AI lab valuation-to-revenue multiples, from 14x to 76x
How much are investors paying for each dollar of AI lab revenue? Six labs on the scoreboard have both a closed valuation and a revenue figure, so the ratio can be computed directly. The division is ours; both inputs are sourced and dated on each lab page.
The multiples
| Lab | Closed valuation | As of | Revenue run-rate | As of | Valuation ÷ revenue |
|---|---|---|---|---|---|
| Anthropic | $965B | 28 May 2026 | $67.2B (Q3 x 4) | 30 Sep 2026 | 14.4x |
| OpenAI | $852B | 31 Mar 2026 | $50B | 30 Sep 2026 | 17.0x |
| Mistral AI | $24B | 8 Sep 2026 | about $1B | 8 Sep 2026 | about 24x |
| Moonshot AI | $50B | 6 Oct 2026 | $1B | 6 Oct 2026 | 50.0x |
| DeepSeek | $51.82B | 17 Jul 2026 | $1B (estimate) | 30 Sep 2026 | 51.8x |
| xAI | $250B | 2 Feb 2026 | $3.272B (Q1 x 4) | 31 Mar 2026 | 76.4x |
Google DeepMind, Meta Superintelligence Labs and Alibaba's Qwen team sit inside public companies that do not disclose a lab-level valuation, and Z.ai has no sourced financials on the board yet, so none of them has a multiple.
Bigger labs trade at lower multiples
The two largest labs by revenue have the lowest multiples: Anthropic at 14.4x and OpenAI at 17.0x. The four smaller labs all sit between roughly 24x and 76x. With revenue at $1B to $3.3B, their valuations are priced mostly on expected growth rather than current sales.
Why the multiples are rough
- The dates don't line up. Anthropic's $965B was set on 28 May 2026, but its $67.2B run-rate comes from the third quarter. Using its first-quarter revenue instead ($4.7B, per the same CNBC report, times 4 = $18.8B), the same valuation was about 51x revenue when the round closed. Revenue that grows fast makes an older valuation look cheap.
- Gross vs net. Anthropic books cloud-partner sales gross, while OpenAI's $50B is net of the partner share. Booked net, Anthropic's revenue would be lower and its multiple higher; there is no public net figure to say by how much. See claimed vs reported revenue.
- Annualizing. For Anthropic and xAI the board multiplies one quarter by 4 itself, which averages over the quarter.
- Estimates and scope. DeepSeek's revenue is a Sacra estimate, not a company disclosure. xAI's revenue includes X ads and subscriptions, and its $250B is the value implied by the all-stock SpaceX merger, not a priced funding round.
Rounds in talks would raise the numbers
Two labs are negotiating at higher prices. Neither round has closed, so the scoreboard doesn't score them:
- OpenAI is in talks to raise at least $30B at a $1.4T pre-money valuation (TradedVC/Bloomberg, 12 Oct 2026). On the $50B run-rate, that is 28x.
- DeepSeek is seeking a valuation of about RMB500B (about $75B) in a follow-on round of up to RMB100B (CNBC, 6 Oct 2026). On the estimated $1B, that is 75x.
The multiple is not part of the 0-100 score: revenue (20 points) and valuation (10 points) are scored separately on log scales. The live table, with total funding raised, is on AI company valuations.
Sources
- Anthropic: Series H announcement (opens in new tab) (28 May 2026)
- Anthropic's third-quarter revenue hits $16.8 billion (opens in new tab) (CNBC, 15 Oct 2026)
- OpenAI: Accelerating the next phase of AI (opens in new tab) (31 Mar 2026)
- Axios: OpenAI's $50 billion ARR (opens in new tab) (8 Oct 2026)
- TradedVC: OpenAI seeks to raise $30 billion at $1.4 trillion valuation (opens in new tab) (12 Oct 2026)
- Reuters: Mistral hits $24 billion valuation (opens in new tab) (8 Sep 2026)
- WSJ: Mistral AI exceeds $24 billion valuation (opens in new tab) (8 Sep 2026)
- Bloomberg: Moonshot closes round at $50bn valuation (opens in new tab) (Silicon Republic, 6 Oct 2026)
- Caixin: DeepSeek reaches $52 billion valuation (opens in new tab) (17 Jul 2026)
- Sacra: DeepSeek (opens in new tab) (estimate)
- CNBC: DeepSeek funding round (opens in new tab) (6 Oct 2026)
- Reuters: SpaceX to merge with xAI (opens in new tab) (2 Feb 2026)
- Morningstar: xAI financials in the SpaceX filing (opens in new tab)