Methodology

The Subnet Multiple is a single ratio: market cap ÷ annualized real revenue. It answers one question — how many dollars the market pays for each dollar of verified external revenue a subnet earns.

A low multiple means a subnet is priced like a business. A high one means the price runs ahead of what the subnet actually earns today. When a subnet has no disclosed external revenue, the multiple is undefined — the cap is a bet on the future, and we say so plainly rather than inventing a denominator.

Market caps are pulled live from the Taostats dTAO pool API. Caps are denominated in USD using the live TAO price at fetch time. The “Caps updated” stamp on the home ledger reflects the most recent pull.

Because caps are live and each revenue figure is fixed at its disclosure date, the multiples move daily even when a subnet’s underlying revenue figure hasn’t changed.

Revenue means external customer revenue only — real dollars paid by users outside the network for a service. TAO emissions are excluded. Emissions are the protocol paying its own participants; counting them as revenue would let any subnet manufacture a low multiple out of thin air.

Revenue figures are curated and updated from team disclosures and third-party verification. Each ledger row carries its own “as of” date and a source link — expand any row to see them. Figures are fixed at their disclosure date until a newer one lands.

• TI ✓ Verified — confirmed by the TAO Institute, often corroborated by on-chain activity (e.g. buybacks). Gold is reserved for this tier only.
• self — team-disclosed and unaudited. Credible, but reported by the subnet itself.
• none — no disclosed external revenue. Multiple is undefined; the subnet is priced on belief.

Where a subnet discloses a partial period, we annualize it and show the basis on the row (e.g. “90d × 4”, “Apr 2026 × 12”, “MRR × 12”). Annualization assumes the disclosed run-rate holds for a year — a simplification, and one reason a high-confidence figure can still move.

The home ledger shows the tracked dataset, not the full network. The thesis stat is derived live: the 5 entries with a disclosed revenue figure, against the live subnet count from Taostats. Entries with an announced deal but no figure (and subnets we don’t yet track) count as priced on belief. The full directory lives at /subnets.

Multiples are a snapshot, not investment advice. Figures change as disclosures and caps update. Verify against primary sources before acting.