What SemiAnalysis does

SemiAnalysis is an independent research and intelligence firm focused on the semiconductor and AI infrastructure value chain, founded in 2020 by CEO Dylan Patel. The firm's core offerings span four institutional product lines: (1) Core Research (weekly and ad hoc deep-dive reports on semis and AI infrastructure); (2) Industry Models (proprietary financial and operational models covering the Accelerator Industry, AI Cloud TCO, Datacenter Industry, Energy, Foundry, Memory, AI Networking, Tokenomics, Space DC TCO, and VR NVL72 BoM & Power); (3) Data Products (GPU Pricing Index/API with 11M+ datapoints updated daily since February 2017, and ChipBook trade-flow dashboards with 46M+ datapoints across 700+ HS codes from 40+ countries); and (4) Consulting and Technical Due Diligence. Two flagship benchmarking products anchor market positioning: ClusterMAX, an industry-standard rating system covering 84 GPU cloud providers across 10 criteria; and InferenceMAX, an open-source nightly LLM inference benchmark. The firm also operates STEEL, a physical semiconductor teardown laboratory in Hillsboro, Oregon, extending its reach into reverse-engineering and hardware characterization. A free Substack newsletter (292,000+ subscribers, ranked #1 technology publication on Substack) functions as the top-of-funnel demand-generation asset for paid institutional products.

The revenue model is predominantly subscription-based, with public newsletter tiers (free and paid) on Substack, annual enterprise subscriptions for institutional research and data products, and bespoke consulting engagements billed on project or retainer bases. Go-to-market is hybrid: direct enterprise sales to institutional investors, semiconductor and AI companies (named clients include NVIDIA and AMD), and government/policy stakeholders; community-led growth via the Substack newsletter and 40+ annual conference appearances; and event-driven engagement through GPU hackathons co-sponsored with CoreWeave, Lambda, Nebius, Together.ai, Google Cloud, OpenAI, Thinking Machines Lab, and others. Customer segments are split between institutional investors (primary), semiconductor and AI companies (primary, including the firms SemiAnalysis covers), and government/policy organizations (secondary). Recent extensions include a WisdomTree-branded UCITS ETF licensing the SemiAnalysis AI Infrastructure Index and the early-stage SemiAnalysis Capital venture fund managed by Dylan Patel.

The firm operates from offices in Denver (headquarters), San Francisco, Chicago, New York City, Hillsboro (Oregon lab), and Singapore (APAC coverage), with hybrid/remote roles listed across functions. Customer concentration is anchored by named enterprise relationships with NVIDIA and AMD and supplemented by a broad institutional investor base and a mass-audience public newsletter. The company adopted a FINRA-equivalent compliance program including Series 16 Supervisory Analyst review prior to publication, signaling institutional maturation. A legal dispute filed in March 2026 against a former employee (with counterclaims) and reporting of a Fluidstack-related conflict-of-interest concern are disclosed risks to operational reputation.

Name

SemiAnalysis

Legal name

SemiAnalysis

Website

https://semianalysis.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

SemiAnalysis is an independent research firm that delivers subscription-based semiconductor and AI infrastructure intelligence — including Core Research, proprietary Industry Models, GPU pricing and trade-flow Data Products, ClusterMAX and InferenceMAX benchmarking tools, and STEEL teardown lab services — to institutional investors, semiconductor/AI companies, and government clients.

Ownership category

akta.pro rank

Product category

Semiconductor and AI Infrastructure Research

NAICS

Portfolio Management and Investment Advice (523940), Other Scientific and Technical Consulting Services (54169)

SIC

Investment Advice (6282)

akta.pro primary industry

Valuation & Fairness Opinions (BPAHADAF)

akta.pro secondary industry

Fairness Opinions & Independent Financial Advice (BPAHAOAF)

Keywords

• Semiconductor research
• AI infrastructure analysis
• GPU cloud ratings
• Industry financial models
• Technical due diligence

