Labs fund most of the evals economy, and buyer-paid testing stays the smallest part
Evals are a large lab-funded supply chain plus a small, fast-consolidating tools market, and every business model in it carries a conflict of interest.
- lab human-data spend in 2026 (estimate)
- $5–10B
- eval and AI-security deals since Aug 2024
- 28
- Arena valuation, Oct 2026
- $3.1B
- Dynatrace price for Arize
- $915M
- teams on eval platforms by 2028 (Gartner)
- 18% → 60%
5 November 2026 · 13 min read · Dotted terms are in the glossary
On this page
Key findings
- Lab money dominates. Frontier labs fund expert data, RL environments, leaderboards and safety tests. One forecast puts top-five lab human-data spend at $5–10B in 2026 (estimate).[1][1] Lab human-data forecast FutureSearch Estimate
- Builder tools are small and consolidating. Only LangChain ($1.25B, Oct 2025) and Braintrust ($800M reported, Feb 2026) remain as large independents.[17][17] LangChain at $1.25B TechCrunch Secondary[18][18] Braintrust Series B Axios Pro Secondary
- Tracing is now a free feature. Datadog, AWS, Microsoft, Google and Snowflake bundle tracing and judge-based evals. Datadog charges no separate fee for evaluations.[62][62] Datadog LLM Observability Primary
- Security vendors bought the red-teamers. At least 16 deals since August 2024 moved red-teaming into CISO platforms, at filed prices from $40.6M to $634.5M.[71][71] Agent Security consolidation tracker Single source[73][73] SPLX Zscaler investor relations Primary[68][68] FY2025 Palo Alto Networks 10-K Primary
- Leaderboards became businesses. Arena reached a $3.1B valuation and over $100M of annualised revenue in October 2026. Most of it likely comes from the labs it ranks.[3][3] Series B announcement Arena Vendor
- Gartner now names the category. Its February 2026 Market Guide expects adoption to rise from 18% of software teams in 2025 to 60% by 2028.[170][170] Gartner Market Guide reprint Comet Vendor
- Nobody publishes a trusted dollar size for evals. Report mills put LLM observability near $2.7B in 2026. Visible vendor revenue suggests a few hundred million at most (our estimate).[175][175] LLM observability report The Business Research Company Estimate
- Consolidation sped up in 2026. Our timeline counts 28 deals and 7 shutdowns or pivots from August 2024 to November 2026. Four builder platforms sold in 2026 alone.
- Every business model has a conflict. Labs pay the boards that rank them, vendors pay their certifiers, and builders grade their own work.[117][117] The Leaderboard Illusion Secondary[120][120] Vals AI profile Carly Secondary
"Evals" covers eight markets that share one idea but differ in who pays
Builders pay for tools, security teams pay for red-teaming, and frontier labs pay for data and tests. Each segment has its own buyer, product and price logic.
We split the market into eight segments. Builder tools and security sell to enterprises. Expert data, RL environments and leaderboards sell mostly to frontier labs. Safety evaluators live on grants, lab contracts and, now, government tenders.
Enterprises Pay Most Eval Companies; Labs Pay for the Biggest Ones
Companies we track in each of the eight segments, grouped by who mainly pays, 5 November 2026. Area is the number of companies; each cell names the buyer, one telling number and the leaders.
Area = companies we track in each segment (191 of the 256 in our directory, 5 Nov 2026)
Data table
| Group | Item | Value | Share of group | Note |
|---|---|---|---|---|
| Paid by enterprises | AI security and red-teaming | 74 companies | 45% | Buyer: CISOs · 16+ deals since Aug 2024 · Palo Alto, Cisco, CrowdStrike, HiddenLayer, Noma |
| Paid by enterprises | Builder eval and observability | 46 companies | 28% | Buyer: AI engineering teams · $0–300 a month self-serve · LangSmith, Braintrust, Datadog |
| Paid by enterprises | Governance and compliance | 34 companies | 21% | Buyer: risk and legal · $492M spend in 2026 (Gartner) · Credo AI, IBM, Collibra |
| Paid by enterprises | Voice and agent simulation | 10 companies | 6% | Buyer: contact-centre teams · $0.05 a call (Cekura) · Coval, Cyara, Hamming |
| Paid by labs, governments or donors | Leaderboards and evaluators | 10 companies | 37% | Buyer: labs and enterprises · Arena $3.1B (Oct 2026) · Artificial Analysis, Vals |
| Paid by labs, governments or donors | Expert data and evaluation labour | 7 companies | 26% | Buyer: frontier labs · $5–10B lab spend (est.) · Mercor, Surge, Scale |
| Paid by labs, governments or donors | RL environments | 7 companies | 26% | Buyer: labs, then enterprises · $200–2,000 a task · Mechanize, Prime Intellect |
| Paid by labs, governments or donors | Safety evaluators | 3 companies | 11% | Buyer: labs, governments, donors · ~$71M to METR · Apollo, Irregular |
The word "evals" hides two economies. Labs buy evaluation inputs at scale: experts, graded tasks and pre-release tests. Enterprises buy tooling to check their own apps. The two rarely share buyers, prices or vendors.
Lab Money Dwarfs What Every Other Segment Takes In
Rough 2026 money flowing into each segment, where a published figure exists. Square area is proportional to dollars.
Area is proportional to dollars per year Solid = low estimate, dashed outline = high estimate
Data table
| Item | Value | Note |
|---|---|---|
| Expert data | $5–10B | Top five labs, 2026 (forecast); estimate |
| RL environments | Over $1B | One lab, discussed in 2025 |
| Governance platforms | $492M | Gartner, 2026 |
| Builder tools | $0.2–0.5B | Vendor revenue, 2026 (our estimate); estimate |
| Leaderboards | Over $100M | Arena run rate, Oct 2026 |
| Safety evaluators | ~$71M | To METR in six months, 2026 |
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Segment Main buyer What they buy Typical price logic Leaders (Nov 2026) 1 Builder eval and observability AI engineering teams Tracing, offline and online evals, judges, datasets Usage tiers, $0–300 a month self-serve, custom enterprise LangSmith, Braintrust, Datadog, Arize (Dynatrace), Galileo (Splunk) 2 AI security and red-teaming CISOs Attack testing, guardrails, runtime policy Enterprise licences, mostly unpublished Palo Alto, Cisco, CrowdStrike, Check Point, HiddenLayer, Noma 3 Governance and compliance Risk, compliance, legal Inventory, policy, evidence, test modules Enterprise licences Credo AI, IBM, Collibra, ServiceNow 4 Voice and agent simulation Contact-centre and agent teams Simulated calls and users, regression tests Per minute, per call, or monthly tiers Coval, Cyara, Hamming, Cekura 5 Leaderboards and independent evaluators Labs and enterprises Rankings, pre-release tests, private benchmarks Lab contracts, enterprise subscriptions Arena, Artificial Analysis, Vals, Scale Labs, Epoch, HAL 6 Expert data and evaluation labour Frontier labs Expert raters, graded tasks, eval sets Hourly expert rates plus margin Mercor, Surge, Scale, Handshake, micro1, Snorkel 7 RL environments Labs, then enterprises Graded tasks, app clones, hosted RL stacks Per task, per clone, quarterly contracts Mechanize, Prime Intellect, Fleet, Halluminate 8 Safety evaluators Labs, governments, philanthropy Dangerous-capability tests, monitoring Grants, lab contracts METR, Apollo, Irregular, Gray Swan, Goodfire Table 1. The eight segments used in this chapter.
Labs pay suppliers billions, while enterprises pay tool vendors millions
The money flows show two economies. The largest flows bypass enterprise buyers completely, and the party under test often pays the tester.
Lab spending on expert data dwarfs every other flow. No lab discloses its human-data spending. One forecast puts the top five frontier developers at $5–10B in 2026.[1][1] Lab human-data forecast FutureSearch Estimate The expert-data vendors' summed gross run rates exceed $6B, which fits that range.
$5–10B
Estimated 2026 spending on human expert data by the top five frontier labs. No lab discloses the figure.
Source: FutureSearch forecast (estimate), consistent with vendor run rates above $6B.[1][1] Lab human-data forecast FutureSearch Estimate[12][12] Mercor run rate TechCrunch Secondary[125][125] Surge AI founder profile Forbes Australia Secondary[127][127] Handshake ARR Dealroom citing The Information Secondary
Labs Pay for Most of the Evals Supply Chain
Who pays whom in evals, with rough 2026 sizes. Governments and philanthropy fund the independent testers.
Step 1 of 8: One thick ribbon from frontier labs to expert-data vendors.
Two patterns stand out. First, the party under test often pays the tester. Second, the largest flows bypass enterprise buyers completely. Investors and acquirers move large sums too, but those buy equity, not evaluations.
-
Payer Receiver What the money buys Rough size (2026) Basis Frontier labs Expert-data vendors Expert ratings, graded tasks, eval sets $5–10B (estimate) Vendor run rates and one forecast[1][1] Lab human-data forecast FutureSearch Estimate Frontier labs RL-environment vendors Tasks, app clones, talent deals Over $1B (Anthropic alone, discussed in 2025) Paywalled report via TechCrunch[2][2] Silicon Valley bets big on environments TechCrunch Secondary Frontier labs Arena and similar boards Pre-release tests, preference data Over $100M (Arena run rate) Company figure[3][3] Series B announcement Arena Vendor Frontier labs Safety and security evaluators Pre-release cyber and misuse tests No figure found Funding rounds only Frontier labs Safety non-profits Free tokens and model access, in kind No figure found METR policy[4][4] Funding update August 2026 METR Primary Philanthropy METR, Epoch, FAR.AI, Redwood, SecureBio, Transluce Independent research and tests About $71M to METR in six months; FAR.AI $24.3M revenue (2024) Company figure and Form 990[4][4] Funding update August 2026 METR Primary[5][5] FAR.AI Form 990 ProPublica Primary Governments Safety non-profits, consultancies, AI security institutes Funding and tests €7.37M EU AI Office tender (Dec 2025); UK AISI funds METR; UK AISI about £66m a year TED award notice; company figures[6][6] EU AI Office tender award notice 864574-2025 TED Primary[4][4] Funding update August 2026 METR Primary[19][19] About page UK AI Security Institute Primary AI engineering teams Builder platforms and APM vendors Tracing, evals, judges A few hundred million (our estimate) Disclosed ARR fragments AI engineering teams Hosted RL stacks Compute, environments, evals $100M (Prime Intellect run rate) Press report[7][7] Prime Intellect Series A TechCrunch Secondary CISOs Security platforms Red-teaming, guardrails, runtime policy No total found; Gartner's $51.3B "AI cybersecurity" covers far more Secondary report of Gartner[8][8] AI TRiSM Software Strategies Blog Secondary Compliance teams Governance platforms Policy, inventory, evidence $492M Gartner via secondary[9][9] Insurance-Canada.ca quoting Gartner Secondary Vendors under test Certifiers and benchmarkers Reports, seals, insurance Small; Vals and AIUC each raised $40M Company and press figures[10][10] Series A Vals AI Vendor[11][11] AIUC Series A TechCrunch Secondary Investors Vendors, as equity Growth capital, not purchases $700M Mercor and Snorkel; $390M Arena and Vals; $225M HiddenLayer and Zenity; $205M LangChain and Braintrust Rounds[12][12] Mercor run rate TechCrunch Secondary[13][13] Snorkel AI Series E Implicator Secondary[14][14] LMArena Series A SiliconANGLE Secondary[10][10] Series A Vals AI Vendor[15][15] HiddenLayer Series B Pulse 2.0 Secondary[16][16] Zenity Series C SecurityWeek Secondary[17][17] LangChain at $1.25B TechCrunch Secondary[18][18] Braintrust Series B Axios Pro Secondary Acquirers Startup owners Exits About $5B since 2024, excluding Meta–Scale and Google–Mechanize (our sum) Filed and reported prices Table 2. Who pays whom, with the basis for each size.
Builder tools are small, and most of the large ones have been sold
This segment sells tools to the teams that build AI apps and agents. The tools trace calls, run test sets, score outputs with judges and alert on drops.
Only two large independents remain. IVP led LangChain's $125M Series B at $1.25B in October 2025.[17][17] LangChain at $1.25B TechCrunch Secondary Four sources put LangSmith-driven ARR at $12–16M in mid-2025.[20][20] LangChain about to become a unicorn TechCrunch Secondary ICONIQ led Braintrust's $80M Series B in February 2026, at a reported $800M.[18][18] Braintrust Series B Axios Pro Secondary Notion and Stripe use Braintrust.[22][22] Notion and Stripe trust Braintrust Forbes Australia Secondary
Prices run far ahead of revenue. LangChain's $1.25B valuation is 80 to 100 times its mid-2025 ARR of $12–16M, and Dynatrace paid about 23 times Arize's ARR of roughly $40M (our estimates; Arize's ARR is implied by Dynatrace's growth guidance).[17][17] LangChain at $1.25B TechCrunch Secondary[20][20] LangChain about to become a unicorn TechCrunch Secondary[41][41] Acquisition of Arize Dynatrace Vendor[58][58] Dynatrace Q2 FY2026 results Quantisnow Secondary Braintrust's valuation rose about fivefold in 16 months, from about $150M at its Series A to a reported $800M.[18][18] Braintrust Series B Axios Pro Secondary Datadog had over 1,000 LLM Observability customers at Q4 2025, per one weak summary.[50][50] Datadog Q4 2025 summary Fintool Single source
Five well-known independents left the pool in 2025 and 2026. CoreWeave bought Weights & Biases for a reported $1.7B, closing on 5 May 2025.[35][35] CoreWeave acquires Weights & Biases TechCrunch Secondary[36][36] W&B acquisition complete CoreWeave Primary ClickHouse bought Langfuse on 16 January 2026.[37][37] ClickHouse buys Langfuse SiliconANGLE Secondary Cisco closed Galileo on 22 May 2026.[57][57] Galileo acquisition Cisco Primary Dynatrace closed Arize for $915M on 1 October 2026.[42][42] Dynatrace completes Arize deal engineering.com Secondary CrowdStrike agreed to buy Fiddler on 3 November 2026.[45][45] Acquisition of Fiddler CrowdStrike Vendor
Five of the Seven Large Builder Platforms Were Sold
Where nine well-known builder-tool companies of 2024 stood in November 2026. One dot per company.
Data table
| 2024 | Nov 2026 | Number of company |
|---|---|---|
| Independent builder platform | Acquired | 5 |
| Independent builder platform | Still independent | 2 |
| Independent builder platform | Pivoted | 1 |
| Independent builder platform | Shut down | 1 |
One leader pivoted and one shut down. Patronus AI raised a $50M Series B in June 2026 and now sells "Digital World Models" for agent training.[46][46] Patronus AI Series B VCA Online Secondary Its old evaluation products "are all retired".[47][47] Patronus AI docs Primary Anthropic hired the Humanloop team in August 2025, and Humanloop will "sunset" its platform.[48][48] Anthropic nabs Humanloop team TechCrunch Secondary[49][49] Humanloop homepage Primary
The incumbents give tracing away. Datadog offers LLM Observability free up to 40,000 spans and states "no separate product fee" for evaluations.[62][62] Datadog LLM Observability Primary Its spans "nearly tripled quarter-over-quarter" in Q1 2026.[63][63] Datadog Q1 2026 earnings call The Motley Fool Secondary Every large APM vendor now sells tracing and judge-based scoring.
