Bittensor revenue run rate climbs 40% in a month to an estimated $70M

Compute and inference subnets are pulling in outside customers, but token emissions still dwarf what the network actually earns Bittensor’s ecosystem is now generating an estimated $70 million in annualized revenue. That is a 40% jump from the month before. The figure comes from SubConnect, which tracks revenue across Bittensor’s subnets. Its November 4, 2026 report put the network’s annualized recurring revenue (ARR) at roughly $70 million, up from approximately $50 million in October. A two-month growth sprint Zoom out a little and the curve gets steeper. In late August and early September 2026, SubConnect pegged the baseline at $32–35 million. Going from there to $70 million works out to roughly 100% growth over two months. A quick primer for anyone new to the project. Bittensor is organized into subnets, which are specialized marketplaces that each focus on a particular AI task or service. Each subnet has its own token, known as an “alpha” token, sitting alongside the network’s main token, TAO. Where the money is coming from According to SubConnect, the bulk of the growth is coming from subnets that sell compute and inference. Three subnets lead the pack: Lium (SN51), Targon (S...