Search SEC filings for companies licensing data or content for AI and 134 filers turn up. Twenty say they sell it now, and only Wiley, Getty Images and AI Era Corp say what it earned in a period. Reddit's $203.0 million and Tempus's $200 million are multi-year contract values.
Search the SEC's EDGAR database for filings that mention licensing data or content for AI, and you get 989 hits from 134 filers. Read what those filers say, and 20 of them describe a business they run now: licensing their content or data for AI use. Only 3 of the 20 say what that business earned in a period. Wiley gives a dollar figure, Getty Images a percentage of its revenue, and AI Era Corp a line in its revenue table.
The two figures that sound like prices are contract values, not earnings. Reddit's $203.0 million is the "aggregate contract value" of data licensing arrangements it signed in January 2024, with buyers the filing does not name. Tempus AI's $200 million is what Pathos AI agreed to pay in data license fees over three years, and Pathos's executive chairman is Tempus's own founder and chief executive. Neither is a year of revenue.
I ran seven searches in EDGAR's full-text index, six of them pairing phrases such as "data licensing" and "artificial intelligence" (the list is at the end). They cover 10-K, 10-Q, S-1 and 8-K filings, amendments included, filed from January 1, 2023 through October 29, 2026, and they returned 989 hits from 134 filers. Some filings match more than one search.
A hit shows only that the phrases appear in the same filing. An earlier count on this site, of "hallucinations" in 10-K filings, showed why a raw phrase count has to be read: drug makers use the word for a symptom. So for each filer I read the passages around the hits in its latest 10-K or S-1 and in its latest filing of any kind that the search returned. A company counts as a seller only if its own filing says it currently licenses its own content or data, or its partners', for AI use. That gave 20. The other 114 include buyers of training data, vendors of AI chips or software, and companies that say they are only exploring licensing.
Twenty is a floor. I read two documents per company, so an earlier filing could say more. Foreign private issuers file Form 20-F or 40-F instead of a 10-K, and I did not search those forms. Thomson Reuters, Pearson, RELX and Informa are not in the count. Private companies that file nothing cannot appear, and full-text search reads only what the SEC has indexed, so a phrase inside an image-only exhibit is invisible to it.
Sorting the 20 by the kind of number each one gives:
| What the filing gives | Companies |
|---|---|
| Revenue for a period | 3 (Wiley, Getty, AI Era Corp) |
| A contract value | 2 (Reddit, Tempus) |
| Only year-on-year increases | 1 (SpaceX) |
| A quarter's bookings | 1 (Veritone) |
| The figure inside a bigger revenue line | 3 (CuriosityStream among them) |
| A named deal or business and no number | 10 (News Corp among them) |
Reddit is under contract value because $203.0 million is the only figure it has given for its licensing deals alone; its later filings put the money in a wider revenue line, which the Reddit section gives as a ceiling. Contract values, revenue, percentages, increments and bookings measure different things, so nothing below is added into a market size.
Reddit's Form S-1/A (Amendment No. 1), filed March 11, 2024, says on page 102: "In January 2024, we entered into certain data licensing arrangements with an aggregate contract value of $203.0 million and terms ranging from two to three years." In the same passage Reddit says it believes its data "will be a key element in the training of leading large language models" and an additional monetization channel. The notes to the financial statements (page F-33) give the same sum as an "aggregate transaction price" and say Reddit delivers the content "over time through continuous access to our data API as well as quarterly transfers of Reddit data over the term of the arrangement." The filing names no buyer.
So $203.0 million is a total across more than one arrangement, delivered over two to three years, not what Reddit earned in a year. Spread evenly, it would be about $68 million to $102 million a year (my arithmetic, not a figure in the filing).
Reddit has since changed what it calls the business. Its Form 10-K for 2025, filed February 6, 2026, uses "data licensing" zero times and "content licensing" 30 times; the S-1/A uses "data licensing" 35 times and "content licensing" none. (I counted each phrase in each document.) The money now sits in a line called Other revenue, which "consists of revenue from content licensing and products sold directly to users" (page 66).
| Year | Other revenue | Share of total revenue |
|---|---|---|
| 2023 | $15.2 million | 1.9% |
| 2024 | $114.7 million | 8.8% |
| 2025 | $140.0 million | 6.4% |
The amounts are from the 10-K's revenue note (page 81); the shares are my arithmetic. From 2024 to 2025 Other revenue rose 22 percent while advertising revenue rose 74 percent (also my arithmetic). Because the line also holds products sold to users, $140.0 million is a ceiling for what content licensing earned in 2025, and the filing does not say how much of it was licensing. A search for only one of the two phrases would have found one of these filings and missed the other.