Tracing has no moat. Citi Ventures calls the twin threats "Death from Below" and "Death from Above": open source from below, APM bundles from above.[67][67] LLM observability Citi Ventures Secondary A newer wave focuses on agents in production instead. Raindrop has raised $50M, and Judgment Labs $32M.[24][24] Raindrop Series A Pulse 2.0 Secondary[25][25] $32M announcement Judgment Labs Vendor
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Company Segment What it sells Who pays Funding / valuation Latest signal (date) LangChain (LangSmith) Builder platform Open-source framework, LangSmith tracing and evals AI teams; seats plus traces $125M Series B at $1.25B[17][17] LangChain at $1.25B TechCrunch Secondary ARR $12–16M in mid-2025 (four sources)[20][20] LangChain about to become a unicorn TechCrunch Secondary Braintrust Builder platform Evals, tracing, scoring, playgrounds AI teams; GB and scores $80M Series B, $800M reported; about $121M raised[18][18] Braintrust Series B Axios Pro Secondary[21][21] Braintrust financials CB Insights Secondary Notion and Stripe as customers (Feb 2026)[22][22] Notion and Stripe trust Braintrust Forbes Australia Secondary Raindrop Agent monitoring Production monitoring for agent failures AI product teams $15M seed; Series A, $50M total[23][23] Seed round Raindrop Vendor[24][24] Raindrop Series A Pulse 2.0 Secondary Series A led by CRV (Sep 2026) Judgment Labs Agent monitoring Trajectory monitoring, open-source Judgeval AI teams $32M seed and Series A[25][25] $32M announcement Judgment Labs Vendor Lightspeed lead (May 2026) HoneyHive Builder platform Agent observability and evals Enterprises, incl. Commonwealth Bank $7.4M seed[26][26] HoneyHive launch VCA Online Secondary Self-host enterprise tier[27][27] HoneyHive homepage Vendor Confident AI Builder platform DeepEval open source, hosted platform AI teams Not verified Team plan $2,000 a month[28][28] Confident AI pricing Primary Openlayer Builder platform Tests, monitoring, guardrails Enterprises $14.5M Series A[29][29] Openlayer Series A SiliconANGLE Secondary Named in Gartner guide (2026)[30][30] Gartner Market Guide Openlayer Vendor Scorecard Builder platform Agent eval runs AI teams $3.75M seed[31][31] Scorecard Kindred Ventures Vendor Growth tier $299 a month[32][32] Scorecard pricing Primary Comet Opik Builder platform Open-source tracing and evals AI teams Not verified Pro $19 a month[33][33] Comet pricing Primary Galtea Builder platform Tests and monitoring for regulated firms Spanish banks, insurers, telcos Not verified Sabadell Seguros case study[34][34] Galtea homepage Vendor W&B Weave (CoreWeave) Acquired Tracing and evals inside W&B ML teams $1.7B purchase (reported)[35][35] CoreWeave acquires Weights & Biases TechCrunch Secondary Closed 5 May 2025[36][36] W&B acquisition complete CoreWeave Primary Langfuse (ClickHouse) Acquired MIT-licensed tracing and evals AI teams; self-host free Price undisclosed[37][37] ClickHouse buys Langfuse SiliconANGLE Secondary Joined ClickHouse (Jan 2026)[38][38] Joining ClickHouse Langfuse Primary Galileo (Cisco) Acquired Evals, small judge models Enterprises About $68M raised before sale[39][39] Cisco to acquire Galileo Converge Digest Secondary Sells as Splunk Agent Observability[40][40] Splunk pricing Primary Arize (Dynatrace) Acquired Arize AX, Phoenix open source Enterprises $915M purchase[41][41] Acquisition of Arize Dynatrace Vendor Closed 1 Oct 2026[42][42] Dynatrace completes Arize deal engineering.com Secondary Fiddler (CrowdStrike) Acquired Agent observability, guardrails Enterprises $100M raised; about $400M price (one source)[43][43] Fiddler Series C BusinessWire Secondary[44][44] Cheapest judgment Charu Gupta Single source Agreed 3 Nov 2026; close expected in CrowdStrike's Q4 FY27[45][45] Acquisition of Fiddler CrowdStrike Vendor Patronus AI Pivoted Now "Digital World Models" for agent training Labs and agent builders $50M Series B, $70M total[46][46] Patronus AI Series B VCA Online Secondary Old eval products retired[47][47] Patronus AI docs Primary Humanloop Shut down Prompt management and evals AI teams Team to Anthropic[48][48] Anthropic nabs Humanloop team TechCrunch Secondary Platform sunset[49][49] Humanloop homepage Primary Datadog LLM Observability APM incumbent Tracing, managed judges, annotation Existing Datadog customers Public company Over 1,000 customers at Q4 2025 (weak)[50][50] Datadog Q4 2025 summary Fintool Single source Table 3. Builder eval and observability companies, November 2026. - LangChain. CapitalG, ServiceNow, Workday, Cisco, Datadog and Databricks joined the Series B.[17][17] LangChain at $1.25B TechCrunch Secondary One article cites a Forge Global listing at $3.01B in September 2026; LangChain announced no such round, so the figure is unconfirmed.[51][51] LangChain funding Revenue Memo Single source LangSmith Plus costs $39 per seat a month, with US or EU cloud and enterprise self-hosting.[52][52] LangChain pricing Primary
- Braintrust. Braintrust stated no valuation itself. Total funding is about $121M.[21][21] Braintrust financials CB Insights Secondary Pricing moves from free to $249 a month for Pro; it meters storage and scores and allows unlimited users.[53][53] Braintrust pricing Primary
- Raindrop. Lightspeed led the $15M seed in December 2025.[23][23] Seed round Raindrop Vendor Reports disagree on the Series A size: $35M or $22.6M.[54][54] Raindrop Series A Dealroom Secondary Bessemer named Judgment among "novel evaluation and feedback frameworks".[55][55] State of AI 2025 Bessemer Secondary
- Smaller tools mostly hold under $15M. Confident AI sells DeepEval-based plans from $200 to $2,000 a month.[28][28] Confident AI pricing Primary Galtea in Barcelona sells to Sabadell Zurich and Telefónica.[34][34] Galtea homepage Vendor
- Exits in detail. Weave pricing now sits under CoreWeave Forge from $60 a month.[56][56] CoreWeave Forge pricing Primary ClickHouse raised $400M at a $15B valuation on the day it bought Langfuse.[37][37] ClickHouse buys Langfuse SiliconANGLE Secondary Galileo sells as Splunk Agent Observability from $100 a month per 1.2 million spans.[40][40] Splunk pricing Primary About $815M of the Arize price is cash; the rest is replacement equity.[41][41] Acquisition of Arize Dynatrace Vendor Fiddler will become "Falcon Observe"; CrowdStrike pays mostly in cash. Fiddler had raised $100M, including a $30M Series C in January 2026.[43][43] Fiddler Series C BusinessWire Secondary[45][45] Acquisition of Fiddler CrowdStrike Vendor
- Smaller exits. Helicone joined Mintlify in March 2026.[59][59] Mintlify acquires Helicone (3 Mar 2026) Mintlify Primary Databricks bought Quotient AI for agent evaluation.[60][60] Acquisition of Quotient AI Databricks Primary ServiceNow bought Traceloop, per one weak source.[61][61] AI product changes 2026 sota.cc Single source
- Incumbents. Datadog charges $160 a month for 100,000 spans.[62][62] Datadog LLM Observability Primary It bought Adaptive ML in 2026[64][64] Datadog 8-K exhibit Primary and holds stakes in LangChain, Arize and Patronus.[17][17] LangChain at $1.25B TechCrunch Secondary[65][65] Arize Series C HPCwire Secondary[46][46] Patronus AI Series B VCA Online Secondary New Relic plans an "AI Evaluation" preview for November 2026, per one secondary source.[66][66] New Relic AI Evaluation byteiota Single source
Security vendors bought the red-teamers, and compliance buyers pay for evidence
Red-teaming is an eval: it tests whether an agent fails under attack. Governance tools mostly consume eval results rather than produce them.
Between August 2024 and November 2026, security vendors bought most independent red-team startups. One public tracker counts 30 agent-security deals since 2024, 14 of them in 2026. It says buyers acquired 22 of the 61 vendors on its map.[87][87] Agent Security Map Single source Filed prices often sit below headlines. F5 announced CalypsoAI at $180M, but its filing shows $145.2M.[72][72] F5 to acquire CalypsoAI CyberScoop Secondary
The promptfoo deal matters most for evals. Promptfoo had raised $23M and claimed use by more than 25% of the Fortune 500.[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary OpenAI folds it into its Frontier platform for red-teaming and compliance monitoring. The code stays open source under MIT.[70][70] promptfoo README Primary
Independent security firms still raise large rounds. Zenity raised $125M in August 2026, and HiddenLayer $100M in September 2026 with ARR up more than tenfold.[16][16] Zenity Series C SecurityWeek Secondary[15][15] HiddenLayer Series B Pulse 2.0 Secondary Most vendors here do not publish prices.
Independent AI-Security Firms Still Raise Rounds of $30M to $125M
Latest round of each independent AI-security firm, in $M, by stage. One dot per firm.
Data table
| Item | Row | Latest round ($M) |
|---|---|---|
| Mindgard | Series A | 30 |
| Gray Swan | Series A | 40 |
| Straiker | Series A | 64 |
| HiddenLayer | Series B | 100 |
| Noma Security | Series B | 100 |
| Zenity | Series C | 125 |
Compliance buyers pay for evidence, not test engines. Gartner says AI governance spending will reach $492M in 2026 and pass $1B by 2030.[9][9] Insurance-Canada.ca quoting Gartner Secondary Some outlets label the same figure "AI data governance", so the scope is uncertain. Forrester's Q3 2025 Wave named Credo AI and IBM watsonx.governance as Leaders.[90][90] Credo AI named a Leader Business Wire Vendor[91][91] AI Governance Solutions Q3 2025 Forrester Wave Secondary
Certification joins the segment. AIUC raised $40M in September 2026 and runs about 5,000 adversarial tests per agent.[11][11] AIUC Series A TechCrunch Secondary The AICPA and AIUC launched a joint SOC 2 plus AIUC-1 offering on 19 October 2026.[96][96] AICPA AI assurance offering Journal of Accountancy Secondary In Europe, QuantPi became TÜV SÜD's first CARAT partner lab.[95][95] TÜV SÜD and QuantPi PresseBox Vendor
-
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Protect AI (Palo Alto) Acquired Model scanning, red-teaming CISOs $634.5M price (filed)[68][68] FY2025 Palo Alto Networks 10-K Primary Inside Prisma AIRS (Jul 2025) Promptfoo (OpenAI) Acquired Open-source evals and red-teaming Developers, Fortune 500 $86M value before sale (PitchBook)[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary Deal closed; still MIT-licensed (Nov 2026)[70][70] promptfoo README Primary Lakera (Check Point) Acquired Prompt-injection guardrails CISOs $201.8M (filed)[71][71] Agent Security consolidation tracker Single source Closed Oct 2025 CalypsoAI (F5) Acquired Guardrails, red-teaming CISOs $180M announced, $145.2M filed[72][72] F5 to acquire CalypsoAI CyberScoop Secondary Closed Sep 2025 SPLX (Zscaler) Acquired AI red-teaming CISOs $40.6M (filed)[73][73] SPLX Zscaler investor relations Primary Announced Nov 2025 Dreadnode (CrowdStrike) Acquired Continuous AI red-teaming CISOs Undisclosed[74][74] Acquisition of Dreadnode CrowdStrike Vendor Agreed 3 Nov 2026 HiddenLayer Independent Model and agent security CISOs $100M Series B[15][15] HiddenLayer Series B Pulse 2.0 Secondary ARR up more than 10x (Sep 2026) Noma Security Independent AI security posture and runtime CISOs $100M Series B, about $132M total[75][75] Noma Security Series B SecurityWeek Secondary Jul 2025 round Zenity Independent Agent security for SaaS and copilots CISOs $125M Series C[16][16] Zenity Series C SecurityWeek Secondary Aug 2026 round Straiker Independent Agent attack testing and defence CISOs $64M Series A, $85M total[76][76] Straiker Series A FinTech Global Secondary Coupa and Amex GBT customers (Jun 2026) Gray Swan Independent Red-team arena, security platform Labs and enterprises $40M Series A, about $200M value (weak)[77][77] Gray Swan Series A Pulse 2.0 Secondary Fortune profile (Oct 2026)[78][78] Gray Swan red-team contest Fortune Secondary Mindgard Independent Automated attack testing CISOs $30M Series A, about $42M total[79][79] Mindgard Series A SecurityWeek Secondary Aug 2026 round Table 4. AI security and red-teaming companies. Announced Acquirer Target Price 26 Aug 2024 Cisco Robust Intelligence About $400M (reported)[71][71] Agent Security consolidation tracker Single source 28 Apr 2025 Palo Alto Networks Protect AI $634.5M (filed)[68][68] FY2025 Palo Alto Networks 10-K Primary 24 Jun 2025 Snyk Invariant Labs Undisclosed[71][71] Agent Security consolidation tracker Single source 5 Aug 2025 SentinelOne Prompt Security $160.2M (filed)[80][80] SentinelOne to acquire Prompt Security Business Wire Secondary 3 Sep 2025 Cato Networks Aim Security $300–350M (press estimate)[71][71] Agent Security consolidation tracker Single source 11 Sep 2025 F5 CalypsoAI $145.2M (filed)[72][72] F5 to acquire CalypsoAI CyberScoop Secondary 16 Sep 2025 Check Point Lakera $201.8M (filed)[71][71] Agent Security consolidation tracker Single source 16 Sep 2025 CrowdStrike Pangea $222.7M (filed)[71][71] Agent Security consolidation tracker Single source 3 Nov 2025 Zscaler SPLX $40.6M (filed)[73][73] SPLX Zscaler investor relations Primary 12 Feb 2026 Proofpoint Acuvity Undisclosed[71][71] Agent Security consolidation tracker Single source 9 Mar 2026 OpenAI Promptfoo Undisclosed[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary 30 Apr 2026 Palo Alto Networks Portkey $117M (filed)[71][71] Agent Security consolidation tracker Single source May 2026 Check Point Deepchecks (team and IP) Up to $20M (press estimate)[81][81] Deepchecks price Dealroom citing Calcalist Estimate[191][191] Check Point and Deepchecks Security Boulevard Secondary 15 Jun 2026 A10 Networks TrojAI Undisclosed[82][82] TrojAI acquisition A10 Networks Secondary 4 Aug 2026 Anaconda Enkrypt AI Undisclosed[83][83] Acquisition of Enkrypt AI Anaconda Primary 17 Aug 2026 Fortinet Virtue AI Undisclosed, "immaterial"[84][84] Fortinet acquires Virtue AI SecurityWeek Secondary 9 Sep 2026 Harvey Guardrails AI Undisclosed[85][85] Guardrails AI joins Harvey Harvey Primary 17 Sep 2026 Beacon Software Haize Labs Undisclosed[86][86] Beacon Software and Haize Labs Osler Secondary 3 Nov 2026 CrowdStrike Dreadnode Undisclosed[74][74] Acquisition of Dreadnode CrowdStrike Vendor Table 5. Red-team and guardrail acquisitions. Most prices come from one public tracker that separates filed from reported prices; it is a single compiler.[71][71] Agent Security consolidation tracker Single source - Insight Partners and a16z led Promptfoo's $18.4M Series A in July 2025.[88][88] Series A announcement Promptfoo Vendor
- Straiker also names Omada Health as a customer.[76][76] Straiker Series A FinTech Global Secondary London's Mindgard raised $30M.[79][79] Mindgard Series A SecurityWeek Secondary
- Enkrypt published prices, at $149 or $1,499 a month, before Anaconda bought it.[89][89] Enkrypt AI pricing Primary
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Credo AI Governance AI governance platform, policy packs Compliance, risk Not verified Forrester Wave Leader (Aug 2025)[90][90] Credo AI named a Leader Business Wire Vendor IBM watsonx.governance Governance Model inventory, risk, monitoring Large enterprises Public company Forrester Wave Leader (Aug 2025)[91][91] AI Governance Solutions Q3 2025 Forrester Wave Secondary Collibra Governance Data and AI governance Data and compliance teams Not verified Wave Strong Performer[92][92] Forrester Wave Strong Performer Collibra Vendor Holistic AI Governance Audits, risk, red-team modules Compliance Not verified No new signal ValidMind Governance Model validation for banks Model risk teams Not verified No new signal Modulos Governance AI Act compliance platform Compliance CHF 8.7M[93][93] CHF 8.7M round Modulos Vendor Jul 2025 round LatticeFlow AI Testing for compliance COMPL-AI scores against the AI Act Enterprises About $15M[94][94] LatticeFlow COMPL-AI SiliconANGLE Secondary SAP partnership (Mar 2026) QuantPi Testing for compliance Model and agent tests Enterprises via TÜV SÜD Small TÜV SÜD partner lab (Oct 2026)[95][95] TÜV SÜD and QuantPi PresseBox Vendor AIUC Certification AIUC-1 standard, tests, insurance Agent vendors $40M Series A[11][11] AIUC Series A TechCrunch Secondary SOC 2 plus AIUC-1 with AICPA (Oct 2026)[96][96] AICPA AI assurance offering Journal of Accountancy Secondary Table 6. Governance, compliance-testing and certification companies. - We could not read the full Forrester Wave, so other Leaders may exist.[91][91] AI Governance Solutions Q3 2025 Forrester Wave Secondary
- Schellman and KPMG audit AIUC's controls.[11][11] AIUC Series A TechCrunch Secondary TÜV NORD announced a three-tier voluntary AI certificate.[97][97] Voluntary AI certification TÜV NORD Vendor BSI launched three AI schemes and co-brands AIUC-1.[98][98] New AI schemes BSI Vendor
- Large platforms such as IBM, ServiceNow and Collibra absorb much of the governance demand.
The largest money pool is lab-paid expert work, environments and safety tests
Labs buy expert data for training and evaluation in the same contracts. The same experts write eval sets, grade outputs and build environments.
Expert-data vendors carry the largest valuations in evals. Mercor raised at $10B in October 2025, and its CEO says its run rate crossed $2B in June 2026.[12][12] Mercor run rate TechCrunch Secondary Surge AI earned $1.2B in 2024 with about 250 staff, without outside capital.[125][125] Surge AI founder profile Forbes Australia Secondary Meta paid about $14.3B for 49% of Scale in June 2025.[109][109] Meta invests in Scale AI Built In Secondary
Lab-Paid Suppliers Carry the Largest Valuations
Latest valuation of each company, November 2026. Circle area is the valuation; dashed rings mark talks not closed, reported-only figures or weak sources.
