Chart of the Day · SEP 10, 2026

How Many AI Models Are There? Arena Rates 399

The Arena text board now rates 399 models from 52 labs. Only 5 labs have a model in its top 20. Supply keeps growing; the top keeps narrowing.

Mode VC ·

The signal

Arena rates 399 text models from 52 labs, up from 10 models in May 2023. Yet only 5 labs hold its top 20 seats, down from 15 in Dec 2023.

Models with a rating, labs with at least one rated model, and labs with a model in the top 20, Arena text board (overall), 8 May 2023 – 2 Sept 2026. Log scale.

Models ratedLabs with a rated modelLabs with a top-20 model
Sources: Arena leaderboard dataset (lmarena-ai, CC BY 4.0) · Official launch posts (launch feed, captured 7 Oct 2026)MODE VC

Counts each listed model, so "thinking" or effort variants of one model count separately, and retired models stay on the board. This dataset's 2023 snapshots have no GPT-4 row before 6 Dec 2023 and no Claude row before 7 Mar 2024, so early counts are a floor. Top-20 labs are counted only from the first snapshot with 40+ models. Two models with a blank organisation field are left out of lab counts.

Show the data (42 rows)
SnapshotModels ratedLabsLabs in top 20
2023-05-08109–
2023-10-022515–
2024-01-09452615
2024-03-07632912
2024-04-1070319
2024-04-2680328
2024-05-2084337
2024-06-21943410
2024-07-1698349
2024-08-05105349
2024-08-28111368
2024-10-15127389
2024-11-20135409
2024-12-151474110
2025-01-191584212
2025-02-051624210
2025-02-21167429
2025-03-20179429
2025-04-09182428
2025-05-19196427
2025-06-11198428
2025-07-15214439
2025-08-07228448
2025-09-08235419
2025-10-07256439
2025-11-162684510
2025-12-042794810
2025-12-18286489
2026-01-27300508
2026-02-16311519
2026-02-24316529
2026-03-06323529
2026-03-26334529
2026-04-143395111
2026-04-283515110
2026-05-123585110
2026-06-04365518
2026-07-10374518
2026-07-26380527
2026-08-10386526
2026-09-01398526
2026-09-02399525

The Mode read

How many AI models are there? One public answer is the Arena text leaderboard, where people vote blind between two answers. Its 2 Sept 2026 snapshot rates 399 models from 52 labs, and labs announced 11 new text and multimodal models in the 30 days to 10 Sept 2026. The question for us is whether more supply means more contenders at the top.

It does not. The board grew from 10 models in May 2023 to 399, and the number of labs from 9 to 52. But the number of labs with a model in the top 20 peaked at 15 in Dec 2023, was 11 in Jan 2025 with 154 models rated, and is now 5. Anthropic, Google and Meta hold 17 of the 20 seats.

Model supply is no longer scarce. A buyer's attention is. With hundreds of models and a handful of labs at the top, the hard part for a team is choosing, and the companies that sit at that point of choice collect the traffic. Shipping model number 400 is a weak position; owning the place where teams pick one is a strong one.

Models are abundant. The shelf where buyers choose one is not.

What we would back: Gateways, evaluation tools and model marketplaces that already sit where teams pick a model.