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- Arena
Arena Valuation, Funding & Investors
Arena is valued at $3.1B as of October 2026.
Last Arena valuation
$3.1B
Series B · Oct 2026
Last Arena funding round
$200M
Series B · Oct 2026
Cumulative funding Arena raised
$200M
across 1 funding round
Key investors in Arena
Andreessen Horowitz
Lightspeed Venture Partners
Khosla Ventures
Salesforce Ventures
Felicis
Endeavor Catalyst
Arena Overview
About Arena
Arena is an artificial intelligence evaluation platform based in San Francisco, California, founded in 2023. Users submit prompts and compare responses from anonymous AI models side by side, and their votes feed public leaderboards that rank models. The leaderboards cover text generation, coding, image creation, video generation, document analysis and web development. The platform also offers tools to build landing pages, dashboards, games and full-stack apps with AI models. Its community-driven rankings give model developers and users a public benchmark of real-world performance.
Founded
2023
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Subscription, Usage-based
Valuation
$3.1B (Oct 2026)
Arena Valuation
Arena is currently valued at $3.1B, based on its Series B in October 2026. Read the announcement ↗
The $200M round was led by Khosla Ventures and Lightspeed Venture Partners, with participation from Salesforce Ventures, Felicis, The House Fund, Andreessen Horowitz, Endeavor Catalyst and 4 other investors.
Arena valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Oct 2026 | Series B | $3.1B |
Arena Funding History
Arena has raised a total of $200M across 1 funding round.
Arena funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Oct 2026 | Series B | Khosla Ventures (lead); Lightspeed Venture Partners (lead); Salesforce Ventures; Felicis; The House Fund; Andreessen Horowitz; Endeavor Catalyst; 01 Advisors; QuantumLight; Dell Technologies Capital; AMP PBC | $200M | $3.1B | Arena, the company behind the LMArena AI model leaderboard, raised a USD 200 million Series B at a USD 3.1 billion valuation, announced on 8 October 2026. The round was led by Lightspeed Venture Partners and Khosla Ventures, with Salesforce Ventures, 01 Advisors, Dell Technologies Capital, Endeavor Catalyst, Andreessen Horowitz, Felicis and others joining. It follows a USD 150 million Series A in January 2026 at a USD 1.7 billion post-money valuation, so the valuation has nearly doubled in about ten months. The company said it would continue its mission to measure and advance AI models for real-world use, and launched an Alignment Index that ranks models on issues such as unauthorized action, false attribution and deceptive completion. Arena originated in 2023 as a research project at UC Berkeley that crowdsourced rankings of AI models. Consumers use the platform free to enter prompts and rate which model performs better, and the company says it draws tens of millions of monthly visitors. Its commercial product, AI Evaluations, gives model labs and enterprises performance analytics, and annualized revenue passed USD 100 million. |
Who has invested in Arena?
11 investors have backed Arena across its funding rounds, including Andreessen Horowitz, Lightspeed Venture Partners, Khosla Ventures, Salesforce Ventures, Felicis and Endeavor Catalyst.
Lead investors include Khosla Ventures and Lightspeed Venture Partners.
Arena Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 1 | Participant | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
| 1 | Lead | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
| 1 | Lead | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
| 1 | Participant | Oct 2026 | ||
This data is available for Pro users. Sign up to see all 11 Arena investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialArena Competitors
Arena competitors include listed companies like C3.ai and Presight AI, and private ones like Sourcegraph, Liquid AI, Fal and Recursive Superintelligence.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $250M | ($484M) | $1.9B | 5.3x | ||
| Private | - | - | $2.6B | - | ||
| Private | - | - | $2.4B | - | ||
| Private | $200M | - | $4.5B | 22.5x | ||
| Private | - | - | $4.7B | - | ||
| Publicly listed | $825M | $214M | $5.3B | 4.9x |
Arena Public Comps
Arena is still privately-owned, but its public comps include XtalPi, Intsig Information, InSilico Medicine Cayman, Ncino, Shenzhen Intellifusion, UBtech Robotics, CorVel, Affle 3i, Justsystems and Infleqtion.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $121M | $22M | 21.1x | 17.9x | 113.9x | (151.6x) | |||
| $272M | $84M | 8.0x | 6.6x | 26.0x | 23.9x | |||
| $56M | ($353M) | 37.2x | - | (5.9x) | - | |||
| $595M | $65M | 4.5x | 4.2x | 41.1x | 16.1x | |||
| $201M | ($3M) | 10.6x | 10.9x | (704.4x) | (809.6x) | |||
| $301M | ($109M) | 13.2x | 8.0x | (36.3x) | (59.4x) | |||
| $959M | $175M | 4.1x | - | 22.4x | - | |||
| $285M | $67M | 6.3x | 5.6x | 26.7x | 24.7x | |||
This data is available for Pro users. Sign up to see all Arena competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Arena
| When was Arena founded? | Arena was founded in 2023. |
| Where is Arena headquartered? | Arena is headquartered in San Francisco, CA, United States. |
| Is Arena publicly listed? | No, Arena is a private, VC-backed company. |
| What is Arena's valuation? | Arena was last valued at $3.1B in its Series B in October 2026. |
| How much funding has Arena raised? | Arena has raised $200M across 1 funding round. |
| What was Arena's last funding round? | Arena's last funding round was a $200M Series B in October 2026, led by Khosla Ventures and Lightspeed Venture Partners. |
| Who are Arena's investors? | Arena's investors include Salesforce Ventures, Felicis, The House Fund, Khosla Ventures, Andreessen Horowitz, Lightspeed Venture Partners, Endeavor Catalyst, 01 Advisors, QuantumLight, Dell Technologies Capital and 1 other. |
| Which companies are comparable to Arena? | Companies comparable to Arena include C3.ai, Sourcegraph, Liquid AI, Fal, Recursive Superintelligence and Presight AI. |
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