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations

Revenue model

1. Newsletter Subscriptions: Public Substack newsletter with over 292,000 subscribers offering semiconductor and AI industry research and analysis.
2. Institutional Research Products: Four institutional product lines: Industry Models (tailored financial and industry models), Core Research (weekly and ad hoc reports on semiconductor and AI trends), Data Products (GPU pricing API, ChipBook trade data), and Consulting & Technical Due Diligence.
3. Strategic Consulting and Analysis: Bespoke consulting and analysis services for semiconductor industry organizations and institutional clients, including technical due diligence and custom project work.
4. SemiAnalysis Capital (Venture Fund): Dylan Patel's SemiAnalysis is in early talks to raise hundreds of millions for a VC fund. Patel has also raised a $50M SPV toward Fluidstack's $700M fundraising.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

SemiAnalysis is an independent semiconductor and AI infrastructure research firm that sells subscription-based institutional research, proprietary data products, industry financial models, benchmarking tools, and consulting services. Its paid portfolio includes Core Research subscriptions, twelve bottoms-up Industry Models (Accelerator, AI Cloud TCO, Datacenter, Wafer Fab, AI Networking, Memory, Energy, Foundry, Industrials, Tokenomics, Space DC TCO, VR NVL72 BoM & Power), the ClusterMAX GPU cloud rating system, the InferenceMAX LLM benchmark, the GPU Rental Pricing API, the ChipBook trade flow dashboards, and a physical semiconductor teardown lab (STEEL) in Hillsboro, Oregon, all sold to institutional investors, semiconductor and AI companies, and government/policy stakeholders.

Product overview

SemiAnalysis is an independent research and analysis company specializing in the Semiconductor and AI industries, offering a comprehensive portfolio of industry models (Accelerator, AI Cloud TCO, Datacenter, Wafer Fab, AI Networking, Memory, Energy, Tokenomics, Space DC TCO, VR NVL72 BoM), benchmarking tools (ClusterMAX GPU cloud ratings, InferenceMAX LLM benchmarking), data products (GPU Rental Pricing API, ChipBook trade dashboards), research subscriptions (Core Research), physical analysis capabilities (STEEL teardown lab), and consulting services. The company serves institutional investors, technology firms, and governments with intelligence spanning semiconductor fabrication to AI infrastructure deployment.

Differentiator

Problem solved

Functional benefit

Products and services

• Core Research subscription Weekly and ad hoc institutional research reports covering structural shifts in semiconductors and AI infrastructure, combining trend tracking, inflection callouts, public equity implications, technical due diligence, supply chain forensics, and regulatory intelligence for institutional investors and corporate subscribers.
• Industry Models suite (Accelerator, AI Cloud TCO, Datacenter, Wafer Fab, AI Networking, Memory, Energy, Foundry, Industrials, Tokenomics, Space DC TCO, VR NVL72 BoM & Power) A suite of twelve bottoms-up financial models covering accelerator production, AI Cloud total cost of ownership, datacenter critical IT power capacity, wafer fab equipment, AI networking, memory, energy, foundry, industrials, tokenomics, space datacenter TCO and the VR NVL72 bill of materials and power analysis, sold to institutional clients as part of the Industry Models institutional product line.
• ClusterMAX GPU Cloud Rating System Industry-standard rating system for GPU cloud providers evaluating them across ten criteria including security, orchestration, storage, networking, reliability, monitoring, pricing, partnerships and availability, with Platinum, Gold and Silver tier rankings across 84 providers.
• InferenceMAX Open-source benchmark that automatically tracks LLM inference performance across AI models and frameworks on a nightly basis, providing standardized inference performance data to AI practitioners.
• GPU Rental Pricing Data & API Time-series data product on GPU rental prices updated daily, with 11 million+ datapoints across GPUs from hyperscalers, neoclouds, marketplaces and routers since February 2017, available through an interactive dashboard and a documented API.
• ChipBook Trade Flow Dashboard Monthly insights dashboard on semiconductor and AI material trade flows, import-export trends and market dynamics, with 46 million+ unique datapoints across 700+ HS codes from 40+ countries since January 1988.
• STEEL (Semiconductor Teardown Engineering & Evaluation Lab) Physical teardown and characterization laboratory in Hillsboro, Oregon for analyzing advanced semiconductor nodes and AI hardware through physical inspection, reverse engineering, and process analysis using SEM, FIB and STEM imaging, with hardware engineer and analyst roles based onsite.
• Consulting and Technical Due Diligence Bespoke strategic and technical consulting engagements for semiconductor industry organizations and institutional clients, including technical due diligence, custom research, and project work, with options for retained advisory engagements and hourly consulting.
• SemiAnalysis Substack Newsletter Public Substack newsletter with over 292,000 subscribers offering semiconductor and AI industry research and analysis via free and paid subscription tiers, functioning as the demand-generation funnel for paid institutional products.

