Indicators
Price per unit of capability (cheapest near-frontier model, Artificial Analysis)
emerging
$0.011as of 2026-10-27
Lab vertical integration (acquisitions and acquihires, trailing four quarters)
emerging
46as of 2026-06-30
Venture flow
Form D filingsEpoch's compiled rounds
Primary-round equity per calendar quarter: Form D amount sold where the entity files, Epoch's press-compiled rounds where the entity has no filing in the same quarter or within 45 days. Amendments replace their originals; SPVs and secondaries are excluded; Form D debt is listed in the table, not drawn.
Derived (venture_dollars_by_source) from: Epoch AI data hub — AI companies; SEC EDGAR Form D (private offerings). Epoch AI, 'Data on AI Companies' (CC BY 4.0), epoch.ai/data. SEC EDGAR Form D data sets.
The numbers
| quarter | source | kind | dollars | record |
|---|---|---|---|---|
| Q2 2026 | Epoch's compiled rounds | equity | $80.0B | estimate |
| Q1 2026 | Epoch's compiled rounds | equity | $152B | reported |
| Q4 2025 | Epoch's compiled rounds | equity | $22.5B | estimate |
| Q4 2025 | Form D filings | equity | $16.6B | reported |
| Q3 2025 | Epoch's compiled rounds | equity | $21.3B | estimate |
| Q2 2025 | Form D filings | equity | $5.3B | reported |
| Q1 2025 | Epoch's compiled rounds | equity | $14.5B | estimate |
| Q1 2025 | Form D filings | equity | $27.7M | reported |
| Q4 2024 | Epoch's compiled rounds | equity | $10.6B | estimate |
| Q4 2024 | Form D filings | equity | $6.0B | reported |
| Q2 2024 | Form D filings | equity | $5.0B | reported |
| Q1 2024 | Epoch's compiled rounds | equity | $4.8B | estimate |
| Q4 2023 | Epoch's compiled rounds | equity | $2.0B | estimate |
| Q4 2023 | Form D filings | equity | $135M | reported |
| Q2 2023 | Epoch's compiled rounds | equity | $750M | estimate |
| Q1 2023 | Epoch's compiled rounds | equity | $10.0B | estimate |
Entities · 7
| Entity | Role | Since | Verified | Latest observation |
|---|---|---|---|---|
| Anthropic | primary | — | ● yes | 43.8% · business_paid_share.m · 2026-09-30 |
| Google DeepMind | primary | — | ○ not yet | 6.2% · business_paid_share.m · 2026-08-31 |
| Meta PlatformsCIK 0001326801 | primary | — | ● yes | $9.9B · net_income.q · 2026-09-30 |
| OpenAI | primary | — | ● yes | 40.6% · business_paid_share.m · 2026-09-30 |
| xAICIK 0002079267 | primary | — | ● yes | 4.1% · business_paid_share.m · 2026-09-30 |
| Alphabet Inc.CIK 0001652044 | secondary | — | ● yes | $11.1B · cloud.operating_income.q · 2026-09-30 |
| Scale AI 49% acquired by Meta in June 2025; human-data business continues. | secondary | 2025-06-01 | ○ not yet | 1.00 score · signal.pt · 2025-06-12 |
Seed lists come from the capture brief and are verified against filings one by one. A name here is not a claim about size or funding until an observation attaches.