Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

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<a href="https://smartkarma.com/entities/applied-intuition">Applied Intuition</a> has established itself as a pivotal software infrastructure provider for the autonomous systems market, serving 18 of the top 20 global automakers and expanding aggressively into defense, trucking, and other industries.</li>
  <li>The company exhibits hyper-growth, with estimated Annual Recurring Revenue (ARR) reaching approximately $830 million in 2025, a twofold increase year-over-year, driven by its comprehensive suite of simulation, validation, and data management tools.</li>
  <li>A recent Series F funding round in mid-2025 valued the company at $15 billion, reflecting strong investor confidence but also setting high expectations for future growth and profitability amidst a competitive landscape and the long-term, capital-intensive nature of autonomous vehicle development.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Applied Intuition has established itself as a pivotal software infrastructure provider for the autonomous systems market, serving 18 of the top 20 global automakers and expanding aggressively into defense, trucking, and other industries.
  The company exhibits hyper-growth, with estimated Annual Recurring Revenue (ARR) reaching approximately $830 million in 2025, a twofold increase year-over-year, driven by its comprehensive suite of simulation, validation, and data management tools.
  A recent Series F funding round in mid-2025 valued the company at $15 billion, reflecting strong investor confidence but also setting high expectations for future growth and profitability amidst a competitive landscape and the long-term, capital-intensive nature of autonomous vehicle development.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Applied Intuition (APPLIED INTUITION US) - Aug 2026

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

Applied Intuition / Private Capital Markets

<ul><li>Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up 2x from $415M in 2024.</li><li>Applied Intuition was valued at $15 billion following its $600 million Series F round and tender offer co-led by BlackRock-managed funds and Kleiner Perkins in June 2025.</li><li>The company monetizes through annual software licenses priced based on the number of engineering seats, scale of simulation workloads, and specific modules deployed.</li></ul>

Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up 2x from $415M in 2024.Applied Intuition was valued at $15 billion following its $600 million Series F round and tender offer co-led by BlackRock-managed funds and Kleiner Perkins in June 2025.The company monetizes through annual software licenses priced based on the number of engineering seats, scale of simulation workloads, and specific modules deployed.

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<li>Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.</li>
<li>The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.</li>
<li>While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.</li>
</ul>


Two companies emerged from the first wave with the balance sheets and data to lead: Waymo, backed by $27B+ in cumulative Alphabet funding and generating a Sacra-estimated $355M in annualized revenue as of February 2026 across ~500,000 weekly paid rides in 11 U.S. cities, and Tesla, which is building its robotaxi on top of a consumer self-driving fleet of 7M+ vehicles generating ~1 billion miles of driving data per month.
The market is sorting into four layers: 1) vertically integrated robotaxi operators like Waymo, Tesla and Zoox that own the vehicle, the autonomy stack, the fleet and the customer relationship, 2) B2B software companies that license the AI driving brain to OEMs like Wayve, Applied Intuition, Mobileye and Nuro, 3) demand aggregators like Uber that route riders to whichever autonomous vehicle is nearest, and 4) fleet infrastructure providers like Moove ($400M ARR in June 2025, up from $275M in 2024), Vay and Avis that finance, maintain and operate the physical cars.
While Uber is profitable with a demand-aggregation model that can plug in any autonomous vehicle, Waymo has the most advanced full-stack robotaxi operation but burns ~$5B+ a year, a gap that explains their frenemy partnership dynamics where Waymo trades a cut of every Uber-routed fare for the demand density it needs while it races to drive vehicle costs down from ~$175K per Jaguar I-PACE toward a target of sub-$50K with a prospective Hyundai deal while pushing utilization from 35% toward 55%+.


<ul><li>Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform.</li><li>Applied Intuition has deepened its offering against the vertically integrated stacks of Tesla (FSD) & Waymo (Driver).</li><li>Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up about 2x from $415M in 2024 with ~80% gross margin, valued at $15B at its June 2025 Series F for an ~24x forward revenue multiple on its ~$622M ARR.</li></ul>

Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform.Applied Intuition has deepened its offering against the vertically integrated stacks of Tesla (FSD) & Waymo (Driver).Sacra estimates Applied Intuition hit $830M in annual recurring revenue (ARR) in 2025, up about 2x from $415M in 2024 with ~80% gross margin, valued at $15B at its June 2025 Series F for an ~24x forward revenue multiple on its ~$622M ARR.

Applied Intuition At $830M/year Up 2x YoY

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<div><ul><li>WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.</li><li>As of 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).</li><li>Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 2026*</li></ul></div>

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Private Pools Index.As of 6/8/26, the index had 41 active constituents and a total market value of $2.53 trillion. The two largest constituents are Anthropic (47%) and OpenAI (~34%).Another strong month, again driven by Anthropic. WTR AI Private Pools Index performance for period ending June 8, 2026*

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

United States

Software suite for simulating, testing, and deploying autonomous vehicle systems across industries

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Applied Intuition (INTUITION US)

Primer: Applied Intuition (APPLIED INTUITION US) - Aug 2026

Applied Intuition has established itself as a pivotal software infrastructure provider for the autonomous systems market, serving 18 of the top...

αSK Primers

Primer: Applied Intuition - 14 Jul 2026

Software suite for simulating, testing, and deploying autonomous vehicle systems across industries

Sacra

Booking.Com Of Robotaxi

TL;DR: After $30B+ burned in the first AV wave, end-to-end neural networks have made autonomous driving viable again with vertically integrated...

Sacra

Applied Intuition At $830M/year Up 2x YoY

TL;DR: Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform, expanding from passenger cars...

Sacra

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Primer: Applied Intuition (APPLIED INTUITION US) - Aug 2026

Applied Intuition has established itself as a pivotal software infrastructure provider for the autonomous systems market, serving 18 of the top...

αSK Primers

Primer: Applied Intuition - 14 Jul 2026

Software suite for simulating, testing, and deploying autonomous vehicle systems across industries

Sacra

Booking.Com Of Robotaxi

TL;DR: After $30B+ burned in the first AV wave, end-to-end neural networks have made autonomous driving viable again with vertically integrated...

Sacra

Applied Intuition At $830M/year Up 2x YoY

TL;DR: Applied Intuition is repositioning from automotive simulation vendor to "physical AI" infrastructure platform, expanding from passenger cars...

Sacra

AI Private Pools Newsletter : Exploring Private Company Valuations in AI

WTR AI Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI...

Water Tower Research