What's included

Six tabs built for AI M&A benchmarking, buyer analysis, and funding-stage comparison

Use the Summary tab to compare niches and AI layers, Stage Analysis to examine company maturity, and Buyer Analysis to investigate repeat acquirers. The Database tab provides the transaction records and available source references behind the comparisons.

Start Here

Orientation tab explaining what the dataset includes, how the file is organized, how to use the data, and how to interpret AI M&A multiples by niche, layer, and funding stage.

Summary

Market-level overview by AI niche, including deal count, average EV/Revenue, median EV/Revenue, minimum and maximum multiples, plus Core AI versus Applied AI comparison.

Stage Analysis

Stage-based comparisons of recorded transaction counts, revenue multiples and funding multiples, with insights into differences between early venture stages and more mature targets.

Buyer Analysis

Buyer-level comparisons of recorded activity and available valuation multiples. Identify repeat acquirers and investigate the transactions behind their pricing profiles.

Database

All 209 records with target, AI niche, Core or Applied AI layer, buyer, stage, announcement date, recorded transaction value, funding, revenue and EBITDA inputs, calculated multiples and source links where available.

Legal & Disclaimer

Usage terms, methodology limitations, assumptions, and guidance for interpreting disclosed, estimated, and sourced acquisition data.

Sample data

A direct preview from the dataset

Explore selected summaries calculated from the Q4 2026 database. Each preview separates transaction records from positive revenue-multiple observations, so you can see how much pricing evidence supports each median.

AI M&A transaction benchmarks

209 records · Q4 2026 edition · Selected transactions spanning 2018–2026

Funding stages

Target stage	Records	Revenue observations (n)	Median recorded EV/Revenue
Seed	28	24	30.0x
Series A	42	39	22.1x
Series B	43	42	19.9x
Series C	20	20	18.3x
Series D	12	12	13.0x
Series E	9	9	25.8x
IPO/Public	16	16	6.0x

AI niches

AI niche	Records	Revenue observations (n)	Median recorded EV/Revenue
Infrastructure	40	38	24.6x
Data Intelligence	35	34	19.7x
Cybersecurity	37	35	16.2x
Productivity Tools	12	10	27.8x
Marketing Tech	17	16	6.2x
Computer Vision	18	16	9.2x

Buyers

Buyer	Records	Revenue observations (n)	Median recorded EV/Revenue
Salesforce	13	12	30.7x
Nvidia	9	8	41.5x
ServiceNow	8	8	42.1x
Meta	7	7	19.3x
Databricks	5	5	44.4x

Announcement periods

Announcement period	Records	Revenue observations (n)	Median recorded EV/Revenue
2018–2021	32	32	10.9x
2022–2024	62	61	11.5x
2025	55	53	19.3x
2026	60	51	25.8x

Source: Finro AI M&A Valuation Multiples Dataset, Q4 2026 edition. Stage, niche and buyer previews cover all recorded years and show selected groups. Announcement periods contain different numbers of years; 2026 reflects coverage in the Q4 edition, rather than a completed calendar year. n counts positive numeric revenue multiples, including estimates. The 209 records contain 197 such observations.

The workbook retains the field label EV, although source values can represent enterprise value, equity value, purchase consideration or another reported basis. Revenue definitions and periods also vary. Minority investments, licensing arrangements and asset purchases require separate review before comparison with whole-company acquisitions.

Read the Q4 2026 AI M&A analysis →

Who it helps

Built for people doing live AI M&A and valuation work

Use the workbook to research acquisition precedents, build comparable-deal shortlists and test valuation assumptions. Its selected historical records provide context for company-specific analysis.

AI founders & CFOs

Research relevant precedents, compare acquired businesses by niche and stage, and prepare valuation discussions using individual transactions alongside summary statistics.

VC & growth investors

Examine recorded transaction values alongside revenue and capital raised to support portfolio reviews and exit scenarios. Funding multiples are not measures of investor returns.

M&A advisors

Build comparable-deal shortlists using niche, stage, announcement timing and buyer history. Review the linked sources and financial definitions before selecting a valuation range.

Corporate development teams

Investigate repeat buyers, acquired capabilities and historical pricing patterns. Compare relevant targets while accounting for financial disclosure and transaction structure.

Feedback on Finro datasets and advisory work

Used in live valuation and transaction work

Feedback supplied for earlier Finro valuation datasets and advisory work. These comments are not reviews of the Q4 2026 edition.

"We used the dataset to come up with an internal valuation and it helped us confirm assumptions we had been relying on anecdotally. Having structured comp sets by AI niche made the difference.

Use case: Internal valuation for an AI Agents company. The team selected the best-fit peer group by niche and stage, then used the comp set to set a valuation target heading into a Series B.

