Coding agents and dev tools
AI editors, terminal agents and app builders that write, test and ship software.
Who is making money
The companies earning or raising real money in this part of AI. Suppliers are marked: they sell to the builders rather than to end users.
Makes Codex, its coding agent, alongside ChatGPT.
About $13B revenue in 2025, against about $34B of costs (reported)
Open profileAnthropic's terminal coding agent
Annualised revenue run rate above $65B at the end of July 2026, reported from an investor update (Aug 2026)
Open profileMicrosoft's coding assistant
20M+ users (2025)
Open profileBuilds its own AI models for writing software and licenses them to businesses.
Third-party estimates of $10M to $50M for 2025 (GetLatka says about $50M). Not company-disclosed
Open profileHosts websites and apps, and makes v0, an AI tool that builds user interface code.
About $340M run-rate (Apr 2026, reported)
Open profileBolt.new lets people build and run web apps from a prompt, inside the browser.
About $40M ARR (Mar 2025, Sacra estimate). No 2026 figure found
Open profileMakes Devin, an AI software engineer, and owns the Windsurf coding editor it bought in 2025.
About $492M ARR in 2026 (Tech Insider). A KuCoin headline says $900M ARR. Sources conflict
Open profileAI code editor
About $4B annualised revenue (early Jun 2026, reported). About 75% from enterprises (reported)
Open profileSells Droids, AI coding agents built for enterprise engineering teams.
About $60M annualised (Mar 2026, Sacra estimate), up from $5M at end 2025. The company has not published ARR
Open profiledescribe an app and it builds it
ARR about $400M by early 2026 and $500M by Jun 2026 (company statements and press reports, dates disputed)
Open profilebrowser app builder
About $525M annualised (Apr 2026, Sacra estimate), up from $300M at end 2025. Multiples.vc reports $1B latest revenue, which conflicts
Open profileWhere the money flows
Developers and companies pay subscriptions. The tool makers pay most of it on to the labs for model use.
Licence deal for Poolside's models, plus an investment in Poolside (reported)
newcomer.co
The openings
Gaps still open in this area, from ones a small business could take to ones only giants can play.
- Small business Roll out Claude Code or Cursor inside firms: setup, training, guardrails and review
- Small business Internal-tool builders for non-developers in one industry
- Startup money A new coding platform focused on review, testing or enterprise
- Giants only Frontier coding models with their own tools
The labs now sell their own coding agents, so tools built on top of them may get squeezed.
Sources: menlovc.com, en.wikipedia.org
The map updates three times a week.
241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
Back to the full mapFree daily email
Get the map updates in your inbox
A short read every morning on what is moving in AI, including new areas of the map as they go live. Free.
You are in
Your first AI Pulse lands tomorrow morning. Keep an eye on your inbox.