Quantifiable outcome

• ClusterMAX covers 90%+ of the GPU cloud market with ratings for 84 providers
• +2 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature6 records

Partnerships

22 partnerships are on record, tiered flagship, minor and core.

• WisdomTreeflagshipStrategic or Co-development Partner · 11 June 2026WisdomTree launched the WisdomTree AI Infrastructure UCITS ETF (WAGI) in partnership with SemiAnalysis, which designed the underlying WisdomTree SemiAnalysis Artificial General Intelligence Infrastructure UCITS Index. The ETF began trading on Börse Xetra, Borsa Italiana, and SIX Swiss Exchange with a 0.50% total expense ratio, providing diversified exposure to AI infrastructure companies.
• GPU MODEminorStrategic or Co-development PartnerSemiAnalysis partnered with GPU MODE to wrap up the PyTorch Conference with a GPU MODE x PyTorch IRL hackathon, providing access to NVIDIA Blackwell Ultra and Hopper GPUs for participants.
• FluidstackminorStrategic or Co-development PartnerSemiAnalysis x Fluidstack co-hosted a 48-hour hackathon spanning the entire AI infrastructure stack at GTC 2026. Fluidstack issued compute grants including Claude API credits and managed GPU cluster access. Note: SemiAnalysis CEO Dylan Patel has a financial interest in Fluidstack through a $50M SPV raised toward Fluidstack's fundraising.
• Yotta EventcoreGTM or Marketing PartnerYotta 2026 is a major digital infrastructure event where SemiAnalysis is a partner. The event addresses scaling AI infrastructure with 100+ speakers and 200+ partners. SemiAnalysis analysts regularly participate in Yotta events.
• NVIDIAcoreGTM or Marketing PartnerNVIDIA featured SemiAnalysis's chip evaluation report for five minutes on the main stage at GTC conference. SemiAnalysis GPU Hackathon participants had access to NVIDIA Blackwell Ultra GPUs. SemiAnalysis is a recognized thought leader within the NVIDIA ecosystem.
• Together.aiminorGTM or Marketing PartnerTogether.ai co-sponsored the SemiAnalysis GPU Hackathon and provided credits for participants. Together AI was also recognized as a Silver tier GPU cloud provider in ClusterMAX 2.0.
• CoreWeaveminorGTM or Marketing PartnerCoreWeave co-sponsored the SemiAnalysis GPU Hackathon. CoreWeave retained its Platinum ClusterMAX rating for the second consecutive ranking, remaining the industry's sole Platinum provider.
• LambdaminorGTM or Marketing PartnerLambda co-sponsored the SemiAnalysis GPU Hackathon, providing GPU infrastructure for participants.
• NebiusminorGTM or Marketing PartnerNebius co-sponsored the SemiAnalysis GPU Hackathon. Nebius achieved Gold tier status in ClusterMAX 2.0 and commissioned SemiAnalysis to model total cost of ownership across AI workloads.
• Google CloudminorGTM or Marketing PartnerGoogle Cloud co-sponsored the SemiAnalysis GPU Hackathon, providing cloud infrastructure support for participants.
• OpenAIminorGTM or Marketing PartnerOpenAI co-sponsored the SemiAnalysis GPU Hackathon, contributing to the prize pool and ecosystem support.
• Thinking Machines LabminorGTM or Marketing PartnerThinking Machines Lab co-sponsored the SemiAnalysis GPU Hackathon and contributed credits to participants.
• CursorminorGTM or Marketing PartnerCursor co-sponsored the SemiAnalysis GPU Hackathon, providing credits and prizes for participants.
• PyTorchminorStrategic or Co-development PartnerSemiAnalysis partnered with GPU MODE to wrap up the PyTorch Conference with a joint IRL hackathon.
• TensorWaveminorGTM or Marketing PartnerTensorWave co-sponsored the SemiAnalysis GPU Hackathon. SemiAnalysis analysts participate in TensorWave events including Beyond Summit 2026.
• Clockwork.iominorGTM or Marketing PartnerSemiAnalysis analyst Jordan Nanos co-presented a webinar on hardware failures during training with Clockwork.io.
• Linux FoundationminorGTM or Marketing PartnerSemiAnalysis co-presented a webinar on hardware failures during training with the Linux Foundation.
• Cerebral ValleyminorGTM or Marketing PartnerSemiAnalysis is a partner of Cerebral Valley's RAISE Summit Hackathon, the world's largest AI hackathon.
• MACHINA SummitminorGTM or Marketing PartnerSemiAnalysis is a partner of Europe's leading Physical AI conference, MACHINA Summit 2026 in Paris.
• Data4minorGTM or Marketing PartnerSemiAnalysis partnered with Data4 to host 'The Future of AI Infrastructure' exclusive side event alongside RAISE Summit, featuring discussion on hyperscalers and AI labs.
• AirTrunkminorGTM or Marketing PartnerSemiAnalysis and AirTrunk co-presented 'Clusters & Cocktails' at PTC 2026 in Honolulu.
• LegrandminorGTM or Marketing PartnerSemiAnalysis analyst Nicolas Bontigui spoke at Legrand's 'Open Standards, Infinite Possibilities' webinar on rack and power solutions.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Gartner: Largest independent IT and technology research/advisory firm, selling subscriptions, advisory, and consulting to enterprises and investors. Comparable to SemiAnalysis as a subscription research model serving institutional technology buyers.
• IDC (International Data Corporation): Global market intelligence firm providing subscription research, forecasts, and advisory across IT, semiconductors, and AI infrastructure. Comparable business model (subscription research) and customer base (enterprise tech buyers and investors).
• Forrester Research: Subscription-based research and advisory firm serving enterprise technology buyers. Comparable in subscription research + consulting model, though broader in scope and more enterprise-IT focused than SemiAnalysis.

