SubnetAtlas

Which Bittensor subnets are businesses.

The Subnet Multiple — market cap ÷ verified external revenue.

Caps live via Taostats · revenue frozen at each disclosure date

Caps live · updated Oct 2, 2026. Revenue as of Mar 2026 – Apr 2026 — denominators are frozen at disclosure.Methodology →

5 of 129 Bittensor subnets disclose real revenue. The other 124 are priced on belief.

88% of all subnet market cap has zero verified revenue behind it.

The multiple is what the market pays for a dollar of verified external revenue — emissions excluded. Lower means priced like a business. No revenue means the multiple is undefined, and the cap is a bet. This is research, not advice.

5× · business50×500×+ · belief

Chutes 23×Bitcast 12.7×Vanta 39×Lium 87×Targon 76×

124 subnets → ∞

For context · price-to-sales, not live

Nvidia ~26× · Palantir ~60× · S&P 500 ~28× revenue (P/S, as of Jun 2026)

Public-market price-to-sales multiples, for orientation only — a subnet at 14× sits where a real business trades.

Sort

SubnetCapRev / yrMultipleConf.Verdict

Today in TAO

What re-rated, what disclosed, and what is still priced on belief.

Re-rated · 7d

No multiple has moved more than 10% against its 7-day mark.

Disclosed

SN93Apr 30

Bitcast (SN93) disclosed TAO Institute-verified revenue

SN64Apr 30

Chutes (SN64) disclosed TAO Institute-verified revenue

SN51Apr 30

Lium (SN51) disclosed self-reported revenue

Still belief · largest caps

engy$63M

no verified revenue · multiple undefined

Affine$60M

no verified revenue · multiple undefined

Score$58M

no verified revenue · multiple undefined