- Expert data
- RL environments
- Leaderboards and evaluators
- Builder tools
- Safety, security, interpretability
Circle area = latest valuation Faded, dashed ring: reported or not closed
- Scale AI: ~$29B (Meta deal · Jun 2025)
- Surge AI: $15–30B (raise in talks, not closed)
- Mercor: $10B (Oct 2025; $20B talks)
- Snorkel AI: $3.5B (Series E · Sep 2026)
- Arena: $3.1B (Series B · Oct 2026)
- Turing: $2.2B (Series E · Mar 2025)
- Invisible Technologies: >$2B (Sep 2025)
- OpenRouter: ~$1.3B (Series B · reported)
- LangChain: $1.25B (Series B · Oct 2025)
- Labelbox: $1.25B (pre-money · Oct 2026)
- Goodfire: $1.25B (Series B · Feb 2026)
- Prime Intellect: $1B (Series A · 2026)
- Braintrust: $800M (Series B · Feb 2026, reported)
- Fleet: ~$750M (in talks, reported)
- Mechanize: $500M (before Google deal)
- Irregular: ~$450M (Sep 2025, reported)
- Vals AI: $400M (Series A · Aug 2026)
- Gray Swan: ~$200M (Series A · weak source)
Data table
| Item | Group | Value | Note |
|---|---|---|---|
| Scale AI | Expert data | ~$29B | Meta deal · Jun 2025 |
| Surge AI | Expert data | $15–30B | raise in talks, not closed; reported or not closed |
| Mercor | Expert data | $10B | Oct 2025; $20B talks |
| Snorkel AI | Expert data | $3.5B | Series E · Sep 2026 |
| Arena | Leaderboards and evaluators | $3.1B | Series B · Oct 2026 |
| Turing | Expert data | $2.2B | Series E · Mar 2025 |
| Invisible Technologies | Expert data | >$2B | Sep 2025 |
| OpenRouter | Leaderboards and evaluators | ~$1.3B | Series B · reported; reported or not closed |
| LangChain | Builder tools | $1.25B | Series B · Oct 2025 |
| Labelbox | Expert data | $1.25B | pre-money · Oct 2026 |
| Goodfire | Safety, security, interpretability | $1.25B | Series B · Feb 2026 |
| Prime Intellect | RL environments | $1B | Series A · 2026 |
| Braintrust | Builder tools | $800M | Series B · Feb 2026, reported; reported or not closed |
| Fleet | RL environments | ~$750M | in talks, reported; reported or not closed |
| Mechanize | RL environments | $500M | before Google deal |
| Irregular | Safety, security, interpretability | ~$450M | Sep 2025, reported; reported or not closed |
| Vals AI | Leaderboards and evaluators | $400M | Series A · Aug 2026 |
| Gray Swan | Safety, security, interpretability | ~$200M | Series A · weak source; reported or not closed |
Thin margins sit behind the big run rates. Mercor passes 60–70% of revenue to contractors.[134][134] Mercor H1 2026 AI Weekly Secondary Mercor postings for lawyers and physicians cluster at $100–150 an hour.[140][140] Mercor law expert jobs aitrainer.work Secondary Buyer concentration is extreme: OpenAI no longer works with Surge, and one lab's exit can move a vendor's revenue sharply.[125][125] Surge AI founder profile Forbes Australia Secondary
RL environments became a funded category in 2025 and 2026. Epoch AI found that a typical task costs $200–2,000. A website replica costs about $20,000, and one high-fidelity Slack clone was priced near $300,000.[112][112] State of RL environments Epoch AI Primary Google struck a licence-and-hire deal with Mechanize, reported at over $1.5B.[142][142] Google and Mechanize The Next Web Secondary Prime Intellect raised $130M at $1B and sells to enterprises, not labs.[7][7] Prime Intellect Series A TechCrunch Secondary
Labs value environment know-how more than environment files. One lab researcher said many vendors "vibe code a buggy website which isn't useful".[112][112] State of RL environments Epoch AI Primary Talent deals and expert-network acquisitions squeeze the pure environment start-ups. Mercor bought RL-gym builder Deeptune in July 2026.[135][135] Acquisition of Deeptune Mercor Primary
Funding source shapes a safety evaluator's freedom. METR raised about $71M in six months and takes no money from frontier AI companies, but relies on their free tokens.[4][4] Funding update August 2026 METR Primary Irregular raised $80M at a reported $450M and runs pre-release cyber tests for OpenAI, Anthropic and Google DeepMind.[155][155] Irregular raises $80M TechCrunch Secondary The EU AI Office now pays FAR.AI, SecureBio, METR and Epoch through its tender.[6][6] EU AI Office tender award notice 864574-2025 TED Primary
-
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Mercor Expert data Vetted experts for data and evals OpenAI, Anthropic and other labs $10B (Oct 2025); $20B talks[12][12] Mercor run rate TechCrunch Secondary Run rate over $2B gross (Jun 2026, CEO claim) Surge AI Expert data Premium human data Google, Meta, Microsoft, Anthropic $15–30B in talks (not closed)[124][124] Surge AI raise The Star via Reuters Secondary $1.2B revenue in 2024[125][125] Surge AI founder profile Forbes Australia Secondary Scale AI Expert data Data, evals, RL environments, government work Labs, enterprises, US government About $29B (Meta deal)[109][109] Meta invests in Scale AI Built In Secondary "Well over $1B" new business in 2025[126][126] Next era for 2026 Scale Vendor Handshake AI Expert data Student and expert raters Labs Not disclosed Nearly $1B gross AI ARR (Apr 2026, paywalled)[127][127] Handshake ARR Dealroom citing The Information Secondary micro1 Expert data Vetted experts Labs $2.5B offers (reported)[128][128] micro1 crosses $100M ARR and fields $2.5B offers Forbes Secondary $1B annualised (Oct 2026, Sacra estimate)[129][129] micro1 revenue Sacra Estimate Snorkel AI Expert data Expert datasets, eval sets, RL environments Labs, enterprises $350M Series E at $3.5B[13][13] Snorkel AI Series E Implicator Secondary $375M run rate (Sep 2026) Turing Expert data Coding and reasoning data Labs $2.2B on a $111M Series E (Mar 2025)[130][130] Turing Series E TechCrunch Secondary About $350M revenue (end 2025, Sacra)[131][131] Turing revenue Sacra Estimate Labelbox Expert data Labelling platform and expert data Labs, enterprises Series E above $100M at $1.25B pre-money[132][132] Labelbox Series E Unite.AI Secondary Equity plus a credit facility (Oct 2026) Invisible Technologies Expert data Expert training work Labs, enterprises Over $2B[133][133] Invisible Technologies valuation Bloomberg Tax Secondary $100M raise (Sep 2025) Table 7. Expert data and evaluation labour. - Mercor. The Information reported about $614M of gross revenue in the first half of 2026.[134][134] Mercor H1 2026 AI Weekly Secondary Mercor bought Sepal AI in February 2026 and Deeptune in July.[135][135] Acquisition of Deeptune Mercor Primary Bloomberg reportedly found a $110 average and some $400-an-hour postings.[141][141] AI doctors and lawyers FourWeekMBA Secondary
- Surge. Profitable "from nearly day one". Google's contract alone exceeded $100M a year. Surge pays gig workers from $20 an hour, above $40 for specialists.[125][125] Surge AI founder profile Forbes Australia Secondary
- Scale. Alexandr Wang moved to Meta.[109][109] Meta invests in Scale AI Built In Secondary Scale won nearly $200M of US defence contracts in 2025.[126][126] Next era for 2026 Scale Vendor Francis deSouza became CEO on 10 August 2026.[136][136] Scale AI appoints Francis deSouza PR Newswire Primary Nearly half of its new data projects involve RL environments.[137][137] RL environments Scale Primary
- Handshake. Net AI-training revenue approached $300M per a paywalled report;[127][127] Handshake ARR Dealroom citing The Information Secondary Sacra estimates nearer $450M, so the sources conflict.[138][138] Handshake Sacra Estimate
- micro1 reached $1B of annualised revenue in October 2026, per a single Sacra estimate.[129][129] micro1 revenue Sacra Estimate Snorkel moved from labelling software to expert datasets and RL environments.[13][13] Snorkel AI Series E Implicator Secondary
- Appen, a listed labelling firm, gives a public floor: FY25 revenue of $230.8M at a 5.3% underlying EBITDA margin. Appen China grew 75%, while the rest shrank 21%.[139][139] Appen FY25 results Investor PA Secondary
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Mechanize RL environments Coding environments with graders Labs $9.1M raised at $500M[142][142] Google and Mechanize The Next Web Secondary Google licence-and-hire deal, over $1.5B reported (Sep 2026) Prime Intellect RL stack Hosted compute, RL framework, environments, evals Enterprises (Ramp, Zapier) $130M Series A at $1B[7][7] Prime Intellect Series A TechCrunch Secondary $100M run rate (Jul 2026) Fleet RL environments Environments for labs Labs About $750M in talks (reported)[143][143] Fleet rl-list Single source About $60M run rate (Sacra) Halluminate RL environments Finance-focused environments Labs $30M Series A, $38.5M total[144][144] Halluminate Series A The SaaS News Secondary "Mid-eight-figure" run rate claim (Oct 2026) Plato RL environments 210 simulated apps Labs $16M Series A[145][145] Plato Series A Let's Data Science Secondary Oct 2026 round Deeptune (Mercor) Acquired RL gyms Labs $43M Series A, then sold[146][146] Deeptune Series A Fortune Secondary Mercor deal (Jul 2026)[135][135] Acquisition of Deeptune Mercor Primary HUD (YC) RL and evals Computer-use environments, DataVendor marketplace Labs, UiPath $16M Series A (profiles only) UiPath benchmarks[147][147] HUD homepage Primary Veris AI Pivoted Veris Bench, dependency sandbox Agent builders $8.5M seed Retired its simulator (Oct 2026)[148][148] Veris AI deprecation notice Primary Table 8. RL environment companies. - Anthropic's discussed $1B+ RL-environment budget comes from a paywalled report by The Information.[2][2] Silicon Valley bets big on environments TechCrunch Secondary
- Epoch: contracts run "six to seven figures per quarter", and exclusive deals cost four to five times more.[112][112] State of RL environments Epoch AI Primary
- The Mechanize deal closed in mid-September 2026; neither side disclosed terms.[149][149] Google DeepMind and Mechanize Benzinga Secondary Prime Intellect's Environments Hub runs on the MIT
verifierslibrary.[150][150] Environments Hub Prime Intellect Primary ICML 2026 hosted a talk called "The RL Environment Land Grab".[151][151] RL environment land grab talk ICML 2026 Primary
Company Segment What it sells Who pays Funding / valuation Latest signal (date) METR Non-profit Autonomy and AI R&D capability tests Philanthropy; labs give free tokens About $71M committed in six months[4][4] Funding update August 2026 METR Primary Named as embedded evaluator example (Sep 2026)[152][152] We must pace the frontier Dario Amodei Primary Apollo Research PBC Scheming evals, "Watcher" runtime monitor Labs, philanthropy Seed led by 50Y, amount undisclosed[153][153] Becoming a PBC Apollo Research Primary Red-teamed Claude Code auto mode[154][154] Apollo Research homepage Primary Irregular (ex-Pattern Labs) Venture-backed Offensive-cyber evaluations OpenAI, Anthropic, Google DeepMind $80M at about $450M[155][155] Irregular raises $80M TechCrunch Secondary Sep 2025 round Gray Swan Venture-backed Red-team arena, security platform Anthropic, OpenAI, Meta, Google DeepMind $40M Series A[77][77] Gray Swan Series A Pulse 2.0 Secondary 1.8M attacks on 22 agents in one challenge[156][156] Agent red-teaming showdown Gray Swan Arena Secondary Goodfire Interpretability lab Interpretability research and tools Customers not disclosed $150M Series B at $1.25B[157][157] Goodfire Series B Pulse 2.0 Secondary Feb 2026 round Haize Labs (Beacon) Acquired Automated red-teaming Labs, Air Canada, Deloitte Sold to Beacon Software[158][158] Beacon buys Haize Labs BetaKit Secondary Deal on 17 Sep 2026[86][86] Beacon Software and Haize Labs Osler Secondary FAR.AI Non-profit Pre-deployment testing, safety research, leaderboard Philanthropy; EU AI Office $24.3M revenue (FY2024)[5][5] FAR.AI Form 990 ProPublica Primary Leads EU CBRN lot, €1.43M[6][6] EU AI Office tender award notice 864574-2025 TED Primary SecureBio Non-profit Bio benchmarks (VCT, ABLE), pre-release bio tests Labs, CAISI, EU AI Office Grants; amounts not public[159][159] AI: 2025 in Review SecureBio Primary EU CBRN lot partner; CAISI bio contract[159][159] AI: 2025 in Review SecureBio Primary Redwood Research Non-profit AI control research, ControlArena with UK AISI Philanthropy $22k revenue, $2.9M spending (2024)[160][160] Redwood Research Form 990 ProPublica Primary OpenAI monitoring stress test with METR (Oct 2026)[161][161] Redwood Research Primary Transluce Non-profit Docent transcript analysis, AI Evaluator Forum Undisclosed donors Not disclosed[162][162] Transluce Primary Open letter on embedded evaluators (Sep 2026)[162][162] Transluce Primary Table 9. Safety evaluators. - In September 2026, Dario Amodei proposed "a team of embedded third-party evaluators" at each frontier company and named METR as an example.[152][152] We must pace the frontier Dario Amodei Primary
- Apollo became a Public Benefit Corporation in January 2026, saying non-profit status made demand hard to serve at scale.[153][153] Becoming a PBC Apollo Research Primary
- Gray Swan's 2025 challenge with UK AISI paid $171,800 in bounties.[156][156] Agent red-teaming showdown Gray Swan Arena Secondary Beacon, a Toronto software roll-up, raised a $225M Series C in June 2026;[163][163] Series C Beacon Software Secondary Haize's team became its Applied AI Research Group.[86][86] Beacon Software and Haize Labs Osler Secondary
- FAR.AI leads the EU CBRN lot with SecureBio and SaferAI; METR and Epoch sit in the loss-of-control lot under EquiStamp.[6][6] EU AI Office tender award notice 864574-2025 TED Primary FAR.AI's 2024 revenue was almost all donations, and it does pre-deployment testing for frontier developers.[5][5] FAR.AI Form 990 ProPublica Primary[164][164] About FAR.AI Primary
- SecureBio licenses its bio benchmarks to several labs.[159][159] AI: 2025 in Review SecureBio Primary Redwood co-builds ControlArena with UK AISI;[165][165] ControlArena repository Primary its 2024 revenue fell to $22k while it spent $2.9M.[160][160] Redwood Research Form 990 ProPublica Primary Transluce chairs the AI Evaluator Forum.[162][162] Transluce Primary
- The non-profit path does not scale for product revenue.
Platforms absorbed 28 eval and AI-security companies in 27 months, and the pace rose in 2026
Larger firms bought or absorbed more than 30 eval-related companies between 2024 and 2026. Our timeline covers eval tools and AI security: 28 deals and 7 shutdowns or pivots. Data and environment deals take the total past 30.
Four kinds of buyer did the absorbing. Security vendors wanted red-teaming and guardrails for the CISO suite. Observability and data platforms wanted evals as a telemetry feature. Model labs wanted talent, tools and data. Data incumbents wanted environments and expert networks.
Independent Eval Tools Are Being Absorbed by Bigger Platforms
28 deals in eval tools and AI security, August 2024 to November 2026, with prices as filed or reported.
Step 1 of 7: One deal on the timeline, August 2024. Seven large independent builder platforms.
Prices stayed modest outside a few headline deals. Only W&B, Arize and Protect AI cleared $600M. Many eval and guardrail startups sold for under $250M, and most buyers did not disclose terms.
Only Three Deals Cleared $600M; Many Sold for Under $250M
Disclosed or reported price of each deal by announcement month, in $M (log scale). Blue: eval and observability tools. Rose: AI security.
- Eval and observability
- AI security
Data table
| Point | Announcement month | Price ($M) | Category | Note |
|---|---|---|---|---|
| Weights & Biases | 2025-03 | 1,700M | Eval and observability | ~$1.7B reported (CoreWeave) |
| Arize | 2026-08 | 915M | Eval and observability | $915M, top 2026 price (Dynatrace) |
| Protect AI | 2025-04 | 634.5M | AI security | $634.5M filed (Palo Alto) |
| Robust Intelligence | 2024-08 | 400M | AI security | |
| Fiddler | 2026-11 | 400M | Eval and observability | |
| Aim Security | 2025-09 | 325M | AI security | |
| Pangea | 2025-09 | 222.7M | AI security | |
| Lakera | 2025-09 | 201.8M | AI security | |
| Prompt Security | 2025-08 | 160.2M | AI security | |
| CalypsoAI | 2025-09 | 145.2M | AI security | |
| Portkey | 2026-04 | 117M | AI security | |
| SPLX | 2025-11 | 40.6M | AI security | |
| Deepchecks | 2026-05 | 20M | AI security | ≤$20M estimate |
OpenAI even turned against its own hosted product. It deprecated its Evals platform on 3 June 2026 and will shut it down on 30 November 2026. Its guide points users to Promptfoo.[168][168] OpenAI API deprecations Primary Stanford also put HELM into maintenance mode on 1 June 2026.[166][166] HELM maintenance mode Stanford CRFM Primary
Evals end up as a feature inside a bigger platform. Standalone vendors survive by going beyond tracing, into simulation, security or governance.
