By: Andy
If Bittensor markets were fully developed AI startups, their combined market valuation could range between $100B – $200B+, competing with centralized companies like OpenAI, Anthropic, and CoreWeave. That’s what Dynamic $TAO is all about. Based on 128 Subnets, what happens when we scale to thousands? With 21 million token design and halvenings!
Here is how: I’ll group these subnets into key AI industry sectors that align with their functionality.
AI Model Development (Foundation Model Providers)
- Comparable Companies: OpenAI, Anthropic, Mistral, Hugging Face
- Subnets: SN 9, SN 29, SN 39, SN 11, SN 21, SN 37, SN 38, SN 3, SN 5, SN 35, SN 56, SN 58
- Market Valuation Estimate: $50B+ (OpenAI alone is estimated at $90B)
- Subnet Value Range: $100M – $3B each, depending on specialization
Generative AI (Text, Image, and Audio)
- Comparable Companies: Midjourney, Stability AI, OpenAI (DALL-E, Whisper)
- Subnets: SN 4 (Targon), SN 19, SN 2, SN 54, SN 17, SN 18, SN 23, SN 26, SN 50, SN 46
- Market Valuation Estimate: $30B+
- Subnet Value Range: $100M – $2B
Agentic AI (Autonomous Agents & AI Assistants)
- Comparable Companies: Adept AI, OpenAI (GPT Agents), AutoGPT, Rabbit R1
- Subnets: SN 1 (Apex), SN 45, SN 62 (AgentTao), SN 59, SN 20, SN 10, SN 36
- Market Valuation Estimate: $20B+
- Subnet Value Range: $500M – $2B
Predictive AI & AI Trading
- Comparable Companies: Numerai, PredictIt, Jane Street (AI-powered HFT)
- Subnets: SN 6 (Infinite Games), SN 30 (BetTensor), SN 41 (Sportstensor), SN 28 (Foundry S&P 500 Oracle), SN 44 (Score Predict), SN 48 (NextPlace AI), SN 57 (Gaia)
- Market Valuation Estimate: $10B+
- Subnet Value Range: $200M – $1.5B
AI Compute Providers
- Comparable Companies: CoreWeave, Lambda Labs, Together AI
- Subnets: SN 51 (Celium), SN 64 (Chutes), SN 12 (Horde), SN 27 (Neural Internet)
- Market Valuation Estimate: $15B+
- Subnet Value Range: $500M – $5B each
AI Data Pipelines & Data Labeling
- Comparable Companies: Scale AI ($14B), Snorkel AI ($1B), Labelbox ($1.3B)
- Subnets: SN 24, SN 13, SN 33, SN 40, SN 42, SN 52
- Market Valuation Estimate: $10B+
- Subnet Value Range: $300M – $2B
AI Components & Tooling (Model Optimization, Deployment, Fine-tuning)
- Comparable Companies: Hugging Face, MosaicML ($1.3B)
- Subnets: SN 47, SN 31, SN 15, SN 49
- Market Valuation Estimate: $8B+
- Subnet Value Range: $300M – $1.5B
AI-Powered Tools (Specialized AI Applications)
- Comparable Companies: Quora (Poe), Perplexity AI, BloombergGPT, DeepL
- Subnets: SN 34, SN 61, SN 32, SN 53, SN 8, SN 14, SN 22, SN 54, SN 36
- Market Valuation Estimate: $8B+
- Subnet Value Range: $200M – $1.5B
Scientific Research (DeSci)
- Comparable Companies: Protocol Labs, Biotech-focused AI startups
- Subnets: SN 25, SN 43
- Market Valuation Estimate: $5B+
- Subnet Value Range: $200M – $1B
General Infrastructure (Decentralized AI Infrastructure)
- Comparable Companies: Bittensor itself, Akash Network
- Subnets: SN 16 (BitAds), SN 7 (SubVortex)
- Market Valuation Estimate: $5B+
- Subnet Value Range: $300M – $1B
Summing the Estimated Market Value
Now let’s add up the projected values from each category. While this is a broad estimate, AI markets often have overlapping applications, so a reasonable adjusted valuation would be:
- Low estimate: $100B (accounting for overlap and market competition)
- High estimate: $200B+ (if the network captures significant adoption)
Valuation Per Subnet
- Top-tier subnets (major LLMs, compute, predictive AI): $2B – $5B+
- Mid-tier subnets (agentic AI, data pipelines, AI tools): $500M – $2B
- Smaller specialized subnets (niche AI markets, early-stage growth): $100M – $500M
This analysis shows the incredible potential upside of $TAO, as these markets are still in early development stages. If adoption accelerates and these AI markets keep growing at their current pace, Bittensor could capture a massive share of decentralized AI’s future market.
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