AI Model Tracker #
Which lab is actually in front, which models people are putting to work right now, and what the private ones are worth. Head-to-head rankings run back to 2023; almost every lab at the top of the board is either private or a division of something already listed.
The frontier over time #
Each line is one lab's strongest model on that date, across 231 published boards. It opens on the 6 labs that have actually held the top slot, plus Mistral. The other 6 are greyed out in the legend: click any name to add it, double-click to isolate one.
Who is being used #
Share of the 2,125,549 head-to-head comparisons recorded between 2026-05-01 and 2026-07-30. This measures what people chose to run a model against, not installed base or revenue, and the gap between it and the ranking above is the interesting part: labs can be in front on quality and behind on reach, or the reverse. Bars are coloured by where the lab is domiciled.
Where Europe sits #
Exactly one EU-domiciled lab appears anywhere on a board of 383 models: Mistral AI, whose mistral-large-3 ranks 74 among models, putting the lab 18 of 26. None sits in the top 50. Europe's other champion changed passport in April: Aleph Alpha was absorbed by Canada's Cohere, whose shareholders took roughly 90% of the combined company.
The labs and what they are worth #
Last reported financing event per lab, not a mark. Private valuations are whatever the most recent round or share sale implied, on the date it was reported, and several of the largest have never been tested by a public market. Everything is shown in euros at today's rate so the column is comparable; where that differs from the announced figure, the original is printed underneath. Where the lab sits inside a listed company, the ticker points at the parent instead. Every figure links to its source.
Rank orders the labs by the rating of their strongest model. The smaller figure beneath is where that model sits among all 383 models on the board, which is a different question: a lab shipping several strong checkpoints occupies several of the top slots and pushes everyone else down a list they are not really behind on. Right now Anthropic holds model ranks 1 to 7 with 7 of its own, so Google DeepMind is second among labs but only 8th among models.
| Lab | HQ | Rank | Ownership | Last reported round | Implied value (EUR) | Date |
|---|---|---|---|---|---|---|
| Anthropic Largest private venture round on record. Holds the top overall slot on the board. | US | 1model #1 | private | Series H · €56.6bn | €840bn $965bn as reported | 2026-05-28 |
| Google DeepMind Runs its own silicon. Also a shareholder in the lab currently ranked above it. | US | 2model #8 | GOOGL | inside a listed parent | - | - |
| Meta Moved off open weights for its frontier line; the current top model is proprietary. | US | 3model #11 | META | inside a listed parent | - | - |
| Alibaba Qwen is the highest-ranked Chinese model line and ships open weights at the top end. | CN | 4model #13 | 9988.HK | inside a listed parent | - | - |
| Moonshot AI Kimi K3 sits inside the top 15. Dismantling its offshore structure for a Hong Kong listing; later rounds reported at $30bn and above. | CN | 5model #14 | private | Pre-IPO round · €1.7bn | €17.4bn $20bn as reported | 2026-01-19 |
| OpenAI Round closed above the $830bn that had been reported in December. | US | 6model #18 | private | Late-stage round · €106bn | €742bn $852bn as reported | 2026-03-31 |
| Baidu | CN | 7model #20 | 9888.HK | inside a listed parent | - | - |
| Z.AI First Chinese LLM lab to list, Hong Kong, 8 January 2026. Now in the Hang Seng Tech index. | CN | 8model #22 | 2513.HK | inside a listed parent | - | - |
| Xiaomi A handset maker inside the top 30, on open weights. | CN | 9model #26 | 1810.HK | inside a listed parent | - | - |
| xAI Absorbed into SpaceX in February 2026; the Series E price is the last standalone mark. | US | 10model #34 | private SpaceX | Series E · €17.4bn | €200bn $230bn as reported | 2026-01-06 |
| DeepSeek Incubated by the quant fund High-Flyer and self-funded for its first two years. Mainland listing reported for 2027. | CN | 11model #37 | private High-Flyer | Pre-IPO roundreported | €61.8bn $71bn as reported | 2026-07-15 |
| ByteDance The most valuable private company in the world, and it has never filed for an IPO. The price is set by secondaries, not a primary raise; a later proposed sale has been reported above $600bn. | CN | 12model #40 | private | Secondary stake salesecondary | €479bn $550bn as reported | 2026-02-01 |
| Amazon Same shape as Microsoft: the in-house model trails, the equity stake does the work. | US | 13model #41 | AMZN | inside a listed parent | - | - |
| Nvidia Ships models of its own, but the interesting position is that it is on the cap table of most of the labs above it. | US | 14model #48 | NVDA | inside a listed parent | - | - |
| Tencent Backs several of the private Chinese labs alongside its own model line. | CN | 15model #51 | 0700.HK | inside a listed parent | - | - |
