Crexi
Crexi runs an online marketplace for buying, selling, and auctioning commercial real estate.
On the record
Checkpoint: Ruling on CoStar copyright damages and scope of any injunction against Crexi
The call
Crexi has real transaction volume and growing auction activity, but it is fighting a copyright case against a much larger rival while funding and headcount have stalled.
Crexi lets buyers and sellers trade commercial property listings and runs auctions, competing directly against CoStar's LoopNet and Ten-X platforms. It is getting harder to defend because CoStar is much larger, has sued Crexi successfully over copied images, and can easily build the same auction and data tools Crexi offers. The one thing that could turn this around is if courts force CoStar to stay out of the auction business, or if Crexi raises fresh money at a strong valuation to fuel growth and new features.
Why
01
AI pressure: General LLM tools plus Crexi's own AI features (Vault, Create). LLMs can already extract comps and rent rolls from documents, the exact job Crexi's Vault tool now automates for paying customers. Could AI do the core job? Only partly.
02
Bigger players: CoStar Group (owns LoopNet and Ten-X). CoStar dominates listings and auctions, is suing Crexi over copied images, and a federal court already found Crexi liable for copying CoStar photos. Could a giant copy it? Yes, easily.
03
What protects it. A large base of active listings ($815B+) and 23 million yearly users give it real two-sided liquidity CoStar cannot instantly erase.
What would change this call
Ruling or settlement in the CoStar v. Crexi copyright case within 12 months. Would show whether Crexi's data/content moat holds up legally against CoStar.
Whether Crexi announces a new funding round (any size) in the next 12 months. Would show if investors still back Crexi's growth story after 2+ years without a raise.
Crexi Auction YoY growth rate in upcoming quarterly reports. Would show if the 173% growth pace is holding or decelerating against CoStar's Ten-X.
Whether Crexi announces a new funding round (any size) in the next 12 months. Would show if investors still back Crexi's growth story after 2+ years without a raise.
Crexi Auction YoY growth rate in upcoming quarterly reports. Would show if the 173% growth pace is holding or decelerating against CoStar's Ten-X.
Key numbers
- $815.6B active listings, +16.7% YoY
- Auction growth 173% YoY in Q1
- Headcount growth near 0%, 439 staff
Named risks
- Copyright liability from CoStar case could impose material damages on Crexi's core data assets.
- No new funding round in over two years combined with flat headcount signals stalled growth.
- Dominant incumbent CoStar has far greater capital and is acquiring adjacent data companies for billions.
- Frontier AI tools could commoditize document extraction and report generation Crexi charges for.
- Wide, inconsistent third-party revenue estimates make financial health hard to verify.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| CoStar Group (LoopNet, Ten-X) | losing to | Court found Crexi copied CoStar copyrighted images, ruling dated 2025-06-26 |
| CoStar Group (LoopNet, Ten-X) | contesting | Ninth Circuit revived Crexi's antitrust counterclaims against CoStar on 2025-06-23 |
| CoStar Group | losing to | CoStar acquired Matterport for $1.6B (Feb 2025) and agreed to buy Domain Group for ~$1.92B (May 2025) |
| Reonomy | contesting | Listed as top CRE data competitor to Crexi per CompWorth, 2026-07-13 |
| CompStak | contesting | Competing CRE comps and leasing-data platform, also a partial data partner |
Questions people ask
- Is Crexi profitable?
- No public profitability data exists. Crexi is private with no audited financials. Third-party revenue estimates range widely from about $20 million to $66 million as of July 2026, with one unreliable outlier at $307 million, per CompWorth, 2026-07-13.
- Could AI replace Crexi?
- Crexi is deploying AI itself rather than being replaced outright. It launched Crexi Vault in October 2025 and a five-tool Crexi AI suite by May 2026, claiming underwriting work dropped from 30 minutes to about 2 minutes per document, but its data moat faces legal risk from CoStar's copyright win.
- Who is Crexi's biggest competitor?
- CoStar Group, which owns LoopNet and Ten-X, is Crexi's dominant rival. Courts describe CoStar as holding the largest share of CRE listing and auction markets, while calling Crexi 'a recent entrant,' per a Ninth Circuit opinion dated 2025-06-23.
- Has Crexi raised new funding recently?
- No new funding round has been disclosed in over two years as of July 2026. Total disclosed funding is reported around $54 million as of March 2025 per Crunchbase, with a $30 million Series B closing in January 2020 as the most recent confirmed round.
- Did Crexi lose its lawsuit against CoStar?
- Partially. A federal court found Crexi liable on June 26, 2025 for copying and cropping thousands of CoStar's copyrighted images, denying a DMCA safe harbor defense. However, the Ninth Circuit revived Crexi's antitrust counterclaims against CoStar three days earlier, on June 23, 2025.
- How big is Crexi's marketplace?
- Crexi claims (vendor-claimed) to have facilitated over $2.74 trillion in cumulative property value and 26 billion square feet, with more than 23 million yearly users, as reported in its own Q1 2026 Auction results press release dated 2026-04-16.
Timeline
- 2026-07-21Crexi partners with Realcomp II Ltd, a Michigan MLS, to syndicate commercial listings at no cost
- 2026-06-02Crexi adds zoning, tenant, and traffic data modules with an AI zoning agent to Crexi Intelligence
- 2026-05-18Crexi Create, AI-generated offering memoranda tool, becomes publicly available
- 2026-04-16Crexi reports Q1 2026 Auction volume up 173% YoY, led by hospitality and retail
- 2026-04-02Crexi launches Market Analytics, an AI deep research tool for CRE market reports
- 2026-04-01New antitrust class action filed against CoStar alleging CRE data monopoly
- 2026-03-10Crexi announces data partnership with Dwellsy for multifamily rental insights
- 2026-01-07Crexi appoints David Lee as Chief Revenue Officer
- 2025-10-22Crexi launches Vault, an AI document extraction tool for CRE offering memoranda
- 2025-06-23Ninth Circuit revives Crexi's antitrust counterclaims against CoStar
Revision history
23 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- How Much Did Crexi Raise? Funding & Key Investors (2025-05-22)
- Products, Competitors, Financials, Employees, Headquarters Locations (2026-05-27)
- Crexi - Headcount, Funding & Open Jobs (2026-07-08)
- Crexi Auction Q1 2026 Results (2026-04-16)
- Commercial Real Estate Digital Adoption Surges (2025-12-02)
- Crexi Vault: AI Document Processing for CRE (2025-10-22)
- David Lee Appointed As Crexi's Chief Revenue Officer (2026-01-07)
- Crexi Launches Market Analytics (2026-04-02)
- Crexi Expands Crexi AI Capabilities (2026-05-13)
- Crexi and Dwellsy Announce Strategic Partnership (2026-03-10)
- Crexi Brings Zoning, Tenant and Traffic Data into a Single Workflow (2026-06-02)
- Crexi and Realcomp II Ltd. Partner (2026-07-21)