FS

Finance professional

Early-stage startup · AI dataset

"Exactly what I needed to build a defensible comparable set for an AI infrastructure client. The niche segmentation meant I wasn't averaging across companies that aren't genuinely comparable.

Use case: Valuation support for an AI infrastructure platform ahead of a strategic partnership discussion. The advisor used the dataset to assemble a relevant peer group for the board deck.

VA

Independent advisor

Board presentation mandate · AI dataset

"We used the dataset to construct our valuation and support our argument for a revenue multiple in the sale. It gave us a structured, defensible comp set we could put in front of the other side.

Use case: M&A transaction support. The advisor used the dataset to anchor valuation arguments during a sale process, replacing anecdotal benchmarks with structured comparable evidence.

RW

Advisor, WEC Corporation

M&A process · Valuation dataset

"We used the dataset to benchmark a valuation on a company we had invested in, with third parties also reviewing the position. It gave us a credible, structured reference point we could share externally.

Use case: Investment valuation benchmarking. The managing partner used the dataset to support an independent valuation review, with the comp set shared with external reviewers.

SC

Managing Partner

Investment benchmarking · Finro dataset

Pricing

One price. Full file. Immediate access.

No subscription. No gated add-ons. You get the complete workbook the moment you buy.

Q4 2026 Edition

€79.90

One-time purchase · Single-user license

209 selected AI transaction records spanning 2018–2026
14 AI niches, including Infrastructure, Data Intelligence, Cybersecurity, Marketing Tech, Computer Vision, HR Tech, Health Tech, Fintech, Legal Tech, and PropTech
Core AI versus Applied AI classification for every target
Summary, Stage Analysis and Buyer Analysis tabs, plus guidance and the full database
EV/Revenue, EV/EBITDA, and EV/Funding multiples where inputs are available
Buyer analysis covering repeat acquirers and acquisition multiple patterns by buyer
Announcement dates and source links for deal reports and financial inputs where available
Immediate redirect to download page after purchase

Buy now for €79.90

Secure checkout via Stripe. Redirect to the download page after payment. Non-refundable after delivery except where applicable law requires otherwise. VAT may apply depending on your location.

Common questions

Before you buy

What format is the file?

The download is an Excel (.xlsx) workbook with six tabs: Start Here, Summary, Stage Analysis, Buyer Analysis, Database, and Legal & Disclaimer. Financial inputs are included where available. Excel is the primary format; importing into other spreadsheet applications may affect formatting or formulas.

How do I receive the file?

After payment, Stripe redirects you to a download page containing the file link and a short confirmation message. If you run into any issue, email info@finrofca.com.

Where does the data come from?

Sources include acquisition announcements, press releases, company disclosures, reported deal values, funding databases, public market data, and Finro estimates where operating data is not publicly disclosed. Source links are included where available, and estimated or reported figures should be read directionally.

Does the dataset cover only Q4 2026 deals?

No. Q4 2026 identifies the edition. The workbook contains 209 selected records announced between 2018 and 2026, including historical comparables. It covers announced and completed transactions and other structures such as minority investments, licensing arrangements and asset purchases. It is not a complete census of Q4 or full-year 2026 activity.

Does every record include a valuation multiple?

No. The database contains 209 transaction records, with 197 positive revenue-multiple observations. Financial disclosure and pricing coverage vary by record. Some figures are estimates, and the linked sources should be checked for input definitions, timing and transaction scope.

Can I use this in client work?

Yes. One licensed user may include limited attributed excerpts, aggregate findings and original analysis in internal reports and client deliverables, including paid advisory work. Sharing the workbook, reproducing substantial portions or creating a substitute database is not permitted. Additional users require a team license. For licensing questions, email info@finrofca.com or use the Contact Us page.

What is the refund policy?

Except where applicable law requires otherwise, this digital download is non-refundable after delivery. This does not limit mandatory cancellation rights or remedies for faulty or misdescribed digital content. To discuss suitability before purchase, email info@finrofca.com or use the Contact Us page.

How is this different from the AI Valuation Multiples Dataset?

The AI Valuation Multiples Dataset covers public companies, private companies, and M&A transactions across the broader AI market. This dataset focuses specifically on AI M&A transactions and analyzes acquisition multiples by target funding stage, transaction value, revenue, funding raised, EV/Revenue, and EV/Funding.

Is this dataset only useful for M&A work?

It can also support exit scenarios, investor reporting and valuation research. Acquisition multiples should be interpreted separately from fundraising valuations, and historical buyer activity does not establish current acquisition interest.

Do you offer other datasets?

Yes. Finro publishes valuation datasets across AI, Fintech, Cybersecurity, PropTech, EdTech, and other verticals in the same working format. Browse Finro’s research and datasets, or contact us at info@finrofca.com with a specific use case.