Ranking AI Startups’ Valuations, From Anthropic to Perplexity

You don’t have to look far to find examples of artificial intelligence startups fetching wild valuations, as some in-the-works deals for robotics and startups founded by OpenAI alumni have shown. But such examples obscure changes in how investors are valuing AI startups.

The biggest developers of foundation models, such as OpenAI and Anthropic, are now cheaper than they were a year ago, based on their valuations as a multiple of their annualized revenue. That’s typical as companies grow older and their revenue catches up to investors’ lofty forecasts. Less usual is that some AI startups are hanging on to high multiples as revenue rises.