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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "Includes data from The Information and a16z. Mentions sample bias in the enterprise/consumer app dataset.",
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      "text": "A leading cohort of 16 AI-first companies are now generating $18.5B of annualized revenue as of Aug '25 (left). Meanwhile, an a16z dataset suggests that the median enterprise and consumer AI apps now reach more than $2M ARR and $4M ARR in year one, respectively. Note that this will feature significant sample bias, as evidenced by the bottom quartile not being close to $0. Furthermore, the Lean AI Leaderboard of 44 AI-first companies with more than $5M ARR, <50 FTE, and under five years old (e.g. includes Midjourney, Surge, Cursor, Mercor, Lovable, etc) sums over $4B revenue with an average of >$2.5M revenue/employee and 22 employees/co.",
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      "text": "Includes AI native apps with >$50M in annualized revenue: Midjourney, Perplexity, Abridge, Synthesia, Replit, EliseAI, Lovable, Glean, ElevenLabs, Cognition (incl. Windsurf), Runway, Cohere, Jasper, Harvey. Source: The Information reporting",
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