- Companies
- LMArena
LMArena Revenue, Valuation, Funding & Investors
LMArena is valued at $1.7B as of January 2026, a 56.7x multiple on its last reported $30M revenue.
Last LMArena valuation
$1.7B
Series A · Jan 2026
Last LMArena funding round
$150M
Series A · Jan 2026
LMArena revenue
$30M
Series A · Jan 2026
Key investors in LMArena
Andreessen Horowitz
Lightspeed Venture Partners
Kleiner Perkins
Felicis
The House Fund
UC Investments
About LMArena
LM Arena is an AI benchmarking platform hosting leaderboards for large language models evaluated on blind human-voted pairwise comparisons. The San Francisco-based service powers LMSYS Chatbot Arena, testing over 100 models from providers like Anthropic and Mistral. It serves researchers worldwide with open-source arenas for coding, math, and vision-language tasks.
Founded
2025
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$30M (Jan 2026)
Valuation
$1.7B (Jan 2026)
LMArena Valuation
LMArena is currently valued at $1.7B, based on its Series A in January 2026.
The $150M round was led by Felicis and UC Investments, with participation from Kleiner Perkins, The House Fund, LDV Partners, Andreessen Horowitz, Lightspeed Venture Partners and 1 other investor.
LMArena's valuation has grown 2.8x from $600M at its seed round in May 2025 to $1.7B in January 2026, across 2 priced rounds.
LMArena valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2026 | Series A | $1.7B | 56.7x |
| May 2025 | Seed | $600M | 20.0x |
LMArena Revenue
LMArena's latest recorded revenue is $30M, as of its Series A in January 2026. At a $1.7B valuation, that implies a 56.7x revenue multiple.
Revenue moved from $30M in May 2025 to $30M in January 2026, while the revenue multiple moved from 20.0x to 56.7x.
LMArena revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jan 2026 | $30M | $1.7B | 56.7x | Series A |
| May 2025 | $30M | $600M | 20.0x | Seed |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
LMArena Funding History
LMArena has raised a total of $250M across 2 funding rounds.
LMArena's first fundraising round was a $100M seed round in May 2025. The most recent completed round was a $150M Series A in January 2026.
LMArena funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series A | Felicis (lead); UC Investments (lead); Kleiner Perkins; The House Fund; LDV Partners; Andreessen Horowitz; Lightspeed Venture Partners; Laude Ventures | $150M | $1.7B | LMArena is an open community platform that redefines AI progress measurement by enabling users to access, interact with, and compare leading AI models through real-world feedback, crowdsourced leaderboards, and evaluations across tasks like coding, reasoning, law, medicine, and creative generation. Originating as a UC Berkeley research project in 2023, it launched commercially in September 2025 with an AI Evaluations product for enterprises, model labs, and developers, achieving over 5 million monthly users across 150 countries and 60 million monthly conversations. On January 6, 2026, LMArena raised $150 million in a Series A round at a $1.7 billion post-money valuation, nearly tripling its $600 million valuation from a $100 million seed in May 2025, bringing total funding to $250 million. Felicis and UC Investments led, with participation from Andreessen Horowitz, The House Fund, LDV Partners (LDVP), Kleiner Perkins, Lightspeed Venture Partners, and Laude Ventures. This unicorn status in seven months reflects industry conviction in transparent third-party AI evaluations for responsible scaling. The company reported an annualized consumption run rate, described as its annual recurring revenue (ARR), surpassing $30 million in December 2025, just four months post-launch. Funds will expand technical and research teams, scale the platform, deepen evaluation methodologies, and accelerate scientific work and community insights toward open standards and real-user evidence. LMArena's traction underscores a shift toward measurable, accountable AI, positioning it as critical infrastructure amid accelerating adoption. |
| May 2025 | Seed | Andreessen Horowitz (lead); UC Investments (lead); Kleiner Perkins; Felicis; The House Fund; Lightspeed Venture Partners; Laude Ventures | $100M | $600M | LMArena, the company behind the AI benchmarking service Chatbot Arena (also known as LM Arena), raised $100 million in seed funding on May 21, 2025, at a $600 million post-money valuation. The round was led by Andreessen Horowitz (a16z) and UC Investments, with participation from Lightspeed Venture Partners, Laude Ventures, Felicis, Kleiner Perkins, and The House Fund. Spun out from a University of California, Berkeley project, LMArena provides a crowdsourced platform where users anonymously compare AI models head-to-head via prompts, generating leaderboards used by major developers like OpenAI, Google, Anthropic, Meta, and xAI. The funding supports scaling the platform, relaunching with improved UI, mobile-first design, lower latency, and features like saved chat history. Over 400 model evaluations and 3 million votes had already been cast pre-funding, establishing it as a neutral, community-driven benchmark for real-world AI performance. Founders include Ion Stoica (UC Berkeley professor) and Wei-Lin Chiang (CTO), emphasizing scientific rigor and transparency in AI evaluation. A follow-on Series A round of $150 million led by Felicis and UC Investments, with Andreessen Horowitz, Kleiner Perkins, and Lightspeed, achieved a $1.7 billion valuation about eight months later. By December 2025, LMArena reported an annualized revenue run rate of $30 million from its 'AI Evaluations' service, alongside 5 million monthly users and 60 million monthly conversations. Total funding reached $250 million within seven months, positioning it as key infrastructure in the generative AI evaluation market. |
Who has invested in LMArena?