-
Buyer type Deals What the buyer wanted Security vendors Cisco–Robust Intelligence, Palo Alto–Protect AI and Portkey, SentinelOne–Prompt, F5–CalypsoAI, Check Point–Lakera and Deepchecks, CrowdStrike–Pangea, Fiddler and Dreadnode, Zscaler–SPLX, Fortinet–Virtue, A10–TrojAI Red-teaming and guardrails for the CISO suite Observability and data platforms CoreWeave–W&B, ClickHouse–Langfuse, Cisco–Galileo, Dynatrace–Arize, Databricks–Quotient, ServiceNow–Traceloop, Datadog–Adaptive ML Evals as a feature of telemetry and data platforms Model labs OpenAI–Promptfoo, Anthropic–Humanloop team, Google–Mechanize, Meta–49% of Scale Talent, tools and data inside the lab Data incumbents Mercor–Sepal and Deeptune, Scale–ICG Solutions Environments and expert networks Others Anaconda–Enkrypt, Harvey–Guardrails AI, Beacon–Haize, Mintlify–Helicone Features for their own platforms Table 10. Who bought, and why. Date Event Kind Jul 2025 OpenAI freezes simple-evals; no new models[167][167] simple-evals repository OpenAI Primary Shutdown Mar 2026 Helicone's hosted product goes into maintenance after the Mintlify deal[59][59] Mintlify acquires Helicone (3 Mar 2026) Mintlify Primary Shutdown 1 Jun 2026 Stanford puts HELM into maintenance mode[166][166] HELM maintenance mode Stanford CRFM Primary Shutdown 3 Jun 2026 OpenAI announces the sunset of its Evals platform[168][168] OpenAI API deprecations Primary Shutdown announced Jun 2026 Patronus retires its eval platform and pivots to simulation[46][46] Patronus AI Series B VCA Online Secondary[47][47] Patronus AI docs Primary Pivot 15 Oct 2026 Veris AI retires its simulation platform[148][148] Veris AI deprecation notice Primary Pivot 30 Nov 2026 OpenAI Evals shuts down[168][168] OpenAI API deprecations Primary Scheduled Table 11. Shutdowns and pivots in the timeline. Four builder-platform exits fell between January and November 2026: Langfuse, Galileo, Arize and Fiddler.
Nobody publishes a trusted dollar size for evals, and the visible pieces are small
Analyst categories now exist, but no analyst publishes a trusted dollar size for evals alone. The figures that exist measure different things.
Gartner created the category in February 2026. Its Market Guide for "AI Evaluation and Observability Platforms" appeared on 2 February 2026.[169][169] Market Guide abstract Gartner Primary Gartner predicts that 60% of software engineering teams will adopt these platforms by 2028, up from 18% in 2025.[170][170] Gartner Market Guide reprint Comet Vendor We could not read the full guide or its vendor list.
18% → 60%
Share of software engineering teams using AI evaluation and observability platforms, 2025 to 2028 (Gartner forecast).
Source: Gartner Market Guide, quoted in Comet's reprint (Feb 2026).[170][170] Gartner Market Guide reprint Comet Vendor
Report mills publish the big numbers. The Business Research Company puts LLM observability at $2.69B in 2026.[175][175] LLM observability report The Business Research Company Estimate Meticulous Research puts AI observability at $1.78B.[176][176] AI observability market Meticulous Research Estimate Neither shows a method we could check.
Our estimate is far smaller. Builder evals plus LLM observability likely total a few hundred million dollars of vendor revenue in 2026. The known pieces are small: LangChain had $12–16M of ARR in mid-2025, and Arize about $40M.[20][20] LangChain about to become a unicorn TechCrunch Secondary[58][58] Dynatrace Q2 FY2026 results Quantisnow Secondary The lab-paid supply side looks ten to thirty times larger, by our estimate.
The Published Market Sizes Measure Different Things
$B per year. Each row measures a different scope. Bands show stated ranges or our estimates.
What to notice
- Compare the top row (lab spend) with the bottom two rows (visible builder revenue).
Data table
| Estimate | Low | High | Point | Source | Type |
|---|---|---|---|---|---|
| Lab human-data spend, top five labs (2026) | $5B | $10B | FutureSearch forecast | estimate | |
| LLM observability platforms (2026) | $2.69B | $2.69B | $2.69B | The Business Research Company (report mill) | |
| AI observability (2026) | $1.78B | $1.78B | $1.78B | Meticulous Research (report mill) | |
| US enterprise AI infrastructure, evals inside (2025) | $1.5B | $1.5B | $1.5B | Menlo Ventures survey | |
| AI governance platforms (2026) | $0.492B | $0.492B | $0.492B | Gartner via secondary | |
| Builder evals + LLM observability revenue (2026) | $0.2B | $0.5B | Our estimate | estimate | |
| Known pieces: LangChain ARR + Arize ARR | $0.052B | $0.056B | TechCrunch (mid-2025) + implied from Dynatrace | estimate | |
| Gartner, 'AI cybersecurity' spending (2026) | $51.3B | broad scope, secondary | off the axis scale |
Investors frame the opportunity beyond tracing. Citi Ventures wrote that "the core tracing layer has no durable moat".[67][67] LLM observability Citi Ventures Secondary It invests in ClickHouse and Straiker, so it has a stake in that view. Bessemer predicts that "AI evals will go private, grounded, and trusted".[55][55] State of AI 2025 Bessemer Secondary Lightspeed backs the most companies in the segment, including Raindrop, Judgment, Fiddler and Arena.[23][23] Seed round Raindrop Vendor[25][25] $32M announcement Judgment Labs Vendor[3][3] Series B announcement Arena Vendor
-
Source Scope Figure Quality The Business Research Company[175][175] LLM observability report The Business Research Company Estimate LLM observability platforms $1.97B (2025), $2.69B (2026), $9.26B (2030) Report mill Meticulous Research[176][176] AI observability market Meticulous Research Estimate AI observability $1.78B (2026), $13.88B (2036) Report mill Dynatrace[41][41] Acquisition of Arize Dynatrace Vendor AI observability Over $10B by 2030 Vendor claim, source not stated Gartner[9][9] Insurance-Canada.ca quoting Gartner Secondary AI governance platforms $492M (2026), over $1B (2030) Analyst, seen via secondary Gartner via secondary[8][8] AI TRiSM Software Strategies Blog Secondary AI cybersecurity spending $51.3B (2026) Broad scope, secondary Menlo Ventures[177][177] State of generative AI 2025 Menlo Ventures Secondary US enterprise AI infrastructure $1.5B (2025), evals inside VC survey FutureSearch[1][1] Lab human-data forecast FutureSearch Estimate Lab human-data spend $5–10B (2026) Estimate from vendor revenue Table 12. Every published size we found. - Gartner's guide was written by Manjunath Bhat, Alex Coqueiro and Wilco van Ginkel.[169][169] Market Guide abstract Gartner Primary Comet Opik and Openlayer announced inclusion; W&B and Splunk host the report.[170][170] Gartner Market Guide reprint Comet Vendor[30][30] Gartner Market Guide Openlayer Vendor[171][171] Gartner Market Guide W&B Vendor
- Agentic AI sits at the Peak of Inflated Expectations in Gartner's 2026 Hype Cycle.[172][172] Hype Cycle for Agentic AI Gartner Primary Gartner says "guardian agents" will take 10–15% of agentic AI markets by 2030,[173][173] Guardian agents prediction Gartner Primary and predicts that companies will cancel over 40% of agentic AI projects by the end of 2027.[174][174] Agentic AI cancellations Gartner Primary
- We found no Forrester Wave and no IDC MarketScape for evals.
- Bessemer called evaluation "one of the biggest unsolved bottlenecks in enterprise AI deployment".[55][55] State of AI 2025 Bessemer Secondary Lightspeed also backs Patronus and Virtue AI.
- We found no a16z evals thesis, although a16z led rounds in Braintrust, Promptfoo, Deeptune and Vals.[21][21] Braintrust financials CB Insights Secondary[88][88] Series A announcement Promptfoo Vendor[146][146] Deeptune Series A Fortune Secondary[10][10] Series A Vals AI Vendor
Customers buy observability first, and the price of a score is falling toward the cost of tokens
Customers buy observability first, evals second and governance third. Cloud platforms now give evals away at token cost, so paid value moves elsewhere.
Most builders trace, but only half run offline evals. LangChain surveyed 1,340 agent builders in late 2025.[178][178] State of Agent Engineering LangChain Vendor 89% have some observability, but only 52.4% run offline evals and 37.3% online evals. Human review still edges out LLM-as-judge. LangChain sells LangSmith, so its survey has an interest.
How Many Agent Builders Actually Test Their Agents?
Share of 1,340 respondents to LangChain's late-2025 survey who use each practice. Guess first, then check.
Drag each bar to your guess: what share of agent builders use each practice?
Drag a bar, or tab to it and use the arrow keys.
Data table: shown after you check your guess
Buyers trust their own tests over public benchmarks. One CIO told a16z: "you still need to assess yourself".[179][179] AI in the enterprise 2025 a16z Secondary Datadog's span growth shows that buying follows production traffic.[63][63] Datadog Q1 2026 earnings call The Motley Fool Secondary
Every cloud and model platform now ships evals at token cost. AWS made AgentCore Evaluations generally available on 31 March 2026, at $1.50 per 1,000 custom evaluations plus model usage.[180][180] AgentCore Evaluations GA AWS Primary[181][181] AWS AgentCore pricing Primary Microsoft bills Foundry evaluations by tokens "with no surcharge".[182][182] Foundry observability pricing Azure Primary Google added Agent Evaluation and Agent Simulation at Next '26.[106][106] Next 2026 wrap-up Google Cloud Vendor
Independents meter usage and offer free tiers. Braintrust meters gigabytes and scores, while Arize, Opik, Datadog and Splunk meter spans. Seat pricing is rare. Self-serve plans run from $19 to about $300 a month, and enterprise deals are custom.
Paid Self-Serve Plans Start Between $19 and $299 a Month
Price of the first paid tier, $ per month, November 2026. Units differ by vendor.
Data table
| Item | Value |
|---|---|
| Comet Opik (Pro · spans) | $19 |
| Langfuse (Core · units; self-host free) | $29 |
| LangSmith (Plus · per seat) | $39/seat |
| Arize AX (spans) | $50 |
| W&B Weave (CoreWeave Forge) | $60 |
| Splunk (Galileo) (per 1.2M spans, annual) | $100 |
| Coval (voice simulation tiers) | $100 |
| Datadog (100,000 LLM spans) | $160 |
| Confident AI (organisation) | $200 |
| Braintrust (Pro · GB and scores) | $249 |
| Scorecard (Growth · scores) | $299 |
Judge cost decides how much traffic gets scored. Langfuse estimates $0.01–0.10 per judged item, and vendors advise sampling 1–20% of traffic.[189][189] LLM-as-a-judge Langfuse Primary Vendors answer with small judge models. CrowdStrike claims eval costs fall "up to 98%" with Fiddler's models.[45][45] Acquisition of Fiddler CrowdStrike Vendor
Simulation is where paid value moves next. Tracing became free, but realistic simulated users and tools still cost real work. Coval leads voice-agent testing after a $28M Series A in June 2026.[99][99] Coval Series A The Next Web Secondary Pricing follows call volume: Cekura charges $0.05 per monitored call and Future AGI $0.08 per voice minute.[103][103] Cekura pricing Primary[105][105] Future AGI pricing Primary
-
Vendor Free tier Paid entry Unit Braintrust[53][53] Braintrust pricing Primary 1 GB, 10K scores $249 a month GB and scores LangSmith[52][52] LangChain pricing Primary 5K traces, 1 seat $39 per seat a month Seats and traces Langfuse[187][187] Langfuse pricing Primary Hobby $29 a month (Core) Units; self-host free Arize AX[188][188] Arize pricing Primary 25K spans $50 a month Spans Comet Opik[33][33] Comet pricing Primary 25K spans $19 a month Spans Datadog[62][62] Datadog LLM Observability Primary 40K spans $160 a month LLM spans Splunk (Galileo)[40][40] Splunk pricing Primary None listed $100 a month per 1.2M spans Spans, annual Confident AI[28][28] Confident AI pricing Primary 2 seats $200 a month Organisation Coval[107][107] Coval pricing Primary None listed $100 a month Tiers Table 13. Free tiers and paid entry points. LangSmith and Fiddler meter traces; Fiddler charges $0.002 per trace.[186][186] Fiddler pricing Primary Scorecard meters scores. Platform bundles.
- AWS AgentCore Evaluations: generally available 31 March 2026, with 13 built-in evaluators.[180][180] AgentCore Evaluations GA AWS Primary
- Microsoft: Foundry evaluations billed by tokens, monitoring free;[182][182] Foundry observability pricing Azure Primary Copilot Studio Agent Evaluation generally available 31 March 2026.[183][183] Copilot Studio Agent Evaluation GA Microsoft Primary
- Google: Agent Evaluation, Agent Simulation and Agent Optimizer at Next '26.[106][106] Next 2026 wrap-up Google Cloud Vendor
- Snowflake: AI Observability generally available in July 2025.[184][184] AI Observability GA Snowflake Primary
- OpenAI: bundled evals with API pricing in October 2025,[185][185] Introducing AgentKit OpenAI Primary then decided to shut its Evals platform in November 2026.[168][168] OpenAI API deprecations Primary
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Coval Voice simulation Simulated calls, regression tests, monitoring Voice-agent builders $28M Series A, about $31M total[99][99] Coval Series A The Next Web Secondary Norwest lead (Jun 2026) Hamming Voice simulation Voice-agent tests and monitoring Voice-agent builders $3.8M seed; $4.3M total[100][100] Seed funding Hamming Vendor CTO departure claim (weak)[101][101] Hamming vs Cekura Coval Single source Cekura (YC) Voice simulation Call simulation and monitoring Voice-agent builders $2.4M seed[102][102] Fundraise Cekura Vendor $0.05 per monitored call[103][103] Cekura pricing Primary Cyara (Botium) Contact-centre testing Chatbot, IVR and voice tests Contact centres Not verified Mature incumbent Future AGI Eval and simulation Evals, voice simulation AI teams $1.6M pre-seed[104][104] Future AGI pre-seed Unite.AI Secondary $0.08 per voice minute[105][105] Future AGI pricing Primary Google Agent Simulation Cloud platform Simulated users inside Gemini Enterprise Google Cloud customers Public company Launched at Next '26[106][106] Next 2026 wrap-up Google Cloud Vendor Table 14. Voice and agent simulation companies. - Coval prices from $100 to over $4,500 a month.[107][107] Coval pricing Primary Hamming raised a $3.8M seed in December 2024.[100][100] Seed funding Hamming Vendor A Coval blog claims Hamming's co-founder CTO left for Anthropic; it comes from a competitor, so we treat it as weak.[101][101] Hamming vs Cekura Coval Single source
- Patronus now sells simulation environments too.[46][46] Patronus AI Series B VCA Online Secondary
Leaderboards became businesses, and every business model carries a conflict of interest
Public leaderboards became venture-backed businesses in 2025 and 2026. Two models compete: the ranked lab pays, or the buyer pays. The answer to "who pays?" decides how independent a result can be.
Arena turned a public board into a $3.1B company. Lightspeed and Khosla co-led its $200M Series B on 8 October 2026. Arena says it "exceeded $100M in annualized revenue" and calls itself "a neutral third party".[3][3] Series B announcement Arena Vendor Its first product sells evaluation results and feedback samples to model developers.[14][14] LMArena Series A SiliconANGLE Secondary
Critics question that neutrality. "The Leaderboard Illusion" found that Meta tested 27 private variants before Llama 4.[117][117] The Leaderboard Illusion Secondary The Llama 4 model that topped the board differed from the model Meta released.[118][118] Criticism of Chatbot Arena Simon Willison Secondary
Buyer-paid benchmarkers take the opposite route. Artificial Analysis keeps its public site free and sells enterprise subscriptions. Its co-founder says "no one pays to be on the website", and it tests through "mystery shopper" accounts.[108][108] Artificial Analysis interview Latent Space Secondary Vals AI raised $40M at $400M; its CEO compares its model to "a student paying to take the SAT".[10][10] Series A Vals AI Vendor[120][120] Vals AI profile Carly Secondary
Only the Buyer-Paid Benchmark Avoids Both Conflicts
Nine business models in evals and where each one carries a conflict of interest, November 2026.
| Model (example) | Tested party pays the tester | Rater has a stake in the outcome | Results are public |
|---|---|---|---|
| Builder self-test Braintrust, LangSmith, Datadog | Yes builder grades its own work | Yes | No results stay private |
| Tested party pays the tester: builder grades its own workResults are public: results stay private | |||
| Lab-paid ranking Arena | Partly or likely revenue likely mostly labs | No | Yes |
| Tested party pays the tester: revenue likely mostly labs | |||
| Platform-owned board Scale Labs, Kaggle Game Arena | Not applicable | Yes Meta owns 49% of Scale; Google ranks Gemini | Yes |
| Rater has a stake in the outcome: Meta owns 49% of Scale; Google ranks Gemini | |||
| Subject-pays benchmark Vals AI | Yes the 'SAT' model | No | Partly or likely private test sets |
| Tested party pays the tester: the 'SAT' modelResults are public: private test sets | |||
| Buyer-paid benchmark Artificial Analysis | No mystery-shopper accounts | No | Yes |
| Tested party pays the tester: mystery-shopper accounts | |||
| Vendor-paid certification AIUC, TÜV, BSI | Yes like credit ratings | No | Partly or likely third-party auditors |
| Tested party pays the tester: like credit ratingsResults are public: third-party auditors | |||
| Lab-paid supplier Mercor, Surge, Irregular | Yes extreme buyer concentration | No | No |
| Tested party pays the tester: extreme buyer concentration | |||
| Philanthropic evaluator METR, Epoch | Partly or likely refuses lab money; uses free lab tokens | No | Yes |
| Tested party pays the tester: refuses lab money; uses free lab tokens | |||
| Model vendor as eval vendor OpenAI with Promptfoo | Not applicable | Yes model maker tests its own model | Partly or likely open-source code |
| Rater has a stake in the outcome: model maker tests its own modelResults are public: open-source code | |||
What to notice
- The only row with no conflict mark
Three conflicts matter most. First, the ranked party often pays the ranker. Second, the owner of a board sometimes competes on it. Meta owns about 49% of Scale, and Google's Gemini competes on Kaggle Game Arena.[109][109] Meta invests in Scale AI Built In Secondary[114][114] Kaggle Game Arena updates Google Secondary Third, builder tools leave the builder as its own judge.
