What are the most valuable agentic AI startups?

Top startups in the Agentic AI market ranked by valuation

Here is an updated table that ranks the top startups in the Agentic AI market based on their latest reported or estimated valuations.

If you need to dig deeper and get more detailed data, please check our report covering the Agentic AI market.

Which Agentic AI startups are worth the most today?

OpenAI and Anthropic currently sit far above the rest of the Agentic AI market, with xAI in a distant third place and Cognition leading the more specialized agent startups.

Our dataset puts OpenAI around $1.2T–$1.3T based on its current fundraising discussions, Anthropic around $965B–$1.2T, xAI at $250B, and Cognition at $48B. After that, the numbers fall quickly: Mercor is around $18B–$22B, Sierra $15.8B, Harvey $15.5B, Lovable $13.3B and Poolside $13B.

The gap is huge. Using the midpoints of the ranges, OpenAI, Anthropic and xAI are worth roughly $2.58 trillion combined. The entire top ten comes to about $2.72 trillion. In other words, those first three companies represent roughly 95% of the value concentrated in the top ten.

Part of that comes from what these companies actually are. OpenAI, Anthropic and xAI build foundation models, infrastructure and consumer products alongside agents. Cognition, Sierra and Harvey are much more directly tied to specific workflows such as coding, customer service and legal work.

That distinction becomes more important as we move down the ranking. The specialist Agentic AI market is already worth tens of billions of dollars, but it operates at a very different scale from the frontier-model race.

Rank	Company	Current valuation	Main business
1	OpenAI	$1.2T–$1.3T	Frontier AI, products and agents
2	Anthropic	$965B–$1.2T	Frontier AI and enterprise agents
3	xAI	$250B	Frontier AI and infrastructure
4	Cognition	$48B	Software-engineering agents
5	Mercor	$18B–$22B	AI recruiting and talent
6	Sierra	$15.8B	Customer-service agents
7	Harvey	$15.5B	Legal AI agents
8	Lovable	$13.3B	AI software creation
9	Poolside	$13B	AI models for software engineering
10	Legora	$10B–$11B	Legal AI platform

Is OpenAI really worth more than every other Agentic AI company?

Yes. OpenAI is currently the most valuable company in Agentic AI, although its latest $1.2T-plus figure comes from ongoing fundraising discussions rather than a completed financing.

OpenAI closed a $122 billion financing earlier this year at an $852 billion post-money valuation. More recently, Bloomberg and the Financial Times reported discussions with investors at more than $1.2 trillion. The talks were still early, so the completed $852 billion round remains the firmer transaction anchor.

OpenAI nevertheless leads under either measure. Cognition, the most valuable company in our dataset built mainly around a specific agent workflow, is worth $48 billion. Even OpenAI's lower $852 billion completed-round valuation is almost 18 times larger.

The business supporting that number also stretches well beyond ChatGPT. OpenAI says it is now generating about $2 billion of revenue per month, while recent reporting put its annualized revenue above $40 billion. Codex has become an increasingly important product, and the company is explicitly pushing toward an agent-first product that connects ChatGPT, browsing, coding and actions across other software.

So OpenAI belongs in this ranking, but its valuation should not be read as a direct benchmark for companies such as Sierra or Harvey. Investors are pricing an entire AI platform, including consumer distribution, models, APIs, agents and massive compute infrastructure.

Is Anthropic catching OpenAI in valuation?

Anthropic has closed much of the valuation gap with OpenAI, and on the latest completed private rounds Anthropic is actually ahead.

Anthropic raised $65 billion at a $965 billion post-money valuation earlier this year. OpenAI's latest completed financing valued it at $852 billion. OpenAI has since entered discussions around a $1.2 trillion-plus valuation, which would put it back in front if that round happens near the reported price.

Anthropic's rise has been unusually fast. The company said its run-rate revenue crossed $47 billion around the time of its latest financing. That gives the $965 billion valuation a multiple of roughly 21 times run-rate revenue, still extremely high but very different from the near-pre-revenue AI valuations we saw earlier in the boom.