8 investors have backed LMArena across its funding rounds, including Andreessen Horowitz, Lightspeed Venture Partners, Kleiner Perkins, Felicis, The House Fund and UC Investments.
Lead investors include Felicis, UC Investments and Andreessen Horowitz.
LMArena Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | May 2025 | ||
| 2 | Participant | May 2025 | ||
| 2 | Lead | May 2025 | ||
| 2 | Participant | May 2025 | ||
| 2 | Lead | May 2025 | ||
| 2 | Participant | May 2025 | ||
This data is available for Pro users. Sign up to see all 8 LMArena investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialLMArena Competitors
LMArena competitors include listed companies like C3.ai and TRS Information Technology, and private ones like Emergent, Blitzy, Exa and Deepgram.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $250M | ($484M) | $1.7B | 4.5x | ||
| Private | $120M | - | $1.5B | 12.5x | ||
| Private | - | - | $1.4B | - | ||
| Private | $10M | - | $2.2B | - | ||
| Private | $240M | - | $1.3B | - | ||
| Publicly listed | $76M | ($20M) | $1.7B | 19.7x |
LMArena Public Comps
LMArena is still privately-owned, but its public comps include Wenge AI, Progress Software, TRS Information Technology, C3.ai, Justsystems, PCITECH, Fractal Analytics, Haizhi, Ncino and Affle 3i.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $60M | ($20M) | 27.6x | - | (82.7x) | - | |||
| $978M | $302M | 3.0x | 2.9x | 9.6x | 7.3x | |||
| $76M | ($20M) | 19.3x | 19.7x | (73.5x) | 478.8x | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $331M | $156M | 3.1x | 3.2x | 6.7x | - | |||
| $1.5B | $53M | 0.8x | 0.9x | 24.1x | - | |||
| $344M | $50M | 3.7x | 3.4x | 25.8x | 21.0x | |||
| $93M | ($30M) | 21.5x | 16.3x | (67.1x) | (440.4x) | |||
This data is available for Pro users. Sign up to see all LMArena competitors and their valuation data. Start Free Trial | ||||||||
Common questions about LMArena
| When was LMArena founded? | LMArena was founded in 2025. |
| Where is LMArena headquartered? | LMArena is headquartered in San Francisco, CA, United States. |
| Is LMArena publicly listed? | No, LMArena is a private, VC-backed company. |
| What is LMArena's valuation? | LMArena was last valued at $1.7B in its Series A in January 2026. |
| How much funding has LMArena raised? | LMArena has raised $250M across 2 funding rounds. |
| What was LMArena's last funding round? | LMArena's last funding round was a $150M Series A in January 2026, led by Felicis and UC Investments. |
| Who are LMArena's investors? | LMArena's investors include UC Investments, Kleiner Perkins, Felicis, The House Fund, Andreessen Horowitz, Lightspeed Venture Partners, Laude Ventures and LDV Partners. |
| What is LMArena's revenue? | LMArena's latest recorded revenue is $30M (January 2026). |
| What is LMArena's revenue multiple? | LMArena's latest valuation implies a 56.7x revenue multiple ($1.7B valuation on $30M of revenue). |
| Which companies are comparable to LMArena? | Companies comparable to LMArena include C3.ai, Emergent, Blitzy, Exa, Deepgram and TRS Information Technology. |
See companies similar to LMArena
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.




