New Index Provides Visibility into Private Generative AI Market
OpenAI, xAI, and Anthropic are no longer operating in the dark when it comes to investor visibility. Morningstar just launched a new daily index that tracks 20 generative AI companies, including these three, giving investors their first actual shot at measuring performance in a space that’s been closed off for too long.
The index pulls data from PitchBook, a private market tracker Morningstar bought back in 2016. That’s the engine behind it.
Lots of the biggest and fastest-growing AI companies don’t trade publicly. They stay private and don’t show their books unless you’re already in the club. So investors who aren’t already inside have had zero clarity.
Public markets don’t tell the story anymore, and that’s what Morningstar says it wants to fix. “You can’t really understand the future of AI by looking at public markets,” said Sanjay Arya, head of innovation for Morningstar’s index business. “So you have to create something which completes the picture.”
Morningstar's Approach to Tracking GenAI Valuations
Morningstar’s new tool is meant to publish daily updates tracking valuation changes across 20 GenAI companies, based on funding rounds and revaluations with updates coming from PitchBook’s data.
The point is to show how the sector is moving, even when these companies don’t report anything publicly.
Sanjay said one major tech company is already planning to use the index to benchmark its own investments, though he wouldn’t say which one for reasons we do not know.
The index also includes Databricks, Mistral AI, and Cohere.
This isn’t Morningstar’s first foray into private markets either. It’s already running another index that tracks 20 late-stage VC-backed companies with $1 billion+ valuations.
By the end of 2025, almost half of all Index Industry Association members, including MSCI and S&P Dow Jones, had all either launched or announced their own private market indexes.
Sanjay also said that GenAI companies are raising funds more often than they used to. Which means their valuations are changing more often, too.
“If this is going to be a huge part of the economy, I guess you want to see how this segment of the market is growing,” Sanjay explained.
OpenAI and Anthropic Expand into Healthcare Sector
While Morningstar tracks the financial side, OpenAI and Anthropic are getting deep into healthcare. On Thursday, OpenAI said it’s launching a new version of ChatGPT made for clinicians. It’s supposed to help with medical case reviews, tailored care, and cutting down admin work.
The tool comes with citations from verified medical sources and follows HIPAA rules for handling private health data. The rollout has already started at places like Boston Children’s Hospital, Memorial Sloan Kettering, and Cedars-Sinai.
The day before that, OpenAI launched ChatGPT Health, which lets regular users analyze medical tests, prep for doctor visits, and get input on workouts or diets. It’s not a substitute for real doctors, but the idea is to be a helpful add-on. It shows a clear effort by OpenAI to push their product deeper into everyday use and into sectors that deal with personal data.
Anthropic, led by a former biophysicist, is also doubling down on this area. The company rolled out updates to its Claude chatbot, aiming to speed up scientific research. It’s even holding an event next week focused entirely on its health care strategy. Top execs will lay out where they’re heading.