Nous Research
Makes the open-source Hermes models and the Hermes Agent.
- Revenue
- About $36M annualised by mid-September 2026 (WSJ, reported). Expects to pass $100M by end 2026
- Value
- $1.5B in a $90M Series B in October 2026 (WSJ, reported)
- Based in
- New York, US
- Listed
- Private
The company says its open-source Hermes agent has been cloned more than 24M times.
Its valuation rests on WSJ reporting rather than a company statement.
Money coming in
Who pays Nous Research, and for what.
No customers of Nous Research mapped yet.
Money going out
Who Nous Research pays to do what it does.
No suppliers of Nous Research mapped yet.
Where it sits on the map
Competitors and neighbours
Builds Meta AI into Facebook, Instagram and WhatsApp, and makes the Ray-Ban glasses with EssilorLuxottica.
Sales more than tripled (H1 2025)
Open profileFrench lab with open and paid models, chosen by European firms that want data kept in Europe.
About $14B valuation (Sep 2025)
Open profileHosts and fine-tunes open AI models on rented GPUs for companies.
About $1B annualised (Sacra estimate, Feb 2026)
Open profileLab that aims to build frontier open-weight models in the US, backed by Nvidia.
$8B after a $2B round led by Nvidia in October 2025. Talks at $25B reported in 2026
Open profileChinese research lab that releases its strongest models as open weights.
About 475M yuan (about $70.7M) in the first seven months of 2026 (The Information, reported)
Open profileRuns the main hub where open models, datasets and demos are shared.
Annualised revenue above $150M, from one unofficial report. The company does not disclose revenue
Open profileChinese lab that makes chat, voice and video models, with most app revenue from overseas subscriptions.
About $30.5M in 2024 (filings, reported). About $53.4M in the nine months to September 2025 (reported)
Open profileChinese lab behind the Kimi chatbot and the Kimi open models.
Annual recurring revenue above $200M in April 2026 (reported)
Open profileChinese lab that makes the GLM models, mostly sold to enterprises, and is now listed in Hong Kong.
About $44.4M in 2024 (filings, reported)
Open profileSources: cryptorank.io, techcrunch.com
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241 companies across 25 areas, 62 money flows and 89 openings so far. New research lands every Tuesday, Thursday and Saturday.
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