Independence has become a product feature. Arena claims neutrality, Artificial Analysis uses mystery shoppers, and METR refuses lab money.[4][4] Funding update August 2026 METR Primary Amodei proposes embedded evaluators who may publish without editorial control.[152][152] We must pace the frontier Dario Amodei Primary
Buyer-paid evaluation stays small. The largest buyer-paid benchmarker, Vals, carries a $400M valuation. Expert-data vendors, all lab-paid, report billions of run rate.
-
Company Segment What it sells Who pays Funding / valuation Latest signal (date) Arena (ex-LMArena) Leaderboard Human-preference rankings, pre-release tests, data Mostly labs (our inference) $200M Series B at $3.1B[3][3] Series B announcement Arena Vendor Over $100M annualised revenue (Oct 2026)[3][3] Series B announcement Arena Vendor Artificial Analysis Independent benchmarker Free public site, enterprise subscriptions, private benchmarks Enterprises and AI firms Small seed, amount undisclosed[108][108] Artificial Analysis interview Latent Space Secondary "Just over 20" staff (Jan 2026) Vals AI Independent benchmarker Private test sets, model reports Labs and enterprises $40M Series A at $400M[10][10] Series A Vals AI Vendor 2026 revenue at 8x all of 2025 Scale Labs (SEAL) Leaderboard Private-set benchmarks, 20+ boards Labs (via Scale) Part of Scale (~$29B)[109][109] Meta invests in Scale AI Built In Secondary IMDA MoU (Jul 2026)[110][110] Singapore IMDA MoU Scale Vendor Epoch AI Non-profit Capabilities Index, FrontierMath, research Donors, commissions, EU AI Office Philanthropy; EU loss-of-control lot[111][111] About Epoch AI Primary[6][6] EU AI Office tender award notice 864574-2025 TED Primary RL-environment price study (Jan 2026)[112][112] State of RL environments Epoch AI Primary HAL (Princeton) Academic Cost-aware agent leaderboard, reliability metrics Academic (Princeton) Not applicable Paused new models; reliability work[113][113] Holistic Agent Leaderboard HAL Primary Kaggle Game Arena Platform-owned Game-based model contests Google Not applicable Werewolf and poker (Feb 2026)[114][114] Kaggle Game Arena updates Google Secondary OpenRouter Usage rankings Model routing; rankings as a by-product Developers $113M Series B, about $1.3B (reported)[115][115] OpenRouter Series B Shopifreaks Secondary About $50M revenue (Sacra estimate) Table 15. Leaderboards and independent evaluators. - Arena history. Two UC Berkeley researchers founded it in 2023. It raised a $100M seed in May 2025 and a $150M Series A at $1.7B in January 2026; its run rate passed $30M by then.[14][14] LMArena Series A SiliconANGLE Secondary Labs pre-test unreleased models under codenames: OpenAI tested GPT-5 as "summit".[14][14] LMArena Series A SiliconANGLE Secondary Arena reports 62M votes and 350M sessions.[3][3] Series B announcement Arena Vendor Its own research found that LLM judges favour their own answers 70% more often than humans do.[116][116] Arena blog index Vendor
- Vals. Model cards from OpenAI, Anthropic, Google, Meta and xAI cite Vals results.[10][10] Series A Vals AI Vendor a16z compared it to Moody's.[119][119] Vals AI Series A Pulse 2.0 Secondary
- Scale Labs. Scale launched SEAL leaderboards in May 2024;[121][121] SEAL leaderboards Scale Primary the hub lists more than 20 benchmarks.[122][122] Scale Labs leaderboard Primary
- Epoch AI also sells consultations and commissioned evaluations.[111][111] About Epoch AI Primary
- HAL ran 21,730 agent rollouts for about $40,000 and found that the costliest models rarely sit on the accuracy-cost frontier.[123][123] ICLR 2026 paper HAL Primary
- Every board added agent, cost or reliability views in 2026. Static chat leaderboards lose relevance as agents take over.
Model Example Who pays Conflict Mitigation seen Builder self-test Braintrust, LangSmith, Datadog The builder The builder grades its own work None; results stay private Lab-paid ranking Arena The ranked labs (likely) The ranked party funds the ranker Public methods; claim of neutrality[3][3] Series B announcement Arena Vendor Platform-owned board Scale Labs, Kaggle Game Arena Owner with a stake Meta owns 49% of Scale; Google ranks Gemini[109][109] Meta invests in Scale AI Built In Secondary[114][114] Kaggle Game Arena updates Google Secondary Private test sets Subject-pays benchmark Vals AI The tested company The "SAT" model[120][120] Vals AI profile Carly Secondary Private test sets Buyer-paid benchmark Artificial Analysis Enterprises Low Mystery-shopper accounts, no paid placement[108][108] Artificial Analysis interview Latent Space Secondary Vendor-paid certification AIUC, TÜV, BSI The certified vendor Same as credit ratings Third-party auditors[11][11] AIUC Series A TechCrunch Secondary Lab-paid supplier Mercor, Surge, Irregular Labs Extreme buyer concentration Diversified lab clients Philanthropic evaluator METR, Epoch Donors Dependence on lab tokens and access Refusal of lab money[4][4] Funding update August 2026 METR Primary Model vendor as eval vendor OpenAI with Promptfoo Model customers The model maker tests its own model Open-source code[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary Table 16. Business models and their conflicts in full.
Sources
Every number keeps its date and source. Badges mark source quality: primary, secondary, vendor (a claim about the publisher's own product), single source, or estimate.
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- [10]
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- [15]
- [16]
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- [19]
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- [23]
- [24]
- [25] $32M announcement, Judgment Labs. It announces seed and Series A funding led by Lightspeed. Vendor judgmentlabs.ai
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- [27]
- [28] Confident AI pricing. It lists the free, Starter, Team and Enterprise plans. Primary confident-ai.com
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- [30] Gartner Market Guide, Openlayer. It announces Openlayer's inclusion in the Gartner guide. Vendor openlayer.com
- [31]
- [32]
- [33]
- [34]
- [35] CoreWeave acquires Weights & Biases, TechCrunch. It reports the deal and its reported price. Secondary techcrunch.com
- [36]
- [37] ClickHouse buys Langfuse, SiliconANGLE. It reports the deal and ClickHouse's $400M round. Secondary siliconangle.com
- [38]
- [39] Cisco to acquire Galileo, Converge Digest. It gives Galileo's funding history. Secondary convergedigest.com
- [40]
- [41] Acquisition of Arize, Dynatrace. It gives the price, ARR effect and market forecast. Vendor dynatrace.com
- [42] Dynatrace completes Arize deal, engineering.com. It reports the close on 1 October 2026. Secondary engineering.com
- [43] Fiddler Series C, BusinessWire. It reports the $30M round and $100M total. Secondary businesswire.com
- [44] Cheapest judgment, Charu Gupta. This Substack reports deal prices and closes that we could not confirm. Single source charugupta.substack.com
- [45] Acquisition of Fiddler, CrowdStrike. It describes the deal, the product plan and cost claims. Vendor crowdstrike.com
- [46] Patronus AI Series B, VCA Online. It reports the round, investors and the pivot to world models. Secondary vcaonline.com
- [47]
- [48]
- [49]
- [50] Datadog Q4 2025 summary, Fintool. It reports Datadog's LLM Observability customer count. Single source fintool.com
- [51] LangChain funding, Revenue Memo. It reports an unconfirmed secondary-market valuation. Single source revenuememo.com
- [52]
- [53]
- [54]
- [55] State of AI 2025, Bessemer. It sets out Bessemer's view on evals and names companies. Secondary bvp.com
- [56]
- [57]
- [58] Dynatrace Q2 FY2026 results, Quantisnow. It mirrors Dynatrace's ARR guidance. Secondary quantisnow.com
- [59] Mintlify acquires Helicone (3 Mar 2026), Mintlify. It announces Helicone's move to Mintlify and its maintenance mode. Primary mintlify.com
- [60] Acquisition of Quotient AI, Databricks. It announces the deal for agent evaluation. Primary databricks.com
- [61] AI product changes 2026, sota.cc. It reports ServiceNow's purchase of Traceloop. Single source sota.cc
- [62] Datadog LLM Observability. It gives pricing and the policy on evaluation fees. Primary datadoghq.com
- [63] Datadog Q1 2026 earnings call, The Motley Fool. This secondary transcript reports span growth and revenue growth. Secondary fool.com
- [64]
- [65]
- [66] New Relic AI Evaluation, byteiota. It reports New Relic's planned evaluation feature. Single source byteiota.com
- [67]
- [68]
- [69] OpenAI acquires Promptfoo, Yahoo Finance. It gives Promptfoo's funding, valuation and adoption. Secondary finance.yahoo.com
- [70] promptfoo README. It states that Promptfoo now belongs to OpenAI and stays MIT-licensed. Primary github.com
- [71] Agent Security consolidation tracker. One compiler lists agent-security deals with filed and reported prices. Single source guptadeepak.com
- [72]
- [73]
- [74] Acquisition of Dreadnode, CrowdStrike. It describes Dreadnode's red-teaming and the deal. Vendor crowdstrike.com
- [75]
- [76] Straiker Series A, FinTech Global. It reports the round, total and customers. Secondary fintech.global
- [77]
- [78] Gray Swan red-team contest, Fortune. It profiles Gray Swan's agent jailbreak contest. Secondary fortune.com
- [79]
- [80] SentinelOne to acquire Prompt Security, Business Wire. It announces the deal. Secondary businesswire.com
- [81] Deepchecks price, Dealroom citing Calcalist. It estimates the price at up to $20M. Estimate dealroom.co
- [82]
- [83]
- [84] Fortinet acquires Virtue AI, SecurityWeek. It reports the deal and its immaterial size. Secondary securityweek.com
- [85]
- [86] Beacon Software and Haize Labs, Osler. It describes the deal and the new research group. Secondary osler.com
- [87] Agent Security Map. It counts deals and acquired vendors across the segment. Single source guptadeepak.com
- [88] Series A announcement, Promptfoo. It reports the round from Insight Partners and a16z. Vendor promptfoo.dev
- [89]
- [90] Credo AI named a Leader, Business Wire. It reports Credo AI's Forrester Wave placement. Vendor businesswire.com
- [91] AI Governance Solutions Q3 2025, Forrester Wave. It evaluates ten AI governance providers. Secondary forrester.com
- [92] Forrester Wave Strong Performer, Collibra. It reports Collibra's Wave placement. Vendor collibra.com
- [93]
- [94] LatticeFlow COMPL-AI, SiliconANGLE. It describes LatticeFlow's EU AI Act framework. Secondary siliconangle.com
- [95]
- [96] AICPA AI assurance offering, Journal of Accountancy. It reports the joint SOC 2 and AIUC-1 offering. Secondary journalofaccountancy.com
- [97] Voluntary AI certification, TÜV NORD. It announces the three-tier TÜV AI certificate. Vendor tuev-nord-group.com
- [98]
- [99]
- [100]
- [101] Hamming vs Cekura, Coval. This competitor blog claims a Hamming leadership change. Single source coval.ai
- [102]
- [103]
- [104]
- [105]
- [106] Next 2026 wrap-up, Google Cloud. It lists the new agent evaluation and simulation features. Vendor cloud.google.com
- [107]
- [108] Artificial Analysis interview, Latent Space. The founders explain the business model and independence policy. Secondary latent.space
- [109] Meta invests in Scale AI, Built In. It reports Meta's stake and Scale's valuation. Secondary builtin.com
- [110]
- [111]
- [112] State of RL environments, Epoch AI. It reports prices and buyer views from interviews. Primary epoch.ai
- [113] Holistic Agent Leaderboard, HAL. It describes HAL's current reliability work. Primary hal.cs.princeton.edu
- [114] Kaggle Game Arena updates, Google. It announces new games and calls the arena independent. Secondary hn.jakechampion.name
- [115] OpenRouter Series B, Shopifreaks. It reports the round and the reported valuation. Secondary shopifreaks.com
- [116]
- [117] The Leaderboard Illusion. This paper documents selective private testing on Chatbot Arena. Secondary arxiv.org
- [118] Criticism of Chatbot Arena, Simon Willison. He notes that the top Llama 4 entry differed from the release. Secondary simonwillison.net
- [119]
- [120]
- [121]
- [122]
- [123]
- [124] Surge AI raise, The Star via Reuters. It reports Surge's planned raise and valuation. Secondary thestar.com.my
- [125] Surge AI founder profile, Forbes Australia. It reports Surge's revenue, customers, pay and prices. Secondary forbes.com.au
- [126]
- [127] Handshake ARR, Dealroom citing The Information. It reports Handshake's gross and net AI-training revenue. Secondary dealroom.co
- [128] micro1 crosses $100M ARR and fields $2.5B offers, Forbes. It reports micro1's revenue and offers. Secondary forbes.com
- [129]
- [130] Turing Series E, TechCrunch. It reports the $111M round at a $2.2B valuation. Secondary techcrunch.com
- [131]
- [132] Labelbox Series E, Unite.AI. It reports a round above $100M at a $1.25B pre-money valuation. Secondary unite.ai
- [133] Invisible Technologies valuation, Bloomberg Tax. It reports Invisible's round and valuation. Secondary news.bloombergtax.com
- [134] Mercor H1 2026, AI Weekly. It reports Mercor's gross revenue and contractor share. Secondary aiweekly.co
- [135]
- [136] Scale AI appoints Francis deSouza, PR Newswire. It announces Scale's new CEO. Primary prnewswire.com
- [137]
- [138]
- [139] Appen FY25 results, Investor PA. It summarises Appen's FY25 announcement to the ASX. Secondary investorpa.com
- [140] Mercor law expert jobs, aitrainer.work. It lists posted hourly rates for expert work. Secondary aitrainer.work
- [141] AI doctors and lawyers, FourWeekMBA. It reports Bloomberg's findings on Mercor rates. Secondary fourweekmba.com
- [142] Google and Mechanize, The Next Web. It reports Mechanize's funding and the Google deal. Secondary thenextweb.com
- [143] Fleet, rl-list. It aggregates reports on Fleet's revenue and valuation talks. Single source rl-list.com
- [144] Halluminate Series A, The SaaS News. It reports the round and the run-rate claim. Secondary thesaasnews.com
- [145] Plato Series A, Let's Data Science. It reports Plato's round and simulated apps. Secondary letsdatascience.com
- [146]
- [147]
- [148] Veris AI deprecation notice. It announces the retirement of the original simulator. Primary docs.veris.ai
- [149] Google DeepMind and Mechanize, Benzinga. It reports the close of the talent deal. Secondary benzinga.com
- [150]
- [151] RL environment land grab talk, ICML 2026. It lists the invited talk on RL environments. Primary icml.cc
- [152] We must pace the frontier, Dario Amodei. The essay proposes embedded third-party evaluators. Primary darioamodei.com
- [153] Becoming a PBC, Apollo Research. It explains the move and the new seed round. Primary apolloresearch.ai
- [154] Apollo Research homepage. It describes Apollo's red-teaming work and Watcher monitor. Primary apolloresearch.ai
- [155] Irregular raises $80M, TechCrunch. It reports the round and the lab partners. Secondary techcrunch.com
- [156] Agent red-teaming showdown, Gray Swan Arena. It reports attack counts and bounties. Secondary app.grayswan.ai
- [157]
- [158]
- [159] AI: 2025 in Review, SecureBio. It lists its benchmarks, lab work and government contracts. Primary securebio.pages.dev
- [160] Redwood Research Form 990, ProPublica. It gives revenue and expenses for 2021 to 2024. Primary projects.propublica.org
- [161] Redwood Research. It lists its control research and recent joint reports with METR. Primary redwoodresearch.org
- [162]
- [163] Series C, Beacon Software. It announces a $225M round for an AI software roll-up. Secondary businesswire.com
- [164] About, FAR.AI. It describes pre-deployment testing and consulting for frontier developers. Primary far.ai
- [165] ControlArena repository. It describes the AI control library from UK AISI and Redwood. Primary github.com
- [166] HELM maintenance mode, Stanford CRFM. It states the date and the policy. Primary crfm-helm.readthedocs.io
- [167]
- [168] OpenAI API deprecations. It sets the shutdown dates for Evals and points to Promptfoo. Primary developers.openai.com
- [169] Market Guide abstract, Gartner. It names the AI Evaluation and Observability Platforms guide. Primary gartner.com
- [170]
- [171]
- [172] Hype Cycle for Agentic AI, Gartner. It places agentic AI at the peak of expectations. Primary gartner.com
- [173] Guardian agents prediction, Gartner. It forecasts the guardian agents' share of agentic AI. Primary gartner.com
- [174] Agentic AI cancellations, Gartner. It predicts that firms will cancel many agentic AI projects. Primary gartner.com
- [175] LLM observability report, The Business Research Company. This report mill sizes the LLM observability market. Estimate thebusinessresearchcompany.com
- [176] AI observability market, Meticulous Research. This report mill sizes the AI observability market. Estimate meticulousresearch.com
- [177] State of generative AI 2025, Menlo Ventures. It sizes US enterprise AI spending by layer. Secondary menlovc.com
- [178] State of Agent Engineering, LangChain. This vendor survey reports how builders use observability and evals. Vendor langchain.com
- [179] AI in the enterprise 2025, a16z. Its CIO survey reports how buyers use benchmarks. Secondary a16z.com
- [180] AgentCore Evaluations GA, AWS. It announces general availability and the built-in evaluators. Primary aws.amazon.com
- [181]
- [182] Foundry observability pricing, Azure. It states token billing and free monitoring. Primary azure.microsoft.com
- [183] Copilot Studio Agent Evaluation GA, Microsoft. It announces general availability. Primary techcommunity.microsoft.com
- [184] AI Observability GA, Snowflake. It records general availability in July 2025. Primary docs.snowflake.com
- [185] Introducing AgentKit, OpenAI. It describes eval features at standard API pricing. Primary openai.com
- [186]
- [187]
- [188]
- [189]
- [191] Check Point and Deepchecks, Security Boulevard. It reports the purchase of the Deepchecks team and IP. Secondary securityboulevard.com
All figure and table data in this chapter. Each item links to its place in the report.
