21 AI Startups Reach $10B+ Valuations With $100M+ Revenue

Didn’t count: - Unconfirmed revenue: Thinking Machines, Skild, Reflection, Physical Intelligence, SSI - Non core AI: Databricks, Applied Intuition, Anduril, Shield, Vast Data, Cyera, Notion, Grammarly, Canva, Bytedance, Ramp - Just short: Fal, ReplIt, Together, Glean, Runway, Cohere, Suno - Public: Cerebras, Coreweave, Nebius, Minimax. Zhipu - No known valuation: Midjourney, Surge

Let me know if I missed something!

@deedydas unbelievable Perplexity is still valued so high. I don't know anyone who kept using it after their pro plan (essentially free) ran out

@deedydas 这表最唬人的不是估值是分母——年收入跑率刚过1亿就敢挂100亿牌子，市销率100倍打底，赚的那点钱够不够付Nscale那帮人电费都难说，VC算的根本不是生意是接盘顺序，就看谁最后一棒接在手里。

@deedydas Ok wait, half these have asterisks—means no confirmed $100M revenue. Perplexity and Mistral actually have customers paying. Rest are just expensive numbers.

@deedydas Reminder that the next trillion-dollar company is probably still arguing about product roadmap priorities in a Slack channel with 11 people.

@deedydas Cohere (post Aleph) merge is past that valuation and we’ll past that run rate…$240M probably pushing $300 by now

@ImAaronUpright $7B though

@deedydas Corgi 🔜

@deedydas Sorry, yeah I meant Cohere + Aleph most merger. Think that’s up to $20b now?

@deedydas the real question is, is this valuation justified?

@deedydas @Katie_Roof Mercor is shady as fuckkk

@deedydas I like ElevenLabs, but how could they possibly be worth that much?

@deedydas Cursor - $60B* Half of that is me buying Opus tokens...

@deedydas how many of those are building their own models vs using frontier sota?

@deedydas I think perplexity is living on those early contracts, and companies now waiting to get out ASAP I don’t even know mercor’s business they like new scale ai collecting training data? Truly a vibe economy!

@deedydas Glean has hit $300m revs, although short of $10bn. What gives

@deedydas Lots of rumored valuations carry heavy premium, only sustained revenue can justify prices, most smaller names struggle once funding tightens

@deedydas The diversity here is wild — legal AI (Harvey), GPU cloud (Crusoe, Fireworks), coding (Lovable), voice (ElevenLabs). Not one AI wave but dozens simultaneously. Common thread: all solve real enterprise pain, not demos.

@deedydas Interesting that Crusoe is the only AI infrastructure company

@glitchtruth That just means unconfirmed new valuation, pretty sure they are past the run rate number