‘AI Native’ Startups Double Annualized Revenue to $30 Billion in Seven Months

The revenue picture for AI startups is brightening, a bit. In just seven months, annualized revenue at “AI native” companies selling AI models or apps has doubled, from $15 billion to more than $30 billion, according to an analysis of 32 companies from The Information’s Generative AI Database.

One problem: OpenAI and Anthropic make up nearly 85% of that revenue, while the top 10 companies by revenue—OpenAI, Anthropic, Cursor, Cognition, ElevenLabs, Midjourney, Lovable, Suno, xAI and Perplexity—make up 94%. 

There’s also some double counting going on. Cursor and Perplexity, for instance, pay firms like OpenAI and Anthropic to use their models to power their products. And we haven’t even gotten into how much cash these companies are burning to generate this level of revenue—more than $20 billion on an annual basis.