Figure 1. Enterprises Pay Most Eval Companies; Labs Pay for the Biggest Ones
| Group | Item | Value | Share of group | Note |
|---|---|---|---|---|
| Paid by enterprises | AI security and red-teaming | 74 companies | 45% | Buyer: CISOs · 16+ deals since Aug 2024 · Palo Alto, Cisco, CrowdStrike, HiddenLayer, Noma |
| Paid by enterprises | Builder eval and observability | 46 companies | 28% | Buyer: AI engineering teams · $0–300 a month self-serve · LangSmith, Braintrust, Datadog |
| Paid by enterprises | Governance and compliance | 34 companies | 21% | Buyer: risk and legal · $492M spend in 2026 (Gartner) · Credo AI, IBM, Collibra |
| Paid by enterprises | Voice and agent simulation | 10 companies | 6% | Buyer: contact-centre teams · $0.05 a call (Cekura) · Coval, Cyara, Hamming |
| Paid by labs, governments or donors | Leaderboards and evaluators | 10 companies | 37% | Buyer: labs and enterprises · Arena $3.1B (Oct 2026) · Artificial Analysis, Vals |
| Paid by labs, governments or donors | Expert data and evaluation labour | 7 companies | 26% | Buyer: frontier labs · $5–10B lab spend (est.) · Mercor, Surge, Scale |
| Paid by labs, governments or donors | RL environments | 7 companies | 26% | Buyer: labs, then enterprises · $200–2,000 a task · Mechanize, Prime Intellect |
| Paid by labs, governments or donors | Safety evaluators | 3 companies | 11% | Buyer: labs, governments, donors · ~$71M to METR · Apollo, Irregular |
Figure 2. Lab Money Dwarfs What Every Other Segment Takes In
| Item | Value | Note |
|---|---|---|
| Expert data | $5–10B | Top five labs, 2026 (forecast); estimate |
| RL environments | Over $1B | One lab, discussed in 2025 |
| Governance platforms | $492M | Gartner, 2026 |
| Builder tools | $0.2–0.5B | Vendor revenue, 2026 (our estimate); estimate |
| Leaderboards | Over $100M | Arena run rate, Oct 2026 |
| Safety evaluators | ~$71M | To METR in six months, 2026 |
Figure 3. Labs Pay for Most of the Evals Supply Chain
| Payer | Recipient | Size and basis |
|---|---|---|
| Frontier labs | Expert-data vendors | $5–10B lab spend in 2026 (estimate) |
| Frontier labs | RL-environment vendors and hosted RL stacks | Over $1B a year, discussed by Anthropic alone (2025, paywalled report) |
| Frontier labs | Leaderboards and evaluators | Over $100M Arena annualised revenue, likely mostly labs |
| Frontier labs | Safety and security evaluators | No figure found: pre-release cyber and misuse tests |
| Frontier labs | Safety non-profits | In kind: free tokens and model access; METR takes no lab cash |
| Philanthropy | Safety non-profits | About $71M to METR, Feb–Aug 2026; FAR.AI $24.3M revenue (2024) |
| Governments | Safety non-profits | €7.37M EU AI Office tender, awarded Dec 2025; UK AISI also funds METR |
| Governments | AI security institutes | About £66m a year to UK AISI |
| AI engineering teams | Builder platforms and APM vendors | A few hundred million (our estimate) (estimate) |
| AI engineering teams | RL-environment vendors and hosted RL stacks | $100M Prime Intellect run rate (Jul 2026) |
| Compliance teams | Governance platforms | $492M AI governance spend in 2026 (Gartner) |
| CISOs | Security platforms | No total found; Gartner's $51.3B 'AI cybersecurity' covers far more |
| Vendors under test | Certifiers and benchmarkers | Small; no total (Vals and AIUC each raised $40M) |
| Investors (equity) | Expert-data vendors | $700M Mercor and Snorkel rounds |
| Investors (equity) | Leaderboards and evaluators | $390M Arena and Vals rounds, 2026 |
| Investors (equity) | Security platforms | $225M HiddenLayer and Zenity rounds, 2026 |
| Investors (equity) | Builder platforms and APM vendors | $205M LangChain and Braintrust rounds |
| Investors (equity) | RL-environment vendors and hosted RL stacks | $130M Prime Intellect round, 2026 |
| Acquirers (exits) | Startup owners | About $5B since 2024, excl. Meta–Scale and Google–Mechanize (our sum) (estimate) |
Figure 4. Five of the Seven Large Builder Platforms Were Sold
| 2024 | Nov 2026 | Number of company |
|---|---|---|
| Independent builder platform | Acquired | 5 |
| Independent builder platform | Still independent | 2 |
| Independent builder platform | Pivoted | 1 |
| Independent builder platform | Shut down | 1 |
Figure 5. Independent AI-Security Firms Still Raise Rounds of $30M to $125M
| Item | Row | Latest round ($M) |
|---|---|---|
| Mindgard | Series A | 30 |
| Gray Swan | Series A | 40 |
| Straiker | Series A | 64 |
| HiddenLayer | Series B | 100 |
| Noma Security | Series B | 100 |
| Zenity | Series C | 125 |
Figure 6. Lab-Paid Suppliers Carry the Largest Valuations
| Item | Group | Value | Note |
|---|---|---|---|
| Scale AI | Expert data | ~$29B | Meta deal · Jun 2025 |
| Surge AI | Expert data | $15–30B | raise in talks, not closed; reported or not closed |
| Mercor | Expert data | $10B | Oct 2025; $20B talks |
| Snorkel AI | Expert data | $3.5B | Series E · Sep 2026 |
| Arena | Leaderboards and evaluators | $3.1B | Series B · Oct 2026 |
| Turing | Expert data | $2.2B | Series E · Mar 2025 |
| Invisible Technologies | Expert data | >$2B | Sep 2025 |
| OpenRouter | Leaderboards and evaluators | ~$1.3B | Series B · reported; reported or not closed |
| LangChain | Builder tools | $1.25B | Series B · Oct 2025 |
| Labelbox | Expert data | $1.25B | pre-money · Oct 2026 |
| Goodfire | Safety, security, interpretability | $1.25B | Series B · Feb 2026 |
| Prime Intellect | RL environments | $1B | Series A · 2026 |
| Braintrust | Builder tools | $800M | Series B · Feb 2026, reported; reported or not closed |
| Fleet | RL environments | ~$750M | in talks, reported; reported or not closed |
| Mechanize | RL environments | $500M | before Google deal |
| Irregular | Safety, security, interpretability | ~$450M | Sep 2025, reported; reported or not closed |
| Vals AI | Leaderboards and evaluators | $400M | Series A · Aug 2026 |
| Gray Swan | Safety, security, interpretability | ~$200M | Series A · weak source; reported or not closed |
Figure 7. Independent Eval Tools Are Being Absorbed by Bigger Platforms
| Date | Acquirer | Target or event | Price or kind | Segment |
|---|---|---|---|---|
| 2024-08 | Cisco | Robust Intelligence | ~$400M reported | AI security |
| 2025-03 | CoreWeave | Weights & Biases | ~$1.7B reported | Eval and observability |
| 2025-04 | Palo Alto Networks | Protect AI | $634.5M filed | AI security |
| 2025-06 | Snyk | Invariant Labs | undisclosed | AI security |
| 2025-07 | OpenAI simple-evals frozen | shutdown | ||
| 2025-08 | SentinelOne | Prompt Security | $160.2M filed | AI security |
| 2025-08 | Anthropic | Humanloop team | acqui-hire | Eval and observability |
| 2025-09 | Cato Networks | Aim Security | $300–350M press estimate | AI security |
| 2025-09 | F5 | CalypsoAI | $145.2M filed | AI security |
| 2025-09 | Check Point | Lakera | $201.8M filed | AI security |
| 2025-09 | CrowdStrike | Pangea | $222.7M filed | AI security |
| 2025-11 | Zscaler | SPLX | $40.6M filed | AI security |
| 2026-01 | ClickHouse | Langfuse | undisclosed | Eval and observability |
| 2026-02 | Proofpoint | Acuvity | undisclosed | AI security |
| 2026-03 | Mintlify | Helicone | undisclosed | Eval and observability |
| 2026-03 | OpenAI | Promptfoo | undisclosed; closed | Eval and observability |
| 2026-03 | ServiceNow | Traceloop | not public | Eval and observability |
| 2026-03 | Databricks | Quotient AI | undisclosed | Eval and observability |
| 2026-03 | Helicone hosted product in maintenance | shutdown | ||
| 2026-04 | Cisco | Galileo | undisclosed | Eval and observability |
| 2026-04 | Palo Alto Networks | Portkey | $117M filed | AI security |
| 2026-05 | Check Point | Deepchecks (team and IP) | ≤$20M estimate | AI security |
| 2026-06 | A10 Networks | TrojAI | undisclosed | AI security |
| 2026-06 | Patronus retires eval platform, pivots to simulation | pivot | ||
| 2026-06-01 | HELM maintenance mode | shutdown | ||
| 2026-06-03 | OpenAI Evals sunset announced | shutdown | ||
| 2026-08 | Dynatrace | Arize | $915M; closed 1 Oct | Eval and observability |
| 2026-08 | Anaconda | Enkrypt AI | undisclosed | AI security |
| 2026-08 | Fortinet | Virtue AI | immaterial | AI security |
| 2026-09 | Harvey | Guardrails AI | undisclosed | AI security |
| 2026-09 | Beacon Software | Haize Labs | undisclosed | Eval and observability |
| 2026-10-15 | Veris AI retires simulation platform | pivot | ||
| 2026-11 | CrowdStrike | Fiddler | ~$400M reported (weak) | Eval and observability |
| 2026-11 | CrowdStrike | Dreadnode | undisclosed | AI security |
| 2026-11-30 | OpenAI Evals shuts down | scheduled |
Figure 8. Only Three Deals Cleared $600M; Many Sold for Under $250M
| Point | Announcement month | Price ($M) | Category | Note |
|---|---|---|---|---|
| Weights & Biases | 2025-03 | 1,700M | Eval and observability | ~$1.7B reported (CoreWeave) |
| Arize | 2026-08 | 915M | Eval and observability | $915M, top 2026 price (Dynatrace) |
| Protect AI | 2025-04 | 634.5M | AI security | $634.5M filed (Palo Alto) |
| Robust Intelligence | 2024-08 | 400M | AI security | |
| Fiddler | 2026-11 | 400M | Eval and observability | |
| Aim Security | 2025-09 | 325M | AI security | |
| Pangea | 2025-09 | 222.7M | AI security | |
| Lakera | 2025-09 | 201.8M | AI security | |
| Prompt Security | 2025-08 | 160.2M | AI security | |
| CalypsoAI | 2025-09 | 145.2M | AI security | |
| Portkey | 2026-04 | 117M | AI security | |
| SPLX | 2025-11 | 40.6M | AI security | |
| Deepchecks | 2026-05 | 20M | AI security | ≤$20M estimate |
Figure 9. The Published Market Sizes Measure Different Things
| Estimate | Low | High | Point | Source | Type |
|---|---|---|---|---|---|
| Lab human-data spend, top five labs (2026) | $5B | $10B | FutureSearch forecast | estimate | |
| LLM observability platforms (2026) | $2.69B | $2.69B | $2.69B | The Business Research Company (report mill) | |
| AI observability (2026) | $1.78B | $1.78B | $1.78B | Meticulous Research (report mill) | |
| US enterprise AI infrastructure, evals inside (2025) | $1.5B | $1.5B | $1.5B | Menlo Ventures survey | |
| AI governance platforms (2026) | $0.492B | $0.492B | $0.492B | Gartner via secondary | |
| Builder evals + LLM observability revenue (2026) | $0.2B | $0.5B | Our estimate | estimate | |
| Known pieces: LangChain ARR + Arize ARR | $0.052B | $0.056B | TechCrunch (mid-2025) + implied from Dynatrace | estimate | |
| Gartner, 'AI cybersecurity' spending (2026) | $51.3B | broad scope, secondary | off the axis scale |
Figure 10. How Many Agent Builders Actually Test Their Agents?
| Category | Value |
|---|---|
| Some observability | 89.0% |
| Detailed tracing | 62.0% |
| Human review | 59.8% |
| LLM-as-judge | 53.3% |
| Offline evals | 52.4% |
| Online evals | 37.3% |
Figure 11. Paid Self-Serve Plans Start Between $19 and $299 a Month
| Item | Value |
|---|---|
| Comet Opik (Pro · spans) | $19 |
| Langfuse (Core · units; self-host free) | $29 |
| LangSmith (Plus · per seat) | $39/seat |
| Arize AX (spans) | $50 |
| W&B Weave (CoreWeave Forge) | $60 |
| Splunk (Galileo) (per 1.2M spans, annual) | $100 |
| Coval (voice simulation tiers) | $100 |
| Datadog (100,000 LLM spans) | $160 |
| Confident AI (organisation) | $200 |
| Braintrust (Pro · GB and scores) | $249 |
| Scorecard (Growth · scores) | $299 |
Figure 12. Only the Buyer-Paid Benchmark Avoids Both Conflicts
| Model (example) | Tested party pays the tester | Rater has a stake in the outcome | Results are public |
|---|---|---|---|
| Builder self-test | Yes (builder grades its own work) | Yes | No (results stay private) |
| Lab-paid ranking | Partly or likely (revenue likely mostly labs) | No | Yes |
| Platform-owned board | Not applicable | Yes (Meta owns 49% of Scale; Google ranks Gemini) | Yes |
| Subject-pays benchmark | Yes (the 'SAT' model) | No | Partly or likely (private test sets) |
| Buyer-paid benchmark | No (mystery-shopper accounts) | No | Yes |
| Vendor-paid certification | Yes (like credit ratings) | No | Partly or likely (third-party auditors) |
| Lab-paid supplier | Yes (extreme buyer concentration) | No | No |
| Philanthropic evaluator | Partly or likely (refuses lab money; uses free lab tokens) | No | Yes |
| Model vendor as eval vendor | Not applicable | Yes (model maker tests its own model) | Partly or likely (open-source code) |
Table 1. The eight segments used in this chapter.
| Segment | Main buyer | What they buy | Typical price logic | Leaders (Nov 2026) |
|---|---|---|---|---|
| 1 Builder eval and observability | AI engineering teams | Tracing, offline and online evals, judges, datasets | Usage tiers, $0–300 a month self-serve, custom enterprise | LangSmith, Braintrust, Datadog, Arize (Dynatrace), Galileo (Splunk) |
| 2 AI security and red-teaming | CISOs | Attack testing, guardrails, runtime policy | Enterprise licences, mostly unpublished | Palo Alto, Cisco, CrowdStrike, Check Point, HiddenLayer, Noma |
| 3 Governance and compliance | Risk, compliance, legal | Inventory, policy, evidence, test modules | Enterprise licences | Credo AI, IBM, Collibra, ServiceNow |
| 4 Voice and agent simulation | Contact-centre and agent teams | Simulated calls and users, regression tests | Per minute, per call, or monthly tiers | Coval, Cyara, Hamming, Cekura |
| 5 Leaderboards and independent evaluators | Labs and enterprises | Rankings, pre-release tests, private benchmarks | Lab contracts, enterprise subscriptions | Arena, Artificial Analysis, Vals, Scale Labs, Epoch, HAL |
| 6 Expert data and evaluation labour | Frontier labs | Expert raters, graded tasks, eval sets | Hourly expert rates plus margin | Mercor, Surge, Scale, Handshake, micro1, Snorkel |
| 7 RL environments | Labs, then enterprises | Graded tasks, app clones, hosted RL stacks | Per task, per clone, quarterly contracts | Mechanize, Prime Intellect, Fleet, Halluminate |
| 8 Safety evaluators | Labs, governments, philanthropy | Dangerous-capability tests, monitoring | Grants, lab contracts | METR, Apollo, Irregular, Gray Swan, Goodfire |
Table 2. Who pays whom, with the basis for each size.
