All Subnets

Chutes

#64Inference

Serverless AI inference processing 9.1T+ tokens across 400K+ users at 85% lower cost than AWS.

WebsiteGitHub

Price

$0.087883-0.28%

24h

7d Change

+0.26%

Market Cap

$141.55M

Emission

-

Miners

30

Validators

12

Competitor Mapping

Chutes

Decentralized

Market Cap

$141.55M

TAM

$118.00B

Model

Token-incentivized

Team

Decentralized miners

AWS Bedrock + Together AI

AMZN

Market Cap

$2.13T

TAM

$118.00B

Model

Revenue-driven

Team

Enterprise

Chutes $141.55M66.5 bpsAWS Bedrock + Together AI $2.13T

Chutes undercuts AWS inference pricing by 85% using decentralized GPU miners. Together AI and Fireworks AI are closer VC-backed competitors.

Implied Valuation

If Chutes captures a share of AWS Bedrock + Together AI's $118.00B TAM

Bear - 0.1% TAM

$118.00M

implied valuation

-16.64%

vs $141.55M current

Base case

Base - 1% TAM

$1.18B

implied valuation

+733.65%

vs $141.55M current

Bull - 5% TAM

$5.90B

implied valuation

+4068.25%

vs $141.55M current

Scenarios illustrate potential scale relative to the traditional market. Actual outcomes depend on adoption, tokenomics, and competitive dynamics.

Thesis

First Bittensor subnet to surpass $100M valuation with real usage. 5M+ daily requests and 101B daily tokens prove product-market fit. 85% cost advantage vs AWS is structural.

Team

Built by Rayon Labs, the most influential development group in the Bittensor ecosystem. Led by 'namoray' (pseudonymous founder). Also operates SN56 (Gradients) and SN19 (Nineteen). The 'Rayon Trio' controls ~23.7% of all daily TAO emissions. Team is partially pseudonymous.

  • namoray - Founder/Lead - Pseudonymous, represents Rayon Labs publicly in podcasts and community

Funding

No traditional VC funding disclosed. Funded through TAO emissions (~518 TAO/day, ~$52M annualized across miners/validators). Revenue reinvested via auto-staking.

Traction

400K+ users, 100K+ API users. 5M+ daily requests. 12B+ tokens/day (up from 6.6B recently). 9.1T+ cumulative tokens. OpenRouter integration driving additional volume. External annual revenue estimated at $1.3M-$2.4M (self-reported, unaudited). Platform revenue funneled back via auto-staking mechanism.

Recent News

  • Mar 2026 - Processing 12B+ tokens/day, up from earlier levels
  • 2026 - Surpassed $100M implied valuation based on subnet token price
  • 2026 - OpenRouter integration driving significant user growth
  • 2026 - Revenue auto-staking mechanism purchasing SN64 Alpha token from product usage

Risk

Revenue heavily subsidized by TAO emissions; unit economics unclear when subsidies decline post-halving.