Tempus AI's Form 10-Q for the quarter ended June 30, 2026, filed July 30, 2026, describes its deal with Pathos in Note 16, headed "Related Parties." The note opens with the link: Tempus's "Founder and Chief Executive Officer is a co-founder and serves as Executive Chairman of the board of Pathos AI, Inc." Tempus's Form 10-K for 2025, filed February 24, 2026, names him, Eric Lefkofsky, as its "Chief Executive Officer, Founder, and Chairman" and calls Pathos "a company engaged in the discovery and development of therapeutics and with whom we have a commercial relationship" (Item 1A).
Tempus licenses Pathos a de-identified dataset "for the sole purpose of assisting in the development and training of the Foundation Model," an oncology model Pathos is developing under Tempus's statement of work with AstraZeneca. Pathos pays "data license fees of $200 million over a three-year period, including an upfront payment of $50 million," and the $50 million had been paid as of April 2025. Tempus receives a license to use the finished model, with certain field restrictions and the right to sublicense it to AstraZeneca. Tempus also agrees to pay Pathos $35 million "in consideration of Pathos' commitments under the Pathos Master Agreement," of which $25 million has been paid. Pathos may pay up to half of the data license fees in shares of its Series D Preferred Stock, at its sole discretion, and in June 2026 it paid $8.8 million of the fees that way.
The note states the terms. It does not say how the $200 million was set, and nothing here says the price is wrong. What it shows is a figure agreed between related companies, with money moving in both directions and an option to pay up to half in the buyer's own stock. Before anyone treats $200 million as a price for data, three things need answers: who is on each side, what else moves in the deal, and how the number was set. Note 16 answers the first two.
Wiley. Wiley's Form 10-K for the year ended April 30, 2026, filed June 24, 2026, says in Item 7: "AI license revenue was $49.1 million in the year ended April 30, 2026 compared to $40 million in the prior year." Against revenue of $1,676.5 million, that is 2.9 percent. The figure "includes $19.4 million of revenue related to content which Wiley has licensed from other publishers," about 40 percent of the total. What is left, $29.7 million, is the part the filing does not attribute to other publishers' content. (The percentages and the subtraction are my arithmetic.)
Wiley adds a caution: "The period to period comparability of AI license revenue can fluctuate due to timing and the nature of the underlying content." Its revenue note (Note 3) says it licenses content for AI "at a fixed transaction price and the revenue is recognized at a point in time," which suggests why one quarter can differ so much from another. The Form 10-Q for the quarter ended July 31, 2026, filed September 4, 2026, reports AI license revenue of $13.7 million against $28.9 million in the same quarter a year earlier, a fall of 53 percent (my arithmetic).
Getty Images. Getty's figure is not in a 10-K table. It is a row on slide 6 of a lender presentation, which Getty filed on October 13, 2026 as Exhibit 99.2 to a Form 8-K under the heading "CLEANSING MATERIAL." The deck says it was "furnished to a limited number of parties who have expressed an interest in a potential transaction," and filing it as an exhibit made it public. The row reads "AI Data Licensing Approximate % of Total Revenue": 2.6 percent for 2024, 4.4 percent for 2025 and 3.4 percent for the twelve months to the second quarter of 2026. On the deck's revenue of $939 million, $981 million and $978 million, that is about $24 million, $43 million and $33 million (my arithmetic, approximate because the percentages are rounded).
A footnote shows why 2025 stands out: "2026 growth distorted by ASC 606 timing effects tied to large multi-year AI licensing deals signed in 2025, with ~$40MM of revenue recognized on an accelerated basis in Q4 2025." The deck does not say how much of that $40 million sits inside the 4.4 percent, though the two are close in size. That suggests part of 2025's figure is timing rather than a steady rate.
