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 Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.</li><li>As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.</li><li>The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.</li></ul></div>

WTR AI Flow Private Pools Index update. Using data from PM Insights, we track private AI company valuations and created a market value-weighted WTR AI Flow Private Pools Index.As of 8/10/26, the index had 43 active constituents and a total market value of $2.86 trillion.The two largest constituents are Anthropic (46%) and OpenAI (33%). Note, these valuations reflect recent secondary-market bids and offers rather than a completed financing round.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

<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 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).</li><li>Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 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 5/11/26, the index had 38 active constituents and a total market value of $2.20 trillion. The two largest constituents are Anthropic (~41.0%) and OpenAI (~38.2%).Another big month increase driven by Anthropic. WTR AI Private Pools Index performance for month ending May 11, 2026*. 

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

<ul><li>Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.</li><li>Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.</li><li>We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.</li></ul>

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in the AI space.Unlike traditional company valuation assessments done quarterly, PM Insights data show equity price fluctuations between funding rounds and regular financial reporting periods.We are following ~46 private companies in AI from PM Insights data and created a WTR AI Private Pools Index, with a market value (as of 3/9/26) of $1.73 trillion.

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

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AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - Aug 13, 2026

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

Water Tower Research

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI - 18 May 2026

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

AI Flow Private Pools Newsletter : Exploring Private Company Valuations in AI

Introducing AI Flow Private Pools Newsletter. Using data from PM Insights, we examine the monthly valuation changes in private companies in...

Water Tower Research