Claude Code is also becoming central to Anthropic's business. Coding, enterprise automation and computer-use tools now push Anthropic directly into the Agentic AI economy rather than leaving it as a pure model supplier.

For now, OpenAI and Anthropic look more like two giant private platforms at the top of the market than a leader followed by a distant challenger. The difference is that OpenAI's latest trillion-dollar number is still being negotiated, while Anthropic has already completed its $965 billion round.

How many Agentic AI unicorns are there now?

Our dataset contains at least 30 Agentic AI companies whose valuation floor is already $1 billion, with another four reaching the unicorn threshold at the upper end of their estimated ranges.

That depth is more interesting than the headline number. Around 22 companies are worth roughly $2 billion or more, while ten are already around $10 billion or above.

The billion-dollar group also covers far more than general AI assistants. Cognition and Replit build software agents. Sierra and Decagon work on customer service. Harvey, Legora, EvenUp and Eve focus on legal work. Rogo serves finance professionals. Hippocratic AI operates in healthcare. LangChain sells infrastructure for building agents.

A few borderline cases need more caution. StackBlitz reaches $1.1 billion at the top of our estimate, Kore.ai reaches roughly the same level, Suki reaches about $1 billion and Cognigy was acquired for roughly $955 million.

Even if we use the stricter definition and exclude all of those cases, Agentic AI already has a large population of confirmed or strongly supported unicorns. The category has clearly moved past the stage where only foundation-model companies could attract billion-dollar valuations.

What is the most valuable pure-play AI agent startup?

Cognition is currently the clearest answer, with a $48 billion valuation built around autonomous software engineering.

Cognition raised $2 billion at that valuation after being valued at $26 billion only four months earlier. The company also said annualized run-rate revenue had climbed from $492 million to about $900 million over the same period.

That puts Cognition's valuation at roughly 53 times its latest run-rate revenue. The multiple is aggressive, but the company has reached meaningful commercial scale unusually quickly.

Devin also sits in one of the easiest AI-agent markets to monetize. Software engineering work is expensive, almost entirely digital and easier to test than many physical or interpersonal jobs. A coding agent can modify a repository, run tests and produce something the customer can check directly.

Cognition's $48 billion valuation is therefore doing more than rewarding an impressive demo. Investors are betting that autonomous coding becomes a substantial software category and that Cognition keeps a meaningful part of it.

Is AI coding now the most valuable part of the Agentic AI market?

Yes. Once the giant general-purpose model companies are set aside, coding is currently the richest Agentic AI category by a wide margin.

Cognition, Lovable, Poolside, Replit, Factory, Windsurf, Magic, StackBlitz and Port together account for roughly $90 billion to $95 billion of valuation using our current estimates.

The concentration makes sense. Coding gives AI agents a large pool of expensive work, clear inputs and outputs, and plenty of automated ways to check whether the result works. Developers also adopted generative AI earlier than most professional groups.

The latest numbers have reinforced that pattern. Cognition reached a $48 billion valuation while reporting about $900 million of annualized run-rate revenue. Lovable reached $13.3 billion after telling TechCrunch it had crossed $500 million in annualized revenue. Replit raised at $9 billion, three times its previous valuation only six months earlier.

Poolside adds another $13 billion, while Factory, Windsurf and Magic give the category additional depth. We are seeing several different versions of the same opportunity: autonomous software engineers, AI development environments, app builders and models trained specifically for coding.

No other specialist Agentic AI category currently has this much value spread across this many independent companies.

Company	Valuation	What it does
Cognition	$48B	Autonomous software engineering
Lovable	$13.3B	Natural-language app building
Poolside	$13B	Models for software engineering
Replit	$9B	Agentic app development
Factory	$5B	Enterprise coding agents
Windsurf	$2.4B–$3.0B	Agentic coding environment
Magic	$1.4B–$2.2B	Autonomous coding models
StackBlitz	$800M–$1.1B	Browser-based AI development
Port	$800M	Agentic developer platform

Why are legal AI startups worth so much now?

Legal AI has become one of the most valuable Agentic AI verticals because companies such as Harvey and Legora are moving deeper into the actual work lawyers do.

