Is Comet ML profitable?

No public profitability data exists since Comet is private. Third-party estimates put ARR around 17 to 18 million dollars for 2024 to 2026, up from an estimated 10.2 million in 2023, per Latka as of December 2024. No profit figures are disclosed.

Has Comet ML raised new funding recently?

No. Comet's last confirmed round was a 50 million dollar Series B in November 2021 led by OpenView Venture Partners. As of mid 2026, roughly 4.5 years have passed with no new disclosed round, raising questions about its ability to re-raise.

Is Comet ML growing or shrinking?

Signals are mixed to weak. Crustdata reported web traffic down about 41 percent quarter over quarter and only 1 open job role as of June 2026, giving Comet a Growth Score of 12 out of 100, despite headcount ticking up to roughly 103 employees.

Who is Comet ML's biggest competitor?

Weights and Biases (W&B), now tied to CoreWeave, is the closest incumbent threat via its Weave product, which directly competes with Comet's Opik. Langfuse, LangSmith, Arize, and Braintrust also contest the same LLM observability market as of 2026.

Could AI replace Comet ML's product?

Not directly. Comet's Opik observability tool tracks and evaluates AI agent behavior, so more agent usage increases demand for it rather than replacing it. The longer-term risk is frontier labs like Anthropic or OpenAI building native tracing tools, which Comet is hedging against with a Claude Code plugin launched March 2026.

What is Opik and does it matter for Comet ML's survival?

Opik is Comet's open-source LLM evaluation and observability platform, launched September 2024, claiming over 150,000 developers and about 20,000 GitHub stars as of April 2026. It is Comet's main growth bet in a crowded field against Langfuse, LangSmith, and W&B Weave.

AI companies and labs · Canada

Comet ML

comet.com ↗

Comet ML makes Opik, a tool for tracking and testing AI models and agents in production.

Losing its protection

Assessed 21 July 2026 · Evidence as of 21 July 2026

The structural protection is eroding.

On the recordSince 21 July 2026 · Checkable from next 12 months · Every call on the record Checkpoint: Whether Comet closes a new funding round after 4.5 years since its last raise

The call

Comet has a genuinely popular open-source tool in Opik, but flat revenue, shrinking traffic, and a stale funding clock put it in a tight spot as bigger rivals ship the same features.

Comet builds tools that let AI engineers watch and debug their experiments. It has a popular free version (Opik) that 150,000 developers use and has won over big companies like Uber and Netflix. The problem is that many other companies now offer almost the same thing: Langfuse, LangSmith, Weights & Biases, and even cloud giants like Amazon and Google have their own versions. Comet's revenue has not grown in months, its headcount is not growing, and fewer people are visiting its website. One thing that could turn this around is if Comet raises new money soon and uses it to make Opik the clear favorite tool among AI engineers, ahead of its main rival Langfuse.

Why

AI pressure: OpenAI and Anthropic building native tracing/eval tools into their own platforms. If model makers ship built-in tracing, teams may skip separate observability tools like Opik entirely. Could AI do the core job? Only partly.

Bigger players: Weights & Biases (Weave, now owned by CoreWeave) and Databricks (MLflow). W&B already ships a direct Opik rival called Weave, and Databricks bundles MLflow free with its platform. Could a giant copy it? Yes, easily.

What protects it. Opik's open-source pull, 20k GitHub stars and 150k+ developers, plus logos like Uber and Netflix using it in production.

What would change this call

Comet announces a new funding round within 12 months. Shows whether investors still back Comet or it's capital-starved after 4.5 years without new capital.
Opik's GitHub star count and integrations vs. Langfuse's over the next two quarters. Shows whether Comet is winning or losing open-source developer mindshare in observability.
Comet's web traffic and headcount trend over the next two quarters. Shows whether the reported 41% traffic decline continues or reverses, indicating demand direction.