| Payer | Receiver | What the money buys | Rough size (2026) | Basis |
|---|---|---|---|---|
| Frontier labs | Expert-data vendors | Expert ratings, graded tasks, eval sets | $5–10B (estimate) | Vendor run rates and one forecast[1][1] Lab human-data forecast FutureSearch Estimate |
| Frontier labs | RL-environment vendors | Tasks, app clones, talent deals | Over $1B (Anthropic alone, discussed in 2025) | Paywalled report via TechCrunch[2][2] Silicon Valley bets big on environments TechCrunch Secondary |
| Frontier labs | Arena and similar boards | Pre-release tests, preference data | Over $100M (Arena run rate) | Company figure[3][3] Series B announcement Arena Vendor |
| Frontier labs | Safety and security evaluators | Pre-release cyber and misuse tests | No figure found | Funding rounds only |
| Frontier labs | Safety non-profits | Free tokens and model access, in kind | No figure found | METR policy[4][4] Funding update August 2026 METR Primary |
| Philanthropy | METR, Epoch, FAR.AI, Redwood, SecureBio, Transluce | Independent research and tests | About $71M to METR in six months; FAR.AI $24.3M revenue (2024) | Company figure and Form 990[4][4] Funding update August 2026 METR Primary[5][5] FAR.AI Form 990 ProPublica Primary |
| Governments | Safety non-profits, consultancies, AI security institutes | Funding and tests | €7.37M EU AI Office tender (Dec 2025); UK AISI funds METR; UK AISI about £66m a year | TED award notice; company figures[6][6] EU AI Office tender award notice 864574-2025 TED Primary[4][4] Funding update August 2026 METR Primary[19][19] About page UK AI Security Institute Primary |
| AI engineering teams | Builder platforms and APM vendors | Tracing, evals, judges | A few hundred million (our estimate) | Disclosed ARR fragments |
| AI engineering teams | Hosted RL stacks | Compute, environments, evals | $100M (Prime Intellect run rate) | Press report[7][7] Prime Intellect Series A TechCrunch Secondary |
| CISOs | Security platforms | Red-teaming, guardrails, runtime policy | No total found; Gartner's $51.3B "AI cybersecurity" covers far more | Secondary report of Gartner[8][8] AI TRiSM Software Strategies Blog Secondary |
| Compliance teams | Governance platforms | Policy, inventory, evidence | $492M | Gartner via secondary[9][9] Insurance-Canada.ca quoting Gartner Secondary |
| Vendors under test | Certifiers and benchmarkers | Reports, seals, insurance | Small; Vals and AIUC each raised $40M | Company and press figures[10][10] Series A Vals AI Vendor[11][11] AIUC Series A TechCrunch Secondary |
| Investors | Vendors, as equity | Growth capital, not purchases | $700M Mercor and Snorkel; $390M Arena and Vals; $225M HiddenLayer and Zenity; $205M LangChain and Braintrust | Rounds[12][12] Mercor run rate TechCrunch Secondary[13][13] Snorkel AI Series E Implicator Secondary[14][14] LMArena Series A SiliconANGLE Secondary[10][10] Series A Vals AI Vendor[15][15] HiddenLayer Series B Pulse 2.0 Secondary[16][16] Zenity Series C SecurityWeek Secondary[17][17] LangChain at $1.25B TechCrunch Secondary[18][18] Braintrust Series B Axios Pro Secondary |
| Acquirers | Startup owners | Exits | About $5B since 2024, excluding Meta–Scale and Google–Mechanize (our sum) | Filed and reported prices |
Table 3. Builder eval and observability companies, November 2026.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| LangChain (LangSmith) | Builder platform | Open-source framework, LangSmith tracing and evals | AI teams; seats plus traces | $125M Series B at $1.25B[17][17] LangChain at $1.25B TechCrunch Secondary | ARR $12–16M in mid-2025 (four sources)[20][20] LangChain about to become a unicorn TechCrunch Secondary |
| Braintrust | Builder platform | Evals, tracing, scoring, playgrounds | AI teams; GB and scores | $80M Series B, $800M reported; about $121M raised[18][18] Braintrust Series B Axios Pro Secondary[21][21] Braintrust financials CB Insights Secondary | Notion and Stripe as customers (Feb 2026)[22][22] Notion and Stripe trust Braintrust Forbes Australia Secondary |
| Raindrop | Agent monitoring | Production monitoring for agent failures | AI product teams | $15M seed; Series A, $50M total[23][23] Seed round Raindrop Vendor[24][24] Raindrop Series A Pulse 2.0 Secondary | Series A led by CRV (Sep 2026) |
| Judgment Labs | Agent monitoring | Trajectory monitoring, open-source Judgeval | AI teams | $32M seed and Series A[25][25] $32M announcement Judgment Labs Vendor | Lightspeed lead (May 2026) |
| HoneyHive | Builder platform | Agent observability and evals | Enterprises, incl. Commonwealth Bank | $7.4M seed[26][26] HoneyHive launch VCA Online Secondary | Self-host enterprise tier[27][27] HoneyHive homepage Vendor |
| Confident AI | Builder platform | DeepEval open source, hosted platform | AI teams | Not verified | Team plan $2,000 a month[28][28] Confident AI pricing Primary |
| Openlayer | Builder platform | Tests, monitoring, guardrails | Enterprises | $14.5M Series A[29][29] Openlayer Series A SiliconANGLE Secondary | Named in Gartner guide (2026)[30][30] Gartner Market Guide Openlayer Vendor |
| Scorecard | Builder platform | Agent eval runs | AI teams | $3.75M seed[31][31] Scorecard Kindred Ventures Vendor | Growth tier $299 a month[32][32] Scorecard pricing Primary |
| Comet Opik | Builder platform | Open-source tracing and evals | AI teams | Not verified | Pro $19 a month[33][33] Comet pricing Primary |
| Galtea | Builder platform | Tests and monitoring for regulated firms | Spanish banks, insurers, telcos | Not verified | Sabadell Seguros case study[34][34] Galtea homepage Vendor |
| W&B Weave (CoreWeave) | Acquired | Tracing and evals inside W&B | ML teams | $1.7B purchase (reported)[35][35] CoreWeave acquires Weights & Biases TechCrunch Secondary | Closed 5 May 2025[36][36] W&B acquisition complete CoreWeave Primary |
| Langfuse (ClickHouse) | Acquired | MIT-licensed tracing and evals | AI teams; self-host free | Price undisclosed[37][37] ClickHouse buys Langfuse SiliconANGLE Secondary | Joined ClickHouse (Jan 2026)[38][38] Joining ClickHouse Langfuse Primary |
| Galileo (Cisco) | Acquired | Evals, small judge models | Enterprises | About $68M raised before sale[39][39] Cisco to acquire Galileo Converge Digest Secondary | Sells as Splunk Agent Observability[40][40] Splunk pricing Primary |
| Arize (Dynatrace) | Acquired | Arize AX, Phoenix open source | Enterprises | $915M purchase[41][41] Acquisition of Arize Dynatrace Vendor | Closed 1 Oct 2026[42][42] Dynatrace completes Arize deal engineering.com Secondary |
| Fiddler (CrowdStrike) | Acquired | Agent observability, guardrails | Enterprises | $100M raised; about $400M price (one source)[43][43] Fiddler Series C BusinessWire Secondary[44][44] Cheapest judgment Charu Gupta Single source | Agreed 3 Nov 2026; close expected in CrowdStrike's Q4 FY27[45][45] Acquisition of Fiddler CrowdStrike Vendor |
| Patronus AI | Pivoted | Now "Digital World Models" for agent training | Labs and agent builders | $50M Series B, $70M total[46][46] Patronus AI Series B VCA Online Secondary | Old eval products retired[47][47] Patronus AI docs Primary |
| Humanloop | Shut down | Prompt management and evals | AI teams | Team to Anthropic[48][48] Anthropic nabs Humanloop team TechCrunch Secondary | Platform sunset[49][49] Humanloop homepage Primary |
| Datadog LLM Observability | APM incumbent | Tracing, managed judges, annotation | Existing Datadog customers | Public company | Over 1,000 customers at Q4 2025 (weak)[50][50] Datadog Q4 2025 summary Fintool Single source |
Table 4. AI security and red-teaming companies.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Protect AI (Palo Alto) | Acquired | Model scanning, red-teaming | CISOs | $634.5M price (filed)[68][68] FY2025 Palo Alto Networks 10-K Primary | Inside Prisma AIRS (Jul 2025) |
| Promptfoo (OpenAI) | Acquired | Open-source evals and red-teaming | Developers, Fortune 500 | $86M value before sale (PitchBook)[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary | Deal closed; still MIT-licensed (Nov 2026)[70][70] promptfoo README Primary |
| Lakera (Check Point) | Acquired | Prompt-injection guardrails | CISOs | $201.8M (filed)[71][71] Agent Security consolidation tracker Single source | Closed Oct 2025 |
| CalypsoAI (F5) | Acquired | Guardrails, red-teaming | CISOs | $180M announced, $145.2M filed[72][72] F5 to acquire CalypsoAI CyberScoop Secondary | Closed Sep 2025 |
| SPLX (Zscaler) | Acquired | AI red-teaming | CISOs | $40.6M (filed)[73][73] SPLX Zscaler investor relations Primary | Announced Nov 2025 |
| Dreadnode (CrowdStrike) | Acquired | Continuous AI red-teaming | CISOs | Undisclosed[74][74] Acquisition of Dreadnode CrowdStrike Vendor | Agreed 3 Nov 2026 |
| HiddenLayer | Independent | Model and agent security | CISOs | $100M Series B[15][15] HiddenLayer Series B Pulse 2.0 Secondary | ARR up more than 10x (Sep 2026) |
| Noma Security | Independent | AI security posture and runtime | CISOs | $100M Series B, about $132M total[75][75] Noma Security Series B SecurityWeek Secondary | Jul 2025 round |
| Zenity | Independent | Agent security for SaaS and copilots | CISOs | $125M Series C[16][16] Zenity Series C SecurityWeek Secondary | Aug 2026 round |
| Straiker | Independent | Agent attack testing and defence | CISOs | $64M Series A, $85M total[76][76] Straiker Series A FinTech Global Secondary | Coupa and Amex GBT customers (Jun 2026) |
| Gray Swan | Independent | Red-team arena, security platform | Labs and enterprises | $40M Series A, about $200M value (weak)[77][77] Gray Swan Series A Pulse 2.0 Secondary | Fortune profile (Oct 2026)[78][78] Gray Swan red-team contest Fortune Secondary |
| Mindgard | Independent | Automated attack testing | CISOs | $30M Series A, about $42M total[79][79] Mindgard Series A SecurityWeek Secondary | Aug 2026 round |
Table 5. Red-team and guardrail acquisitions. Most prices come from one public tracker that separates filed from reported prices; it is a single compiler.
| Announced | Acquirer | Target | Price |
|---|---|---|---|
| 26 Aug 2024 | Cisco | Robust Intelligence | About $400M (reported)[71][71] Agent Security consolidation tracker Single source |
| 28 Apr 2025 | Palo Alto Networks | Protect AI | $634.5M (filed)[68][68] FY2025 Palo Alto Networks 10-K Primary |
| 24 Jun 2025 | Snyk | Invariant Labs | Undisclosed[71][71] Agent Security consolidation tracker Single source |
| 5 Aug 2025 | SentinelOne | Prompt Security | $160.2M (filed)[80][80] SentinelOne to acquire Prompt Security Business Wire Secondary |
| 3 Sep 2025 | Cato Networks | Aim Security | $300–350M (press estimate)[71][71] Agent Security consolidation tracker Single source |
| 11 Sep 2025 | F5 | CalypsoAI | $145.2M (filed)[72][72] F5 to acquire CalypsoAI CyberScoop Secondary |
| 16 Sep 2025 | Check Point | Lakera | $201.8M (filed)[71][71] Agent Security consolidation tracker Single source |
| 16 Sep 2025 | CrowdStrike | Pangea | $222.7M (filed)[71][71] Agent Security consolidation tracker Single source |
| 3 Nov 2025 | Zscaler | SPLX | $40.6M (filed)[73][73] SPLX Zscaler investor relations Primary |
| 12 Feb 2026 | Proofpoint | Acuvity | Undisclosed[71][71] Agent Security consolidation tracker Single source |
| 9 Mar 2026 | OpenAI | Promptfoo | Undisclosed[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary |
| 30 Apr 2026 | Palo Alto Networks | Portkey | $117M (filed)[71][71] Agent Security consolidation tracker Single source |
| May 2026 | Check Point | Deepchecks (team and IP) | Up to $20M (press estimate)[81][81] Deepchecks price Dealroom citing Calcalist Estimate[191][191] Check Point and Deepchecks Security Boulevard Secondary |
| 15 Jun 2026 | A10 Networks | TrojAI | Undisclosed[82][82] TrojAI acquisition A10 Networks Secondary |
| 4 Aug 2026 | Anaconda | Enkrypt AI | Undisclosed[83][83] Acquisition of Enkrypt AI Anaconda Primary |
| 17 Aug 2026 | Fortinet | Virtue AI | Undisclosed, "immaterial"[84][84] Fortinet acquires Virtue AI SecurityWeek Secondary |
| 9 Sep 2026 | Harvey | Guardrails AI | Undisclosed[85][85] Guardrails AI joins Harvey Harvey Primary |
| 17 Sep 2026 | Beacon Software | Haize Labs | Undisclosed[86][86] Beacon Software and Haize Labs Osler Secondary |
| 3 Nov 2026 | CrowdStrike | Dreadnode | Undisclosed[74][74] Acquisition of Dreadnode CrowdStrike Vendor |
Table 6. Governance, compliance-testing and certification companies.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Credo AI | Governance | AI governance platform, policy packs | Compliance, risk | Not verified | Forrester Wave Leader (Aug 2025)[90][90] Credo AI named a Leader Business Wire Vendor |
| IBM watsonx.governance | Governance | Model inventory, risk, monitoring | Large enterprises | Public company | Forrester Wave Leader (Aug 2025)[91][91] AI Governance Solutions Q3 2025 Forrester Wave Secondary |
| Collibra | Governance | Data and AI governance | Data and compliance teams | Not verified | Wave Strong Performer[92][92] Forrester Wave Strong Performer Collibra Vendor |
| Holistic AI | Governance | Audits, risk, red-team modules | Compliance | Not verified | No new signal |
| ValidMind | Governance | Model validation for banks | Model risk teams | Not verified | No new signal |
| Modulos | Governance | AI Act compliance platform | Compliance | CHF 8.7M[93][93] CHF 8.7M round Modulos Vendor | Jul 2025 round |
| LatticeFlow AI | Testing for compliance | COMPL-AI scores against the AI Act | Enterprises | About $15M[94][94] LatticeFlow COMPL-AI SiliconANGLE Secondary | SAP partnership (Mar 2026) |
| QuantPi | Testing for compliance | Model and agent tests | Enterprises via TÜV SÜD | Small | TÜV SÜD partner lab (Oct 2026)[95][95] TÜV SÜD and QuantPi PresseBox Vendor |
| AIUC | Certification | AIUC-1 standard, tests, insurance | Agent vendors | $40M Series A[11][11] AIUC Series A TechCrunch Secondary | SOC 2 plus AIUC-1 with AICPA (Oct 2026)[96][96] AICPA AI assurance offering Journal of Accountancy Secondary |
Table 7. Expert data and evaluation labour.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Mercor | Expert data | Vetted experts for data and evals | OpenAI, Anthropic and other labs | $10B (Oct 2025); $20B talks[12][12] Mercor run rate TechCrunch Secondary | Run rate over $2B gross (Jun 2026, CEO claim) |
| Surge AI | Expert data | Premium human data | Google, Meta, Microsoft, Anthropic | $15–30B in talks (not closed)[124][124] Surge AI raise The Star via Reuters Secondary | $1.2B revenue in 2024[125][125] Surge AI founder profile Forbes Australia Secondary |
| Scale AI | Expert data | Data, evals, RL environments, government work | Labs, enterprises, US government | About $29B (Meta deal)[109][109] Meta invests in Scale AI Built In Secondary | "Well over $1B" new business in 2025[126][126] Next era for 2026 Scale Vendor |
| Handshake AI | Expert data | Student and expert raters | Labs | Not disclosed | Nearly $1B gross AI ARR (Apr 2026, paywalled)[127][127] Handshake ARR Dealroom citing The Information Secondary |
| micro1 | Expert data | Vetted experts | Labs | $2.5B offers (reported)[128][128] micro1 crosses $100M ARR and fields $2.5B offers Forbes Secondary | $1B annualised (Oct 2026, Sacra estimate)[129][129] micro1 revenue Sacra Estimate |
| Snorkel AI | Expert data | Expert datasets, eval sets, RL environments | Labs, enterprises | $350M Series E at $3.5B[13][13] Snorkel AI Series E Implicator Secondary | $375M run rate (Sep 2026) |
| Turing | Expert data | Coding and reasoning data | Labs | $2.2B on a $111M Series E (Mar 2025)[130][130] Turing Series E TechCrunch Secondary | About $350M revenue (end 2025, Sacra)[131][131] Turing revenue Sacra Estimate |
| Labelbox | Expert data | Labelling platform and expert data | Labs, enterprises | Series E above $100M at $1.25B pre-money[132][132] Labelbox Series E Unite.AI Secondary | Equity plus a credit facility (Oct 2026) |