AI Era Corp. AI Era Corp is a far smaller company, and the only filer I found whose revenue table has a line named for AI training. Its Form 10-Q for the nine months ended May 31, 2026, filed July 20, 2026, lists "License of short-form drama for AI training pilot" at $955,270, which is 13.3 percent of its $7,168,497 in revenue (page F-10). The same line is blank for the nine months a year earlier.
Two more filers give numbers that are easy to mistake for AI revenue.
CuriosityStream's Form 10-K for 2025, filed March 12, 2026, reports $33.2 million of content licensing revenue, up from $7.8 million in 2024. That is 46 percent of its $71.7 million in revenue. It books the revenue as Library sales and says the increase "was primarily driven by new licensing agreements related to AI model training" (Item 7). But Item 1 says: "Both our AI content licensing fees and traditional content licensing deals, including those structured as non-monetary barter transactions, are reported as Library sales." Of the $33.2 million, "trade and barter transactions" account for $12.6 million. Less barter, $20.6 million remains, 29 percent of revenue (my arithmetic), and it still mixes AI deals with traditional licensing.
SpaceX's Form S-1, filed May 20, 2026, reports X's data licensing, inside its AI segment, only as increases: "an increase in revenue from data licensing arrangements of $88 million" for 2025 over 2024 (page 113), and "an increase in data licensing arrangements of $12 million" for the first quarter of 2026 over the first quarter of 2025 (page 107). For certain arrangements "the Company charges customers based on the amount of sales they generate from downstream customers using its data" (page F-19), so the fee moves with the buyer's own sales.
Reddit gives a price and no buyers. News Corp does the reverse. In an exhibit to a Form 8-K filed August 5, 2026, its chief executive says: "We have trusted content relationships with OpenAI and Meta, and are in advanced discussions with several other companies." The release gives no amount for either relationship.
The New York Times is the contrast. It is not among the 20, because the count found no sentence in its filings saying it licenses its content for AI use. Its Form 10-K for 2025, filed February 27, 2026, instead lists the suit it filed on December 27, 2023 against Microsoft and OpenAI (Item 3, page 26). A search of its 10-K, 10-Q and 8-K filings from January 1, 2025 through October 29, 2026 returns seven hits for "OpenAI," in two 10-Ks and five 10-Qs. That describes what the filings contain. It does not tell you whether the Times has an AI licensing deal.
Four habits handle most of what these filings give.
Separate contract value from revenue. Reddit's and Tempus's figures are totals over two to three years. Wiley's $49.1 million is revenue for one year, and only revenue can be set against a company's income.
Find out who the buyer is. Reddit names none, Tempus names a related party, and News Corp names OpenAI and Meta without a number.
Watch for a single delivery that carries the period. Wiley's quarter fell from $28.9 million to $13.7 million, and Getty's footnote puts about $40 million into a single quarter on an accelerated basis.
Read what else is in the line. Reddit's Other revenue holds products sold to users, and CuriosityStream's Library sales hold barter and traditional licensing.
If you are sizing the market for training data, or pricing your own, these filings give you contract values, a few revenue lines and some increments. None of the figures here is a price for a unit of data.
Of 134 filers that match the searches, 20 say they sell, 3 say what it earned, and one of those 3 gives its percentages in a row on the sixth slide of a presentation prepared for lenders. Twenty is a floor, and a count of filings cannot see the companies that file nothing.
Part of Where the Number Came From, on how a published number is a fact about the way it was measured: Stanford says 12% to 66%, but 12% of what? · The safety score is a fact about the test rig · Tracing the 2026 AI-failure statistics to a primary
How this was counted. In EDGAR's full-text search, two quoted phrases separated by a space mean both must appear in the filing. Run the seven searches below with the forms 10-K, 10-Q, S-1 and 8-K and the dates January 1, 2023 to October 29, 2026; hit counts will drift as new filings are indexed. The percentages, subtractions, growth rates and the spread of Reddit's $203.0 million are my arithmetic on the figures quoted.
| Search | Hits |
|---|---|
| "data licensing" "artificial intelligence" | 237 |
| "data licensing" "large language" | 61 |
| "content licensing" "artificial intelligence" | 387 |
| "content licensing" "large language" | 103 |
| "AI licensing" | 57 |
| "training data" "licensing revenue" | 69 |
| "license our content" "artificial intelligence" | 75 |
| All seven | 989 |
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