AI model labs
Top 20 AI model labs by revenue
The 20 largest foundation-model labs by annual revenue, from frontier labs to speech and video model makers.
Updated Oct 25, 202620 companies2 from Y Combinator
- 1
Anthropic
Claude models and assistant
San Francisco Founded 2021 Private
Q3 2026[1] - 2
OpenAI
ChatGPT and GPT models
San Francisco Founded 2015 Private
Sep 2026[2] - 3
xAI
Grok models, the X platform and Cursor · SpaceX's AI segment
Palo Alto / Starbase Founded 2023 Listed Jun 2026 · Nasdaq (parent SpaceX)
Q3 2026[3] - 4
DeepSeek (深度求索)
Open-weight LLMs and API
Hangzhou Founded 2023 Private
Sep 2026[4] - 4
Moonshot AI (月之暗面)
Kimi models and assistant
Beijing Founded 2023 Private
Aug 2026[5] - 6
Mistral AI
Open and commercial LLMs, Le Chat
Paris Founded 2023 Private
Jan-Feb 2026[6] - 7
Cohere
Enterprise LLMs and the North agent platform
Toronto Founded 2019 Private
End-2025[7] - 8
Domyn
Sovereign AI models and platform · formerly iGenius
Milan Founded 2016 Private
Jul 2026[8] - 9
Zhipu AI (智谱)
GLM models and assistant
Beijing Founded 2019 Listed Jan 2026 · HKEX
Jun 2026[9] - 10
MiniMax
Multimodal models; Hailuo and Talkie apps
Shanghai Founded 2021 Listed Jan 2026 · HKEX
Jun 2026[10] - 11
DeepgramY
Speech-to-text & voice AI API
San Francisco Founded 2015 Private
Aug 2026[11] - 12
Black Forest Labs
Image and video models (FLUX)
Freiburg Founded 2024 Private
Aug 2025[12] - 13
AssemblyAIY
Speech AI API
San Francisco Founded 2017 Private
Oct 2026[13] - 14
StepFun (阶跃星辰)
LLMs, multimodal; AI + devices
Shanghai Founded 2023 Private (Hong Kong IPO in preparation)
FY2025[14] - 15
Preferred Networks
PLaMo LLMs and MN-Core AI chips
Tokyo Founded 2014 Private
FY to Jan 2023[15] - 16
Stability AI
Image, video, audio; licensing & API
London Founded 2019 Private
FY2024[16] - 17
01.AI (零一万物)
Enterprise AI models and solutions
Beijing Founded 2023 Private
FY2025[17] - 18
ShengShu (生数科技)
Vidu video-generation models
Beijing Founded 2023 Private
Sep 2025[18] - 19
Speechmatics
Speech recognition API
Cambridge Founded 2006 Private
FY2025[19] - 20
Sarvam AI
Indic LLMs & voice; sovereign AI
Bengaluru Founded 2023 Private
FY to Mar 2026[20]
Method
How we built this list. Revenue from company statements, filings and credible press, researched on Oct 25, 2026.
Who is on the list
Companies whose main business is training foundation models and selling access to them, through an API, an assistant or both. 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: SenseTime (商汤).
- Labs that publish no revenue, such as AI21 Labs, Cartesia, Poolside, Sakana AI and Upstage, are not listed.
- Companies that build their own models but sell mainly through their own apps, such as Midjourney, Suno, ElevenLabs and Runway, are listed as applications.
- 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
Anthropic Reuters via The Star (first reported by FT) Latest quarter ×4, Q3 2026 (Jul-Sep) thestar.com.my
"Anthropic told investors its third-quarter revenue jumped to $16.8 billion and that it turned a profit in the quarter"
- 2
OpenAI Reuters via Zawya (first reported by FT) Run-rate, Sep 2026 zawya.com
"OpenAI has told investors its annualized revenue for September was almost $50 billion." OpenAI excludes revenue from sales through cloud partners (AWS, Google Cloud), unlike Anthropic.