Harvey is currently valued at $15.5 billion after raising another $550 million. The company says about 80% of the Am Law 100 now uses Harvey, alongside five of the Fortune 10.

Legora has followed almost the same trajectory from Europe. Its completed Series D valued the company at $5.55 billion, and more recent fundraising discussions have pushed the expected valuation into the $10B–$11B range in our dataset. Legora also says it reached $100 million of ARR within 18 months.

The category extends well below those two companies. EvenUp is worth about $2 billion, Eve around $1.0B–$1.2B, and Luminance, Supio, Spellbook, Solve Intelligence, DeepIP, Paxton AI and Genie AI add another layer of companies valued from roughly $100 million to several hundred million dollars.

Using midpoint values, the main legal-agent companies in our dataset approach roughly $30 billion in combined valuation.

The bet behind those numbers is straightforward: legal work is expensive, document-heavy and already performed largely on computers. The bigger risk is that foundation-model providers, traditional legal software companies and law firms themselves can all attack the same workflows. Harvey and Legora need to own enough of the workflow to stay valuable when the underlying models keep getting better.

Are customer-service AI agents becoming another giant category?

Yes. Customer service has become one of the largest Agentic AI application markets, led by Sierra at roughly $15.8 billion and Decagon at $4.5 billion.

Sierra raised $950 million at a valuation above $15 billion and says it now serves more than 40% of the Fortune 50. According to the company, agents built on Sierra already handle billions of customer interactions involving tasks such as mortgage refinancing, insurance claims and product returns.

Decagon has grown even faster from a smaller base. Its $250 million Series D tripled the company's valuation to $4.5 billion in under six months, after it added more than 100 global enterprise customers during its previous fiscal year.

Parloa is worth around $3 billion, while Cresta, Ada and Cognigy sit around or above the billion-dollar line. PolyAI, Bland AI, Maven AGI, Hyro and Forethought add more competition further down the ranking.

The category is attractive because companies can connect the product directly to an existing cost center. If an agent handles customer requests that previously required call-center staff, managers can see the economic effect quickly.

That clarity has helped customer service become one of the few Agentic AI markets where several independent companies have already reached multibillion-dollar valuations.

Which Agentic AI startups have increased their valuations the fastest?

Cognition, Replit, Decagon, Wonderful and Parallel are among the clearest examples of Agentic AI valuations moving dramatically within a matter of months.

Cognition went from $26 billion to $48 billion in four months, an increase of roughly 85%. Replit rose from $3 billion to $9 billion in six months. Decagon moved from about $1.5 billion to $4.5 billion in under six months.

Wonderful climbed from roughly $2 billion to $5 billion in less than six months. Parallel went from a $740 million Series A valuation to $2 billion about five months later.

Harvey has moved almost as quickly on a larger base. It was valued around $8 billion before climbing to $11 billion and then $15.5 billion.

These jumps are easier to understand when revenue is moving at the same time. Cognition's annualized run rate rose from $492 million to roughly $900 million between its two latest financings. Lovable's valuation roughly doubled as annualized revenue moved through $500 million.

Still, valuation growth this fast pulls a lot of future success into today's price. A company that triples in six months eventually needs business growth that keeps pace after the excitement around the category settles.

Company	Earlier valuation	Latest/current valuation	Approx. increase
Replit	$3B	$9B	+200%
Decagon	$1.5B	$4.5B	+200%
Parallel	$740M	$2B	+170%
Wonderful	$2B	$5B	+150%
Harvey	~$8B	$15.5B	~+94%
Cognition	$26B	$48B	+85%
Lovable	$6.6B	$13.3B	~+102%

Are these huge Agentic AI valuations actually backed by revenue?

Some of the biggest Agentic AI startups now have serious revenue behind their valuations, but investors are still paying unusually high multiples.

Cognition is a useful benchmark. Its roughly $900 million annualized run rate against a $48 billion valuation gives us a multiple near 53 times revenue.

Lovable looks cheaper by comparison. The company reported more than $500 million in annualized revenue before raising at $13.3 billion, which implies roughly 27 times that run rate.

