Google DeepMind vs Hugging Face: Revenue, Profit and Business Model
Google DeepMind had ~$2B of annual revenue in FY2023. A full-year revenue figure is unavailable here for Hugging Face.
Latest financial snapshot
Google DeepMind
- Latest annual revenue
- ~$2B (FY2023)
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- +22.8% a year, FY2020–FY2023
Hugging Face
- Latest annual revenue
- Unavailable here
- Net income
- Unavailable here
- Net margin
- —
- Revenue growth
- —
Financial summary
Google DeepMind
Alphabet does not report Google DeepMind separately. The best public data comes from DeepMind Technologies Limited's UK accounts, which show revenue, mostly R&D fees charged to other Alphabet companies, rising from ~$1.09 billion (£826 million) in 2020 to ~$1.8 billion (£1.365 billion) in 2021, dipping to ~$1.43 billion (£1.081 billion) in 2022 and reaching about $2.02 billion (£1.53 billion) in 2023, with pre-tax profit of ~$196 million (£148.4 million) that year. These numbers measure Alphabet's internal funding of the lab rather than the commercial value of Gemini, which Google earns through Search, subscriptions and Cloud. Google DeepMind operates as a crown jewel subsidiary of Alphabet Inc., heavily driving Google's multi-trillion dollar market capitalization.
Hugging Face
Hugging Face does not publish financial statements. Outside estimates and reporting put its annualized revenue at about $150 million in mid-2026 (The Information), and Delangue told TechCrunch in July 2026 that the company was close to profitability. It raised roughly $400 million in total, the largest round being a $235 million Series D in August 2023 at a $4.5 billion valuation from Salesforce Ventures, Google, Amazon, Nvidia, AMD, Intel, Qualcomm, IBM, and Sound Ventures. According to the Financial Times, it turned down a $500 million Nvidia investment at a $7 billion valuation in late 2025. In September 2026 Nvidia agreed to pay $12.93 billion for the whole company: about $11.9 billion to stockholders plus up to about $1.0 billion in equity retention awards for employees, roughly 86 times annualized revenue.
Revenue and profit by year
Google DeepMind
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2023 | ~$2B | — | — | +41.6% | Source |
| FY2022 | ~$1.4B | — | — | -20.8% | Source |
| FY2021 | ~$1.8B | — | — | +65.3% | Source |
| FY2020 | ~$1.1B | — | — | — | Source |
Hugging Face
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 run-rate | $150M | — | — | — | Source |
| FY2025 run-rate | $81M | — | — | — | Source |
| FY2024 run-rate | $53M | — | — | — | Source |
Where the revenue comes from
Google DeepMind
- R&D services to Alphabet companies
Not formally reported
DeepMind Technologies Limited's reported revenue comes mainly from research and development services billed to other Alphabet group companies.
- Gemini in Google products (booked by Google)
Not formally reported
Search ads supported by AI Overviews and AI Mode, Gemini app and Google One AI subscriptions, Workspace, and Gemini APIs on Google Cloud. Alphabet does not disclose how much of this is attributable to Google DeepMind.
Hugging Face
- Enterprise Hub Subscriptions~50%
Tiered enterprise seats and corporate licenses providing private model repositories, SOC2 compliance, audit logs, and SSO.
- Serverless Inference Endpoints~30%
Pay-as-you-go GPU compute billing for deploying scalable production machine learning APIs on dedicated cloud hardware.
- Spaces Hardware Rentals & Pro Accounts~20%
Hourly compute fees for upgrading interactive Gradio Spaces to dedicated Nvidia A100/H100 GPUs and developer Pro subscriptions.
Business model and strategy
Google DeepMind
How it makes money
Google DeepMind does not sell products under its own name. It is a cost center inside Alphabet that builds the models Google monetizes: Gemini powers AI Overviews and AI Mode in Search (supporting ad revenue), the Gemini app and Google One AI subscriptions, Gemini for Workspace, and pay-per-token Gemini APIs on Google AI Studio and Vertex AI in Google Cloud.
Growth strategy
The lab's priority is staying at the frontier with Gemini, including Gemini 3 and the Gemini 4 generation Hassabis mentioned in August 2026, while pushing Flash models and Gemma open models to developers. Under Koray Kavukcuoglu it is more tightly tied to Google's product teams, with Hassabis focusing on AGI strategy and Isomorphic Labs' drug discovery work.
Competitive advantage
Google DeepMind's main edge is the full Google stack around it: in-house TPU chips, Google Cloud, and distribution through Search, Android, YouTube and Workspace. It also has a deep research bench and a record of scientific results, from AlphaGo to the Nobel-winning AlphaFold, that few rivals can match.
Hugging Face
How it makes money
Hugging Face gives away its core platform and libraries and charges for the things companies need once they put open models into production. Public model and dataset hosting is free.
Growth strategy
Hugging Face grows by being the first place open models land and then selling the tools to use them. Recent moves include buying Argilla (data curation) and XetHub (large-file storage) in 2024, buying humanoid robot maker Pollen Robotics in April 2025 and launching the low-cost Reachy Mini robot in July 2025, publishing its own small open models (SmolLM, SmolVLM), and routing Hub users to third-party inference provid…
Competitive advantage
Hugging Face's advantage is a network effect that is hard to copy. Major open-weight models from Meta, Mistral, Alibaba's Qwen team, DeepSeek, Google, and Nvidia are published on the Hub, so developers go there first, which in turn makes it the first place new models are released.
Questions about Google DeepMind vs Hugging Face
Which company has higher revenue — Google DeepMind or Hugging Face, Inc.?
Google DeepMind had ~$2B (FY2023). A comparable annual revenue figure for Hugging Face, Inc. was unavailable here.
How do Google DeepMind and Hugging Face, Inc. make money?
Google DeepMind and Hugging Face, Inc. generate revenue in fundamentally different ways. Google DeepMind: Google DeepMind does not sell products under its own name. Hugging Face, Inc.: Hugging Face gives away its core platform and libraries and charges for the things companies need once they put open models into production.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Google DeepMind vs Hugging Face overview