valuation_musd": 5300, "sources": [ { "title": "Abridge secures a $300M Series E led by a16z, with Khosla Ventures, at a $5.3B valuation (company blog)", "url": "https://www.abridge.com/blog/series-e", "as_of": "2025-06-23" }, { "title": "Modern Healthcare, Abridge raises $300M in Series E funding led by a16z", "url": "https://www.modernhealthcare.com/health-tech/ai/mh-abridge-a16z-khosla-funding-ambient/", "as_of": "2025-06-23" } ], "as_of": "2025-06-23", "domain": "abridge.com", "region": "us" }, { "id": "hippocratic", "name": "Hippocratic AI", "sector": "app", "layer": "app", "kind": "company", "signal": "health agents", "role": "Non-diagnostic healthcare voice agents for patient outreach.", "confidence": "verified", "valuation_musd": 3500, "sources": [ { "title": "Fierce Healthcare, Hippocratic AI lands $126M series C at $3.5B valuation", "url": "https://www.fiercehealthcare.com/ai-and-machine-learning/hippocratic-ai-lands-126m-series-c-expand-patient-facing-ai-agents-fuel-ma", "as_of": "2025-11-03" } ], "as_of": "2025-11-03", "domain": "hippocraticai.com", "region": "us" }, { "id": "radai", "name": "Rad AI", "sector": "app", "layer": "app", "kind": "company", "signal": "radiology", "role": "Radiology reporting automation.", "confidence": "verified", "valuation_musd": 525, "sources": [ { "title": "MobiHealthNews, Rad AI scores $60M Series C at $525M valuation", "url": "https://www.mobihealthnews.com/news/rad-ai-scores-60m-boosting-its-valuation-525m", "as_of": "2025-01-21" } ], "as_of": "2025-01-21", "domain": "radai.com", "region": "us" }, { "id": "anduril", "name": "Anduril", "sector": "app", "layer": "app", "kind": "company", "signal": "defense", "role": "Autonomous defense systems; the largest AI-native defense company. The $61B is the May 2026 Series H - $5B led by Thrive Capital and Andreessen Horowitz - which doubled the June 2025 Series G mark; 2025 revenue was $2.2B and total raised is over $11B. Reported in talks since July 2026 at a valuation around $100B, not closed.", "confidence": "verified", "valuation_musd": 61000, "sources": [ { "title": "Anduril newsroom, Anduril announces a $5B Series H raise led by Thrive Capital and Andreessen Horowitz, valuing the company at $61B", "url": "https://www.anduril.com/news/anduril-announces-usd5b-series-h-raise", "as_of": "2026-05-13" }, { "title": "Bloomberg, Anduril doubles valuation to $61 billion with latest funding, round led by Thrive and Andreessen", "url": "https://www.bloomberg.com/news/articles/2026-05-13/anduril-valued-at-61-billion-in-round-led-by-thrive-andreessen", "as_of": "2026-05-13" }, { "title": "TechCrunch, Anduril raises $5B, doubles valuation to $61B", "url": "https://techcrunch.com/2026/05/13/anduril-raises-5b-doubles-valuation-to-61b/", "as_of": "2026-05-13" }, { "title": "CNBC, Anduril doubles valuation to over $60 billion as defense tech funding boom continues", "url": "https://www.cnbc.com/2026/05/13/anduril-valuation-defense-tech-funding-boom.html", "as_of": "2026-05-13" }, { "title": "Prior mark: TechCrunch, Anduril raises $2.5B Series G at $30.5B valuation led by Founders Fund", "url": "https://techcrunch.com/2025/06/05/anduril-raises-2-5b-at-30-5b-valuation-led-by-founders-fund/", "as_of": "2025-06-05" } ], "as_of": "2026-05-13", "domain": "anduril.com", "region": "us" }, { "id": "helsing", "name": "Helsing", "sector": "app", "layer": "app", "kind": "company", "signal": "defense · EU", "role": "European defense AI; strike drones and battlefield software. Mistral partner. The July 2026 Series E was Europe's largest defence-tech round; investors include Dragoneer, Lightspeed, Iconiq, Goldman Sachs Alternatives, JPMorganChase and CPP Investments, and the company says it stays predominantly European-owned.", "confidence": "verified", "valuation_musd": 18000, "sources": [ { "title": "Helsing, $1.8B Series E at an $18B valuation - Europe's largest defence-tech round (company newsroom)", "url": "https://helsing.ai/newsroom/helsing-raises-1-8bn-in-series-e", "as_of": "2026-07-13" }, { "title": "Bloomberg, Goldman backs drone startup Helsing at $18 billion valuation", "url": "https://www.bloomberg.com/news/articles/2026-07-13/drone-startup-helsing-raises-at-18-billion-with-goldman-backing", "as_of": "2026-07-13" }, { "title": "CNBC, Europe's Anduril rival Helsing raises $1.8 billion at $18 billion valuation", "url": "https://www.cnbc.com/2026/07/13/helsing-fund-raise-defense-18-billion.html", "as_of": "2026-07-13" } ], "as_of": "2026-07-13", "domain": "helsing.ai", "region": "eu" }, { "id": "shieldai", "name": "Shield AI", "sector": "app", "layer": "app", "kind": "company", "signal": "autonomy", "role": "Autonomous flight software for uncrewed aircraft; Hivemind autonomy stack and the X-BAT jet. The March 2026 round funded its acquisition of flight-simulation maker Aechelon and followed a US Air Force CCA award.", "confidence": "verified", "valuation_musd": 12700, "sources": [ { "title": "Shield AI, $1.5B Series G at a $12.7B post led by Advent International, co-led by JPMorganChase's Strategic Investment Group, plus $500M preferred from Blackstone", "url": "https://shield.ai/shield-ai-to-acquire-software-simulation-company-aechelon-and-raise-2b-at-12-7b-valuation/", "as_of": "2026-03-26" }, { "title": "Bloomberg, Shield AI raises $2 billion, doubling valuation to $12.7 billion", "url": "https://www.bloomberg.com/news/articles/2026-03-26/defense-startup-shield-ai-nabs-2-billion-at-12-7-billion-value", "as_of": "2026-03-26" }, { "title": "TechCrunch, Defense startup Shield AI lands $12.7B valuation, up 140%, after US Air Force deal", "url": "https://techcrunch.com/2026/03/26/defense-startup-shield-ai-lands-12-7b-valuation-up-140-after-u-s-air-force-deal/", "as_of": "2026-03-26" } ], "as_of": "2026-03-26", "domain": "shield.ai", "region": "us" }, { "id": "palantir", "name": "Palantir", "sector": "app", "layer": "app", "kind": "company", "signal": "public", "role": "Government and enterprise data/AI platform; the incumbent AI-adjacent giant.", "confidence": "verified", "valuation_musd": 460883, "ticker": "PLTR", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/PLTR/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "palantir.com", "region": "us" }, { "id": "elevenlabs", "name": "ElevenLabs", "sector": "app", "layer": "app", "kind": "company", "signal": "voice", "role": "Voice synthesis, cloning, dubbing. Default voice layer for agents and media. Crossed $500M ARR in April 2026 and took a third Series D close at the same $11B mark, adding BlackRock, Wellington, Santander and NVIDIA's NVentures. First licensing deal with a major label: a multi-year UMG agreement (Sep 2026) for a licensed AI music creation and remix platform. In talks since September 2026 to raise over $500M, with the EU-backed EUR5B Scaleup Europe Fund managed by EQT among the investors in discussion; a July 2026 secondary sale was reported at around $22B. Neither is closed, so the mark stays at the February Series D.", "confidence": "verified", "valuation_musd": 11000, "sources": [ { "title": "ElevenLabs, $500M Series D at $11B led by Sequoia, with a16z, ICONIQ, Lightspeed, Evantic and BOND (company blog)", "url": "https://elevenlabs.io/blog/series-d", "as_of": "2026-02-04" }, { "title": "TechCrunch, ElevenLabs raises $500M from Sequoia at an $11 billion valuation", "url": "https://techcrunch.com/2026/02/04/elevenlabs-raises-500m-from-sequioia-at-a-11-billion-valuation/", "as_of": "2026-02-04" } ], "as_of": "2026-02-04", "domain": "elevenlabs.io", "region": "eu" }, { "id": "runway", "name": "Runway", "sector": "app", "layer": "app", "kind": "company", "signal": "video gen", "role": "Generative video for film and advertising, now pushing into world models for robotics; ~$200M annualized revenue and the Kinetix 3D-motion team in Paris.", "confidence": "verified", "valuation_musd": 5300, "sources": [ { "title": "TechCrunch, Runway $315M Series E at $5.3B led by General Atlantic", "url": "https://techcrunch.com/2026/02/10/ai-video-startup-runway-raises-315m-at-5-3b-valuation-eyes-more-capable-world-models/", "as_of": "2026-02-10" } ], "as_of": "2026-02-10", "domain": "runwayml.com", "region": "us" }, { "id": "synthesia", "name": "Synthesia", "sector": "app", "layer": "app", "kind": "company", "signal": "avatar video", "role": "AI avatar video for corporate training and comms.", "confidence": "verified", "valuation_musd": 4000, "sources": [ { "title": "CNBC, Synthesia $200M Series E at $4B (NVentures, GV)", "url": "https://www.cnbc.com/2026/01/26/nvidia-alphabet-vc-arms-back-synthesia.html", "as_of": "2026-01-26" } ], "as_of": "2026-01-26", "domain": "synthesia.io", "region": "eu" }, { "id": "bfl", "name": "Black Forest Labs", "sector": "app", "layer": "app", "kind": "company", "signal": "image gen", "role": "FLUX open-weight image models; the Stable Diffusion successor team.", "confidence": "verified", "valuation_musd": 3250, "sources": [ { "title": "TechCrunch, Black Forest Labs raises $300M Series B at $3.25B", "url": "https://techcrunch.com/2025/12/01/black-forest-labs-raises-300m-at-3-25b-valuation", "as_of": "2025-12-01" } ], "as_of": "2025-12-01", "domain": "bfl.ai", "region": "eu" }, { "id": "luma", "name": "Luma AI", "sector": "app", "layer": "app", "kind": "company", "signal": "3D · video", "role": "Generative 3D and video from the Dream Machine team; its Ray3 reasoning video model targets film and Hollywood workflows. Partnered with HUMAIN on Project Halo, a 2 GW AI supercluster in Saudi Arabia, as the first customer of HUMAIN's AMD joint venture.", "confidence": "verified", "valuation_musd": 4000, "sources": [ { "title": "PRNewswire (company release), Luma AI raises $900M Series C led by HUMAIN and partners on a 2 gigawatt AI supercluster in Saudi Arabia (AWS, AMD Ventures, a16z, Amplify and Matrix participating)", "url": "https://www.prnewswire.com/news-releases/luma-ai-raises-900-million-series-c-led-by-humain-and-partners-on-2-gigawatt-ai-supercluster-in-saudi-arabia-302620697.html", "as_of": "2025-11-19" }, { "title": "CNBC, Luma AI raises $900 million in funding round led by Saudi AI firm Humain, at about a $4B valuation (the company release does not state the post-money)", "url": "https://www.cnbc.com/2025/11/19/luma-ai-raises-900-million-in-funding-led-by-saudi-ai-firm-humain.html", "as_of": "2025-11-19" } ], "as_of": "2025-11-19", "domain": "lumalabs.ai", "region": "us" }, { "id": "suno", "name": "Suno", "sector": "app", "layer": "app", "kind": "company", "signal": "music gen", "role": "Generative music; the leading text-to-song product. v6 models are trained under licence with Warner Music and BMG, with royalties paid to labels and publishers.", "confidence": "verified", "valuation_musd": 5400, "sources": [ { "title": "Bloomberg, AI music startup Suno raises capital at $5.4 billion valuation ($400M led by Bond, with IVP, Forerunner, USV and Alkeon)", "url": "https://www.bloomberg.com/news/articles/2026-06-03/ai-music-startup-suno-raises-capital-at-5-4-billion-valuation", "as_of": "2026-06-03" }, { "title": "Variety, AI music company Suno raises $400 million at $5.4 billion valuation", "url": "https://variety.com/2026/digital/news/ai-music-suno-funding-round-400-million-5-4-billion-valuation-1236765727/", "as_of": "2026-06-03" } ], "as_of": "2026-06-03", "domain": "suno.com", "region": "us" }, { "id": "canva", "name": "Canva", "sector": "app", "layer": "app", "kind": "company", "signal": "design · marked down", "role": "Design platform with AI generation layered across its editor. Marked down through 2026 as the AI features proved expensive to run: 2026 revenue-growth guidance cut from 30% to 20%, and the independent valuation setting the employee share-issuance price fell to ~$31B. US institutional holders followed through 2026: T. Rowe Price cut its implied mark 9.1% to $38.2B and Franklin Templeton by 6% since January, per filings with the SEC.", "confidence": "reported", "valuation_musd": 31000, "sources": [ { "title": "AFR via Capital Brief, Blackbird and Airtree cut their Canva mark 17% to $34.9B; the independent valuation setting Canva's annual employee share issuance fell from $38.9B to $31B", "url": "https://www.capitalbrief.com/article/12-billion-or-even-less-as-offshore-investors-air-canva-doubts-australias-top-vcs-mark-it-down-c51164d9-eb52-4bcc-89c9-120d375f8598/", "as_of": "2026-08-14" }, { "title": "Bloomberg, Canva employee share sale at $42B valuation (last transaction mark, Aug 2025)", "url": "https://www.bloomberg.com/news/articles/2025-08-20/canva-begins-share-sale-at-42-billion-valuation-in-road-to-ipo", "as_of": "2025-08-20" }, { "title": "Context, not the mark: Forbes Australia, Canva valuation marked down by US titans T. Rowe Price (to $38.2B, -9.1%) and Franklin Templeton (-6%)", "url": "https://www.forbes.com.au/news/innovation/canva-valuation-marked-down-by-us-titans-t-rowe-price-and-franklin-templeton/", "as_of": "2026-09-18" } ], "as_of": "2026-08-14", "domain": "canva.com", "region": "apac" }, { "id": "grammarly", "name": "Grammarly/Superhuman", "sector": "app", "layer": "app", "kind": "company", "signal": "writing", "role": "Writing assistance merged with email; consolidating the productivity AI layer. The legal entity was renamed from Grammarly Inc. to Superhuman Platform Inc. in October 2025 and the company now goes to market as Superhuman, with Grammarly, Coda and Superhuman Mail as products. The $13B is still the November 2021 equity mark - the $1B taken from General Catalyst in May 2025 was non-dilutive revenue-secured financing and set no new price.", "confidence": "reported", "valuation_musd": 13000, "sources": [ { "title": "Last equity mark: $13B round (Nov 2021); May 2025 $1B was nondilutive, no new mark", "url": "https://techcrunch.com/2025/07/01/grammarly-acquires-ai-email-client-superhuman/", "as_of": "2021-11-17" }, { "title": "Grammarly blog (company release), Grammarly rebrands company as Superhuman, introduces Superhuman Suite and Superhuman Go", "url": "https://www.grammarly.com/blog/company/announcing-company-rebrand-to-superhuman/", "as_of": "2025-10-29" } ], "as_of": "2021-11-17", "domain": "grammarly.com", "region": "us" }, { "id": "notion", "name": "Notion", "sector": "app", "layer": "app", "kind": "company", "signal": "workspace", "role": "Workspace with embedded AI; a heavy inference buyer.", "confidence": "reported", "valuation_musd": 11000, "sources": [ { "title": "Sacra/CB Insights, $11B employee tender offer (Jan 2026); S-1 filed Feb 2026", "url": "https://sacra.com/c/notion/", "as_of": "2026-01-26" } ], "as_of": "2026-01-26", "domain": "notion.com", "region": "us" }, { "id": "clay", "name": "Clay", "sector": "app", "layer": "app", "kind": "company", "signal": "GTM data", "role": "Go-to-market data enrichment and outbound automation; 17,000+ customers including Google, OpenAI, Anthropic and Stripe.", "confidence": "verified", "valuation_musd": 7100, "sources": [ { "title": "Clay, $115M Series D at $7.1B led by Wellington Management, with Sequoia, a16z, CapitalG, DST and StepStone (company announcement)", "url": "https://ca.finance.yahoo.com/news/clay-raises-115m-ai-growth-154600423.html", "as_of": "2026-09-09" }, { "title": "SiliconANGLE, Sales automation startup Clay boosts valuation to $7.1B in $115M funding round", "url": "https://siliconangle.com/2026/09/09/sales-automation-startup-clay-boosts-valuation-to-7-1b-in-115m-funding-round/", "as_of": "2026-09-09" } ], "as_of": "2026-09-09", "domain": "clay.com", "region": "us" }, { "id": "writer", "name": "Writer", "sector": "app", "layer": "app", "kind": "company", "signal": "enterprise