Legora said it reached $100 million ARR within 18 months. Its completed $5.55 billion valuation was therefore already above 50 times ARR around that milestone. If the company completes a future round around $10 billion without another major jump in revenue, the multiple would be higher again.

At the frontier end, Anthropic said run-rate revenue had crossed $47 billion before closing its $965 billion round. That works out to roughly 21 times run-rate revenue, surprisingly lower than several much smaller application companies.

These calculations are imperfect because companies define run-rate revenue differently, and run rate is not the same thing as audited annual revenue. Still, the pattern is clear: investors are paying most aggressively where revenue is growing so quickly that an ordinary trailing figure becomes stale within months.

Why are investors willing to pay so much for AI agents?

Investors are paying huge prices for Agentic AI because a successful agent can go after part of the labor budget rather than staying confined to the software budget.

That difference can dramatically expand the amount a customer might eventually spend. A conventional legal software product helps a lawyer work. A capable legal agent can perform part of the research, review and drafting that lawyers themselves were paid to do.

The same logic appears in coding. Cognition is valued at $48 billion because software engineering is expensive and Devin aims to complete engineering work, rather than simply offer another developer utility.

Sierra applies the idea to customer service. Mercor applies it to recruiting and talent. Rogo focuses on finance professionals. Hippocratic AI targets healthcare work.

This is why outcome-based and usage-based pricing appears so often in the sector. If an agent saves or performs measurable work, the provider can try to capture part of that economic value.

The valuations become much harder to defend if agents remain dependent on humans for most important decisions. A large part of today's market assumes that autonomy keeps improving and that companies can charge for more of the work being completed.

Which Agentic AI startups are worth more than $10 billion?

Around ten companies in our dataset currently reach or exceed the $10 billion level, including current fundraising ranges where those ranges are well supported.

OpenAI, Anthropic and xAI occupy the top three positions. Cognition follows at $48 billion. Mercor is seeking roughly $18B–$22B, Sierra is around $15.8 billion, Harvey is at $15.5 billion, Lovable is worth $13.3 billion and Poolside sits at $13 billion.

Legora reaches the group through its more recent $10B–$11B fundraising range, although its latest completed round valued the company at $5.55 billion. That difference should remain visible because an active raise and a closed financing do not carry the same evidentiary weight.

What stands out is the number of specialist companies now appearing in this tier. Coding contributes Cognition, Lovable and Poolside. Legal contributes Harvey and potentially Legora. Sierra represents customer service.

A $10 billion AI valuation is no longer reserved for companies training frontier models. The application layer has started producing decacorns of its own.

What does the $1 billion to $5 billion Agentic AI tier look like?

The $1B–$5B range is packed with specialized Agentic AI companies, which makes it one of the best places to see where the market is spreading next.

Wonderful and Factory sit around $5 billion, followed by Decagon at $4.5 billion. Hippocratic AI is worth $3.5 billion, Parloa around $3 billion, and Windsurf roughly $2.4B–$3.0B.

Parallel, Rogo and EvenUp are all around $2 billion. Magic, Retell AI, Cresta, Ada, DevRev and LangChain generally sit between roughly $1.2 billion and $2.2 billion.

The businesses are strikingly different. Rogo serves financial professionals, Hippocratic AI focuses on healthcare, EvenUp works in personal-injury law and Parallel provides web infrastructure for AI agents.

Just below the billion-dollar line, another group is forming. Cognigy was acquired for roughly $955 million, Suki reaches $1 billion at the top of our estimate, Port is worth $800 million, PolyAI sits around $750M–$850M and Exaforce is at $725 million.

So the next set of unicorns does not depend on one new consumer AI trend. Several different enterprise workflows are building companies close to that threshold at the same time.

Are vertical AI agents becoming more valuable than general AI agent platforms?

Vertical Agentic AI is proving that a company can reach a multibillion-dollar valuation without owning a frontier model.

Harvey is the clearest case. Its value comes largely from legal workflows, customer relationships, integrations and domain-specific products built on top of models supplied by other companies.

