10 AI Startups Worth $1 Trillion Together — And They're Not Making a Profit. Are We in a New Dot-Com Era?
$200 Billion in Venture Capital Flows to Loss-Making AI Companies as Bubble Fears Mount Ten artificial intelligence startups have collectively gained nearly $1 trillion in private market valuation over the past 12 months despite none achieving profitability—a concentration of speculative capital that dwarfs the infamous dot-com bubble and has economists warning that the AI sector's disconnection from financial fundamentals could trigger a correction with catastrophic consequences. According to Financial Times analysis of PitchBook data released October 15, 2025, US venture capitalists have poured $161 billion into AI companies this year alone—representing two-thirds of all venture spending—with the lion's share flowing to OpenAI ($500 billion valuation), xAI ($200 billion), Anthropic ($61.5 billion), Perplexity ($20 billion), Databricks, Scale AI, Safe Superintelligence, Thinking Machines Lab, Figure AI, and Anysphere . These companies command valuations at 50-100 times rev...