| Invisible Technologies | Expert data | Expert training work | Labs, enterprises | Over $2B[133][133] Invisible Technologies valuation Bloomberg Tax Secondary | $100M raise (Sep 2025) |
Table 8. RL environment companies.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Mechanize | RL environments | Coding environments with graders | Labs | $9.1M raised at $500M[142][142] Google and Mechanize The Next Web Secondary | Google licence-and-hire deal, over $1.5B reported (Sep 2026) |
| Prime Intellect | RL stack | Hosted compute, RL framework, environments, evals | Enterprises (Ramp, Zapier) | $130M Series A at $1B[7][7] Prime Intellect Series A TechCrunch Secondary | $100M run rate (Jul 2026) |
| Fleet | RL environments | Environments for labs | Labs | About $750M in talks (reported)[143][143] Fleet rl-list Single source | About $60M run rate (Sacra) |
| Halluminate | RL environments | Finance-focused environments | Labs | $30M Series A, $38.5M total[144][144] Halluminate Series A The SaaS News Secondary | "Mid-eight-figure" run rate claim (Oct 2026) |
| Plato | RL environments | 210 simulated apps | Labs | $16M Series A[145][145] Plato Series A Let's Data Science Secondary | Oct 2026 round |
| Deeptune (Mercor) | Acquired | RL gyms | Labs | $43M Series A, then sold[146][146] Deeptune Series A Fortune Secondary | Mercor deal (Jul 2026)[135][135] Acquisition of Deeptune Mercor Primary |
| HUD (YC) | RL and evals | Computer-use environments, DataVendor marketplace | Labs, UiPath | $16M Series A (profiles only) | UiPath benchmarks[147][147] HUD homepage Primary |
| Veris AI | Pivoted | Veris Bench, dependency sandbox | Agent builders | $8.5M seed | Retired its simulator (Oct 2026)[148][148] Veris AI deprecation notice Primary |
Table 9. Safety evaluators.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| METR | Non-profit | Autonomy and AI R&D capability tests | Philanthropy; labs give free tokens | About $71M committed in six months[4][4] Funding update August 2026 METR Primary | Named as embedded evaluator example (Sep 2026)[152][152] We must pace the frontier Dario Amodei Primary |
| Apollo Research | PBC | Scheming evals, "Watcher" runtime monitor | Labs, philanthropy | Seed led by 50Y, amount undisclosed[153][153] Becoming a PBC Apollo Research Primary | Red-teamed Claude Code auto mode[154][154] Apollo Research homepage Primary |
| Irregular (ex-Pattern Labs) | Venture-backed | Offensive-cyber evaluations | OpenAI, Anthropic, Google DeepMind | $80M at about $450M[155][155] Irregular raises $80M TechCrunch Secondary | Sep 2025 round |
| Gray Swan | Venture-backed | Red-team arena, security platform | Anthropic, OpenAI, Meta, Google DeepMind | $40M Series A[77][77] Gray Swan Series A Pulse 2.0 Secondary | 1.8M attacks on 22 agents in one challenge[156][156] Agent red-teaming showdown Gray Swan Arena Secondary |
| Goodfire | Interpretability lab | Interpretability research and tools | Customers not disclosed | $150M Series B at $1.25B[157][157] Goodfire Series B Pulse 2.0 Secondary | Feb 2026 round |
| Haize Labs (Beacon) | Acquired | Automated red-teaming | Labs, Air Canada, Deloitte | Sold to Beacon Software[158][158] Beacon buys Haize Labs BetaKit Secondary | Deal on 17 Sep 2026[86][86] Beacon Software and Haize Labs Osler Secondary |
| FAR.AI | Non-profit | Pre-deployment testing, safety research, leaderboard | Philanthropy; EU AI Office | $24.3M revenue (FY2024)[5][5] FAR.AI Form 990 ProPublica Primary | Leads EU CBRN lot, €1.43M[6][6] EU AI Office tender award notice 864574-2025 TED Primary |
| SecureBio | Non-profit | Bio benchmarks (VCT, ABLE), pre-release bio tests | Labs, CAISI, EU AI Office | Grants; amounts not public[159][159] AI: 2025 in Review SecureBio Primary | EU CBRN lot partner; CAISI bio contract[159][159] AI: 2025 in Review SecureBio Primary |
| Redwood Research | Non-profit | AI control research, ControlArena with UK AISI | Philanthropy | $22k revenue, $2.9M spending (2024)[160][160] Redwood Research Form 990 ProPublica Primary | OpenAI monitoring stress test with METR (Oct 2026)[161][161] Redwood Research Primary |
| Transluce | Non-profit | Docent transcript analysis, AI Evaluator Forum | Undisclosed donors | Not disclosed[162][162] Transluce Primary | Open letter on embedded evaluators (Sep 2026)[162][162] Transluce Primary |
Table 10. Who bought, and why.
| Buyer type | Deals | What the buyer wanted |
|---|---|---|
| Security vendors | Cisco–Robust Intelligence, Palo Alto–Protect AI and Portkey, SentinelOne–Prompt, F5–CalypsoAI, Check Point–Lakera and Deepchecks, CrowdStrike–Pangea, Fiddler and Dreadnode, Zscaler–SPLX, Fortinet–Virtue, A10–TrojAI | Red-teaming and guardrails for the CISO suite |
| Observability and data platforms | CoreWeave–W&B, ClickHouse–Langfuse, Cisco–Galileo, Dynatrace–Arize, Databricks–Quotient, ServiceNow–Traceloop, Datadog–Adaptive ML | Evals as a feature of telemetry and data platforms |
| Model labs | OpenAI–Promptfoo, Anthropic–Humanloop team, Google–Mechanize, Meta–49% of Scale | Talent, tools and data inside the lab |
| Data incumbents | Mercor–Sepal and Deeptune, Scale–ICG Solutions | Environments and expert networks |
| Others | Anaconda–Enkrypt, Harvey–Guardrails AI, Beacon–Haize, Mintlify–Helicone | Features for their own platforms |
Table 11. Shutdowns and pivots in the timeline. Four builder-platform exits fell between January and November 2026: Langfuse, Galileo, Arize and Fiddler.
| Date | Event | Kind |
|---|---|---|
| Jul 2025 | OpenAI freezes simple-evals; no new models[167][167] simple-evals repository OpenAI Primary | Shutdown |
| Mar 2026 | Helicone's hosted product goes into maintenance after the Mintlify deal[59][59] Mintlify acquires Helicone (3 Mar 2026) Mintlify Primary | Shutdown |
| 1 Jun 2026 | Stanford puts HELM into maintenance mode[166][166] HELM maintenance mode Stanford CRFM Primary | Shutdown |
| 3 Jun 2026 | OpenAI announces the sunset of its Evals platform[168][168] OpenAI API deprecations Primary | Shutdown announced |
| Jun 2026 | Patronus retires its eval platform and pivots to simulation[46][46] Patronus AI Series B VCA Online Secondary[47][47] Patronus AI docs Primary | Pivot |
| 15 Oct 2026 | Veris AI retires its simulation platform[148][148] Veris AI deprecation notice Primary | Pivot |
| 30 Nov 2026 | OpenAI Evals shuts down[168][168] OpenAI API deprecations Primary | Scheduled |
Table 12. Every published size we found.
| Source | Scope | Figure | Quality |
|---|---|---|---|
| The Business Research Company[175][175] LLM observability report The Business Research Company Estimate | LLM observability platforms | $1.97B (2025), $2.69B (2026), $9.26B (2030) | Report mill |
| Meticulous Research[176][176] AI observability market Meticulous Research Estimate | AI observability | $1.78B (2026), $13.88B (2036) | Report mill |
| Dynatrace[41][41] Acquisition of Arize Dynatrace Vendor | AI observability | Over $10B by 2030 | Vendor claim, source not stated |
| Gartner[9][9] Insurance-Canada.ca quoting Gartner Secondary | AI governance platforms | $492M (2026), over $1B (2030) | Analyst, seen via secondary |
| Gartner via secondary[8][8] AI TRiSM Software Strategies Blog Secondary | AI cybersecurity spending | $51.3B (2026) | Broad scope, secondary |
| Menlo Ventures[177][177] State of generative AI 2025 Menlo Ventures Secondary | US enterprise AI infrastructure | $1.5B (2025), evals inside | VC survey |
| FutureSearch[1][1] Lab human-data forecast FutureSearch Estimate | Lab human-data spend | $5–10B (2026) | Estimate from vendor revenue |
Table 13. Free tiers and paid entry points. LangSmith and Fiddler meter traces; Fiddler charges $0.002 per trace. Scorecard meters scores.
| Vendor | Free tier | Paid entry | Unit |
|---|---|---|---|
| Braintrust[53][53] Braintrust pricing Primary | 1 GB, 10K scores | $249 a month | GB and scores |
| LangSmith[52][52] LangChain pricing Primary | 5K traces, 1 seat | $39 per seat a month | Seats and traces |
| Langfuse[187][187] Langfuse pricing Primary | Hobby | $29 a month (Core) | Units; self-host free |
| Arize AX[188][188] Arize pricing Primary | 25K spans | $50 a month | Spans |
| Comet Opik[33][33] Comet pricing Primary | 25K spans | $19 a month | Spans |
| Datadog[62][62] Datadog LLM Observability Primary | 40K spans | $160 a month | LLM spans |
| Splunk (Galileo)[40][40] Splunk pricing Primary | None listed | $100 a month per 1.2M spans | Spans, annual |
| Confident AI[28][28] Confident AI pricing Primary | 2 seats | $200 a month | Organisation |
| Coval[107][107] Coval pricing Primary | None listed | $100 a month | Tiers |
Table 14. Voice and agent simulation companies.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Coval | Voice simulation | Simulated calls, regression tests, monitoring | Voice-agent builders | $28M Series A, about $31M total[99][99] Coval Series A The Next Web Secondary | Norwest lead (Jun 2026) |
| Hamming | Voice simulation | Voice-agent tests and monitoring | Voice-agent builders | $3.8M seed; $4.3M total[100][100] Seed funding Hamming Vendor | CTO departure claim (weak)[101][101] Hamming vs Cekura Coval Single source |
| Cekura (YC) | Voice simulation | Call simulation and monitoring | Voice-agent builders | $2.4M seed[102][102] Fundraise Cekura Vendor | $0.05 per monitored call[103][103] Cekura pricing Primary |
| Cyara (Botium) | Contact-centre testing | Chatbot, IVR and voice tests | Contact centres | Not verified | Mature incumbent |
| Future AGI | Eval and simulation | Evals, voice simulation | AI teams | $1.6M pre-seed[104][104] Future AGI pre-seed Unite.AI Secondary | $0.08 per voice minute[105][105] Future AGI pricing Primary |
| Google Agent Simulation | Cloud platform | Simulated users inside Gemini Enterprise | Google Cloud customers | Public company | Launched at Next '26[106][106] Next 2026 wrap-up Google Cloud Vendor |
Table 15. Leaderboards and independent evaluators.
| Company | Segment | What it sells | Who pays | Funding / valuation | Latest signal (date) |
|---|---|---|---|---|---|
| Arena (ex-LMArena) | Leaderboard | Human-preference rankings, pre-release tests, data | Mostly labs (our inference) | $200M Series B at $3.1B[3][3] Series B announcement Arena Vendor | Over $100M annualised revenue (Oct 2026)[3][3] Series B announcement Arena Vendor |
| Artificial Analysis | Independent benchmarker | Free public site, enterprise subscriptions, private benchmarks | Enterprises and AI firms | Small seed, amount undisclosed[108][108] Artificial Analysis interview Latent Space Secondary | "Just over 20" staff (Jan 2026) |
| Vals AI | Independent benchmarker | Private test sets, model reports | Labs and enterprises | $40M Series A at $400M[10][10] Series A Vals AI Vendor | 2026 revenue at 8x all of 2025 |
| Scale Labs (SEAL) | Leaderboard | Private-set benchmarks, 20+ boards | Labs (via Scale) | Part of Scale (~$29B)[109][109] Meta invests in Scale AI Built In Secondary | IMDA MoU (Jul 2026)[110][110] Singapore IMDA MoU Scale Vendor |
| Epoch AI | Non-profit | Capabilities Index, FrontierMath, research | Donors, commissions, EU AI Office | Philanthropy; EU loss-of-control lot[111][111] About Epoch AI Primary[6][6] EU AI Office tender award notice 864574-2025 TED Primary | RL-environment price study (Jan 2026)[112][112] State of RL environments Epoch AI Primary |
| HAL (Princeton) | Academic | Cost-aware agent leaderboard, reliability metrics | Academic (Princeton) | Not applicable | Paused new models; reliability work[113][113] Holistic Agent Leaderboard HAL Primary |
| Kaggle Game Arena | Platform-owned | Game-based model contests | Not applicable | Werewolf and poker (Feb 2026)[114][114] Kaggle Game Arena updates Google Secondary | |
| OpenRouter | Usage rankings | Model routing; rankings as a by-product | Developers | $113M Series B, about $1.3B (reported)[115][115] OpenRouter Series B Shopifreaks Secondary | About $50M revenue (Sacra estimate) |
Table 16. Business models and their conflicts in full.
| Model | Example | Who pays | Conflict | Mitigation seen |
|---|---|---|---|---|
| Builder self-test | Braintrust, LangSmith, Datadog | The builder | The builder grades its own work | None; results stay private |
| Lab-paid ranking | Arena | The ranked labs (likely) | The ranked party funds the ranker | Public methods; claim of neutrality[3][3] Series B announcement Arena Vendor |
| Platform-owned board | Scale Labs, Kaggle Game Arena | Owner with a stake | Meta owns 49% of Scale; Google ranks Gemini[109][109] Meta invests in Scale AI Built In Secondary[114][114] Kaggle Game Arena updates Google Secondary | Private test sets |
| Subject-pays benchmark | Vals AI | The tested company | The "SAT" model[120][120] Vals AI profile Carly Secondary | Private test sets |
| Buyer-paid benchmark | Artificial Analysis | Enterprises | Low | Mystery-shopper accounts, no paid placement[108][108] Artificial Analysis interview Latent Space Secondary |
| Vendor-paid certification | AIUC, TÜV, BSI | The certified vendor | Same as credit ratings | Third-party auditors[11][11] AIUC Series A TechCrunch Secondary |
| Lab-paid supplier | Mercor, Surge, Irregular | Labs | Extreme buyer concentration | Diversified lab clients |
| Philanthropic evaluator | METR, Epoch | Donors | Dependence on lab tokens and access | Refusal of lab money[4][4] Funding update August 2026 METR Primary |
| Model vendor as eval vendor | OpenAI with Promptfoo | Model customers | The model maker tests its own model | Open-source code[69][69] OpenAI acquires Promptfoo Yahoo Finance Secondary |
190 sources, numbered as cited in the report.
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- [40]
- [41] Acquisition of Arize, Dynatrace. It gives the price, ARR effect and market forecast. Vendor dynatrace.com
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- [69] OpenAI acquires Promptfoo, Yahoo Finance. It gives Promptfoo's funding, valuation and adoption. Secondary finance.yahoo.com
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- [76] Straiker Series A, FinTech Global. It reports the round, total and customers. Secondary fintech.global
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- [78] Gray Swan red-team contest, Fortune. It profiles Gray Swan's agent jailbreak contest. Secondary fortune.com
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- [80] SentinelOne to acquire Prompt Security, Business Wire. It announces the deal. Secondary businesswire.com
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- [90] Credo AI named a Leader, Business Wire. It reports Credo AI's Forrester Wave placement. Vendor businesswire.com
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- [95]
- [96] AICPA AI assurance offering, Journal of Accountancy. It reports the joint SOC 2 and AIUC-1 offering. Secondary journalofaccountancy.com
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- [108] Artificial Analysis interview, Latent Space. The founders explain the business model and independence policy. Secondary latent.space
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- [111]
- [112] State of RL environments, Epoch AI. It reports prices and buyer views from interviews. Primary epoch.ai
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- [117] The Leaderboard Illusion. This paper documents selective private testing on Chatbot Arena. Secondary arxiv.org
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- [124] Surge AI raise, The Star via Reuters. It reports Surge's planned raise and valuation. Secondary thestar.com.my
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- [127] Handshake ARR, Dealroom citing The Information. It reports Handshake's gross and net AI-training revenue. Secondary dealroom.co
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