gen", "role": "Enterprise generative writing with its own Palmyra models.", "confidence": "verified", "valuation_musd": 1900, "sources": [ { "title": "TechCrunch, Writer raises $200M Series C at $1.9B valuation", "url": "https://techcrunch.com/2024/11/12/generative-ai-startup-writer-raises-200m-at-a-1-9b-valuation", "as_of": "2024-11-12" } ], "as_of": "2024-11-12", "domain": "writer.com", "region": "us" }, { "id": "cyera", "name": "Cyera", "sector": "app", "layer": "app", "kind": "company", "signal": "data security", "role": "AI data security posture management; bought Oasis Security for $1B (closed 2026-09-08) to cover non-human and AI-agent identity. Goldman Sachs Alternatives added $400M on 2026-09-22 as an extension of the Series G, explicitly at no new price - the company says it is still worth more than $12B - taking 2026 funding to $1.4B and total capital past $2B, aimed at securing autonomous agents, federal expansion and EMEA/APAC growth.", "confidence": "verified", "valuation_musd": 12000, "sources": [ { "title": "Cyera, $600M at $12B valuation led by Evolution Equity Partners", "url": "https://www.cyera.com/press-releases/cyera-raises-600-million-at-12-billion-valuation-to-continue-building-the-trust-layer-for-the-ai-era", "as_of": "2026-06-10" }, { "title": "Reuters, Data security firm Cyera raises $600 million at $12 billion valuation", "url": "https://www.tradingview.com/news/reuters.com,2026:newsml_L6N42I0RT:0-data-security-firm-cyera-raises-600-million-at-12-billion-valuation/", "as_of": "2026-06-10" } ], "as_of": "2026-06-10", "domain": "cyera.io", "region": "other" }, { "id": "abnormal", "name": "Abnormal", "sector": "app", "layer": "app", "kind": "company", "signal": "email security", "role": "Behavioral AI for email attack detection.", "confidence": "verified", "valuation_musd": 5100, "sources": [ { "title": "CNBC, Abnormal Series D at $5.1B valuation", "url": "https://www.cnbc.com/2024/08/06/new-funding-values-email-security-firm-abnormal-at-more-than-5-billion.html", "as_of": "2024-08-06" } ], "as_of": "2024-08-06", "domain": "abnormal.ai", "region": "us" }, { "id": "ramp", "name": "Ramp", "sector": "app", "layer": "app", "kind": "company", "signal": "fintech", "role": "Spend management applying AI to finance workflows.", "confidence": "verified", "valuation_musd": 44000, "sources": [ { "title": "Ramp, $750M Series F at a $44B valuation led by ICONIQ, GIC and Ontario Teachers' Pension Plan (company release)", "url": "https://www.prnewswire.com/news-releases/ramp-raises-series-f-at-44-billion-valuation-302791103.html", "as_of": "2026-06-04" }, { "title": "TechCrunch, Ramp raises $750M at $44B valuation as investors hunger for fintechs with an AI story", "url": "https://techcrunch.com/2026/06/04/ramp-raises-750m-at-44b-valuation-as-investors-hunger-for-fintechs-with-an-ai-story/", "as_of": "2026-06-04" }, { "title": "CNBC, Ramp hits $44 billion valuation as companies look to rein in AI spending", "url": "https://www.cnbc.com/2026/06/04/ramp-valuation-funding-ai-spend.html", "as_of": "2026-06-04" } ], "as_of": "2026-06-04", "domain": "ramp.com", "region": "us" }, { "id": "venice", "name": "Venice", "sector": "app", "layer": "app", "kind": "company", "signal": "~$70M ARR", "role": "Privacy-first AI with VVV token; routes by privacy tier including TEE-backed confidential inference.", "confidence": "reported", "valuation_musd": 1000, "sources": [ { "title": "Motley Fool, reported $65M raise at $1B (Jul 2026); VVV token is not equity", "url": "https://www.fool.com/investing/2026/07/18/vc-investors-just-valued-this-company-at-1-billion/", "as_of": "2026-07-18" } ], "as_of": "2026-07-18", "domain": "venice.ai", "region": "us" }, { "id": "characterai", "name": "Character.AI", "sector": "app", "layer": "app", "kind": "company", "signal": "companion", "role": "Consumer companion chat; huge open-model inference consumer. Lost its CEO on 2026-09-18: Karandeep Anand left to become Disney's first chief technology officer, effective 2026-10-02, with a number of Character.AI's technical staff expected to follow him - the second time the company has been hollowed out by a larger firm, after Google licensed its technology and rehired its founders in 2024. The $1B mark is contested and unpriced: reports since the Google deal range from ~$1B to $5B, and the company is said to be weighing a sale or a new raise above $1B.", "confidence": "reported", "valuation_musd": 1000, "sources": [ { "title": "Contested post-Google-deal: reports range ~$1B (most recent) to $5B; 2024 Google licensing deal was $2.7B", "url": "https://stockanalysis.com/private/character-ai/", "as_of": "2026-01-15" } ], "as_of": "2026-01-15", "domain": "character.ai", "region": "us" }, { "id": "waymo", "name": "Waymo", "sector": "physical", "layer": "physical", "kind": "company", "signal": "robotaxi", "role": "Alphabet's autonomous driving arm; the most mature AV deployment. The $126B is the February 2026 round, more than double the $45B Series C of October 2024, funding expansion to roughly a dozen more US cities and to London, its first international market.", "confidence": "verified", "valuation_musd": 126000, "sources": [ { "title": "Waymo, $16B investment round at a $126B valuation led by Sequoia, DST Global and Dragoneer, with Alphabet as majority investor (company blog)", "url": "https://waymo.com/blog/2026/02/waymo-raises-usd16-billion-investment-round/", "as_of": "2026-02-02" }, { "title": "CNBC, Waymo announces $16 billion funding round", "url": "https://www.cnbc.com/2026/02/02/waymo-announced-16-billion-fundraising-round.html", "as_of": "2026-02-02" }, { "title": "Bloomberg, Waymo raises $16 billion from Alphabet, others to expand service", "url": "https://www.bloomberg.com/news/articles/2026-02-02/waymo-raises-16-billion-from-alphabet-others-to-expand-service", "as_of": "2026-02-02" } ], "as_of": "2026-02-02", "domain": "waymo.com", "region": "us" }, { "id": "figure", "name": "Figure AI", "sector": "physical", "layer": "physical", "kind": "company", "signal": "humanoid", "role": "Humanoid robots; $39B on minimal revenue - the purest physical-AI bet. The mark is the Sep 2025 Series C post-money.", "confidence": "verified", "valuation_musd": 39000, "sources": [ { "title": "Figure, Figure exceeds $1B in Series C funding at $39B post-money valuation (led by Parkway Venture Capital; NVIDIA, Intel Capital, Microsoft, Brookfield and the OpenAI Startup Fund participating)", "url": "https://www.figure.ai/news/series-c", "as_of": "2025-09" }, { "title": "PR Newswire, Figure exceeds $1B in Series C funding at $39B post-money valuation", "url": "https://www.prnewswire.com/news-releases/figure-exceeds-1b-in-series-c-funding-at-39b-post-money-valuation-302556936.html", "as_of": "2025-09" } ], "as_of": "2025-09", "domain": "figure.ai", "region": "us" }, { "id": "appliedint", "name": "Applied Intuition", "sector": "physical", "layer": "physical", "kind": "company", "signal": "AV software", "role": "Autonomy software for automotive and defense vehicle programs.", "confidence": "verified", "valuation_musd": 15000, "sources": [ { "title": "Applied Intuition closes a $600M Series F and tender offer at a $15B valuation, co-led by BlackRock-managed funds and Kleiner Perkins (company release)", "url": "https://www.prnewswire.com/news-releases/applied-intuition-closes-series-f-at-15-billion-valuation-accelerating-vehicle-intelligence-across-all-moving-machines-302483698.html", "as_of": "2025-06-17" }, { "title": "TechCrunch, Applied Intuition raises $600 million as it pushes further into defense", "url": "https://techcrunch.com/2025/06/17/applied-intuition-raises-600-million-as-it-pushes-further-into-defense", "as_of": "2025-06-17" } ], "as_of": "2025-06-17", "domain": "appliedintuition.com", "region": "us" }, { "id": "unitree", "name": "Unitree", "sector": "physical", "layer": "physical", "kind": "company", "signal": "robots · 688836", "role": "Chinese humanoid and quadruped maker; aggressive price leadership. First listed humanoid robot maker - STAR debut Aug 19, 2026, +460% day one.", "confidence": "verified", "valuation_musd": 29630, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/688836.SS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "unitree.com", "region": "cn", "ticker": "688836.SS", "valuation_live": true, "shares_m": 404.5 }, { "id": "nuro", "name": "Nuro", "sector": "physical", "layer": "physical", "kind": "company", "signal": "delivery AV", "role": "Autonomous delivery vehicles, now licensing its driver stack - Uber and Lucid run the Nuro Driver in a next-generation robotaxi service. The $203M Series E was a down round: its $8.6B peak dates to a $600M Series D in November 2021.", "confidence": "verified", "valuation_musd": 6000, "sources": [ { "title": "Nuro, Series E financing at a $6B valuation (company blog)", "url": "https://www.nuro.ai/blog/nuro-announces-series-e-financing-at-6b-valuation-backed-by-leading-financial-and-strategic-investors", "as_of": "2025-04" }, { "title": "Nuro closes the $203M Series E, final tranche co-led by new strategic investors NVIDIA and Uber (company blog)", "url": "https://www.nuro.ai/blog/nuro-closes-203-million-series-e-financing-to-advance-its-ai-first-self-driving-technology-and-commercial-partnerships", "as_of": "2025-08-22" }, { "title": "The Robot Report, Nuro closes $203M to propel AI-first self-driving tech, commercial partnerships", "url": "https://www.therobotreport.com/nuro-closes-203m-propel-ai-first-self-driving-tech-commercial-partnerships/", "as_of": "2025-08-22" } ], "as_of": "2025-08-22", "domain": "nuro.ai", "region": "us" }, { "id": "pi", "name": "Physical Intelligence", "sector": "physical", "layer": "physical", "kind": "company", "signal": "robot FM", "role": "Foundation models for robot control across hardware platforms.", "confidence": "reported", "valuation_musd": 5600, "sources": [ { "title": "Series B at $5.6B (last closed mark); Mar 2026 talks at ~$11B reported by Bloomberg, no confirmed close", "url": "https://techcrunch.com/2026/03/27/physical-intelligence-is-reportedly-in-talks-to-raise-1-billion-again/", "as_of": "2026-03-27" } ], "as_of": "2026-03-27", "domain": "physicalintelligence.company", "region": "us" }, { "id": "skild", "name": "Skild AI", "sector": "physical", "layer": "physical", "kind": "company", "signal": "robot brain", "role": "General-purpose robot brain trained across embodiments. The January 2026 Series C, led by SoftBank with NVIDIA and Samsung, more than tripled the $4.5B mark it carried seven months earlier.", "confidence": "verified", "valuation_musd": 14000, "sources": [ { "title": "Skild AI, $1.4B Series C led by SoftBank at a valuation above $14B, with NVIDIA, Samsung, Macquarie and 1789 Capital (company announcement)", "url": "https://www.businesswire.com/news/home/20260114335623/en/Skild-AI-Raises-$1.4B-Now-Valued-Over-$14B", "as_of": "2026-01-14" }, { "title": "Bloomberg, Robotics startup Skild AI valued above $14 billion in new funding round", "url": "https://www.bloomberg.com/news/articles/2026-01-14/robotics-startup-skild-valued-above-14-billion-after-softbank-led-funding-round", "as_of": "2026-01-14" }, { "title": "TechCrunch, Robotics software maker Skild AI hits $14B valuation", "url": "https://techcrunch.com/2026/01/14/robotic-software-maker-skild-ai-hits-14b-valuation/", "as_of": "2026-01-14" } ], "as_of": "2026-01-14", "domain": "skild.ai", "region": "us" }, { "id": "onex", "name": "1X", "sector": "physical", "layer": "physical", "kind": "company", "signal": "home humanoid", "role": "Humanoid robots aimed at domestic deployment; the NEO home robot is priced at $20,000 with US deliveries from 2026. The $820M mark is the last one anybody confirmed and is almost certainly far out of date - 1X sought $1B at a $10B valuation in autumn 2025 and is reported to have raised less than half of that without disclosing a price, and SoftBank has been in talks since 2026-08-27 for a majority stake at about $6B (The Information). No newer post-money has been published, so the mark stands rather than being guessed at.", "confidence": "reported", "valuation_musd": 820, "sources": [ { "title": "Sacra/The Information: $820M (Jan 2025); ~$10B Series C targeted but not confirmed closed", "url": "https://sacra.com/c/1x-technologies/", "as_of": "2025-01-15" } ], "as_of": "2025-01-15", "domain": "1x.tech", "region": "eu" }, { "id": "cursor", "name": "Cursor / Anysphere", "sector": "agent", "layer": "agent", "kind": "division", "signal": "division", "role": "AI code editor. Bought by SpaceX for $60B in all-stock (closed Aug 14 2026), the largest startup acquisition on record; runs as a SpaceX division. Trains partly on Kimi K-series.", "confidence": "verified", "sources": [ { "title": "CNBC, SpaceX to acquire Cursor for $60 billion (closed 2026-08-14)", "url": "https://www.cnbc.com/2026/06/16/spacex-spcx-cursor-acquisition-ipo.html", "as_of": "2026-08-14" } ], "as_of": "2026-08-14", "domain": "cursor.com", "region": "us", "parent": "spacex" }, { "id": "poolside", "name": "Poolside", "sector": "agent", "layer": "agent", "kind": "company", "signal": "code models", "role": "Code foundation models with its own compute buildout.", "confidence": "reported", "valuation_musd": 12000, "sources": [ { "title": "Bloomberg via Newcomer, NVIDIA pays $6B to license Poolside Model Factory and invests $1B at a $12B pre-money (Aug 2026); ~100 engineers move to NVIDIA", "url": "https://www.bloomberg.com/news/articles/2026-08-20/nvidia-to-pay-ai-startup-poolside-a-6-billion-license-newcomer-says", "as_of": "2026-08-20" } ], "as_of": "2026-08-20", "domain": "poolside.ai", "region": "eu" }, { "id": "sierra", "name": "Sierra", "sector": "agent", "layer": "agent", "kind": "company", "signal": "CX agents", "role": "Customer-experience agents; Bret Taylor's company. ~$200M ARR at the May 2026 Series E.", "confidence": "verified", "valuation_musd": 15800, "sources": [ { "title": "TechCrunch, Sierra raises $950M as the race to own enterprise AI gets serious (Series E at a $15.8B post, led by Tiger Global and GV)", "url": "https://techcrunch.com/2026/05/04/sierra-raises-950m-as-the-race-to-own-enterprise-ai-gets-serious/", "as_of": "2026-05-04" }, { "title": "CNBC, Bret Taylor's Sierra raises nearly $1B in latest AI capital push", "url": "https://www.cnbc.com/2026/05/04/bret-taylor-sierra-fundraise-openai.html", "as_of": "2026-05-04" } ], "as_of": "2026-05-04", "domain": "sierra.ai", "region": "us" }, { "id": "cognition", "name": "Cognition", "sector": "agent", "layer": "agent", "kind": "company", "signal": "Devin", "role": "Autonomous software engineering agent; absorbed Windsurf.", "confidence": "verified", "valuation_musd": 48000, "sources": [ { "title": "Cognition, $2B Series E at $48B post led by a16z, Accel, Founders Fund, General Catalyst and Avenir; $900M ARR (company blog via TechCrunch)", "url": "https://techcrunch.com/2026/09/08/cognition-hits-48b-valuation-signaling-investors-believe-ai-coding-is-far-from-a-winner-take-all-market/", "as_of": "2026-09-08" } ], "as_of": "2026-09-08", "domain": "cognition.ai", "region": "us" }, { "id": "vercel", "name": "Vercel", "sector": "agent", "layer": "agent", "kind": "company", "signal": "AI Gateway", "role": "Dev platform whose AI Gateway routes inference for 200K+ teams.", "confidence": "verified", "valuation_musd": 9300, "sources": [ { "title": "Vercel, $300M Series F co-led by Accel and GIC at a $9.3B post-money valuation (company blog)", "url": "https://vercel.com/blog/series-f", "as_of": "2025-09-30" } ], "as_of": "2025-09-30", "domain": "vercel.com", "region": "us" }, { "id": "lovable", "name": "Lovable", "sector": "agent", "layer": "agent", "kind": "company", "signal": "vibe