SubnetAtlas · Pricing standard

The Subnet Multiple

Caps live via Taostats · revenue as of latest disclosure per row

Caps updated Jun 29, 2026 · cap ÷ annualized real revenueToday's briefing →

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

90% 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.

5× · business50×500×+ · belief

Chutes 14.3×Bitcast 4.3×Vanta 24×Lium 28×Targon 45×

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.

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SubnetCapRev / yrMultipleConf.Verdict