Morningstar launches GenAI exclusive index to track OpenAI and xAI!

The new index hits the core pain point of the AI investment market: a large number of high growth GenAI giants have not been listed for a long time, making it difficult for public market investors to grasp the full picture of the industry. Sanjay Arya, the head of business innovation at Morningstar Index, stated that GenAI is a key force in reshaping the global economy. The core players are mostly unlisted companies in the later stages, whose scale and growth potential are comparable to that of listed technology giants, but they have been excluded from mainstream indices. "This index is designed to complement the future vision of AI.

This index is built on PitchBook financial data under Morningstar, and its core advantage lies in accurate coverage and timely data. The 20 constituent companies include OpenAI (valued at $500 billion, the world's most valuable private company), Musk's xAI, Anthropic (expected to be valued at $350 billion), and niche leaders such as VNet and Mistral AI. The index is updated daily based on PitchBook's first-hand financing data, tracking the entire lifecycle of the enterprise and providing a comparable long-term observation scale.

The landing of the index is in line with the two-way demand of the public and private markets. On the one hand, the financing and valuation updates of GenAI enterprises are accelerating, and investors have a strong demand for industry transparency. The financial information of non listed companies is only disclosed to investors, which is difficult for ordinary investors to access; On the other hand, the demand for institutional layout in the GenAI track is heating up, and large technology companies have planned to use this index as an investment benchmark to provide reference for the layout of non listed AI assets.

This is also an important manifestation of the trend of private equity market indexing. In recent years, institutions such as S&P, Dow Jones, and MSCI have successively laid out private equity indexes. By the end of 2025, nearly half of the index industry association members have launched or plan to launch related products, highlighting the explosive demand for tracking high-quality non listed assets. This GenAI specific index can help investors assess the growth potential of companies, provide valuation references for subsequent IPOs, and alleviate the valuation gap between the public and private markets.