Rogo has followed a similar path in finance and reached $2 billion. Hippocratic AI reached $3.5 billion in healthcare. EvenUp is worth around $2 billion by focusing specifically on personal-injury law.

Vertical companies can build a stronger position when customers care about more than raw model intelligence. A hospital or law firm also needs domain-specific workflows, permissions, integrations, auditability and people who understand how the organization actually works.

The challenge is that model companies keep moving further into applications. Anthropic already sells coding tools and supports legal workflows. OpenAI is pushing Codex and broader agent functionality. Microsoft, Google and established industry software vendors are doing the same.

For now, the valuations suggest that specialization still has plenty of value. The strongest vertical startups are winning customers quickly enough that investors believe workflow ownership can remain defensible even when the underlying models are supplied by someone else.

Are AI agent infrastructure startups becoming valuable too?

Agent infrastructure is producing billion-dollar companies, although the category still sits well below coding, legal and customer-service applications in total valuation.

Parallel is the strongest example in our dataset. The company raised $100 million at a $2 billion valuation only five months after a Series A that valued it at $740 million. Parallel provides web search and research infrastructure designed specifically for agents and says more than 100,000 developers use its products.

LangChain sits around $1.2B–$1.5B and provides tools for developing and orchestrating agent systems. /dev/agents is estimated around $450M–$600M, while Nimble sits around $350M–$550M.

Arcade, Tavily and LlamaIndex fill out another layer of specialized infrastructure. These companies help agents search, retrieve data, authenticate, take actions or connect with external systems.

The opportunity is clearly real, but the application layer has captured more value so far. A company controlling an expensive business workflow can often charge closer to the value of the work itself. Infrastructure providers usually face more pricing pressure and a greater risk that their features get absorbed into model platforms.

Parallel's recent repricing shows that investors still expect some independent infrastructure companies to become major platforms.

Company	Valuation	Agent infrastructure role
Parallel	$2B	Web search and research
LangChain	$1.2B–$1.5B	Agent development and orchestration
/dev/agents	$450M–$600M	Agent operating system
Nimble	$350M–$550M	Real-time web data
Arcade	$300M–$500M	Secure actions and integrations
Tavily	$250M–$300M	Search for agents
LlamaIndex	$100M–$160M	Data infrastructure for knowledge agents

Does raising more money mean an Agentic AI startup is worth more?

No. Total funding tells us how much capital a company has attracted, but it does a poor job of explaining current Agentic AI valuations on its own.

Cognition has raised around $4.65 billion and is valued at $48 billion. Harvey has raised more than $1.7 billion and reached $15.5 billion. Lovable has raised less than $1 billion while reaching $13.3 billion.

Adept gives us the opposite example. The company raised more than $400 million, yet our current estimate is only around $150M–$300M after major changes in its team and strategy.

Retell AI is an extreme case in the other direction. Our dataset records only about $5 million in funding but an estimated valuation around $1.2B–$1.8B, driven much more by revenue evidence and comparable companies. Because that valuation has not been confirmed through a recent priced financing, we give it less confidence than a directly observed round.

Acquisitions provide another useful reality check. ServiceNow agreed to acquire Moveworks for $2.85 billion and later completed the transaction. Paradox, Cognigy, Amelia and Tavily also appear in the ranking through acquisition values rather than independent private-market rounds.

The comparison tells us why funding should stay separate from valuation. The amount invested records the past. Current valuation depends on what investors or buyers believe the business is worth now.

Is the Agentic AI market dominated by OpenAI, Anthropic and xAI?

The Agentic AI market is extremely concentrated in valuation dollars, while the actual market for agent products remains spread across dozens of companies.

OpenAI, Anthropic and xAI account for roughly $2.58 trillion using the midpoints or point estimates in our dataset. That represents about 95% of the combined value of the top ten.

Most of that concentration comes from the economics of frontier models. Training and operating leading models requires huge amounts of compute and capital, so a small number of companies can absorb extraordinary amounts of investment.

The application market looks very different. Harvey leads legal AI, Sierra leads customer-service agents by valuation, Cognition leads autonomous coding and Hippocratic AI has built a multibillion-dollar position in healthcare.

