Morningstar Launches Private GenAI Index to Track OpenAI, xAI, Anthropic, and Others

Morningstar has introduced a new index designed to track the valuations of private generative AI companies, including OpenAI, xAI, and Anthropic. The index leverages data from PitchBook, a private market tracker acquired by Morningstar in 2016, to provide daily updates on 20 GenAI firms. This MOVE addresses the opacity of private markets, where many leading AI companies remain unlisted and disclose little financial information.

Sanjay Arya, head of innovation for Morningstar’s index business, emphasized the limitations of public markets in reflecting the AI sector's growth. "You can’t really understand the future of AI by looking at public markets," he said. The index aims to fill this gap by aggregating funding rounds and revaluations, offering investors a clearer view of the sector’s dynamics.

One unnamed major tech company has already committed to using the index as a benchmark for its investments. The index also includes Databricks, Mistral AI, and Cohere, broadening its coverage of the GenAI landscape. This initiative follows Morningstar’s existing index tracking late-stage VC-backed companies, underscoring its focus on private market intelligence.