coding", "role": "Prompt-to-app builder; fastest European SaaS ramp.", "confidence": "verified", "valuation_musd": 13300, "sources": [ { "title": "Lovable, $400M Series C at $13.3B led by Menlo Ventures and EQT Scaleup Europe Fund; Tencent among new investors", "url": "https://lovable.dev/blog/series-c", "as_of": "2026-08-12" } ], "as_of": "2026-08-12", "domain": "lovable.dev", "region": "eu" }, { "id": "decagon", "name": "Decagon", "sector": "agent", "layer": "agent", "kind": "company", "signal": "support agents", "role": "AI customer support agents for enterprise.", "confidence": "verified", "valuation_musd": 4500, "sources": [ { "title": "Bloomberg, Decagon raises $250M Series D at $4.5B (Coatue/Index)", "url": "https://www.bloomberg.com/news/articles/2026-01-28/ai-customer-support-startup-decagon-valued-at-4-5-billion", "as_of": "2026-01-28" } ], "as_of": "2026-01-28", "domain": "decagon.ai", "region": "us" }, { "id": "replit", "name": "Replit", "sector": "agent", "layer": "agent", "kind": "company", "signal": "agent IDE", "role": "Browser IDE turned autonomous app-building agent.", "confidence": "verified", "valuation_musd": 9000, "sources": [ { "title": "Replit, $400M at a $9B valuation led by Georgian, with Coatue, a16z, Y Combinator and Databricks Ventures (company announcement)", "url": "https://replit.com/news/funding-announcement", "as_of": "2026-03-11" }, { "title": "TechCrunch, Replit snags $9B valuation 6 months after hitting $3B", "url": "https://techcrunch.com/2026/03/11/replit-snags-9b-valuation-6-months-after-hitting-3b", "as_of": "2026-03-11" } ], "as_of": "2026-03-11", "domain": "replit.com", "region": "us" }, { "id": "openrouter", "name": "OpenRouter", "sector": "gateway", "layer": "agent", "kind": "company", "signal": "25T tok/wk", "role": "Model router across providers; owns no GPUs. One API, no lock-in. Being acquired by Stripe for over $7B; continues to operate independently.", "confidence": "reported", "valuation_musd": 7000, "sources": [ { "title": "Stripe newsroom, Stripe agrees to acquire OpenRouter (terms not disclosed)", "url": "https://stripe.com/newsroom/news/stripe-agrees-to-acquire-openrouter", "as_of": "2026-08-19" }, { "title": "Bloomberg, Stripe finalizes deal to acquire OpenRouter for over $7 billion", "url": "https://www.bloomberg.com/news/articles/2026-08-16/stripe-nears-deal-to-buy-ai-firm-openrouter-for-over-7-billion", "as_of": "2026-08-16" } ], "as_of": "2026-08-19", "domain": "openrouter.ai", "region": "us" }, { "id": "stripe", "name": "Stripe", "sector": "gateway", "layer": "agent", "kind": "company", "signal": "bought OpenRouter", "role": "Payments infrastructure company; bought OpenRouter for over $7B to make model routing and token metering a billing primitive for AI products.", "confidence": "reported", "valuation_musd": 159000, "sources": [ { "title": "CNBC, Stripe valued at $159B in tender offer for employees and shareholders", "url": "https://www.cnbc.com/2026/02/24/stripe-value-stock-sale-tender-offer.html", "as_of": "2026-02-24" } ], "as_of": "2026-02-24", "domain": "stripe.com", "region": "us" }, { "id": "langchain", "name": "LangChain", "sector": "agent", "layer": "agent", "kind": "company", "signal": "agent framework", "role": "Agent orchestration framework plus LangSmith observability.", "confidence": "verified", "valuation_musd": 1250, "sources": [ { "title": "LangChain blog, $125M Series B at $1.25B led by IVP", "url": "https://www.langchain.com/blog/series-b", "as_of": "2025-10-20" } ], "as_of": "2025-10-20", "domain": "langchain.com", "region": "us" }, { "id": "anthropic", "name": "Anthropic", "sector": "lab", "layer": "lab", "kind": "company", "signal": "$47B ARR", "role": "Frontier lab behind the Claude model family. $65B Series H at $965B; confidential S-1 on file, with the listing now reported (WSJ, Sep 2026) to be pushed to November so Q3 results can be shown; the most valuable AI company. Amodei committed in September 2026 to give third-party evaluators permanent employee-level access to Anthropic's systems, a pledge OpenAI said it would match, and on 2026-09-12 published 'We Must Pace the Frontier', arguing the industry should slow capability gains - Altman and Musk both said they agreed; Trump publicly rejected the call two days later.", "confidence": "verified", "valuation_musd": 965000, "sources": [ { "title": "Anthropic, $65B Series H at a $965B post-money valuation, led by Altimeter, Dragoneer, Greenoaks and Sequoia (company announcement)", "url": "https://www.anthropic.com/news/series-h", "as_of": "2026-05-28" }, { "title": "TechCrunch, Anthropic raises $65 billion, nears $1T valuation ahead of IPO", "url": "https://techcrunch.com/2026/05/28/anthropic-raises-65-billion-nears-1t-valuation-ahead-of-ipo/", "as_of": "2026-05-28" } ], "as_of": "2026-05-28", "domain": "anthropic.com", "region": "us" }, { "id": "openai", "name": "OpenAI", "sector": "lab", "layer": "lab", "kind": "company", "signal": "$25B+ ARR", "role": "Frontier lab behind ChatGPT and the GPT-6 Astra family (Sep 2026). The $852B is the March 2026 round, reaffirmed by an August employee tender at the same flat mark. A confidential S-1 is on file, but Altman ruled out a 2026 listing in September, calling it an 'ill-advised moment' to go public given safety work. Reported in September 2026 (WSJ) to have bought AI camera startup Glass Imaging for over $300M for its consumer-hardware push; neither company has confirmed it. Investors approached the company in September about a new round at over $1.2T (reported as high as ~$1.5T) that would also let employees sell - early talks, investor-initiated, unconfirmed.", "confidence": "verified", "valuation_musd": 852000, "sources": [ { "title": "OpenAI, $122B raised at an $852B post-money valuation; SoftBank co-led, Amazon $50B, NVIDIA and SoftBank $30B each (company announcement)", "url": "https://openai.com/index/accelerating-the-next-phase-ai/", "as_of": "2026-03-31" }, { "title": "Bloomberg, OpenAI valued at $852 billion after completing $122 billion round", "url": "https://www.bloomberg.com/news/articles/2026-03-31/openai-valued-at-852-billion-after-completing-122-billion-round", "as_of": "2026-03-31" }, { "title": "CNBC, OpenAI closes funding round at an $852 billion valuation", "url": "https://www.cnbc.com/2026/03/31/openai-funding-round-ipo.html", "as_of": "2026-03-31" } ], "as_of": "2026-03-31", "domain": "openai.com", "region": "us" }, { "id": "xai", "name": "xAI", "sector": "lab", "layer": "lab", "kind": "division", "signal": "division", "role": "Frontier lab behind Grok; SpaceX division since the Feb 2026 all-stock merger (xAI leg valued at $250B, combined $1.25T). Colossus is the largest single-site cluster.", "confidence": "verified", "sources": [ { "title": "CNBC/Bloomberg, SpaceX absorbs xAI at a combined $1.25T (xAI leg $250B)", "url": "https://www.cnbc.com/2026/02/02/spacex-xai-merger.html", "as_of": "2026-02-02" } ], "as_of": "2026-02-02", "domain": "x.ai", "region": "us", "parent": "spacex" }, { "id": "deepmind", "name": "Google DeepMind", "sector": "lab", "layer": "lab", "kind": "division", "signal": "division", "role": "Alphabet's model lab. Gemini family, runs largely on in-house TPUs.", "confidence": "verified", "parent": "alphabet", "sources": [], "as_of": "2026-07", "domain": "deepmind.google", "region": "us" }, { "id": "metaai", "name": "Meta AI / Llama", "sector": "lab", "layer": "lab", "kind": "division", "signal": "division", "role": "Open-weight Llama models plus enormous internal capex.", "confidence": "verified", "parent": "meta", "sources": [], "as_of": "2026-07", "domain": "meta.com", "region": "us" }, { "id": "tml", "name": "Thinking Machines", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Murati lab", "role": "AI lab building tooling for customizing frontier models; founded by Mira Murati; among the largest seed-stage valuations ever.", "confidence": "verified", "valuation_musd": 12000, "sources": [ { "title": "TechCrunch, Thinking Machines Lab closes $2B seed at $12B led by Andreessen Horowitz, with NVIDIA, AMD, Accel, Cisco, ServiceNow and Jane Street", "url": "https://techcrunch.com/2025/07/15/mira-muratis-thinking-machines-lab-is-worth-12b-in-seed-round/", "as_of": "2025-07-15" } ], "as_of": "2025-07-15", "domain": "thinkingmachines.ai", "region": "us" }, { "id": "ssi", "name": "Safe Superintelligence", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Sutskever", "role": "Research lab pursuing safe superintelligence directly; founded by Ilya Sutskever. No product, pure research bet.", "confidence": "reported", "valuation_musd": 32000, "sources": [ { "title": "TechCrunch (relaying the FT), OpenAI co-founder Ilya Sutskever's Safe Superintelligence reportedly valued at $32B on a $2B round led by Greenoaks, with a16z, Lightspeed, DST, Alphabet and NVIDIA", "url": "https://techcrunch.com/2025/04/12/openai-co-founder-ilya-sutskevers-safe-superintelligence-reportedly-valued-at-32b/", "as_of": "2025-04-12" }, { "title": "Calcalist/CTech, Ilya Sutskever's Safe Superintelligence raises $2B at $32B valuation - with no product yet", "url": "https://www.calcalistech.com/ctechnews/article/hjfywdtajl", "as_of": "2025-04-14" }, { "title": "Computing, Alphabet and Nvidia back Ilya Sutskever's Safe Superintelligence (Google Cloud supplies TPUs)", "url": "https://www.computing.co.uk/news/2025/ai/alphabet-and-nvidia-back-sutskever-ssi", "as_of": "2025-04-14" } ], "as_of": "2025-04-12", "domain": "ssi.inc", "region": "us" }, { "id": "mistral", "name": "Mistral", "sector": "lab", "layer": "lab", "kind": "company", "signal": "$400M ARR · FR", "role": "Paris lab building open-weight frontier models with sovereign positioning; Europe's champion. ~$23B round; ASML partnership.", "confidence": "verified", "valuation_musd": 24390, "sources": [ { "title": "Mistral AI, EUR3B Series D at EUR21B (~$24.4B) post led by Samsung Electronics, EQT Scaleup Europe Fund and PSG Equity (company-announced)", "url": "https://techcrunch.com/2026/09/08/mistral-raises-e3b-as-sovereign-ai-becomes-big-business/", "as_of": "2026-09-08" } ], "as_of": "2026-09-08", "domain": "mistral.ai", "region": "eu" }, { "id": "reflection", "name": "Reflection AI", "sector": "lab", "layer": "lab", "kind": "company", "signal": "open frontier", "role": "US open-weight frontier lab positioned against Chinese open models.", "confidence": "verified", "valuation_musd": 25000, "sources": [ { "title": "Reflection AI news / CNBC Squawk Box, CEO confirms $2.5B round closed at $25B pre-money", "url": "https://reflection.ai/news", "as_of": "2026-04-23" } ], "as_of": "2026-04-23", "domain": "reflection.ai", "region": "us" }, { "id": "cohere", "name": "Cohere", "sector": "lab", "layer": "lab", "kind": "company", "signal": "enterprise · CA", "role": "Enterprise-focused models with on-prem and sovereign deployments; expanded to AMD Instinct GPU infrastructure alongside NVIDIA in Sep 2025. Signed a definitive combination agreement with Germany's Aleph Alpha on 2026-09-16 at a reported ~$20B, formalising an April framework: one company dual-headquartered in Berlin and Toronto, 1,000+ staff, pitched as a transatlantic sovereign-AI alternative for regulated and public-sector buyers. Not closed - it needs regulatory approval, and the Series E that prices it (Schwarz Group committing $600M) is still to come.", "confidence": "reported", "valuation_musd": 20000, "sources": [ { "title": "Cohere and Aleph Alpha sign a definitive combination agreement at a reported ~$20B valuation; dual HQ Berlin/Toronto, subject to regulatory approval, with Schwarz Group committing $600M to an upcoming Cohere Series E", "url": "https://siliconangle.com/2026/09/16/cohere-and-aleph-alpha-agree-to-merge-in-reported-20b-deal/", "as_of": "2026-09-16" }, { "title": "Reuters via Yahoo Finance, Cohere and Aleph Alpha combine to target the enterprise AI market", "url": "https://finance.yahoo.com/news/cohere-aleph-alpha-combine-target-132337990.html", "as_of": "2026-09-16" }, { "title": "CNBC, Cohere to acquire German AI company Aleph Alpha as it looks to expand in Europe (the April framework agreement)", "url": "https://www.cnbc.com/2026/04/24/cohere-aleph-alpha-germany-ai-europe-expansion.html", "as_of": "2026-04-24" }, { "title": "TechCrunch, Cohere acquires and merges with Germany-based Aleph Alpha to create a 'transatlantic AI powerhouse'", "url": "https://techcrunch.com/2026/04/24/cohere-acquires-merges-with-german-based-startup-to-create-a-transatlantic-ai-powerhouse/", "as_of": "2026-04-24" }, { "title": "Prior mark: TechCrunch, Cohere hits $7B valuation a month after its last raise, partners with AMD ($100M second close of the $500M round)", "url": "https://techcrunch.com/2025/09/24/cohere-hits-7b-valuation-a-month-after-its-last-raise-partners-with-amd", "as_of": "2025-09-24" } ], "as_of": "2026-09-16", "domain": "cohere.com", "region": "other" }, { "id": "ai21", "name": "AI21", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Israel", "role": "Israeli lab; Jamba hybrid architecture.", "confidence": "verified", "valuation_musd": 1400, "sources": [ { "title": "AI21 blog, Series C at $1.4B (Aug 2023, ext. to $208M); May 2025 Series D $300M at undisclosed valuation", "url": "https://www.ai21.com/blog/series-c-funding/", "as_of": "2023-08-30" } ], "as_of": "2023-08-30", "domain": "ai21.com", "region": "other" }, { "id": "worldlabs", "name": "World Labs", "sector": "lab", "layer": "lab", "kind": "company", "signal": "spatial", "role": "Fei-Fei Li's spatial intelligence lab; 3D world models. Its first product, Marble, generates persistent high-fidelity 3D worlds from image, video or text.", "confidence": "reported", "valuation_musd": 5000, "sources": [ { "title": "World Labs blog, World Labs Announces New Funding ($1B, Feb 2026; investors include AMD, Autodesk - $200M, Emerson Collective, Fidelity, NVIDIA and Sea). The release does NOT state a post-money valuation", "url": "https://www.worldlabs.ai/blog/funding-2026", "as_of": "2026-02-18" }, { "title": "TechCrunch, World Labs lands $1B, with $200M from Autodesk, to bring world models into 3D workflows", "url": "https://techcrunch.com/2026/02/18/world-labs-lands-200m-from-autodesk-to-bring-world-models-into-3d-workflows/", "as_of": "2026-02-18" }, { "title": "SiliconANGLE, Fei-Fei Li's World Labs reportedly raising funding at a $5B valuation - the only source for the post-money; no primary states the figure", "url": "https://siliconangle.com/2026/01/23/fei-fei-lis-world-labs-reportedly-raising-funding-5b-valuation/", "as_of": "2026-01-23" } ], "as_of": "2026-02-18", "domain": "worldlabs.ai", "region": "us" }, { "id": "bytedance", "name": "ByteDance", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Doubao · CN", "role": "Doubao/Seed models; China's consumer AI leader by usage. Signed a $29.6B syndicated loan in September 2026, Asia's second-largest of the year, against reported 2026 AI capex plans of up to $70B. Spun out its AI drug-discovery unit as Anew Labs in September 2026, keeping 56% after a $290M first external round at a reported ~$1.5B.", "confidence": "reported", "valuation_musd": 550000, "sources": [ { "title": "PYMNTS/The Information, General Atlantic stake sale at $550B (Feb 2026); prior marks $480B (Nov 2025), $330B (Aug 2025)", "url": "https://www.pymnts.com/news/investment-tracker/2026/bytedance-valuation-hits-550-billion-in-planned-share-sale/", "as_of": "2026-02-15" } ], "as_of": "2026-02-15", "domain": "www.bytedance.com", "region": "cn" }, { "id": "tencent", "name": "Tencent", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Hunyuan · CN", "role": "Hunyuan models plus cloud distribution across WeChat ecosystem.", "confidence": "verified", "valuation_musd": 506555, "ticker": "0700.HK", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/0700.