AI Newsletter Newcomer and Bessemer Release Inaugural AI 100 List: Anthropic Tops Ranking with $3.5 Trillion Collective Valuation
Newcomer and Bessemer Venture Partners jointly released the inaugural AI 100 list, ranking Anthropic first among private AI companies with a collective valuation of approximately $3.5 trillion.
Tech media outlet Newcomer and venture capital firm Bessemer Venture Partners jointly released the inaugural "AI 100" list on November 12, 2026, during the Cerebral Valley AI Summit in San Francisco. The list aims to identify the 100 most promising private artificial intelligence companies today, representing a reinvention of Bessemer's storied "Cloud 100." According to disclosed data, the collective valuation of these 100 companies sits at approximately $3.5 trillion.
Anthropic took first place, with reports indicating its expected IPO next week. OpenAI followed in second place, and Thinking Machines ranked 21st. The list reveals that researcher-heavy model companies account for only 9% of the names but 55% of the collective valuation. Inference infrastructure giants (such as Fireworks, Baseten, Fal, and Modal) and earlier-generation startups that have pivoted to perceived AI stars (like Stripe, Anduril, Ramp, and Canva) also occupy significant positions.
Newcomer and Bessemer emphasized that the ranking weighed quantitative factors including revenue, valuation, and market share alongside less tangible criteria such as people and culture. Despite potential controversies, the list reflects key trends in current AI investment: video generation presents rich opportunities, with ElevenLabs, Fal, Higgsfield, and Runway ranking highly, filling the void left by Anthropic abandoning video and OpenAI shutting down Sora. Coding and legal/customer success applications remain hot sectors, with companies like Cognition, Factory, Harvey, and Legora standing out.
However, the report also highlights industry precarity. Unlike previous SaaS companies with predictable revenues, many listed AI firms face massive compute costs and uncertainty. For instance, Prometheus (#33), backed by Jeff Bezos with $18.2 billion in funding and a $41 billion valuation, has yet to reveal any product plans. Fal (#16) recently closed a $1.3 billion Series F, signaling investor bets on rising inference demand. For general readers, this list serves not just as a ranking, but as a barometer for the transition from AI hype to commercial reality, while warning of liquidity and profitability risks behind high valuations.