AI ranking website Arena raises $200 million

Arena raised $200 million in a second funding round led by Lightspeed Venture Partners and Khosla Ventures, valuing it at $3.1 billion. That is almost double its $1.7 billion value in January 2026. The Berkeley-started site lets visitors compare AI systems like a contest scoreboard, draws tens of millions of monthly visitors, and charges AI makers and companies for testing.