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "tencent.com", "region": "cn" }, { "id": "alibaba", "name": "Alibaba / Qwen", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Qwen · CN", "role": "E-commerce and cloud giant; its Qwen models are the most-used open-weight family globally, under Apache-style licensing.", "confidence": "verified", "valuation_musd": 275407, "ticker": "BABA", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/BABA/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "alibaba.com", "region": "cn" }, { "id": "zhipu", "name": "Zhipu / Z.ai", "sector": "lab", "layer": "lab", "kind": "company", "signal": "HK listed · CN", "role": "GLM models under MIT license. Listed in Hong Kong Jan 2026. Raised ~$5B in September 2026 - ~$2B placing 21.97M new shares at HK$714 plus RMB20.14B of zero-coupon convertibles due 2027 - two months after a $4B placement.", "confidence": "verified", "valuation_musd": 40412, "ticker": "2513.HK", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/2513.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "z.ai", "region": "cn" }, { "id": "deepseek", "name": "DeepSeek", "sector": "lab", "layer": "lab", "kind": "company", "signal": "raising · CN", "role": "Hangzhou lab building open frontier models known for training efficiency. First external round at ~$45B led by China's Big Fund; V4 runs native on Chinese chips.", "confidence": "reported", "valuation_musd": 45000, "sources": [ { "title": "Dealroom / BigGo, China AI ecosystem valuations", "url": "https://app.dealroom.co/news/note/inside-china-s-ai-ecosystem-beyond-deepseek-zhipu-minimax-moonshot-bytedance", "as_of": "2026-06" } ], "as_of": "2026-06", "domain": "deepseek.com", "region": "cn" }, { "id": "baidu", "name": "Baidu", "sector": "lab", "layer": "lab", "kind": "company", "signal": "ERNIE · CN", "role": "ERNIE models plus Kunlun in-house AI chips.", "confidence": "verified", "valuation_musd": 30789, "ticker": "9888.HK", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/9888.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "baidu.com", "region": "cn" }, { "id": "minimax", "name": "MiniMax", "sector": "lab", "layer": "lab", "kind": "company", "signal": "HK listed · CN", "role": "Consumer-facing multimodal models; HK listed alongside Zhipu.", "confidence": "verified", "valuation_musd": 12246, "ticker": "0100.HK", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/0100.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "minimax.io", "region": "cn" }, { "id": "moonshot", "name": "Moonshot AI", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Kimi · $200M ARR", "role": "Beijing lab behind the Kimi K-series open weights; top of code leaderboards. $2B round led by Meituan.", "confidence": "verified", "valuation_musd": 20000, "sources": [ { "title": "TechCrunch, Moonshot AI raises $2B at $20B", "url": "https://techcrunch.com/2026/05/07/chinas-moonshot-ai-raises-2b-at-20b-valuation-as-demand-for-open-source-ai-skyrockets/", "as_of": "2026-05-07" } ], "as_of": "2026-05-07", "domain": "moonshot.ai", "region": "cn" }, { "id": "stepfun", "name": "StepFun", "sector": "lab", "layer": "lab", "kind": "company", "signal": "multimodal · CN", "role": "Shanghai lab; 16 multimodal models, strong KV-cache efficiency work.", "confidence": "reported", "valuation_musd": 10000, "sources": [ { "title": "Yicai, $2.5B pre-IPO round closed at $10B post-money (May 2026); HK IPO filed Jun 2026 seeking $10-12B, not yet listed", "url": "https://www.yicaiglobal.com/news/stepfun-to-raise-nearly-usd25-billion-as-chinese-ai-startup-advances-hong-kong-ipo", "as_of": "2026-05-09" } ], "as_of": "2026-05-09", "domain": "stepfun.com", "region": "cn" }, { "id": "databricks", "name": "Databricks", "sector": "data", "layer": "data", "kind": "company", "signal": "data + AI", "role": "Lakehouse platform; the enterprise data substrate AI training runs on. Crossed a $7B annualised revenue run-rate in Q2 2026, growing >80% year over year.", "confidence": "verified", "valuation_musd": 190000, "sources": [ { "title": "Bloomberg, Databricks raises $5B at a $190B valuation (round led by Coatue, with Blackstone, MGX and T. Rowe Price)", "url": "https://www.bloomberg.com/news/articles/2026-08-13/databricks-raises-5-billion-at-a-190-billion-valuation", "as_of": "2026-08-13" }, { "title": "CNBC, Databricks wraps $5 billion funding round at $190 billion valuation", "url": "https://www.cnbc.com/2026/08/13/databricks-funding-round-190-billion-valuation.html", "as_of": "2026-08-13" }, { "title": "TechCrunch, Databricks wanted to raise $1B, investors wanted $15B - it settled on $5B at a $190B valuation", "url": "https://techcrunch.com/2026/08/13/databricks-wanted-to-raise-1b-investors-wanted-15b-it-settled-on-5b-at-a-190b-valuation/", "as_of": "2026-08-13" } ], "as_of": "2026-08-13", "domain": "databricks.com", "region": "us" }, { "id": "snowflake", "name": "Snowflake", "sector": "data", "layer": "data", "kind": "company", "signal": "public", "role": "Cloud data warehouse pushing into model serving and agents.", "confidence": "verified", "valuation_musd": 118121, "ticker": "SNOW", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/SNOW/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "snowflake.com", "region": "us" }, { "id": "scaleai", "name": "Scale AI", "sector": "data", "layer": "data", "kind": "company", "signal": "Meta-backed", "role": "Data labeling and RLHF pipelines. Meta paid $14.3B for a 49% non-voting stake in June 2025, taking co-founder Alexandr Wang to its superintelligence unit; Jason Droege runs Scale.", "confidence": "reported", "valuation_musd": 29000, "sources": [ { "title": "CNBC, Scale AI's Alexandr Wang confirms departure for Meta as part of $14.3 billion deal. The ~$29B is IMPLIED by $14.3B for 49% non-voting - Scale has never priced a round at it", "url": "https://www.cnbc.com/2025/06/12/scale-ai-founder-wang-announces-exit-for-meta-part-of-14-billion-deal.html", "as_of": "2025-06-12" }, { "title": "Reuters (via Yahoo Finance), Meta takes 49% of Scale in $14.3 billion AI deal", "url": "https://finance.yahoo.com/news/meta-takes-49-scale-14-201318559.html", "as_of": "2025-06-13" } ], "as_of": "2025-06-12", "domain": "scale.com", "region": "us" }, { "id": "surge", "name": "Surge AI", "sector": "data", "layer": "data", "kind": "company", "signal": "RLHF data", "role": "Human feedback data at scale; bootstrapped rival to Scale.", "confidence": "reported", "valuation_musd": 25000, "sources": [ { "title": "Reported raise talks at $25B+ (Jul 2025, first external round after bootstrapping); no confirmed close; $20B secondary also reported", "url": "https://www.ainvest.com/news/surge-ai-talks-1-billion-funding-25-billion-valuation-2507/", "as_of": "2025-07-15" } ], "as_of": "2025-07-15", "domain": "surgehq.ai", "region": "us" }, { "id": "mercor", "name": "Mercor", "sector": "data", "layer": "data", "kind": "company", "signal": "expert data", "role": "Marketplace routing domain experts into model training data.", "confidence": "reported", "valuation_musd": 10000, "sources": [ { "title": "Bloomberg, Mercor discusses $20B valuation", "url": "https://www.bloomberg.com/news/articles/2026-07-09/ai-training-startup-mercor-discusses-20-billion-valuation", "as_of": "2026-07-09" } ], "as_of": "2026-07-09", "domain": "mercor.com", "region": "us" }, { "id": "vastdata", "name": "VAST Data", "sector": "data", "layer": "data", "kind": "company", "signal": "AI storage", "role": "Storage layer built for AI training clusters. The $30B Series F (Apr 2026) is more than triple the $9.1B Series E of late 2023; NVIDIA joined the round. Over $4B in cumulative bookings and more than $500M committed ARR.", "confidence": "verified", "valuation_musd": 30000, "sources": [ { "title": "VAST Data, $1B Series F at a $30B valuation led by Drive Capital and Access Industries, with NVIDIA, Fidelity and NEA participating (company press release)", "url": "https://www.vastdata.com/press-releases/vast-series-f-financing-at-30-billion-valuation", "as_of": "2026-04-22" }, { "title": "CNBC, NVIDIA backs AI company VAST Data at $30 billion valuation", "url": "https://www.cnbc.com/2026/04/22/nvidia-backs-ai-company-vast-data.html", "as_of": "2026-04-22" } ], "as_of": "2026-04-22", "domain": "vastdata.com", "region": "other" }, { "id": "huggingface", "name": "Hugging Face", "sector": "data", "layer": "data", "kind": "company", "signal": "model hub", "role": "The open-model distribution hub; where open weights actually get found. Agreed to be acquired by NVIDIA for ~$12.9B (Sep 2026), closing expected H1 2027.", "confidence": "verified", "valuation_musd": 12930, "sources": [ { "title": "NVIDIA 8-K: agreement to acquire Hugging Face for ~$11.9B cash plus up to ~$1.0B retention equity, signed Sep 2 2026, close expected H1 2027 pending regulatory approval", "url": "https://www.sec.gov/Archives/edgar/data/0001045810/000104581026000078/nvda-20260902.htm", "as_of": "2026-09-03" } ], "as_of": "2026-09-03", "domain": "huggingface.co", "region": "us" }, { "id": "turing", "name": "Turing", "sector": "data", "layer": "data", "kind": "company", "signal": "code data", "role": "Human code data and evaluation for frontier labs.", "confidence": "verified", "valuation_musd": 2200, "sources": [ { "title": "Businesswire, Turing $111M Series E at $2.2B led by Khazanah Nasional", "url": "https://www.businesswire.com/news/home/20250306942806/en/Turing-Gears-Up-to-Power-Next-Wave-of-AGI-with-$111-Million-in-Series-E", "as_of": "2025-03-06" } ], "as_of": "2025-03-06", "domain": "turing.com", "region": "us" }, { "id": "wandb", "name": "Weights & Biases", "sector": "data", "layer": "data", "kind": "division", "signal": "division", "role": "Experiment tracking; acquired by CoreWeave.", "confidence": "verified", "sources": [ { "title": "CoreWeave IR, acquisition of Weights & Biases completed (aggregate consideration $1.4B per SEC filing)", "url": "https://investors.coreweave.com/news/news-details/2025/CoreWeave-Completes-Acquisition-of-Weights--Biases/default.aspx", "as_of": "2025-05-05" } ], "as_of": "2025-05-05", "parent": "coreweave", "domain": "wandb.ai", "region": "us" }, { "id": "cerebras", "name": "Cerebras", "sector": "infer", "layer": "infer", "kind": "company", "signal": "IPO 2026", "role": "Wafer-scale silicon and inference cloud. Biggest tech IPO of 2026.", "confidence": "verified", "valuation_musd": 48758, "ticker": "CBRS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/CBRS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "cerebras.ai", "region": "us" }, { "id": "groq", "name": "Groq", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$3.5B, down 49%", "role": "Inference cloud; NVIDIA licensed its LPU tech for ~$20B and hired most of the chip team, so Groq now runs NVIDIA GPUs. The DOJ opened an antitrust probe into that deal in Sep 2026. $350M Series A at $3.5B led by Disruptive, NVIDIA participating - half its 2025 peak.", "confidence": "verified", "valuation_musd": 3500, "sources": [ { "title": "Bloomberg, Groq valued at $3.5B in $350M round led by Disruptive after NVIDIA deal", "url": "https://www.bloomberg.com/news/articles/2026-08-17/groq-valued-at-3-5-billion-in-funding-round-after-nvidia-deal", "as_of": "2026-08-17" }, { "title": "TechCrunch, Groq raises $350M to fuel its pivot from AI chips to neocloud", "url": "https://techcrunch.com/2026/08/17/groq-raises-350m-to-fuel-its-pivot-from-ai-chips-to-neocloud/", "as_of": "2026-08-17" } ], "as_of": "2026-08-17", "domain": "groq.com", "region": "us" }, { "id": "baseten", "name": "Baseten", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$600M ARR", "role": "Deploy-your-own across ~20 clouds. Customers include Cursor and Notion. Bought agent-sandbox startup Blaxel (Sep 2026, terms undisclosed) to pair secure code execution with inference.", "confidence": "verified", "valuation_musd": 13000, "sources": [ { "title": "Baseten, $1.5B Series F at $13B led by Altimeter, Conviction and Spark, co-led by Sands Capital and Wellington (company release)", "url": "https://www.businesswire.com/news/home/20260622645563/en/Baseten-Raises-%241.5-Billion-to-Power-the-Next-Era-of-AI-Inference", "as_of": "2026-06-22" } ], "as_of": "2026-06-22", "domain": "baseten.co", "region": "us" }, { "id": "together", "name": "Together AI", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$1.15B bookings", "role": "Broadest open-model catalog plus training. $800M Series C led by Aramco.", "confidence": "verified", "valuation_musd": 8300, "sources": [ { "title": "TechFundingNews, Together AI raises $800M at $8.3B", "url": "https://techfundingnews.com/together-ai-raises-800m-at-8-3b-valuation-as-enterprises-ditch-closed-models-for-open-source/", "as_of": "2026-07-01" } ], "as_of": "2026-07-01", "domain": "together.ai", "region": "us" }, { "id": "sambanova", "name": "SambaNova", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$11B Series F", "role": "Custom-silicon inference (RDU dataflow) sold to enterprises, neoclouds and sovereign buyers. Rejected a reported ~$1.6B Intel buyout in Dec 2025, then took Intel Capital as an investor and partner instead; re-rated ~7x in seven months on the Series F.", "confidence": "verified", "valuation_musd": 11000, "sources": [ { "title": "SambaNova press release, SambaNova completes first close of $1B financing at an $11B post-money valuation, led by General Atlantic (Intel Capital, BlackRock, QIA, T. Rowe Price, Capital Group and Vista participating)", "url": "https://sambanova.ai/press/sambanova-completes-first-close-of-1b-financing-at-11b-valuation", "as_of": "2026-07-08" }, { "title": "TechCrunch, AI chip maker SambaNova raises $1B at $11B valuation, 5 months after last mega round", "url": "https://techcrunch.com/2026/07/08/sambanova-draws-1b-at-11b-valuation-in-series-f-first-close/", "as_of": "2026-07-08" }, { "title": "CNBC, SambaNova hits $11 billion valuation as investors back Nvidia chip challengers", "url": "https://www.cnbc.com/2026/07/08/sambanova-ai-chip-funding-valuation.html", "as_of": "2026-07-08" } ], "as_of": "2026-07-08", "domain": "sambanova.ai", "region": "us" }, { "id": "fireworks", "name": "Fireworks", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$1B+ ARR", "role": "Fastest-growing pure inference play; past $1B annualised revenue and ~40T tokens a day at the July 2026 Series D.", "confidence": "verified", "valuation_musd": 17500, "sources": [ { "title": "Fireworks, $1.505B Series D at a $17.5B post led by Atreides Management, Index Ventures and TCV, with NVIDIA, Lightspeed and Evantic participating", "url": "https://fireworks.ai/blog/series-d-announcement", "as_of": "2026-07-16" }, { "title": "CNBC, NVIDIA-backed Fireworks hits $17.5 billion valuation as companies pursue cheaper AI models", "url": "https://www.cnbc.com/2026/07/16/fireworks-nvidia-cloud-ai-startup-value.html", "as_of": "2026-07-16" } ], "as_of": "2026-07-16", "domain": "fireworks.ai", "region": "us" }, { "id": "modal", "name": "Modal", "sector": "infer", "layer": "infer", "kind": "company", "signal": "serverless GPU", "role": "Define your environment in Python; developer-native serverless GPU.", "confidence": "verified", "valuation_musd": 4650, "sources": [ { "title": "Modal blog, Modal's Series C: raising $355M at a $4.65B post-money valuation, co-led by General Catalyst and