Investment research firm Morningstar has launched what it says is the “first” benchmark dedicated to pure-play generative artificial intelligence (GenAI) companies, extending coverage beyond public markets to include private firms driving innovation across the sector.
The Morningstar PitchBook GenAI 20 Index is a perpetual benchmark designed to track the performance of companies focused solely on GenAI as they move through the corporate lifecycle, from private ownership through to public listing.
The index aims to address a gap in existing benchmarks, which usually overlook private companies despite their role in GenAI development.
“Many of the companies shaping the future of generative AI remain private and are therefore missing from traditional indices,” Morningstar stated. “This index is designed to provide a consistent, rules-based way to track true GenAI leaders as the market evolves.”
The index draws on private markets data from PitchBook, a Morningstar company, to identify firms working with core GenAI technologies such as machine learning, natural language processing, computer vision and agentic AI, which enables systems to act autonomously.
Companies are selected using a proprietary framework to maintain a focus on pure-play companies, meaning firms focused primarily on GenAI rather than diversified technology groups.
Morningstar said the perpetual structure of the index is intended to preserve continuity of exposure as companies move from private to public markets, allowing investors to measure and compare GenAI leadership over time.
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Sanjay Arya, head of innovation, Morningstar Indexes, said: “Staying at the forefront of innovation in generative AI requires a clear view of opportunities across both public and private markets. As private markets play an increasingly critical role in technology development, having transparent and measurable benchmarks is essential. We believe this new index helps provide clarity to one of the most important growth themes of the next decade.”
Dimitri Zabelin, senior investment research analyst, AI and cybersecurity, PitchBook, added: “GenAI represents a fundamental shift in how software is built, deployed, and scaled across the global economy. Unlike prior waves of innovation, its horizontal nature allows core generative models to influence nearly every sector simultaneously, reshaping workflows, products, and decision-making at unprecedented speed. As this transformation accelerates, the companies advancing foundational GenAI capabilities are increasingly central to how value is created in the technology ecosystem. Understanding how this layer evolves, consolidates, and scales is essential to interpreting the next phase of technological change.”
