Is OpenEvidence profitable in 2026?

No profit figures are disclosed. Third-party estimates from Sacra put annualized revenue at about $150M by November 2025, up from $7.9M in December 2024, with roughly 90% gross margins, but OpenEvidence has not published audited profitability data.

Who owns OpenEvidence?

OpenEvidence is privately held, founded by Daniel Nadler and Zachary Ziegler. It is venture-backed by Sequoia, Google Ventures, Kleiner Perkins, Thrive Capital, DST Global, Nvidia, Meritech and Mayo Clinic, reaching a $12B valuation after its Series D in January 2026.

Who is OpenEvidence's biggest competitor?

Doximity (NYSE: DOCS) is OpenEvidence's closest rival, sharing the same physician-ad revenue model. As of January 2026 Doximity had an $8.75B market cap and about $620M TTM revenue growing 13% YoY, versus OpenEvidence's roughly 1,800% YoY growth; the two are in active federal litigation since 2025.

Could AI chatbots like ChatGPT replace OpenEvidence?

A June 2026 Nature Medicine study directly benchmarked OpenEvidence against GPT-5.2, Gemini 3.1 Pro and Claude Opus 4.6, yet a July 2026 Stanford-Harvard 'NOHARM' study found physicians chose OpenEvidence over all three combined when given free choice, per company-reported findings.

How many physicians use OpenEvidence?

NBC News reported 650,000 to 760,000 U.S. physician users between December 2025 and May 2026, roughly 40-60% of the physician population, plus 1.2 million international users, up from over 100,000 users in early 2025.

What is OpenEvidence worth?

OpenEvidence was valued at $12B after its Series D round in January 2026, co-led by Thrive Capital and DST Global. A secondary market transaction in March 2026 reportedly valued the company around $14.8B, according to TrueUp.

AI companies and labs · United States

OpenEvidence

openevidence.com ↗

Free, ad-supported AI clinical search tool used by verified physicians for point-of-care answers.

Defensible for now

Assessed 21 July 2026 · Evidence as of 21 July 2026

Real protection, with named pressure against it.

On the recordSince 21 July 2026 · Checkable from August 2, 2026 · Every call on the record Checkpoint: EU AI Act high-risk rules take full effect after OpenEvidence's voluntary EU/UK exit

The call

OpenEvidence leads physician AI use today on licensed content and doctor-only access, while a Doximity lawsuit and an EU pullback sit as open questions.

OpenEvidence makes a search tool for doctors that pulls from top medical journals and research, helping them find current, trustworthy information fast. It is hard to copy because the company has signed deals with major medical publishers (like NEJM and JAMA) that stop others from using that same content for free, and it checks that users are real doctors, which AI chatbots cannot easily do. Doximity, a competitor with a similar business model of reaching doctors through ads, could threaten it if they build something similar, and free AI tools like ChatGPT might eventually get good enough that doctors stop paying. The one thing that could change everything is if doctors lose trust in OpenEvidence, either through mistakes in the information it shows or controversy over what medical content it promotes, because the entire business depends on physicians choosing to use it by word of mouth.

Why

AI pressure: ChatGPT, Gemini, Claude (frontier models). General chatbots answer medical questions too, but lack licensed journal content and doctor-only verification physicians rely on. Could AI do the core job? Unlikely.

Bigger players: Doximity. Doximity runs the same free, ad-funded physician model and is suing OpenEvidence in federal court over data and marketing practices. Could a giant copy it? No, they are blocked.

What protects it. Exclusive licensing deals with NEJM, JAMA, AMA and NCCN plus NPI-verified doctor-only access that general chatbots and Doximity can't simply copy.

What would change this call

Outcome of OpenEvidence Inc. v. Doximity Inc. (D. Mass. 1:25-cv-11802) docket rulings. Shows whether litigation weakens or strengthens OpenEvidence's competitive position versus Doximity.
Whether Epic or Oracle-Cerner announces exclusive AI integration excluding OpenEvidence. Would show EHR vendor lock-out threatening OpenEvidence's distribution moat.
Any follow-up peer-reviewed study after the Nature Medicine benchmarking on OpenEvidence accuracy versus frontier models. Would show whether trust-based flywheel is eroding due to accuracy concerns.

