EconomyLive · 71 companies · $28.1T market cap · Bubble Index 280%
The AI Economy · Tracked
Every AI company, every raise, every valuation. Independently tracked across model providers, infrastructure, chips, foundries, memory, and energy. The AI Bubble Index measures the gap between what AI is valued at versus what it produces.
AI Bubble IndexValuations · funding · revenueP/S ratios · efficiency metricsPublic daily · private Mon and Thu
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AI Bubble Index
Scope: 71 companies|Market cap: $28.1T|Bubble Index: 280%
Scope selection affects all Bubble Index calculations on this page
AI Bubble Index
Valuation-to-revenue gap · composite
280%
FROTHY
tracking since snapshots began
AI is valued at 2.2x what it earns. AI companies in this scope are valued at 2.2x what healthy SaaS multiples would suggest. Capital is running ahead of revenue.
0%
healthy
frothy
overheated
bubble
5 pressure components
- Valuation premium187%Weight: 40%
- Funding acceleration688%Weight: 20%
- Concentration risk166%Weight: 15%
- Revenue quality116%Weight: 15%
- Capex · revenue gap256%Weight: 10%
Top inflation signals
- Aggregate valuation premium versus a healthy SaaS benchmark.
- Recent funding rounds are a large share of total capital raised.
- The largest companies hold a major share of total AI market value.
benchgecko.ai·AI Bubble Index
Cite: benchgecko.ai/economy
What If Simulator
remove a company · see the market impact
What ifdisappeared tomorrow?
Market cap
$28.1T
$22.5T
-20%
Bubble Index
280%
246%
frothy→frothy
New #1
Alphabet (Google)
Top 3 share
49%
46%
healthier
Hypothetical scenario · not a prediction
Bubble Index
280%
Market Cap
$28.1T
Total Funding
$287.6B
Total Revenue
$653.7B
Top companies
All companiestop 15 by valuation · all layers
| # | Company | Valuation | |
|---|---|---|---|
| 1 | NVIDIA USA | $5.6T | |
| 2 | Alphabet (Google) USA | $4.2T | |
| 3 | Google DeepMind UK | $4.2T | |
| 4 | Microsoft USA | $3.8T | |
| 5 | Amazon (AWS) USA | $2.7T | |
| 6 | Meta Platforms USA | $1.9T | |
| 7 | Meta AI USA | $1.9T | |
| 8 | B Broadcom USA | $1.7T | |
| 9 | MT Micron Technology USA | $1.2T | |
| 10 | AMD USA | $1.0T | |
| 11 | Anthropic USA | $965.0B | |
| 12 | T TSMC Taiwan | $900.0B | |
| 13 | OpenAI USA | $840.0B | |
| 14 | Intel USA | $601.9B | |
| 15 | A ASML Netherlands | $380.0B |
Recent funding
All rounds10 rounds · sorted by date
Harvey AI
Series G · 2026-03-25
$200M
GIC, Sequoia
Moonshot AI
Series C (expanded) · 2026-03-01
$1.0B
Alibaba, Tencent
OpenAI
Series G · 2026-02-27
$110.0B
SoftBank, NVIDIA
Anthropic
Series G · 2026-02-12
$30.0B
Coatue, GIC
Runway
Series D · 2026-02-10
$315M
General Atlantic, Felicis Ventures
Databricks
Series L (extended, incl $2B debt) · 2026-02-09
$5.0B
Thrive Capital, Andreessen Horowitz
ElevenLabs
Series D · 2026-02-04
$500M
Sequoia Capital
Synthesia
Series E · 2026-01-26
$200M
GV (Google Ventures), Kleiner Perkins
Baseten
Series E · 2026-01-20
$300M
IVP, CapitalG
MiniMax
IPO (HKEX) · 2026-01-09
$619M
Valuation multiples
Full rankingsP/S ratio · SaaS benchmark 15x · companies with reported revenue
Healthy SaaS multiple = 15x revenue
By country
10 companies · ranked by combined valuation
US
USA
48 companies
$25.8T
TW
Taiwan
1 company
$900.0B
CN
China
9 companies
$511.7B
KR
South Korea
2 companies
$470.0B
NL
Netherlands
3 companies
$389.7B
GB
UK
4 companies
$27.0B
AU
Australia
1 company
$14.9B
FR
France
1 company
$14.0B
CA
Canada
1 company
$7.0B
Frequently asked questions
What is the AI Bubble Index?
The AI Bubble Index measures the gap between what AI companies are valued at versus what they produce in revenue. It compares aggregate price-to-sales ratios against a 15x SaaS benchmark, factors in funding acceleration, market concentration, revenue quality, and the capex-to-revenue gap. The current reading is 280% (frothy).
What is the total AI market capitalization?
The total AI market cap across 71 tracked companies is $28.1T. This includes private valuations and public market caps, deduplicated by parent company.
How much funding has the AI industry raised?
AI companies have raised $288B in total funding. The latest round velocity is $198B, indicating accelerating capital deployment.
What is the average AI company P/S ratio?
The average price-to-sales ratio across AI companies with reported revenue is 60.9x. The healthy SaaS benchmark is 15x. A ratio above 30x suggests the market is pricing in extraordinary growth expectations.
How concentrated is the AI market?
The top 3 AI companies control 50% of total market cap. NVIDIA leads at $5.6T. High concentration means a single company stumbling could trigger a broad correction.
How does BenchGecko define the AI economy scope?
BenchGecko lets you define what counts as "the AI economy" through scope checkboxes: Pure AI (model providers, apps, dev tools), Big Tech (Google, Microsoft, Meta, Amazon), Chips (NVIDIA, AMD, Broadcom), Fabs (TSMC, ASML), Memory (SK Hynix, Micron), and Energy/DC operators. The Bubble Index recalculates based on your selection.
What is the AI capex-to-revenue gap?
AI infrastructure spending (capex) totals $836B across tracked companies, while total AI revenue is $654B. This gap means the industry is spending more on infrastructure than it earns.