Redpoint (Menlo, Bain Capital Ventures and Accel new)", "url": "https://modal.com/blog/modal-series-c", "as_of": "2026-05-21" }, { "title": "Reuters (exclusive, via Yahoo Finance), Modal Labs valued at $4.65 billion as AI coding takes off", "url": "https://finance.yahoo.com/sectors/technology/articles/exclusive-modal-labs-valued-4-170342702.html", "as_of": "2026-05-21" } ], "as_of": "2026-05-21", "domain": "modal.com", "region": "us" }, { "id": "replicate", "name": "Replicate", "sector": "infer", "layer": "infer", "kind": "division", "signal": "division", "role": "50,000+ model catalog; acquired by Cloudflare, feeding Workers AI.", "confidence": "verified", "sources": [ { "title": "Cloudflare 10-Q (SEC): Replicate acquired Dec 1 2025, total consideration $57.4M", "url": "https://www.sec.gov/Archives/edgar/data/0001477333/000147733326000038/cloud-20260331.htm", "as_of": "2025-12-01" } ], "as_of": "2025-12-01", "parent": "cloudflare", "domain": "replicate.com", "region": "us" }, { "id": "deepinfra", "name": "DeepInfra", "sector": "infer", "layer": "infer", "kind": "company", "signal": "5T tok/wk", "role": "Low-cost widest open catalog; NVIDIA and Samsung backed.", "confidence": "unsourced", "valuation_musd": 1000, "sources": [ { "title": "May 2026 $107M Series B (Nvidia, Samsung Next et al.) at UNDISCLOSED valuation; $1B is an estimate", "url": "https://siliconangle.com/2026/05/04/deepinfra-lands-107m-funding-build-dedicated-inference-cloud-open-source-models/", "as_of": "2026-05-04" } ], "as_of": "2026-05-04", "domain": "deepinfra.com", "region": "us" }, { "id": "nearai", "name": "NEAR", "sector": "infer", "layer": "infer", "kind": "company", "signal": "TEE attested", "role": "L1 network whose AI Cloud runs confidential inference in Intel TDX + NVIDIA GPU enclaves. Operator cannot read prompts.", "confidence": "reported", "valuation_musd": 2100, "sources": [ { "title": "NEAR network token market cap (~$2.1B); AI Cloud is an ecosystem product with no separable equity mark", "url": "https://www.coingecko.com/en/coins/near", "as_of": "2026-08-01" } ], "as_of": "2026-08-01", "domain": "near.org", "region": "eu" }, { "id": "microsoft", "name": "Microsoft", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "Azure AI", "role": "Azure AI Foundry plus the largest capital commitments to neoclouds ($60B+).", "confidence": "verified", "valuation_musd": 3717154, "ticker": "MSFT", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/MSFT/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "microsoft.com", "region": "us" }, { "id": "alphabet", "name": "Alphabet", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "Vertex AI", "role": "Vertex AI on in-house TPUs; owns DeepMind and Waymo.", "confidence": "verified", "valuation_musd": 4131639, "ticker": "GOOGL", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/GOOGL/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "google.com", "region": "us" }, { "id": "amazon", "name": "Amazon", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "Bedrock", "role": "Bedrock managed inference on Trainium and NVIDIA; Anthropic's largest backer.", "confidence": "verified", "valuation_musd": 2688704, "ticker": "AMZN", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/AMZN/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "amazon.com", "region": "us" }, { "id": "meta", "name": "Meta", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "capex giant", "role": "Open-weight lab and enormous neocloud customer; $20B+ committed to CoreWeave and Nebius.", "confidence": "verified", "valuation_musd": 1895599, "ticker": "META", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/META/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "meta.com", "region": "us" }, { "id": "oracle", "name": "Oracle", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "OCI", "role": "OCI became a major AI compute host on the back of huge OpenAI commitments.", "confidence": "verified", "valuation_musd": 437111, "ticker": "ORCL", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/ORCL/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "oracle.com", "region": "us" }, { "id": "coreweave", "name": "CoreWeave", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "$99B backlog", "role": "Largest neocloud. Rents clusters to inference platforms and hyperscalers; heavy debt load.", "confidence": "verified", "valuation_musd": 47929, "ticker": "CRWV", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/CRWV/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "coreweave.com", "region": "us" }, { "id": "nebius", "name": "Nebius", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "+684% YoY", "role": "Public neocloud moving up into managed inference with Token Factory, whose optimisation stack came from the $643M cash-and-stock acquisition of Eigen AI (agreed May 2026, closed June 2026).", "confidence": "verified", "valuation_musd": 61605, "ticker": "NBIS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/NBIS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "nebius.com", "region": "eu" }, { "id": "crusoe", "name": "Crusoe", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "energy-first", "role": "Energy-first neocloud; competes on power access rather than GPU allocation. Building its own AI factories - large vertically-integrated campuses plus modular Crusoe Spark units trucked to spare power - on more than $140B of contracted value (Sep 2026).", "confidence": "verified", "valuation_musd": 30900, "sources": [ { "title": "Crusoe newsroom, Crusoe raises $3.9B Series F at a $30.9B post-money valuation, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners (NVIDIA, Founders Fund, GIC, QIA, Radical and TPG participating)", "url": "https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding", "as_of": "2026-09-17" }, { "title": "GlobeNewswire (company release), Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform", "url": "https://www.globenewswire.com/news-release/2026/09/17/3364326/0/en/crusoe-raises-3-9-billion-series-f-for-its-vertically-integrated-ai-infrastructure-platform.html", "as_of": "2026-09-17" }, { "title": "TechCrunch, Crusoe raises $3.9B to build massive data centers and small modular 'AI factories'", "url": "https://techcrunch.com/2026/09/17/crusoe-raises-3-9b-to-build-massive-data-centers-and-small-modular-ai-factories/", "as_of": "2026-09-17" }, { "title": "Prior report of the same round: Bloomberg, Crusoe raises over $3B Series F at $30B post led by Atreides and Valor", "url": "https://www.bloomberg.com/news/articles/2026-09-03/crusoe-raises-over-3-billion-in-funding-at-30-billion-valuation", "as_of": "2026-09-03" } ], "as_of": "2026-09-17", "domain": "crusoe.ai", "region": "us" }, { "id": "lambda", "name": "Lambda", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "AI Factory", "role": "Developer-led GPU cloud; 15 US data centres, targeting 1M+ NVIDIA GPUs and 3GW of liquid-cooled capacity, with revenue guided above $1.5B for 2026. Signed a multi-year, multibillion-dollar agreement in November 2025 to supply Microsoft with tens of thousands of NVIDIA GB300 GPUs. The $5.9B is a secondary-market post-money for the Nov 2025 Series E, not a figure either the company or a primary report states. Reported in Aug 2026 to be in talks for up to $3B pre-IPO at $12B+, pushing a listing to 2027.", "confidence": "reported", "valuation_musd": 5900, "sources": [ { "title": "Lambda raises over $1.5B in a Series E led by TWG Global with Thomas Tull's US Innovative Technology Fund, to build superintelligence cloud infrastructure (company blog; valuation not disclosed)", "url": "https://lambda.ai/blog/lambda-raises-over-1.5b-from-twg-global-usit-to-build-superintelligence-cloud-infrastructure", "as_of": "2025-11-18" }, { "title": "Lambda Raises Over $1.5B From TWG Global, USIT to Build Superintelligence Cloud Infrastructure (company release)", "url": "https://www.businesswire.com/news/home/20251118345878/en/Lambda-Raises-Over-$1.5B-From-TWG-Global-USIT-to-Build-Superintelligence-Cloud-Infrastructure", "as_of": "2025-11-18" }, { "title": "DCD, AI cloud company Lambda raises more than $1.5bn in a Series E funding round", "url": "https://www.datacenterdynamics.com/en/news/ai-cloud-company-lambda-raises-more-than-15bn-in-series-e-funding-round/", "as_of": "2025-11-18" }, { "title": "Forge Global secondary-market data, Lambda post-money valuation $5.9B as of November 2025 (the only source for the figure; no primary states it)", "url": "https://forgeglobal.com/lambda_ipo/", "as_of": "2025-11-18" } ], "as_of": "2025-11-18", "domain": "lambda.ai", "region": "us" }, { "id": "nscale", "name": "Nscale", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "$2B Series C", "role": "Regional performance-optimized GPU-as-a-service. Filed a public S-1 on 2026-09-18 for a NYSE listing under the ticker NSCL, seeking as much as ~$3B behind 23 underwriters led by Goldman Sachs, J.P. Morgan and Morgan Stanley; no share count or price range is set yet, so the mark stays at the Series C. The filing shows H1 2026 revenue of $140.6M, up 1,252% year on year, against a $1.02B net loss, and $103.4B of active and contracted total contract value as of 2026-08-31, up from $38.0B at the end of 2025 - a company-defined TCV measure over the life of take-or-pay contracts, not revenue or recognised backlog, and about $45B of it is the single Anthropic West Virginia deal. Bloomberg's read of the filing puts the concentration behind that TCV in the open: Microsoft accounts for about $43.8B and Anthropic about $44.6B, 85% of the total between them, while only $2.6B of the $103.4B was active as of end-August, Nscale has not yet financed the Anthropic build, and Anthropic can walk if defined milestones and performance levels are missed. OpenAI's Fidji Simo joined the board ahead of the listing. Secondary outlets began floating $30B and $35B target valuations on 2026-09-19; neither figure appears in the filing, which still leaves the share count and price range blank, so the mark stays at the Series C until an amendment sets a range.", "confidence": "verified", "valuation_musd": 14600, "sources": [ { "title": "Nscale, $2B Series C at $14.6B led by Aker ASA and 8090 Industries; NVIDIA, Dell, Lenovo, Jane Street, Citadel, Nokia and Point72 participating (company release)", "url": "https://www.nscale.com/press-releases/nscale-series-c", "as_of": "2026-03-09" }, { "title": "CNBC, Nvidia backs AI data center startup Nscale as it hits $14.6 billion valuation", "url": "https://www.cnbc.com/2026/03/09/nscale-ai-data-center-nvidia-raise.html", "as_of": "2026-03-09" }, { "title": "Nscale press release, Nscale files registration statement for proposed initial public offering (Form S-1, NYSE: NSCL)", "url": "https://www.nscale.com/press-releases/nscale-files-initial-public-offering", "as_of": "2026-09-18" }, { "title": "CNBC, AI cloud provider Nscale files to go public", "url": "https://www.cnbc.com/2026/09/18/nscale-ai-cloud-provider-ipo-nscl.html", "as_of": "2026-09-18" }, { "title": "Bloomberg, Anthropic and Microsoft dominate Nscale's $103B in data centre contracts (85% of total contract value; $2.6B active as of end-August)", "url": "https://www.bloomberg.com/news/articles/2026-09-21/anthropic-and-microsoft-dominate-nscale-s-103-billion-in-contracts", "as_of": "2026-09-21" } ], "as_of": "2026-03-09", "domain": "nscale.com", "region": "eu" }, { "id": "runpod", "name": "RunPod", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "spot GPUs", "role": "On-demand and spot GPUs, per-second billing, no egress fees.", "confidence": "verified", "valuation_musd": 1000, "sources": [ { "title": "SiliconANGLE, RunPod $100M Series A at $1B led by Summit Partners", "url": "https://siliconangle.com/2026/06/25/runpod-raises-100m-build-leading-cloud-platform-ai-developers/", "as_of": "2026-06-24" } ], "as_of": "2026-06-24", "domain": "runpod.io", "region": "us" }, { "id": "alibabacloud", "name": "Alibaba Cloud", "sector": "cloud", "layer": "cloud", "kind": "division", "signal": "division · CN", "role": "China's largest cloud; serves Qwen and third-party models domestically.", "confidence": "verified", "parent": "alibaba", "sources": [], "as_of": "2026-07", "domain": "alibabacloud.com", "region": "cn" }, { "id": "huawei", "name": "Huawei", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "Ascend stack · CN", "role": "Vertically integrated: Ascend chips, cloud, and models. ~750k Ascend 950PR chips planned for 2026.", "confidence": "unsourced", "valuation_musd": 200000, "sources": [ { "title": "Employee-owned, unlisted; no market valuation exists. ~$200B is an analyst estimate, not a mark", "url": "", "as_of": "2026-07" } ], "as_of": "2026-07", "domain": "huawei.com", "region": "cn" }, { "id": "ibm", "name": "IBM", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "watsonx", "role": "Enterprise hybrid AI platform; Mistral partner.", "confidence": "verified", "valuation_musd": 219291, "ticker": "IBM", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/IBM/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "ibm.com", "region": "us" }, { "id": "nvidia", "name": "NVIDIA", "sector": "chip", "layer": "chip", "kind": "company", "signal": "the substrate", "role": "Designs the GPUs nearly all AI training and inference runs on. Also invests in the neoclouds and platforms that buy its chips - the circular-financing engine.", "confidence": "verified", "valuation_musd": 5445390, "ticker": "NVDA", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/NVDA/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "nvidia.com", "region": "us" }, { "id": "broadcom", "name": "Broadcom", "sector": "chip", "layer": "chip", "kind": "company", "signal": "custom ASIC", "role": "Designs custom AI accelerators for hyperscalers; the quiet second-biggest winner.", "confidence": "verified", "valuation_musd": 1694591, "ticker": "AVGO", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/AVGO/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "broadcom.com", "region": "us" }, { "id": "amd", "name": "AMD", "sector": "chip", "layer": "chip", "kind": "company", "signal": "Instinct MI", "role": "Main GPU alternative; SEV-SNP confidential compute gaining ground.", "confidence": "verified", "valuation_musd": 1003335, "ticker": "AMD", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/AMD/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "amd.com", "region": "us" }, { "id": "qualcomm", "name": "Qualcomm", "sector": "chip", "layer": "chip", "kind": "company", "signal": "edge AI", "role": "On-device AI inference across phones and PCs; from 2026 also custom data-centre inference silicon and 1.6T optics for AWS.", "confidence": "verified", "valuation_musd": 210664, "ticker": "QCOM", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/QCOM/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "qualcomm.com", "region": "us" }, { "id": "arm", "name": "Arm", "sector": "chip", "layer": "chip", "kind": "company", "signal": "IP licensing", "role": "CPU architecture licensed into nearly every AI system's host processors.", "confidence": "verified", "valuation_musd": 355174, "ticker": "ARM", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/ARM/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "arm.com", "region": "eu" }, { "id": "intel", "name": "Intel", "sector": "chip", "layer": "chip", "kind": "company", "signal": "TDX · foundry", "role": "TDX confidential compute underpins most TEE inference; struggling in AI accelerators.", "confidence": "verified", "valuation_musd": 648076, "ticker": "INTC", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/INTC/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "intel.com", "region": "us" }, { "id": "marvell", "name": "Marvell", "sector": "chip", "layer": "chip", "kind": "company", "signal": "interconnect", "role": "Custom silicon and optical interconnect for AI data centers.", "confidence": "verified", "valuation_musd": 234472, "ticker": "MRVL", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/MRVL/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "marvell.com", "region": "us" }, { "id": "cambricon", "name": "Cambricon", "sector": "chip", "layer": "chip", "kind": "company", "signal": "CN accelerator", "role": "Chinese AI accelerator maker; a domestic NVIDIA substitute.", "confidence": "verified", "valuation_musd": 103504, "ticker": "688256.SS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/688256.SS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "cambricon.com", "region": "cn" }, { "id": "astera", "name": "Astera Labs", "sector": "chip", "layer": "chip", "kind": "company", "signal": "connectivity", "role": "Connectivity silicon for AI racks; PCIe/CXL bottleneck solver.", "confidence": "verified", "valuation_musd": 62534, "ticker": "ALAB", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/ALAB/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "asteralabs.com", "region": "us" }, { "id": "biren", "name": "Biren", "sector": "chip", "layer": "chip", "kind": "company", "signal": "CN GPU · 6082", "role": "Chinese GPU designer building around export controls. Listed in Hong Kong 2026-01-02 as the city's first GPU stock and the first new listing of the year - HK$5.58B ($717M) raised at HK$19.60, closed day one +76%. The map carried it as a private company for eight months; valuation_musd is now owned by build/tickers.py.", "confidence": "verified", "valuation_musd": 13272, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/6082.