Direct peers

• TechInsights: Semiconductor and electronics IP/technical analysis firm best known for chip teardowns and reverse engineering. Directly comparable to SemiAnalysis's STEEL lab and overlapping customer base in semiconductor IP and competitive intelligence.
• TrendForce: Asia-based research firm specializing in semiconductor, memory, and display supply-chain intelligence. Closely comparable to SemiAnalysis's ChipBook trade-flow data and supply-chain forensics products.
• Counterpoint Research: Independent technology market research firm covering semiconductors, smartphones, and emerging tech. Comparable as a subscription research model targeting investors and tech companies with deep component-level analysis.

Emerging players

• The Information: Subscription-based independent tech news and analysis outlet, including a strong beat on AI infrastructure and semiconductors. Comparable in premium subscription business model and influence on institutional tech investors.
• Stratechery: Independent technology analysis subscription (Ben Thompson) widely read by tech executives and investors. Comparable as a high-influence independent research brand monetized via paid subscriptions.
• MLCommons: Open consortium producing widely used ML/AI benchmarks (MLPerf). Comparable to SemiAnalysis's InferenceMAX as an industry-standard inference/AI performance benchmark, representing both an adjacent community and a potential substitute.

Others

• Bain & Company: Global management consulting firm with a technology and semiconductor practice. Comparable as a professional services provider of strategic and technical due diligence to enterprises and investors in the semiconductor/AI ecosystem.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/SemiAnalysis_
• LinkedInlinkedin.com/company/semianalysis

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SemiAnalysis