AI revenue multiples
How many times its current revenue each AI lab was valued at in its last closed round, and at any round reported in talks. Plain arithmetic on sourced figures, with the date gap between them shown.
Data as of the week of 26 Oct 2026 (updated 26 Oct 2026, 08:09, Bucharest time). Every figure links to its source; see the methodology.
Valuation-to-revenue multiple, lowest first
| # | Lab | Multiple (computed by us) | Last closed valuation | Revenue run-rate | Gap between the two dates |
|---|---|---|---|---|---|
| 1 | xAI (SpaceXAI) | 8.3× | $250B 2 Feb 2026 Reuters (opens in new tab) | $30.2B Q3 2026 Super Intelligence (SI) segment revenue × 4 (computed; segment includes compute rental, Cursor and X ads), 30 Sept 2026 SpaceX Q3 2026 results (SEC 8-K) (opens in new tab) | 240 days |
| 2 | Anthropic | 14.4× | $965B 28 May 2026 Anthropic (opens in new tab) | $67.2B Q3 2026 revenue × 4 (computed; $16.8B quarter told to investors, gross accounting), 30 Sept 2026 CNBC (also Reuters, Bloomberg, FT) (opens in new tab) | 125 days |
| 3 | OpenAI | 17× | $852B 31 Mar 2026 OpenAI (opens in new tab) | $50B annualized run-rate, end of September (net of partner share), 30 Sept 2026 Axios (opens in new tab) | 183 days |
| 4 | Mistral AI | 24× | $24B 8 Sept 2026 Reuters (opens in new tab) | $1B ARR, 'slightly above $1B' per CFO, 8 Sept 2026 WSJ (opens in new tab) | 0 days |
| 5 | Moonshot AI (Kimi) | 50× | $50B 6 Oct 2026 Silicon Republic (Bloomberg) (opens in new tab) | $1B ARR (current, per Bloomberg), 6 Oct 2026 Silicon Republic (Bloomberg) (opens in new tab) | 0 days |
| 6 | DeepSeek | 51.8× EST | $51.8B 17 Jul 2026 Caixin / Sacra (opens in new tab) | $1B EST annualized revenue, September (third-party estimate), 30 Sept 2026 Sacra (estimate) (opens in new tab) | 75 days |
Multiple = latest closed (post-money) valuation ÷ latest revenue run-rate, both from labs.json. The two figures are usually months apart (last column), so a lab whose revenue grew since its last round looks cheaper than it was when the round closed. EST = at least one input is a third-party estimate.
Implied multiple at the valuation in talks
| Lab | Valuation in talks | Revenue run-rate | Implied multiple (computed by us) | At last closed round |
|---|---|---|---|---|
| OpenAI | $1.25T 22 Oct 2026 CNBC (also Bloomberg, FT) (opens in new tab) | $50B | 25× | 17× |
| DeepSeek | $75B 22 Oct 2026 Bloomberg (also Reuters, WSJ) (opens in new tab) | $1B EST | 75× | 51.8× |
A valuation "in talks" is a reported negotiation, not a closed round; it can change or fall through.
Related
- AI company valuations: every valuation, round in talks and total raised.
- AI company revenue: the latest revenue figure per lab.
- AI valuations vs model rankings: do the most valuable labs have the best models?
FAQ
Which AI lab has the lowest valuation-to-revenue multiple?
xAI (SpaceXAI), at 8.3× (computed by us: $250B ÷ $30.2B).
Which has the highest?
DeepSeek, at 51.8× ($51.8B ÷ $1B; includes a third-party estimate).
What is the median multiple?
20.5× across the 6 labs with both a closed valuation and a revenue figure (computed by us).
Which labs are missing?
Google DeepMind, Meta Superintelligence Labs, Alibaba (Qwen), Z.ai (Zhipu): no lab-level closed valuation or revenue figure on file (several are units of larger public companies), so no multiple is shown.
Is a lower multiple better?
Not necessarily. It only says how many years of current revenue the last round priced in; growth rate, margins and compute costs are not in this number.