Key numbers

$210M Series B at $3.5B valuation (2025-07-15)
$200M Series C at $6B valuation (2025-10-20)
650,000 to 760,000 US physician users (2026-05-13)

Named risks

Nature Medicine study (June 2026) questions clinical accuracy versus frontier AI models. Severity: high
Ad-based model criticized for enabling pay-to-play promotion of fringe medical content. Severity: high
Active federal litigation with Doximity over trade secrets and privacy claims since Sept 2025. Severity: medium
EU AI Act high-risk classification blocked market access, full rules apply Aug 2026. Severity: medium
Dependence on EHR vendors like Epic and Oracle-Cerner for workflow integration. Severity: medium

Rivals, as read in July 2026

Rival	Direction	Evidence
Doximity	contesting	Federal trade secret suit filed 2025-09, same physician-ad model, 13% YoY growth vs OpenEvidence's ~1,800%
UpToDate (Wolters Kluwer)	gaining on	OpenEvidence's free ad model grew ARR to ~$150M by Nov 2025 while UpToDate stays subscription-locked
Frontier models (ChatGPT, Gemini, Claude)	contesting	Benchmarked directly against OpenEvidence in June 2026 Nature Medicine study
Vera Health and Tandem Health	gaining on	Positioned as EU/UK alternatives after OpenEvidence's April 28 2026 regional withdrawal
Abridge, Ambience, Freed, Suki	contesting	Face free competing scribe tool after OpenEvidence's Visits launch in August 2025

Questions people ask

Is OpenEvidence profitable in 2026?: No profit figures are disclosed. Third-party estimates from Sacra put annualized revenue at about $150M by November 2025, up from $7.9M in December 2024, with roughly 90% gross margins, but OpenEvidence has not published audited profitability data.
Who owns OpenEvidence?: OpenEvidence is privately held, founded by Daniel Nadler and Zachary Ziegler. It is venture-backed by Sequoia, Google Ventures, Kleiner Perkins, Thrive Capital, DST Global, Nvidia, Meritech and Mayo Clinic, reaching a $12B valuation after its Series D in January 2026.
Who is OpenEvidence's biggest competitor?: Doximity (NYSE: DOCS) is OpenEvidence's closest rival, sharing the same physician-ad revenue model. As of January 2026 Doximity had an $8.75B market cap and about $620M TTM revenue growing 13% YoY, versus OpenEvidence's roughly 1,800% YoY growth; the two are in active federal litigation since 2025.
Could AI chatbots like ChatGPT replace OpenEvidence?: A June 2026 Nature Medicine study directly benchmarked OpenEvidence against GPT-5.2, Gemini 3.1 Pro and Claude Opus 4.6, yet a July 2026 Stanford-Harvard 'NOHARM' study found physicians chose OpenEvidence over all three combined when given free choice, per company-reported findings.
How many physicians use OpenEvidence?: NBC News reported 650,000 to 760,000 U.S. physician users between December 2025 and May 2026, roughly 40-60% of the physician population, plus 1.2 million international users, up from over 100,000 users in early 2025.
What is OpenEvidence worth?: OpenEvidence was valued at $12B after its Series D round in January 2026, co-led by Thrive Capital and DST Global. A secondary market transaction in March 2026 reportedly valued the company around $14.8B, according to TrueUp.

Timeline

2026-07-20Stanford-Harvard NOHARM study reports physicians prefer OpenEvidence over combined rival chatbots
2026-06-16Nature Medicine study challenges OpenEvidence's accuracy versus frontier AI models
2026-04-28OpenEvidence voluntarily withdraws from EU and UK markets over AI Act rules
2026-03-26OpenEvidence launches AI medical coding feature within Visits
2026-03-17Founder Daniel Nadler says company has sub-100 employees at Nvidia GTC
2026-02-26Dialer, a HIPAA-secure calling and messaging suite, gets wide release
2026-01Series D raises $250M at $12B valuation, led by Thrive Capital and DST Global
2025-10-20Series C raises $200M at $6B valuation led by Google Ventures
2025-08-20OpenEvidence launches Visits, an AI medical scribe
2025-02-19Series A closes at $1B valuation with NEJM content partnership

Revision history

21 July 2026

First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.

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