Important points
- Morningstar’s GenAI 20 Index includes top generative AI companies weighted by exposure, including Databricks, Anthropic, OpenAI, and xAI.
- The index uses PitchBook’s private market data to maintain continuous coverage from late-stage VC to public, filling the gap in traditional benchmarks.
Morningstar, an investment research and data company, today introduced the PitchBook GenAI 20 Index, a benchmark designed to track leading generative AI companies across private and public markets.
The index leverages PitchBook’s private market dataset to provide exposure to late-stage venture-backed companies in the generative AI space.
Databricks holds the top weight in the portfolio at 21.4%, followed by Anthropic at 19%, OpenAI at 18.9%, and xAI at 18.6%. The top four companies account for nearly 78% of the index’s allocation.
Other holdings include Safe Superintelligence, Anysphere, Mistral AI, and Cohere.
This benchmark targets pure generative AI companies, which are often not included in traditional indexes because they are private. Its permanent structure maintains continuity of tracking as companies move from private to public markets.
“To stay at the forefront of innovation in generative AI, we need a clear view of the opportunities across both public and private markets,” said Sanjay Arya, Head of Innovation at Morningstar Index. “We believe this new metric will help clarify one of the most important growth themes for the next decade.”
Dimitri Zabelin, senior investment research analyst for AI and cybersecurity at PitchBook, noted that generative AI is reshaping how software is built and scaled across industries.
Morningstar is also expanding its investor tools for public and private market convergence, including new private company coverage and analysis powered by PitchBook.
