Key Takeaways
- Morningstar’s GenAI 20 Index includes top generative AI companies such as Databricks, Anthropic, OpenAI, and xAI, weighted by exposure.
- The index uses PitchBook’s private market data to maintain continuous coverage from late-stage VC through public listing, filling a gap in traditional benchmarks.
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Morningstar, the investment research and data firm, 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 firms in the generative AI sector.
Databricks holds the top portfolio weight 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.
The benchmark targets pure-play generative AI firms often absent from traditional indexes due to their private status. Its perpetual structure maintains tracking continuity as companies transition from private to public markets.
“Staying at the forefront of innovation in generative AI requires a clear view of opportunities across both public and private markets,” said Sanjay Arya, Head of Innovation at Morningstar Indexes. “We believe this new index helps provide clarity to one of the most important growth themes of 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 investor tools for public-private market convergence, including new private-company coverage and PitchBook-powered analytics.