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "www.birentech.com", "region": "cn", "ticker": "6082.HK", "valuation_live": true }, { "id": "etched", "name": "Etched", "sector": "chip", "layer": "chip", "kind": "company", "signal": "transformer ASIC", "role": "Transformer architecture burned directly into silicon.", "confidence": "verified", "valuation_musd": 21000, "sources": [ { "title": "Etched, $700M at $21B led by Jane Street; first customer delivery to Jane Street (company release)", "url": "https://www.globenewswire.com/news-release/2026/08/18/3347095/0/en/etched-raises-700m-at-a-21b-valuation-and-completes-first-customer-delivery-to-jane-street.html", "as_of": "2026-08-18" } ], "as_of": "2026-08-18", "domain": "etched.com", "region": "us" }, { "id": "lightmatter", "name": "Lightmatter", "sector": "chip", "layer": "chip", "kind": "company", "signal": "photonics", "role": "Photonic interconnect for AI compute.", "confidence": "verified", "valuation_musd": 4400, "sources": [ { "title": "Businesswire, Lightmatter $400M Series D at $4.4B led by T. Rowe Price; S-1 filed Apr 2026, IPO completion unconfirmed", "url": "https://www.businesswire.com/news/home/20241016498931/en/Lightmatter-Raises-$400M-Series-D-Quadruples-Valuation-to-$4.4B-as-Photonics-Leader-for-Next-Gen-AI-Data-Centers", "as_of": "2024-10-16" } ], "as_of": "2024-10-16", "domain": "lightmatter.co", "region": "us" }, { "id": "tenstorrent", "name": "Tenstorrent", "sector": "chip", "layer": "chip", "kind": "company", "signal": "RISC-V AI", "role": "Jim Keller's open RISC-V AI silicon.", "confidence": "reported", "valuation_musd": 2693, "sources": [ { "title": "Tenstorrent newsroom, Tenstorrent closes $693M+ of Series D funding led by Samsung Securities and AFW Partners at a $2B PRE-money valuation (LG Electronics, Hyundai, Fidelity, Baillie Gifford, Bezos Expeditions participating). The post-money is not stated; $2,693M is the sum of the two company-stated figures, and it replaces an unsourceable $3.2B aggregator mark", "url": "https://tenstorrent.com/en/newsroom/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners", "as_of": "2024-12-02" }, { "title": "PRNewswire (company release), Tenstorrent closes $693M+ of Series D funding led by Samsung Securities and AFW Partners", "url": "https://www.prnewswire.com/news-releases/tenstorrent-closes-693m-of-series-d-funding-led-by-samsung-securities-and-afw-partners-302319584.html", "as_of": "2024-12-02" } ], "as_of": "2024-12-02", "domain": "tenstorrent.com", "region": "us" }, { "id": "celestial", "name": "Celestial AI", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division", "role": "Photonic fabric linking accelerators and memory.", "confidence": "verified", "sources": [ { "title": "Marvell IR, acquisition of Celestial AI completed Feb 2, 2026 (~$1B cash + ~27M shares, ~$3.25B at announcement)", "url": "https://investor.marvell.com/news-events/press-releases/detail/1005/marvell-completes-acquisition-of-celestial-ai", "as_of": "2026-02-02" } ], "as_of": "2026-02-02", "parent": "marvell", "domain": "celestial.ai", "region": "us" }, { "id": "tpu", "name": "Google TPU", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division", "role": "The most mature non-NVIDIA AI silicon; powers Gemini and Vertex.", "confidence": "verified", "parent": "alphabet", "sources": [], "as_of": "2026-07", "domain": "google.com", "region": "us" }, { "id": "trainium", "name": "AWS Trainium", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division", "role": "Amazon's in-house training/inference chip; its NVIDIA hedge.", "confidence": "verified", "parent": "amazon", "sources": [], "as_of": "2026-07", "domain": "aws.amazon.com", "region": "us" }, { "id": "lpu", "name": "Groq LPU", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division", "role": "Language processing unit tuned for low-latency token generation.", "confidence": "verified", "parent": "groq", "sources": [], "as_of": "2026-07", "domain": "groq.com", "region": "us" }, { "id": "wse", "name": "Cerebras WSE-3", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division", "role": "An entire wafer as one chip.", "confidence": "verified", "parent": "cerebras", "sources": [], "as_of": "2026-07", "domain": "cerebras.ai", "region": "us" }, { "id": "ascend", "name": "Huawei Ascend", "sector": "chip", "layer": "chip", "kind": "division", "signal": "division · CN", "role": "China's leading domestic AI accelerator; DeepSeek V4 runs native on it.", "confidence": "verified", "parent": "huawei", "sources": [], "as_of": "2026-07", "domain": "huawei.com", "region": "cn" }, { "id": "tsmc", "name": "TSMC", "sector": "semi", "layer": "semi", "kind": "company", "signal": "leading-edge foundry", "role": "Manufactures nearly every leading AI chip. 2026 capex raised to $52–56B.", "confidence": "verified", "valuation_musd": 2316124, "ticker": "TSM", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/TSM/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "tsmc.com", "region": "apac" }, { "id": "asml", "name": "ASML", "sector": "semi", "layer": "semi", "kind": "company", "signal": "EUV monopoly", "role": "Sole maker of EUV lithography. 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its high-bandwidth memory (HBM) is the second bottleneck after the GPUs themselves.", "confidence": "verified", "valuation_musd": 1210574, "ticker": "MU", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/MU/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "micron.com", "region": "us" }, { "id": "amat", "name": "Applied Materials", "sector": "semi", "layer": "semi", "kind": "company", "signal": "deposition", "role": "Largest semiconductor equipment maker by breadth.", "confidence": "verified", "valuation_musd": 376467, "ticker": "AMAT", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/AMAT/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "appliedmaterials.com", "region": "us" }, { "id": "skhynix", "name": "SK Hynix", "sector": "semi", "layer": "semi", "kind": "company", "signal": "HBM leader", "role": "Leading HBM supplier to NVIDIA; 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yield gatekeeper.", "confidence": "verified", "valuation_musd": 245448, "ticker": "KLAC", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/KLAC/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "kla.com", "region": "us" }, { "id": "synopsys", "name": "Synopsys", "sector": "semi", "layer": "semi", "kind": "company", "signal": "EDA", "role": "EDA software — every AI chip is designed inside it.", "confidence": "verified", "valuation_musd": 79157, "ticker": "SNPS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/SNPS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "synopsys.com", "region": "us" }, { "id": "cadence", "name": "Cadence", "sector": "semi", "layer": "semi", "kind": "company", "signal": "EDA", "role": "The other half of the EDA duopoly.", "confidence": "verified", "valuation_musd": 85121, "ticker": "CDNS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/CDNS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "cadence.com", "region": "us" }, { "id": "tel", "name": "Tokyo Electron", "sector": "semi", "layer": "semi", "kind": "company", "signal": "equipment", "role": "Japanese equipment maker; coater/developer near-monopoly.", "confidence": "verified", "valuation_musd": 152424, "ticker": "8035.T", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/8035.T/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "tel.com", "region": "apac" }, { "id": "smic", "name": "SMIC", "sector": "semi", "layer": "semi", "kind": "company", "signal": "CN foundry", "role": "China's leading foundry, working around EUV restrictions.", "confidence": "verified", "valuation_musd": 69655, "ticker": "0981.HK", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/0981.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "smics.com.cn", "region": "cn" }, { "id": "gf", "name": "GlobalFoundries", "sector": "semi", "layer": "semi", "kind": "company", "signal": "mature nodes", "role": "Mature-node foundry; not leading-edge AI but essential supporting silicon.", "confidence": "verified", "valuation_musd": 25875, "ticker": "GFS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/GFS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "gf.com", "region": "us" }, { "id": "naura", "name": "Naura", "sector": "semi", "layer": "semi", "kind": "company", "signal": "CN equipment", "role": "China's largest domestic semiconductor equipment maker.", "confidence": "verified", "valuation_musd": 72348, "ticker": "002371.SZ", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/002371.SZ/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "naura.com", "region": "cn" }, { "id": "amkor", "name": "Amkor", "sector": "semi", "layer": "semi", "kind": "company", "signal": "packaging", "role": "Advanced packaging and test — the CoWoS bottleneck's back end.", "confidence": "verified", "valuation_musd": 13247, "ticker": "AMKR", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/AMKR/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "amkor.com", "region": "us" }, { "id": "vertex", "name": "Google Vertex AI", "sector": "cloud", "layer": "cloud", "kind": "division", "parent": "alphabet", "signal": "managed inference", "role": "Alphabet's managed inference surface for Gemini and open models; runs largely on in-house TPUs.", "confidence": "reported", "sources": [], "as_of": "2026-07", "domain": "google.com", "region": "us" }, { "id": "bedrock", "name": "AWS Bedrock", "sector": "cloud", "layer": "cloud", "kind": "division", "parent": "amazon", "signal": "managed inference", "role": "Amazon's managed inference service; hosts Anthropic and open models on Trainium plus NVIDIA.", "confidence": "reported", "sources": [], "as_of": "2026-07", "domain": "aws.amazon.com", "region": "us" }, { "id": "azureai", "name": "Azure AI Foundry", "sector": "cloud", "layer": "cloud", "kind": "division", "parent": "microsoft", "signal": "managed inference", "role": "Microsoft's managed inference surface serving both open and frontier models.", "confidence": "reported", "sources": [], "as_of": "2026-07", "domain": "microsoft.com", "region": "us" }, { "id": "vercelgw", "name": "Vercel AI Gateway", "sector": "gateway", "layer": "agent", "kind": "division", "parent": "vercel", "signal": "managed inference", "role": "Gateway bundled with Vercel's dev platform; externalises the routing decision for apps adding AI features.", "confidence": "reported", "sources": [], "as_of": "2026-07", "domain": "vercel.com", "region": "us" }, { "id": "cloudflare", "name": "Cloudflare", "sector": "cloud", "layer": "cloud", "kind": "company", "signal": "Workers AI", "role": "Edge network turned AI inference host; Workers AI serves models at the CDN edge, fed by the Replicate acquisition.", "confidence": "verified", "valuation_musd": 125458, "ticker": "NET", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/NET/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "cloudflare.com", "region": "us" }, { "id": "figma", "name": "Figma", "sector": "app", "layer": "app", "kind": "company", "signal": "design AI", "role": "Collaborative design platform layering AI generation across its editor; IPO July 2025.", "confidence": "verified", "valuation_musd": 11598, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/FIG/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "FIG", "valuation_live": true, "domain": "figma.com", "region": "us" }, { "id": "sensetime", "name": "SenseTime", "sector": "lab", "layer": "lab", "kind": "company", "signal": "SenseNova · CN", "role": "CN computer-vision incumbent pivoted to SenseNova LLMs and SenseCore AI cloud.", "confidence": "verified", "valuation_musd": 6432, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/0020.