Hugging Face
Open-core platform: free public hub + paid Enterprise Hub seats, hosted Inference Endpoints/Spaces compute (usage-based), cloud-partner referral revenue, expert support/consulting, and hardware (Reachy robots). Core library (Transformers) and public hub remain free/open-source as the distribution flywheel.
Series C ($2B, May 2022) and Series D ($4.5B, Aug 2023) are the two confirmed priced rounds; no later priced round exists as of Jan 2026 (Sacra + Contrary), so total funding remains ~$395.2M. The 2025 ~$9-10B mark is secondary-market (UpMarket), unofficial and thinly traded — not a company-priced round. Excluded as unverified/hallucinated: a fabricated 'Aug 2025 ~$7B round led by Radical Ventures' and a '$500B secondary / $79B total funding' figure, both contradicted by primary sources.
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range