More than thirty companies in our dataset already sit at or above the billion-dollar threshold, covering accounting, cybersecurity, sales, recruiting, legal work, software development, customer support, finance and healthcare.

A few companies dominate the money at the very top, but they have not eliminated the specialist layer underneath. Today, that lower layer remains one of the most fragmented parts of enterprise software.

Which Agentic AI sectors have the highest valuations?

Coding is currently the largest specialist Agentic AI category, followed by legal AI and customer service.

Our estimates put the obvious coding group around $90B–$95B. Legal AI approaches roughly $30 billion when we combine Harvey, Legora, EvenUp, Eve, Luminance, Supio, Spellbook and the smaller legal specialists.

Customer service is in a similar range once Sierra, Decagon, Parloa, Cresta, Ada, Cognigy, PolyAI and the smaller voice and support-agent companies are counted.

Healthcare has fewer large companies. Hippocratic AI leads at $3.5 billion, with Suki, Infinitus, Hyro and Sully.ai further down. Finance has Rogo at $2 billion plus companies such as Unique and Interface.ai.

Cybersecurity has not yet produced a $5 billion agent company in our dataset, but it already has Exaforce, Dropzone AI, Prophet Security, Tuskira, Simbian and Radiant Security.

Sales contains even more startups, although most valuations remain below $500 million. Unify, 11x, Regie.ai, Landbase, Artisan, 1mind and AiSDR all compete around versions of autonomous prospecting and sales work.

The pattern is pretty clear: the highest valuations appear where agents can perform expensive digital work and where customers can quickly see whether the product saves time or money.

Are Agentic AI valuations getting too high?

Many Agentic AI valuations already assume exceptional growth for years, so parts of the market look overheated even though the underlying businesses are very real.

The revenue numbers prevent an easy “bubble” answer. Cognition is running near $900 million in annualized revenue. Lovable has passed $500 million. Anthropic crossed $47 billion in run-rate revenue. Harvey says 80% of the Am Law 100 uses its product. Sierra says it serves more than 40% of the Fortune 50.

Those are substantial businesses and substantial customer relationships.

The prices are still demanding. Cognition trades around 53 times its disclosed annualized run rate. Lovable is closer to 27 times. Legora's completed $5.55 billion valuation already represented more than 50 times the $100 million ARR milestone it later disclosed.

Rapid repricing adds another warning. Replit and Decagon tripled their valuations within roughly six months. Wonderful more than doubled. Cognition jumped 85% in four months.

Growth can justify some of that, especially when revenue itself is doubling quickly. But the higher these valuations move today, the less room companies have for merely good execution. Investors are pricing several of these startups as future category leaders before the categories themselves have fully settled.

Our view is that Agentic AI has moved well beyond speculative demos, while valuation risk has also become significant. Both things can be true at the same time.

What does the Agentic AI valuation ranking tell us right now?

The clearest conclusion from the Agentic AI ranking is that the market has already produced real category leaders, but today's hierarchy is still changing unusually fast.

OpenAI leads the overall ranking based on current fundraising discussions, with Anthropic close enough that the ordering depends partly on whether we compare completed rounds or proposed new valuations. xAI forms another giant platform tier below them.

Cognition is the standout specialist at $48 billion, and coding is currently the strongest application market by a wide margin. Legal AI and customer service have built the next two large clusters, with Harvey, Legora, Sierra and Decagon reaching valuations that would have looked extraordinary for vertical software companies only a few years ago.

The market also runs much deeper than those headline names. At least 30 companies have valuation floors of $1 billion or more, and dozens of smaller companies are still attracting funding across security, healthcare, finance, sales, recruiting and agent infrastructure.

What we would watch most closely now is the gap between valuation growth and business growth. Companies such as Cognition and Lovable have already produced revenue numbers big enough to support serious comparisons. For companies where the valuation has run far ahead of disclosed revenue, the next twelve to twenty-four months will tell us much more.

For now, Agentic AI deserves to be treated as a real software and automation market rather than a temporary label. The money is heavily concentrated at the top, but the application layer remains open enough for new billion-dollar companies to emerge.