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "0020.HK", "valuation_live": true, "domain": "sensetime.com", "region": "cn" }, { "id": "iflytek", "name": "iFlytek", "sector": "lab", "layer": "lab", "kind": "company", "signal": "Spark · CN", "role": "China's speech-AI incumbent; Spark LLMs trained exclusively on Huawei Ascend after US entity-listing.", "confidence": "verified", "valuation_musd": 13878, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/002230.SZ/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "002230.SZ", "valuation_live": true, "domain": "iflytek.com", "region": "cn" }, { "id": "tempus", "name": "Tempus AI", "sector": "app", "layer": "app", "kind": "company", "signal": "health data", "role": "Precision-medicine data and diagnostics platform; the largest public health-AI pure play.", "confidence": "verified", "valuation_musd": 13819, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/TEM/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "TEM", "valuation_live": true, "domain": "tempus.com", "region": "us" }, { "id": "horizon", "name": "Horizon Robotics", "sector": "chip", "layer": "chip", "kind": "company", "signal": "auto AI · CN", "role": "China's leading automotive AI chipmaker (Journey series); 20+ OEM partners.", "confidence": "verified", "valuation_musd": 7525, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/9660.HK/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "9660.HK", "valuation_live": true, "domain": "horizon.auto", "region": "cn" }, { "id": "fal", "name": "Fal", "sector": "infer", "layer": "infer", "kind": "company", "signal": "$400M ARR", "role": "Generative-media inference cloud (image/video/audio); a top FLUX host.", "confidence": "verified", "valuation_musd": 4500, "sources": [ { "title": "Investing.com, Fal $140M Series D at $4.5B led by Sequoia; Mar 2026 talks at ~$8B unclosed", "url": "https://www.investing.com/news/company-news/ai-startup-fal-raises-140-million-at-45-billion-valuation-93CH-4398781", "as_of": "2025-12-15" } ], "as_of": "2025-12-15", "domain": "fal.ai", "region": "us" }, { "id": "manus", "name": "Manus / Butterfly Effect", "sector": "agent", "layer": "agent", "kind": "company", "signal": "Claude-powered", "role": "General agent orchestrating Claude and fine-tuned Qwen. Bought back from Meta by a Tencent-led consortium at ~$2B (Aug 2026) after China blocked the acquisition; independent again. Reported in September 2026 to be close to a $500M round at $4B - double the buyback mark - with Tencent in discussions to become its largest shareholder, and weighing a Hong Kong IPO.", "confidence": "reported", "valuation_musd": 2000, "sources": [ { "title": "36Kr, Tencent-led consortium completes $2B buyback of Meta stake, reclaims control of Manus", "url": "https://eu.36kr.com/en/p/3866588633469956", "as_of": "2026-08-26" } ], "as_of": "2026-08-26", "domain": "manus.im", "region": "cn" }, { "id": "saronic", "name": "Saronic", "sector": "app", "layer": "app", "kind": "company", "signal": "defense · maritime", "role": "Autonomous naval vessels at shipyard scale; the maritime counterpart to Anduril.", "confidence": "verified", "valuation_musd": 9250, "sources": [ { "title": "PRNewswire, Saronic $1.75B Series D at $9.25B led by Kleiner Perkins", "url": "https://www.prnewswire.com/news-releases/saronic-closes-1-75b-series-d-at-9-25b-valuation-to-accelerate-a-new-era-of-maritime-autonomy-302729298.html", "as_of": "2026-03-31" } ], "as_of": "2026-03-31", "domain": "saronic.com", "region": "us" }, { "id": "vultr", "name": "Vultr", "sector": "neo", "layer": "neo", "kind": "company", "signal": "AMD-backed", "role": "GPU cloud with 32 global regions; first equity round led by AMD Ventures and LuminArx.", "confidence": "verified", "valuation_musd": 3500, "sources": [ { "title": "CNBC, AMD invests in Vultr at $3.5B valuation", "url": "https://www.cnbc.com/2024/12/18/amd-invests-in-gpu-cloud-provider-vultr-at-3point5-billion-valuation.html", "as_of": "2024-12-18" } ], "as_of": "2024-12-18", "domain": "vultr.com", "region": "us" }, { "id": "gamma", "name": "Gamma", "sector": "app", "layer": "app", "kind": "company", "signal": "$100M ARR", "role": "AI presentations and sites; profitable at $100M ARR with 52 employees.", "confidence": "verified", "valuation_musd": 2100, "sources": [ { "title": "Businesswire, Gamma $68M Series B at $2.1B led by a16z", "url": "https://www.businesswire.com/news/home/20251110805751/en/Gamma-Surpasses-$100M-ARR-Raises-at-$2.1B-Valuation-as-It-Replaces-PowerPoint-for-the-AI-Era", "as_of": "2025-11-10" } ], "as_of": "2025-11-10", "domain": "gamma.app", "region": "us" }, { "id": "dmatrix", "name": "d-Matrix", "sector": "chip", "layer": "chip", "kind": "company", "signal": "in-memory inference", "role": "In-memory compute accelerators for datacenter inference; Microsoft-backed NVIDIA challenger.", "confidence": "verified", "valuation_musd": 2000, "sources": [ { "title": "DCD/d-Matrix PR, $275M Series C at $2B", "url": "https://www.datacenterdynamics.com/en/news/chip-startup-d-matrix-raises-275m-against-2bn-valuation/", "as_of": "2025-11-12" } ], "as_of": "2025-11-12", "domain": "d-matrix.ai", "region": "us" }, { "id": "pony", "name": "Pony.ai", "sector": "physical", "layer": "physical", "kind": "company", "signal": "robotaxi · CN", "role": "Robotaxi operator dual-listed on Nasdaq and HKEX; large-scale commercial autonomous driving.", "confidence": "verified", "valuation_musd": 3154, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/PONY/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "ticker": "PONY", "valuation_live": true, "domain": "pony.ai", "region": "cn" }, { "id": "fluidstack", "name": "Fluidstack", "sector": "neo", "layer": "neo", "kind": "company", "signal": "$50B Anthropic build", "role": "Anthropic's primary US data-center partner ($50B initiative); Google backstops $1.8B of its leases to spread TPUs.", "confidence": "reported", "valuation_musd": 18000, "sources": [ { "title": "Forbes, Fluidstack raises $1.5B led by Jane Street at $18B (Sep 2026); corroborated by Crunchbase News Sep 4 - no company release yet", "url": "https://www.forbes.com/sites/iainmartin/2026/09/03/a-tiny-startup-helping-google-take-on-nvidia-is-now-worth-18-billion/", "as_of": "2026-09-03" } ], "as_of": "2026-09-03", "domain": "fluidstack.io", "region": "eu" }, { "id": "verda", "name": "Verda", "sector": "neo", "layer": "cloud", "kind": "company", "signal": "$165M ARR", "role": "Finnish full-stack AI cloud - founded 2020 as DataCrunch, renamed Verda in late 2025 - that owns its own data centres in Finland, runs them on renewable power and sells GPU capacity plus the software platform on top. An NVIDIA Preferred Partner and one of the first to deploy Vera Rubin NVL72 at scale, with earliest deployments in H2 2026 across Europe, the US and APAC and capacity above 100,000 GPUs planned through 2027; says it will have more than 250 MW in operation in 2027, from a base live in Finland today. Reached a $165M annualised revenue run rate in July 2026 and has raised more than $450M in total. The Series B post-money is not disclosed beyond \"more than $1B\", so the mark here is that floor rather than a stated figure.", "confidence": "reported", "valuation_musd": 1000, "sources": [ { "title": "Bloomberg, AI cloud startup Verda raises $189M Series B led by Emergence Capital, with Supermicro, MUFG Innovation Partners, Varma and Lifeline Ventures; valued at more than $1B (no exact post-money disclosed)", "url": "https://www.bloomberg.com/news/articles/2026-09-22/ai-cloud-startup-verda-raises-189-million-in-funding-round", "as_of": "2026-09-22" }, { "title": "Tech.eu, Verda raises $189M to advance its AI cloud and expand compute capacity", "url": "https://tech.eu/2026/09/22/verda-raises-189m-to-advance-its-ai-cloud-and-expand-compute-capacity", "as_of": "2026-09-22" }, { "title": "EU-Startups, Helsinki's Verda becomes Europe's latest unicorn after raising EUR164.8M to scale its full-stack AI cloud", "url": "https://www.eu-startups.com/2026/09/helsinkis-verda-becomes-europes-latest-unicorn-after-raising-e164-8-million-to-scale-its-full-stack-ai-cloud", "as_of": "2026-09-22" }, { "title": "Verda blog (company), Verda to deploy NVIDIA VR200 NVL72 and R200 in H2 2026 across Europe, the US and APAC", "url": "https://verda.com/blog/nvidia-vr200-r200-early-deployments", "as_of": "2026-09-22" } ], "as_of": "2026-09-22", "domain": "verda.com", "region": "eu" }, { "id": "ayar", "name": "Ayar Labs", "sector": "chip", "layer": "chip", "kind": "company", "signal": "co-packaged optics", "role": "Optical I/O between AI processors and memory - light instead of copper; backed by NVIDIA and AMD. Added $150M to the Series E (2026 primary total $650M) as co-packaged optics moves to volume production.", "confidence": "reported", "valuation_musd": 5000, "region": "us", "domain": "ayarlabs.com", "sources": [ { "title": "SiliconANGLE, Ayar Labs adds $150M to its Series E; a $225M secondary led by Antero Peak Group prices it above $5B", "url": "https://siliconangle.com/2026/09/10/ayar-labs-bags-150m-in-additional-series-e-funding-to-help-make-bigger-ai-chip-clusters/", "as_of": "2026-09-10" }, { "title": "HPCwire, Ayar Labs brings 2026 funding to $650M for CPO manufacturing (company release)", "url": "https://www.hpcwire.com/off-the-wire/ayar-labs-brings-2026-funding-to-650m-for-cpo-manufacturing/", "as_of": "2026-09-10" }, { "title": "Ayar Labs, $500M Series E at $3.75B led by Neuberger Berman (company release)", "url": "https://ayarlabs.com/news/ayar-labs-closes-500m-series-e-accelerates-volume-production-of-co-packaged-optics/", "as_of": "2026-03-03" } ], "as_of": "2026-09-10" }, { "id": "apptronik", "name": "Apptronik", "sector": "physical", "layer": "physical", "kind": "company", "signal": "Apollo humanoid", "role": "Apollo humanoid robots, built with Google DeepMind and Gemini Robotics; Mercedes-Benz and John Deere deployments.", "confidence": "verified", "valuation_musd": 5500, "region": "us", "domain": "apptronik.com", "sources": [ { "title": "Bloomberg, Apptronik $520M at >$5.5B led by Google and Mercedes-Benz", "url": "https://www.bloomberg.com/news/articles/2026-02-11/apptronik-raises-520-million-in-new-funding-to-build-more-humanoids", "as_of": "2026-02-11" } ], "as_of": "2026-02-11" }, { "id": "furiosa", "name": "FuriosaAI", "sector": "chip", "layer": "chip", "kind": "company", "signal": "RNGD · KR", "role": "Korean AI inference chips (RNGD); supplies LG AI Research; rejected a Meta acquisition to chart a 2027 IPO.", "confidence": "reported", "valuation_musd": 2300, "region": "apac", "domain": "furiosa.ai", "sources": [ { "title": "KoreaTechDesk/industry estimate ~KRW 3T (~$2.3B); $300-500M pre-IPO Series D in progress", "url": "https://koreatechdesk.com/furiosaai-pre-ipo-funding-meta-rejection-2027-korea-ai-chip", "as_of": "2026-07-01" } ], "as_of": "2026-07-01" }, { "id": "rebellions", "name": "Rebellions", "sector": "chip", "layer": "chip", "kind": "company", "signal": "NPU · KR", "role": "Korean NPU maker; first investment of Korea's K-NVIDIA national fund; Arm and Samsung backed. The IPO is now targeted for Q1-Q2 2027 rather than late 2026 and the company is leaning to a KOSPI listing over KOSDAQ, with J.P. Morgan and Samsung Securities underwriting.", "confidence": "verified", "valuation_musd": 2340, "region": "apac", "domain": "rebellions.ai", "sources": [ { "title": "TechCrunch, Rebellions $400M pre-IPO at $2.34B led by Mirae Asset and Korea National Growth Fund", "url": "https://techcrunch.com/2026/03/30/ai-chip-startup-rebellions-raises-400-million-at-2-3b-valuation-in-pre-ipo-round/", "as_of": "2026-03-30" }, { "title": "CNBC, Samsung-backed AI chip firm Rebellions targets IPO in South Korea next year, CEO says (KOSPI preferred, J.P. Morgan and Samsung Securities underwriting)", "url": "https://www.cnbc.com/2026/07/08/rebellions-ipo-south-korea-ai-chips.html", "as_of": "2026-07-08" } ], "as_of": "2026-03-30" }, { "id": "deepl", "name": "DeepL", "sector": "app", "layer": "app", "kind": "company", "signal": "translation · DE", "role": "Neural machine translation for enterprises (Translator, Write); runs its own NVIDIA superclusters in Europe.", "confidence": "verified", "valuation_musd": 2000, "region": "eu", "domain": "deepl.com", "sources": [ { "title": "DeepL press release, DeepL announces $300M investment at a $2B valuation, led by Index Ventures (ICONIQ Growth and Teachers' Venture Growth new; IVP and Atomico following)", "url": "https://www.deepl.com/en/press-release/deepl-announces-300-million-investment-at-2-billion-valuation-fueled-by-global-demand-for-ai-language-solutions", "as_of": "2024-05-22" }, { "title": "CNBC, DeepL, a European rival to Google Translate, rides AI hype to a $2 billion valuation", "url": "https://www.cnbc.com/2024/05/22/deepl-ai-rival-google-translate-2-billion-valuation.html", "as_of": "2024-05-22" } ], "as_of": "2024-05-22" }, { "id": "heygen", "name": "HeyGen", "sector": "app", "layer": "app", "kind": "company", "signal": "~$100M ARR", "role": "AI avatar video: photorealistic avatars, dubbing and translation for business content.", "confidence": "verified", "valuation_musd": 500, "region": "us", "domain": "heygen.com", "sources": [ { "title": "Bloomberg, $60M round at $500M led by Benchmark", "url": "https://www.bloomberg.com/news/articles/2024-06-20/ai-video-startup-heygen-valued-at-500-million-in-funding-round", "as_of": "2024-06-20" } ], "as_of": "2024-06-20" }, { "id": "moorethreads", "name": "Moore Threads", "sector": "chip", "layer": "chip", "kind": "company", "signal": "GPU · 688795", "role": "Chinese GPU designer - 'China's NVIDIA'; first domestic GPU stock, STAR-listed Dec 2025; H1 2026 revenue +147%.", "confidence": "verified", "valuation_musd": 30508, "region": "cn", "domain": "mthreads.com", "ticker": "688795.SS", "valuation_live": true, "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/688795.SS/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23" }, { "id": "enflame", "name": "Enflame", "sector": "chip", "layer": "chip", "kind": "company", "signal": "GPGPU · 688801", "role": "Shanghai GPGPU designer for AI training and inference, pitched as a domestic NVIDIA alternative; last of China's 'four little dragons' of AI silicon to list. STAR debut Sep 11, 2026 at CNY142.18 after a CNY6.12B ($912M) IPO, opened +188%. Tencent is both its largest shareholder (17.95% post-IPO) and was 83.79% of 2025 revenue.", "confidence": "verified", "valuation_musd": 31689, "sources": [ { "title": "Tencent quote total market cap (auto, build/tickers.py; Yahoo not yet serving this listing)", "url": "https://gu.qq.com/sh688801", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "enflame-tech.com", "region": "cn", "ticker": "688801.SS", "valuation_live": true }, { "id": "ambience", "name": "Ambience", "sector": "app", "layer": "app", "kind": "company", "signal": "ambient scribe", "role": "Ambient clinical documentation and coding for health systems (Cleveland Clinic, UCSF, Houston Methodist).", "confidence": "verified", "valuation_musd": 1250, "region": "us", "domain": "ambiencehealthcare.com", "sources": [ { "title": "Ambience press, $243M Series C at $1.25B co-led by Oak HC/FT and a16z; OpenAI Startup Fund participating", "url": "https://www.ambiencehealthcare.com/blog/ambience-healthcare-announces-243-million-series-c-to-scale-its-ai-platform-for-health-systems", "as_of": "2025-07-24" } ], "as_of": "2025-07-24" }, { "id": "speak", "name": "Speak", "sector": "app", "layer": "app", "kind": "company", "signal": "$100M+ ARR", "role": "AI language tutor built on OpenAI's Realtime API; $100M+ annualized revenue.", "confidence": "verified", "valuation_musd": 1000, "region": "us", "domain": "speak.com", "sources": [ { "title": "Speak press / TechCrunch, $78M Series C at $1B led by Accel; OpenAI Startup Fund participating", "url": "https://www.speak.com/blog/series-c", "as_of": "2024-12-10" } ], "as_of": "2024-12-10", "news_query": "\"Speak\" language learning app" }, { "id": "alphasense", "name": "AlphaSense", "sector": "app", "layer": "app", "kind": "company", "signal": "$600M ARR", "role": "Market-intelligence search over filings, transcripts and research; Generative Search and Deep Research for finance teams.", "confidence": "verified", "valuation_musd": 7500, "region": "us", "domain": "alpha-sense.com", "sources": [ { "title": "AlphaSense press, $350M at $7.5B led by Vitruvian/Accenture/JPMAM; $600M ARR; CapitalG among investors", "url": "https://www.globenewswire.com/news-release/2026/06/03/3305968/0/en/alphasense-raises-350m-at-7-5b-valuation-and-surpasses-600m-in-annual-recurring-revenue.html", "as_of": "2026-06-03" } ], "as_of": "2026-06-03" }, { "id": "wiz", "name": "Wiz", "sector": "app", "layer": "app", "kind": "division", "parent": "alphabet", "signal": "division", "role": "Cloud security platform; acquired by Google for $32B (closed Mar 2026) - the largest pure-cybersecurity deal on record.", "confidence": "verified", "region": "us", "domain": "wiz.io", "sources": [ { "title": "TechCrunch, Google completes $32B acquisition of Wiz", "url": "https://techcrunch.com/2026/03/11/google-completes-32b-acquisition-of-wiz/", "as_of": "2026-03-11" } ], "as_of": "2026-03-11" }, { "id": "sakana", "name": "Sakana AI", "sector": "lab", "layer": "lab", "kind": "company", "signal": "JP frontier lab", "role": "Tokyo lab building efficient models optimized for Japanese language and enterprise; founded by Transformer co-author Llion Jones. Japan's most valuable startup.", "confidence": "verified", "valuation_musd": 