Key numbers

ARR roughly $17-18M (2024-2026)
Web traffic down 41% quarter over quarter (mid-2026)
Last raise was $50M Series B (Nov 2021)

Named risks

No new funding round since November 2021, raising concerns about capital availability. Severity: high
Web traffic declined about 41 percent quarter over quarter as of June 2026. Severity: high
Crowded field of well-funded rivals (Langfuse, LangSmith, W&B Weave, Arize, Braintrust) shipping comparable features fast. Severity: high
Only 1 open job role signals hiring freeze or limited growth investment. Severity: medium
No proprietary data, regulatory, or system-of-record moat beyond workflow lock-in and OSS trust. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Weights & Biases (Weave, via CoreWeave)	losing to	W&B shipped Weave directly against Comet; W&B acquired by CoreWeave, referenced as of Jan 2026
Langfuse	contesting	Open-source rival matching Opik's OSS distribution strategy through 2026
LangSmith (LangChain)	losing to	Described as default observability layer for the most popular LLM app framework, mid-2026
Arize AI	contesting	Competing directly in LLM observability and evaluation market as of 2026
Braintrust	contesting	Listed among direct rivals shipping comparable agentic features on similar cadence, 2026
MLflow (Databricks)	losing to	Free, bundled open-source tracking commoditizes Comet's original core experiment-tracking value

Questions people ask

Is Comet ML profitable?: No public profitability data exists since Comet is private. Third-party estimates put ARR around 17 to 18 million dollars for 2024 to 2026, up from an estimated 10.2 million in 2023, per Latka as of December 2024. No profit figures are disclosed.
Has Comet ML raised new funding recently?: No. Comet's last confirmed round was a 50 million dollar Series B in November 2021 led by OpenView Venture Partners. As of mid 2026, roughly 4.5 years have passed with no new disclosed round, raising questions about its ability to re-raise.
Is Comet ML growing or shrinking?: Signals are mixed to weak. Crustdata reported web traffic down about 41 percent quarter over quarter and only 1 open job role as of June 2026, giving Comet a Growth Score of 12 out of 100, despite headcount ticking up to roughly 103 employees.
Who is Comet ML's biggest competitor?: Weights and Biases (W&B), now tied to CoreWeave, is the closest incumbent threat via its Weave product, which directly competes with Comet's Opik. Langfuse, LangSmith, Arize, and Braintrust also contest the same LLM observability market as of 2026.
Could AI replace Comet ML's product?: Not directly. Comet's Opik observability tool tracks and evaluates AI agent behavior, so more agent usage increases demand for it rather than replacing it. The longer-term risk is frontier labs like Anthropic or OpenAI building native tracing tools, which Comet is hedging against with a Claude Code plugin launched March 2026.
What is Opik and does it matter for Comet ML's survival?: Opik is Comet's open-source LLM evaluation and observability platform, launched September 2024, claiming over 150,000 developers and about 20,000 GitHub stars as of April 2026. It is Comet's main growth bet in a crowded field against Langfuse, LangSmith, and W&B Weave.

Timeline

2026-06Comet adds Claude Code spend-tracking and cost-intelligence feature to Opik
2026-06Comet announces integration with Oracle's Open Agent Specification
2026-05-05Opik changelog rolls in Ollie agent, Test Suites, and Agent Playground release
2026-04-23Interview describes Opik as fastest-growing OSS agent observability project, 150k plus developers
2026-04-21Comet announces Ollie coding agent, Test Suites, and Agent Playground for Opik
2026-03-02Comet launches Opik Claude Code Plugin for auto-instrumenting agent observability
2024-12-02Comet press release claims platform trusted by over 150 enterprise customers
2024-09Comet launches Opik, open-source LLM evaluation and observability platform
2021-11Comet raises 50 million dollar Series B led by OpenView Venture Partners
2021-04-08Comet raises 13 million dollar Series A led by Scale Venture Partners

Revision history

21 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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