Know what’s really happening at
Nous Research before you sign on.
- On the roadmap
- Open Source AI
- Decentralized AI
- AI Infrastructure
Nous Research is an open-source AI lab betting that decentralized training and open weights can rival closed frontier labs. Its Hermes models have been downloaded tens of millions of times, and its Psyche network trains production models across the open internet.
How we do it.
Most "AI market intel" is a summarized crawl of press releases. This Altis research is built from our knowledge graph of sector expert calls, synthesized with public sources.
Nous Research
- Founded by Jeffrey Quesnelle, Karan Malhotra, Teknium, and Shivani Mitra
- 2023
- Series A led by Paradigm, April 2025 (~$1B valuation)
- $50M
- Valuation on the reported ~$75M follow-on round
- $1.5B
- Hermes model downloads on Hugging Face
- 33M
- Hermes 4.3 — first production model trained entirely on Psyche
- August 25, 2025
- Hermes 4.3 post-training corpus, up from ~1.2 billion
- 60 billion tokens
Press reported
Altis Verified
What's in the report
Most "AI market intel" is a summarized crawl of press releases. This is what customers, competitors, and former employees actually told us.
Market Overview
Market structure, where the company sits, and growth drivers.
- market map
- Open Source AI landscape
- Open Source AI growth rate
- CAGR
Total Addressable Market
Bottom-up TAM / SAM / SOM.
- Nous Research TAM
- Open Source AI market size
- market opportunity
Company Overview
What the company does and how it operates.
- what does Nous Research do
- Nous Research product
- business model
Product / Go-to-Market
Product, GTM motion, ICP, and who buys.
- Nous Research customers
- who uses Nous Research
- Nous Research ICP
- go-to-market
Competitive Dynamics
The Altis Market Map and the Altis Win-Rate Index.
- Nous Research competitors
- Nous Research alternatives
- who competes with Nous Research
- Nous Research win rate
Customer Signals
Retention, satisfaction, and win/loss signals.
- Nous Research reviews
- Nous Research NRR
- Nous Research churn
- current customers
- switching costs
Investment Debates
Investment thesis, moat, bull/bear, and key risks.
- Nous Research investment thesis
- Nous Research moat
- bull case bear case
- Nous Research risk factors
Monetization & Financials
Business model, revenue model, and unit economics.
- Nous Research ARR
- Nous Research revenue
- Nous Research valuation
- unit economics
Team and culture
Founders, leadership, and org.
- Nous Research founders
- Nous Research CEO background
- leadership team
- headcount
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Based on public reporting and company disclosures as of July 2026.