2650, "region": "apac", "domain": "sakana.ai", "sources": [ { "title": "TechCrunch/Yahoo, $135M Series B at $2.65B (Nov 17, 2025); NVIDIA among investors since Series A", "url": "https://finance.yahoo.com/news/sakana-ai-raises-135m-series-115207368.html", "as_of": "2025-11-17" } ], "as_of": "2025-11-17" }, { "id": "deepgram", "name": "Deepgram", "sector": "app", "layer": "app", "kind": "company", "signal": "voice API", "role": "Speech-to-text, text-to-speech and voice-agent APIs for developers; cashflow-positive voice AI unicorn.", "confidence": "reported", "valuation_musd": 1300, "region": "us", "domain": "deepgram.com", "sources": [ { "title": "MarketScreener/press, $130M Series C at $1.3B led by AVP (Jan 2026)", "url": "https://uk.marketscreener.com/news/deepgram-inc-announced-that-it-has-received-130-million-in-funding-from-a-group-of-investors-ce7e58dbd088f423", "as_of": "2026-01" } ], "as_of": "2026-01" }, { "id": "gimlet", "name": "Gimlet Labs", "sector": "infer", "layer": "infer", "kind": "company", "signal": "multi-silicon", "role": "Multi-silicon inference cloud: disaggregates a model and routes each phase of inference to the accelerator that runs it best (GPU, CPU, near-memory, dataflow). $392M raised in total.", "confidence": "verified", "valuation_musd": 3000, "sources": [ { "title": "Gimlet Labs, $300M Series B at $3B led by Andreessen Horowitz, Arm and Microsoft's M12 joining as new investors (company release)", "url": "https://www.globenewswire.com/news-release/2026/09/04/3356707/0/en/now-valued-at-3-billion-gimlet-labs-raises-300-million-in-series-b-led-by-andreessen-horowitz-for-industry-s-first-multi-silicon-inference-cloud-for-agentic-ai", "as_of": "2026-09-04" }, { "title": "Bloomberg, Andreessen-backed AI startup Gimlet is valued at $3 billion in new round", "url": "https://www.bloomberg.com/news/articles/2026-09-04/andreessen-backed-ai-startup-gimlet-is-valued-at-3-billion-in-new-round", "as_of": "2026-09-04" } ], "as_of": "2026-09-04", "domain": "gimletlabs.ai", "region": "us" }, { "id": "higgsfield", "name": "Higgsfield", "sector": "app", "layer": "app", "kind": "company", "signal": "$700M ARR · video", "role": "AI video and visual-production platform; ~$700M annualized revenue in Aug 2026, up from $20M a year earlier, 30M+ users.", "confidence": "verified", "valuation_musd": 5400, "sources": [ { "title": "Higgsfield, $400M Series B at $5.4B led by DST Global, Intel Capital among participants (company release)", "url": "https://www.prnewswire.com/news-releases/higgsfield-raises-400-million-series-b-financing-at-5-4-billion-valuation-with-annualized-revenue-reaching-700-million-302852430.html", "as_of": "2026-08-17" }, { "title": "TechCrunch, Higgsfield raises $400M Series B, quadrupling its valuation in 8 months to $5.4B", "url": "https://techcrunch.com/2026/08/17/higgsfield-raises-400m-series-b-quadrupling-its-valuation-in-8-months-to-5-4b/", "as_of": "2026-08-17" } ], "as_of": "2026-08-17", "domain": "higgsfield.ai", "region": "us" }, { "id": "modular", "name": "Modular", "sector": "infer", "layer": "infer", "kind": "division", "signal": "division", "role": "Mojo and the MAX inference engine - a hardware-agnostic serving stack built to break the CUDA lock-in. Bought by Qualcomm for ~$3.9B in all stock, closed Jul 29 2026; founder Chris Lattner now runs Qualcomm's AI software.", "confidence": "verified", "sources": [ { "title": "Qualcomm, Qualcomm Completes Acquisition of Modular (company release)", "url": "https://www.prnewswire.com/news-releases/qualcomm-completes-acquisition-of-modular-302837286.html", "as_of": "2026-07-29" }, { "title": "Modular, Qualcomm Completes Acquisition of Modular (company blog)", "url": "https://www.modular.com/blog/qualcomm-completes-acquisition-of-modular", "as_of": "2026-07-29" }, { "title": "CNBC, Qualcomm inks deal for AI startup Modular (~$3.9B all-stock) to bolster its software stack", "url": "https://www.cnbc.com/2026/06/24/qualcomm-ai-chip-modular-software.html", "as_of": "2026-06-24" } ], "as_of": "2026-07-29", "parent": "qualcomm", "domain": "modular.com", "region": "us" }, { "id": "spacex", "name": "SpaceX", "sector": "lab", "layer": "lab", "kind": "company", "signal": "SPCX", "role": "Aerospace and AI conglomerate. Absorbed xAI (Grok, Colossus, X) in an all-stock merger on Feb 2 2026, bought Cursor for $60B in Aug 2026, and listed on Nasdaq as SPCX on Jun 12 2026 at a ~$2.1T debut cap.", "confidence": "verified", "valuation_musd": 1955649, "valuation_live": true, "ticker": "SPCX", "sources": [ { "title": "Yahoo Finance market cap (auto, build/tickers.py)", "url": "https://finance.yahoo.com/quote/SPCX/", "as_of": "2026-09-23" } ], "as_of": "2026-09-23", "domain": "spacex.com", "region": "us" }, { "id": "anewlabs", "name": "Anew Labs", "sector": "app", "layer": "app", "kind": "company", "signal": "AI drug discovery", "role": "AI drug discovery spun out of ByteDance in 2026 after starting as an internal unit in 2021, taking ~50 core staff, the model stack and early-stage assets with it. Builds the open-sourced Protenix structure-prediction model (an AlphaFold3 reimplementation) and PXDesign for de-novo protein binders, and has its own candidates including an AI-designed IL-17 inhibitor. ByteDance keeps 56% after the first external round. Shanghai, with Singapore and US offices.", "confidence": "reported", "valuation_musd": 1500, "sources": [ { "title": "Reuters (via The Next Web), ByteDance completes a $290M first external round for AI drug unit Anew Labs at a ~$1.5B valuation, sources say; HSG, IDG Capital and GL Ventures led with 5Y Capital co-leading and ByteDance retaining 56%", "url": "https://thenextweb.com/news/bytedance-anew-labs-290m-ai-drug-discovery", "as_of": "2026-09-16" }, { "title": "DigiTimes, ByteDance's Anew Labs reportedly raises US$290M as AI drug discovery gains momentum", "url": "https://www.digitimes.com/news/a20260917VL206/bytedance-ai-medical-funding-business.html", "as_of": "2026-09-17" } ], "as_of": "2026-09-16", "domain": "anewbt.com", "region": "cn" }, { "id": "upscale", "name": "Upscale AI", "sector": "chip", "layer": "chip", "kind": "company", "signal": "AI networking", "role": "Pure-play AI networking: open-standard switch silicon, systems and AI-optimised SONiC software for scale-out clusters, on UEC and UALink standards. Pitched as the open alternative to NVIDIA's networking lock-in while building its Ethernet systems on NVIDIA Spectrum-X switch silicon - and NVIDIA joined its latest round. From a $100M+ seed to ~$500M raised in under 18 months; 80+ companies including AMD, Intel, Google, Meta and Microsoft back the open standard.", "confidence": "reported", "valuation_musd": 2000, "sources": [ { "title": "Upscale AI adds $190M in an extension to its Series A, reaching half a billion dollars in total funding; Premji Invest led, with NVIDIA, Salesforce Ventures, Temasek and Seligman Ventures joining (company release)", "url": "https://www.businesswire.com/news/home/20260618053226/en/Upscale-AI-Adds-$190-Million-in-Extension-to-Series-A-Reaching-Half-Billion-Dollars-in-Total-Funding", "as_of": "2026-06-18" }, { "title": "Fortune (exclusive), Upscale AI wants to be the next Cisco - and it just raised another $190 million: the $2B post-money", "url": "https://fortune.com/2026/06/22/nvidia-upscale-ai-next-ciscoand-seligman-ventures-premji/", "as_of": "2026-06-22" }, { "title": "Quartz, Upscale AI raises $190 million Series A-1 at a $2 billion valuation", "url": "https://qz.com/upscale-ai-raises-190-million-2-billion-valuation-062226", "as_of": "2026-06-22" } ], "as_of": "2026-06-18", "domain": "upscaleai.com", "region": "us" }, { "id": "naive", "name": "Naive AI", "sector": "lab", "layer": "lab", "kind": "company", "signal": "open-weight · CN", "role": "Beijing LLM startup founded in February 2026 by Tsinghua electronic-engineering associate professor Dai Jifeng, previously at Microsoft Research Asia and SenseTime. Rather than pretraining from scratch it modifies the architecture of an existing Chinese open-weight model and refines it with mid-training, post-training and reinforcement learning; the first release, also called Naive, is an open-weight model due in September 2026. Fewer than 100 staff after seven months in stealth, and $400M raised across three rounds ($100M, $180M, $120M) from Tencent, IDG Capital and HSG.", "confidence": "reported", "valuation_musd": 1420, "sources": [ { "title": "The Information, A Tsinghua professor's stealth LLM startup hits $1.4 billion valuation - $400M raised across three rounds from Tencent, IDG Capital and HSG", "url": "https://www.theinformation.com/articles/tsinghua-professors-stealth-llm-startup-hits-1-4-billion-valuation", "as_of": "2026-09-18" }, { "title": "Investing.com (relaying The Information), Naive AI valuation hits $1.4 billion after $400 million raise", "url": "https://www.investing.com/news/stock-market-news/naive-ai-valuation-hits-14-billion-after-400-million-raise--93CH-4907451", "as_of": "2026-09-18" } ], "as_of": "2026-09-18", "region": "cn" }, { "id": "neura", "name": "NEURA Robotics", "sector": "physical", "layer": "physical", "kind": "company", "signal": "cognitive robots", "role": "German full-stack maker of what it calls cognitive robots - the 4NE-1 humanoid alongside industrial cobots - plus Neuraverse, a shared app platform the robots learn from. Its June 2026 Series C of up to $1.4B, led by Tether with NVIDIA, Amazon, Qualcomm, Bosch, Schaeffler and the European Investment Bank in, is the largest round ever raised by a full-stack robotics company; the full amount is contingent on performance milestones, and the company says its orderbook and deployment pipeline exceed $1B against a target of multi-million-unit production by 2030. The ~$7B valuation comes from people familiar with the deal - NEURA itself declined to confirm a figure, which is why the mark is reported rather than verified.", "confidence": "reported", "valuation_musd": 7000, "sources": [ { "title": "NEURA Robotics press release, NEURA Robotics announces record Series C of up to $1.4B led by Tether, with NVIDIA, Amazon, Qualcomm Technologies, imec.xpand, Bosch, Schaeffler, the European Investment Bank, Lingotto Horizon and InterAlpen Partners (no valuation disclosed)", "url": "https://neura-robotics.com/record-series-c/", "as_of": "2026-06-10" }, { "title": "Business Wire, NEURA Robotics announces record Series C of up to $1.4 billion to accelerate the world's leading physical AI platform", "url": "https://www.businesswire.com/news/home/20260610204575/en/NEURA-Robotics-Announces-Record-Series-C-of-up-to-$1.4-Billion-to-Accelerate-the-Worlds-Leading-Physical-AI-Platform", "as_of": "2026-06-10" }, { "title": "CNBC, humanoid robotics company raises up to $1.4 billion from Nvidia, Amazon and others - people familiar put the valuation at about $7B, which NEURA did not confirm", "url": "https://www.cnbc.com/2026/06/10/neura-robotics-funding-ai-humanoid-robots.html", "as_of": "2026-06-10" }, { "title": "Sifted, Neura Robotics raises $1.4bn backed by Amazon, Nvidia and Qualcomm", "url": "https://sifted.eu/articles/neura-robotics-1-4bn-series-c", "as_of": "2026-06-10" } ], "as_of": "2026-06-10", "domain": "neura-robotics.com", "region": "eu" }, { "id": "chai", "name": "Chai Discovery", "sector": "app", "layer": "app", "kind": "company", "signal": "molecule design", "role": "Generative models for molecular design - antibodies, proteins and other therapeutics designed from scratch, with Chai-3 the current model; named partners include Eli Lilly, Pfizer and Novartis. The $400M Series C is company-announced, but the $3.8B post-money (roughly triple the $1.3B December 2025 Series B) appears only in trade coverage, not in the release, so the mark is reported. OpenAI has backed the company since its 2024 seed and joined the Series C.", "confidence": "reported", "valuation_musd": 3800, "sources": [ { "title": "Chai Discovery, $400M Series C led by Index Ventures with Kleiner Perkins, Sequoia and Dimension; existing investors including OpenAI and Thrive Capital participating (company release - it states the round, not a post-money)", "url": "https://www.businesswire.com/news/home/20260713849009/en/Chai-Discovery-Announces-$400M-Series-C-to-Advance-AI-Driven-Molecular-Design", "as_of": "2026-07-14" }, { "title": "Endpoints News, Chai Discovery gets $400M, tripling valuation from seven months ago (the $3.8B post-money)", "url": "https://endpoints.news/chai-discovery-gets-400m-tripling-valuation-from-seven-months-ago/", "as_of": "2026-07-14" }, { "title": "FierceBiotech, Chai brews up $400M Series C to fuel AI molecule models used by Lilly, Novartis and Pfizer", "url": "https://www.fiercebiotech.com/biotech/chai-brews-400m-series-c-fuel-ai-used-lilly-novartis-and-pfizer", "as_of": "2026-07-14" } ], "as_of": "2026-07-14", "domain": "chaidiscovery.com", "region": "us" }, { "id": "snorkel", "name": "Snorkel AI", "sector": "data", "layer": "data", "kind": "company", "signal": "training data", "role": "Stanford AI Lab spinout that began as programmatic data-labelling software and became a data-as-a-service business in September 2025 - building specialist training datasets, reinforcement-learning environments and evaluation sets for frontier labs, hyperscalers and enterprises. Annualised revenue run rate crossed $350M, about 18x higher than a year earlier, which is what tripled the mark.", "confidence": "verified", "valuation_musd": 3500, "sources": [ { "title": "Snorkel AI Raises $350M to Scale the Data Factory for Frontier AI - Series E co-led by Insight Partners and S32, with Addition, Lightspeed, Greylock and GV (company release)", "url": "https://www.prnewswire.com/news-releases/snorkel-ai-raises-350m-to-scale-the-data-factory-for-frontier-ai-302886796.html", "as_of": "2026-09-22" }, { "title": "TechCrunch, Snorkel AI triples valuation to $3.5B as demand for AI training data booms", "url": "https://techcrunch.com/2026/09/22/snorkel-ai-triples-valuation-to-3-5b-as-demand-for-ai-training-data-booms/", "as_of": "2026-09-22" }, { "title": "Reuters (exclusive), Snorkel AI valued at $3.5 billion amid surging demand for complex AI training data", "url": "https://finance.yahoo.com/technology/ai/articles/exclusive-snorkel-ai-valued-3-130706155.html", "as_of": "2026-09-22" } ], "as_of": "2026-09-22", "domain": "snorkel.ai", "region": "us" }, { "id": "primeintellect", "name": "Prime Intellect", "sector": "data", "layer": "data", "kind": "company", "signal": "RL environments", "role": "Sells enterprises the stack to train their own agents instead of leasing one from a frontier lab: pooled compute, an open reinforcement-learning framework and evaluation tools, offered as a modular marketplace. Founded 2024; ~$150M raised in total and an annualised revenue run rate around $100M. NVIDIA, Intel Capital and Dell Technologies Capital all joined the Series A.", "confidence": "verified", "valuation_musd": 1000, "sources": [ { "title": "$130M Series A to Build the Open Superintelligence Stack - led by Radical Ventures, with NVIDIA Ventures, Intel Capital and Dell Technologies Capital (company blog)", "url": "https://www.primeintellect.ai/blog/series-a", "as_of": "2026-07-08" }, { "title": "TechCrunch, Prime Intellect raises $130M Series A to help enterprises build their own AI agents - $1B valuation", "url": "https://techcrunch.com/2026/07/08/prime-intellect-raises-130m-series-a-to-help-enterprises-build-their-own-ai-agents/", "as_of": "2026-07-08" } ], "as_of": "2026-07-08", "domain": "primeintellect.ai", "region": "us" } ], "verified_at": "2026-09-23" }