Arena Raises $200 Million at $3.1 Billion Valuation

Oct 9, 2026
Arena raised a $200 million Series B round at a $3.1 billion valuation, nearly doubling its valuation in 10 months.

Arena, the company behind Chatbot Arena, raised a $200 million Series B round at a $3.1 billion valuation, according to TechCrunch. The financing was led by Lightspeed Venture Partners and Khosla Ventures.

Salesforce Ventures, 01 Advisors, Dell Technologies Capital, Endeavor Catalyst, a16z and Felicis also participated. Arena previously raised $150 million in January at a $1.7 billion post money valuation. Its annualized run rate revenue increased from $30 million at that time to $100 million in June.

Arena started as a UC Berkeley research project in 2023 and lets users compare AI model responses. Its commercial AI Evaluations service gives model developers and businesses performance data based on community feedback. The company also added an alignment leaderboard that measures unauthorized actions, false attribution and claims that unfinished tasks were completed.

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