European Union
Top 10 AI companies in the EU by revenue
The 10 largest AI companies headquartered in the European Union by annual revenue, from model labs and AI apps to robotics.
Updated Oct 25, 202610 companies1 from Y Combinator
- 1
Lovable
AI app builder / vibe coding
Stockholm Consumer AI app Founded 2023 Private
Sep 2026[1] - 2
Mistral AI
Open and commercial LLMs, Le Chat
Paris Model lab Founded 2023 Private
Jan-Feb 2026[2] - 3
Agile Robots
AI-driven robot arms, humanoids & automation
Munich Embodied AI Founded 2018 Private
FY2025[3] - 3
Exotec
Warehouse robotics (Skypod)
Croix / Lille Embodied AI Founded 2015 Private
FY2025[4] - 3
Quantum Systems
Autonomous reconnaissance drones
Gilching / Munich Embodied AI Founded 2015 Private
FY2025[5] - 6
Magnific
Generative image/video creative platform · formerly Freepik
Málaga Consumer AI app Founded 2010 Private
Apr 2026[6] - 7
Domyn
Sovereign AI models and platform · formerly iGenius
Milan Model lab Founded 2016 Private
Jul 2026[7] - 8
Legora
Legal AI
Stockholm Business AI app Founded 2023 Private
Oct 2026[8] - 9
Black Forest Labs
Image and video models (FLUX)
Freiburg Model lab Founded 2024 Private
Aug 2025[9] - 10
PhotoroomY
AI photo editing
Paris Consumer AI app Founded 2019 Private
2024[10]
Method
How we built this list. Revenue from company statements, filings and credible press, researched on Oct 25, 2026.
Who is on the list
AI companies headquartered in a European Union member state. Euro figures are converted at the IRS 2025 average rate. We count companies whose main business is AI: model labs, AI applications, AI infrastructure (chips, clouds, inference and training data) and embodied AI. Big tech and other incumbents are left out, along with companies they own.
Recent listings only
Companies that went public before Oct 25, 2024, more than two years before our research date, count as incumbents whose scale predates the AI boom, so they are not ranked. Private companies and companies that listed since then are.
Latest annual revenue
For private companies we use the latest annual recurring revenue or run-rate from the company or credible press. For listed companies we use filings: the latest quarter ×4, or the last 12 months for companies that report every six months. When a company has published nothing for over a year, we use a third-party estimate and label it Estimate.
One currency, ranked by size
Every figure is in US dollars, converted at the IRS 2025 average exchange rates. Run-rates, bookings, forecasts and trailing revenue are different measures, so treat companies with close figures as roughly level.
- Not ranked because they listed before Oct 25, 2024: Nebius Group.
- The UK is not in the EU, so UK companies such as Synthesia, Nscale and Stability AI are not on this list.
- Several large European AI companies publish no revenue, among them Helsing, DeepL, Celonis and Tandem Health.
- The orange Y marks companies in the Y Combinator directory. Logos are each company's LinkedIn profile image, or its GitHub avatar when it has no LinkedIn logo.
- Exchange rates: IRS yearly average currency exchange rates.
Sources
- 1
Lovable TechCrunch Run-rate, Sep 2026 techcrunch.com
"Lovable has crossed annual run-rate revenue of $600 million" (co-founder Fabian Hedin).
- 2
Mistral AI The Decoder (summarizing FT interview) Run-rate, Jan-Feb 2026 the-decoder.com
Mistral CEO Arthur Mensch told the FT the company's annualized revenue run-rate passed $400M, up from ~$20M a year earlier; targets >$1B by end-2026. CNBC Disruptor 50 (2026-05-19) repeats the >$400M Jan-2026 run-rate.
- 3
Agile Robots Robotics & Automation News (citing WSJ) Full-year revenue, FY2025 roboticsandautomationnews.com
CEO Zhaopeng Chen told the WSJ the firm brought in about EUR 300 million in 2025 and expects around EUR 600 million in 2026.
- 4
Exotec L'Essentiel de l'Eco Full-year revenue, FY2025 lessentieldeleco.fr
En 2025, Exotec affiche 300 millions d'euros de chiffre d'affaires.
- 5
Quantum Systems Die Rheinpfalz Full-year revenue, FY2025 rheinpfalz.de
Quantum Systems reported about EUR 300M in revenue for 2025.
- 6
Magnific The Next Web Run-rate, Apr 2026 thenextweb.com
Freepik rebrands as Magnific: a bootstrapped, profitable $230M ARR AI creative platform.
- 7
Domyn Dealroom news (citing Sifted podcast interview with CEO Uljan Sharka) Run-rate, Jul 2026 dealroom.co
Domyn "passed EUR 200 million in annualised recurring revenue in July 2026" (CEO Uljan Sharka, Sifted podcast); raising ~$2B.
- 8
Legora SiliconANGLE Run-rate, Oct 2026 siliconangle.com
"Current ARR stands at more than $200 million." $550M Series E at $8.8B post-money led by Atreides.
- 9
Black Forest Labs Sacra (estimate) Estimate, Aug 2025 sacra.com
Sacra estimates Black Forest Labs hit $96M in annualized revenue as of August 2025; Fortune (2026-02-17): company declined to comment on exact revenue.
- 10
Photoroom Sacra (estimate) Estimate, 2024 sacra.com
Sacra put Photoroom at $94M ARR as of 2024, up 89% YoY; CEO confirmed $50M ARR at Dec 2023 (https://www.forbes.com/sites/rashishrivastava/2024/02/27/photoroom-an-app-that-generates-ai-images-in-one-second-is-now-worth-500-million/).