Groq vs Micron: Revenue, Profit and Business Model
Groq had $172.5M (unaudited) of annual revenue in FY2025. Micron had $133.2B of annual revenue in FY2026 and $85B of net income.
Latest financial snapshot
Financial summary
Groq
Groq is private and does not report revenue or profit. What is public is its funding: a $300 million Series C in 2021, a $640 million Series D in August 2024 at a $2.8 billion valuation led by BlackRock, a $750 million round in September 2025 at a $6.9 billion post-money valuation led by Disruptive, and a $650 million round in June 2026 led by Disruptive and Infinitum at an undisclosed valuation. Separately, Nvidia's December 2025 non-exclusive license was reported at about $20 billion, Nvidia's largest deal to date. Revenue figures circulating online are estimates, not company disclosures.
Micron
Micron's results swing with memory pricing. Revenue fell from $30.76B in fiscal 2022 to $15.54B in fiscal 2023, with a $5.83B net loss, then recovered to $25.11B in fiscal 2024 and $37.38B in fiscal 2025. Fiscal 2026 was a step change: revenue reached $133.19B, GAAP gross margin rose to 80.7% from 39.8%, and GAAP net income hit $84.97B. Fiscal Q4 2026 alone produced $54.23B of revenue and $37.70B of net income. Operating cash flow was $89.68B for the year, and Micron ended it with $73.48B of cash, marketable investments and restricted cash. Micron Technology, Inc. is a massive American producer of computer memory and computer data storage, commanding a market valuation generally exceeding $130 billion.
Revenue and profit by year
Groq
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 (unaudited) | $172.5M | — | — | — | Source |
| FY2024 (unaudited) | $90M | — | — | — | Source |
| FY2023 (unaudited) | $14M | — | — | — | Source |
Micron
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $133.2B | $85B | 63.8% | +256.3% | Source |
| FY2025 | $37.4B | $8.5B | 22.8% | +48.9% | Source |
| FY2024 | $25.1B | $778M | 3.1% | +61.6% | Source |
| FY2023 | $15.5B | -$5.8B | -37.5% | -49.5% | Source |
| FY2022 | $30.8B | $8.7B | 28.2% | +11.0% | Source |
| FY2021 | $27.7B | $5.9B | 21.2% | +29.3% | Source |
| FY2020 | $21.4B | $2.7B | 12.5% | -8.4% | Source |
| FY2019 | $23.4B | $6.3B | 27.0% | -23.0% | Source |
| FY2018 | $30.4B | $14.1B | 46.5% | +49.5% | Source |
| FY2017 | $20.3B | $5.1B | 25.0% | +63.9% | Source |
| FY2016 | $12.4B | -$276M | -2.2% | — | Source |
Where the revenue comes from
Groq
- GroqCloud token usage
Not formally reported
Pay-per-token fees from developers and companies running models on GroqCloud.
- Dedicated and on-premises capacity
Not formally reported
Enterprise and sovereign contracts for reserved capacity or GroqRack systems.
- Technology licensing
Not formally reported
One-time non-exclusive license to Nvidia in December 2025, reported at about $20 billion.
Micron
- Compute And NetworkingMajor
Data-center, graphics, networking, and client-related memory and storage demand.
- MobileMaterial
Low-power DRAM, NAND, and managed memory used in smartphones and mobile devices.
- EmbeddedMaterial
Automotive, industrial, and embedded-market memory and storage products.
- StorageMaterial
SSDs and NAND-based storage products for enterprise, client, and consumer markets.
- Consumer Channels
Complementary
Crucial-branded memory and storage upgrades sold through retail and ecommerce channels.
Business model and strategy
Groq
How it makes money
Groq makes money by selling AI inference. Most customers pay per million tokens to run open-weight models (such as Llama, Qwen, Kimi and Whisper) through GroqCloud, an OpenAI-compatible API with a free tier and paid developer and enterprise plans. Larger customers buy dedicated capacity or on-premises GroqRack clusters.
Growth strategy
Since the Nvidia deal, Groq's strategy is to grow GroqCloud as a neocloud: add data center capacity across regions, sell dedicated and sovereign capacity to large customers, and run a mix of its own LPUs and Nvidia systems.
Competitive advantage
Groq's edge was speed. Because the LPU keeps model weights in on-chip SRAM and its compiler schedules every operation ahead of time, GroqCloud consistently ranked among the fastest providers in independent token-per-second benchmarks.
Micron
How it makes money
Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Growth strategy
Micron's growth strategy centres on high-bandwidth memory (HBM) for artificial intelligence. AI accelerators such as Nvidia's need large amounts of fast memory alongside them, so Micron is investing heavily in HBM3E and competing with Samsung and SK Hynix for contracts to supply the AI data centers built by companies such as Microsoft and Google. The aim is to reduce its dependence on the volatile smartphone market.
Competitive advantage
Micron's advantage rests on the cost of entry and its place in US policy. A modern memory fabrication plant costs more than $15 billion, which keeps new entrants out, and the industry has consolidated into three companies: Samsung, SK Hynix and Micron. As the only American memory maker, Micron also receives US government support through the CHIPS Act, which treats domestic memory supply as a national security matter.
Questions about Groq vs Micron
Which company has higher revenue — Groq, Inc. or Micron Technology, Inc.?
Groq, Inc. had $172.5M (unaudited) (FY2025), while Micron Technology, Inc. had $133.2B (FY2026). By latest annual revenue, Micron Technology, Inc. is the larger business, with Groq, Inc. showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Groq, Inc. vs Micron Technology, Inc.?
Micron Technology, Inc. has a market capitalisation of $1.15T. A public market cap figure for Groq, Inc. was not available (it may be privately held).
How does revenue per employee compare for Groq, Inc. and Micron Technology, Inc.?
Micron Technology, Inc. generates $2.51M / employee in revenue per employee. A comparable figure for Groq, Inc. requires matching employee and revenue data from the same reporting period.
How do Groq, Inc. and Micron Technology, Inc. make money?
Groq, Inc. and Micron Technology, Inc. generate revenue in fundamentally different ways. Groq, Inc.: Groq makes money by selling AI inference. Micron Technology, Inc.: Micron runs a capital-intensive B2B memory manufacturing model: it designs DRAM and NAND process technology, fabricates wafers in its own fabs in the US, Japan, Taiwan and Singapore, and sells chips, modules, HBM stacks and SSDs to hyperscalers, server makers, AI accelerator vendors, PC and phone OEMs, and auto suppliers.
Is Groq, Inc. bigger than Micron Technology, Inc.?
By last reported revenue, Micron Technology, Inc. ($133.2B (FY2026)) is the larger company compared to Groq, Inc. ($172.5M (unaudited) (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Groq vs Micron overview