New Investment Index Reveals the Real Valuations of OpenAI, Anthropic, and xAI

Washington – EcoPulse24

In a move to bring greater transparency to one of the fastest-growing tech sectors, Morningstar Inc., a financial data provider, has announced the launch of a new index tracking the performance of 20 leading generative AI companies, updated daily and featuring major names including OpenAI, Anthropic, and Elon Musk’s xAI.

Bridging the AI Market Information Gap

The index is based on funding data collected by PitchBook, which Morningstar acquired in 2016, according to Sanjay Arya, head of index innovation at the company. This development comes as most high-growth tech companies prefer to remain private longer, keeping their financials hidden from investors and the public.

“You can’t really understand the future of AI just by looking at public markets, so we needed a tool to complete the picture,” Arya told Bloomberg. “If AI is going to be a major part of the economy, you need to know how the sector is growing.”

Sky-High Valuations Raise Questions

Current data reveals exceptional valuations for generative AI firms: OpenAI was valued at $500 billion in its latest funding round (fall 2025), while Anthropic is seeking funding at a $350 billion valuation.

The index also includes other notable firms like Mistral AI, Databricks, and Cohere. It features a permanent structure that tracks companies through their full lifecycle, even after an IPO.

Analysis: Why Does This Index Matter Now?

1. Widening Information Gap
Unlike public companies, which must disclose audited financials quarterly, private companies share information only with lenders and current investors. This opacity creates risks for investors and hinders understanding of the true scale of the AI economy.

2. Faster Revaluations
Arya noted that generative AI companies raise funds more frequently than traditional startups, resulting in more frequent revaluations. This makes the index a more dynamic measurement tool compared to conventional indices.

3. Growing Industry Trend
Morningstar is not alone; by the end of 2025, about half of the Index Industry Association members, including S&P Dow Jones and MSCI, have announced or plan to launch private market indices.

4. Potential Institutional Adoption
Arya revealed that at least one major tech company plans to use the new index as a benchmark for its investments (without disclosing the name), signaling early confidence from key market players.

Legitimate Questions About Valuations

Despite the index’s importance, questions remain about the sustainability of current valuations. OpenAI’s $500 billion valuation exceeds that of many listed giants with proven cash flows. The key question: Are these numbers backed by real economic fundamentals, or do they reflect investor hype?

The new index may help answer these questions by providing regular data and sector comparisons, but it cannot solve the fundamental issue of limited mandatory financial disclosure.

Conclusion

Morningstar’s index is a significant step towards institutionalizing performance measurement in generative AI, yet it does not eliminate the urgent need for greater transparency and regulatory standards. As the sector continues its rapid growth, reliable measurement tools will become even more important - not just for investors, but for the global economy as AI reshapes industries.