- 3
xAI SpaceX Form 8-K, Exhibit 99.1 (SEC EDGAR) Latest quarter ×4, Q3 2026 (Jul-Sep) sec.gov
"SI revenues $7,560 $2,561 $813 $10,939 $2,278" (Q3'26, Q2'26, Q3'25, 9M'26, 9M'25, $M). Up 830% YoY, "primarily driven by the activation of new cloud services agreements, the acquisition of Cursor" and increased Grok adoption.
- 4
DeepSeek (深度求索) The Next Web (citing The Information) Run-rate, Sep 2026 thenextweb.com
DeepSeek's annualised revenue run rate topped $1 billion, a figure reportedly shared by CEO Liang Wenfeng with investors.
- 5
Moonshot AI (月之暗面) Dealroom news (citing Bloomberg) Run-rate, Aug 2026 dealroom.co
Moonshot AI told investors its annualized recurring revenue passed $1 billion in August, up from about $300M in June, after the Kimi K3 launch; aiming for $2B by December.
- 6
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.
- 7
Cohere BetaKit (citing CNBC) Run-rate, End-2025 betakit.com
Cohere reportedly soared past its revenue target with $240M USD ARR in 2025, per an investor memo obtained by CNBC; ~70% gross margins.
- 8
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.
- 9
Zhipu AI (智谱) Tencent News / Sina Finance (HKEX interim results coverage) Trailing 12 months, Jun 2026 finance.sina.cn
H1 2026 revenue RMB 9.54亿, +399.7% YoY, exceeding FY2025 revenue of RMB 7.24亿; open platform & API RMB 8.25亿 (86.5%).
- 10
MiniMax MiniMax H1 2026 results press release (company) Trailing 12 months, Jun 2026 minimax.io
H1 2026 revenue ~US$116.6M, +283.1% YoY; Open Platform US$73.9M. FY2025 revenue US$79.0M (https://www.minimax.io/news/minimax-global-announces-full-year-2025-financial-results).
- 11
Deepgram Sacra (estimate) Estimate, Aug 2026 sacra.com
Sacra estimates Deepgram at $100M annualized revenue in August 2026, up from $60M at end-2025.
- 12
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.
- 13
AssemblyAI Sacra (estimate) Estimate, Oct 2026 sacra.com
Sacra estimates about $76M in annualized revenue as of October 2026.
- 14
StepFun (阶跃星辰) DoNews (citing Caijing) Full-year revenue, FY2025 donews.com
StepFun's 2025 revenue was close to RMB 500 million and is expected to be about RMB 1.2 billion in 2026 (Caijing).
- 15
Preferred Networks JIDOUNTEN LAB (citing PFN statutory financial notice) Full-year revenue, FY ended 2023-01-31 jidounten-lab.com
PFN 9th-period statement: 売上高 JPY 7,655 million; loss of over JPY 3 billion.
- 16
Stability AI Sacra (estimate) Estimate, FY2024 sacra.com
Sacra estimates Stability AI revenue of $50M for 2024, up from $8M in 2023.
- 17
01.AI (零一万物) Huxiu (Kai-Fu Lee internal speech) Full-year revenue, FY2025 huxiu.com
01.AI achieved RMB 500M in orders and RMB 250M in audited revenue in 2025 (Kai-Fu Lee at the company's third anniversary).
- 18
ShengShu (生数科技) QbitAI Run-rate, Sep 2025 qbitai.com
Eight months after launch, Vidu's annual recurring revenue passed $20 million.
- 19
Speechmatics Sacra (estimate) Estimate, FY2025 sacra.com
Sacra estimates that Speechmatics generated $18.7M in revenue in 2025, up 16% from $16.1M in 2024.
- 20
Sarvam AI MediaNama Full-year revenue, FY Mar-2026 medianama.com
Sarvam reported unaudited revenue of Rs 45.1 crore in FY26, compared with Rs 1.5 crore in FY25.