| Thinking Machines Lab Mira Murati's lab. First production model, Inkling, shipped July 2026 under Apache 2.0 and reached the top 60 on debut. | US | 16model #53 | private | Seed · €1.7bn | €10.4bn $12bn as reported | 2025-07-15 |
| MiniMax Listed one day after Z.AI and doubled on debut. | CN | 17model #68 | 0100.HK | inside a listed parent | - | - |
| Mistral AI The only EU lab on the board. ASML took roughly 11% in the Series C, the largest single holding. | FR | 18model #74 | private | Series C · €1.7bn | €11.7bn talks at €20bn | 2025-09-09 |
| Meituan A food-delivery platform that both trains its own models and led Moonshot's last round. | CN | 19model #82 | 3690.HK | inside a listed parent | - | - |
| StepFun Hong Kong listing filed. Founded by a former Microsoft vice-president. | CN | 20model #126 | private | Pre-IPO round · €2.2bnreported | €10.4bn $12bn as reported | 2026-06-08 |
| Ant Group Still private since the 2020 listing was pulled. | CN | 21model #165 | private | not disclosed | - | - |
| Inception Labs Diffusion language models rather than autoregressive ones; the bet is throughput, not board position. | US | 22model #170 | private | Seed · €44m | - | - |
| Cohere Absorbed Germany's Aleph Alpha; Cohere holders take about 90% of the combined company. Europe's sovereign-AI hope is now Canadian-controlled. | CA | 23model #195 | private | Merger with Aleph Alpha · €522m | €17.4bn $20bn as reported | 2026-04-24 |
| Allen Institute for AI A non-profit. Publishes training data alongside weights, which nobody above it does. | US | 24model #210 | private | not disclosed | - | - |
| IBM | US | 25model #222 | IBM | inside a listed parent | - | - |
| Microsoft Its own models sit near the bottom of the board. Microsoft's frontier exposure is a shareholding, not a model. | US | 26model #281 | MSFT | inside a listed parent | - | - |
Round status: closed announced as completed by the company or a tier-1 outlet; reported reported as in progress or in talks, not confirmed closed; secondary price set by a share sale between investors or employees, not a primary raise
The board #
Ratings come from blind pairwise comparisons, so they measure what people prefer rather than what a benchmark scores. The interval is the published confidence band: two models whose bands overlap are not separated by the data. Click any column header to sort. Pick a category to see where the order changes.
| # | Model | Lab | Country | Rating | Interval | Votes | Weights |
|---|
Who is tied to whom #
The frontier is not a set of independent competitors. Chip suppliers sit on the cap tables of their own customers, cloud providers own stakes in the labs renting their capacity, and two of the largest listed names have better exposure through a shareholding than through the models they ship themselves.
| Lab | Counterparty | Relationship |
|---|---|---|
| Ant Group CN | Alibaba | affiliate |
| Anthropic US | Alphabet | investor, cloud |
| Anthropic US | Amazon | investor, cloud |
| Cohere CA | Aleph Alpha | merged entity |
| Cohere CA | Schwarz Group | lead investor |
| DeepSeek CN | High-Flyer | parent, incubator |
| Inception Labs US | Menlo Ventures | lead investor |
| Mistral AI FR | ASML | lead investor, largest shareholder |
| Mistral AI FR | Microsoft | investor, distribution |
| Mistral AI FR | Nvidia | investor, compute |
| Moonshot AI CN | Alibaba | investor |
| Moonshot AI CN | Meituan | lead investor |
| Moonshot AI CN | Tencent | investor |
| OpenAI US | Microsoft | investor, cloud |
| OpenAI US | Nvidia | chips |
| OpenAI US | SoftBank | investor |
| StepFun CN | Tencent | investor |
| Thinking Machines Lab US | AMD | investor |
| Thinking Machines Lab US | Alphabet | compute |
| Thinking Machines Lab US | Nvidia | investor |
| xAI US | Cisco | investor |
| xAI US | Nvidia | investor, chips |
| xAI US | SpaceX | parent |
What this page cannot see #
Everything above is built on blind pairwise comparisons typed into a public arena by people who chose to be there. That is a real signal, and it is the only one of its kind published openly, but it is a narrow one. Four things it does not measure, and which no figure on this page should be read as a proxy for:
- Agentic use. Long-running tool-calling work, coding agents and multi-step tasks are where a growing share of tokens go, and none of it passes through a chat arena. A lab can be strong on this page and marginal in agent workloads, or the other way round. We have no numbers for it and do not estimate any.
- API and enterprise volume. Production traffic through model APIs, cloud marketplaces and private deployments is invisible here. The activity share above counts arena comparisons, not calls.
- Revenue. No lab on this page reports model-level revenue, and most report nothing at all. Rank does not price anything.
- Consumer reach. App installs, weekly active users and web traffic for the assistants these models sit behind come from paid panel estimates. We do not license them, so we do not publish them.
Leaderboard ratings from the Arena public leaderboard release, © Arena Intelligence, Inc., used under CC BY 4.0. Financing figures are compiled from company announcements and press reports, each linked in the table above.