Gamma vs Anthropic
Jan-Erik Asplund
TL;DR: As OpenAI and Anthropic move into slides as part of their multimodal push, Gamma has emerged as the AI-native leader in the space, making it an acquisition target for Adobe, Canva, or Figma looking to bundle AI slides into their creative suites. Sacra estimates Gamma hit $102M ARR in October 2025, up 3.3x from $30.5M at the end of 2024. For more, check out our full report and dataset on Gamma.
We first covered Gamma in February 2022 before it became an AI company, interviewing co-founder & CEO Grant Lee on reimagining PowerPoint. After ChatGPT’s launch and Gamma’s pivot to AI, we followed up in July 2023 with co-founder & Chief Product Officer Jon Noronha on using AI to reimagine the office suite.
As Gamma took the mantle as the leader in AI slides from Tome, we covered their growth trajectory at $50M ARR in April 2025.
Key points via Sacra AI:
- Sacra estimates Gamma hit $102M annual recurring revenue (ARR) in October 2025, up ~3.3x from $30.5M at the end of 2024, raising a $68M Series B (A16Z) earlier in November at a $2.1B valuation for a 20.6x forward revenue multiple—compared to Canva at $3.3B ARR in August, up from $2.8B at the end of 2024, valued at $42B as of an August secondary for a 12.7x multiple and Genspark at $51M annualized revenue in September, up 5x from $10M in April, valued at $1.25B after today’s announced $275M Series B for a 24.5x multiple.
- Foundation model companies OpenAI ($13B annualized revenue in July) and Anthropic ($5B annualized revenue in July) have begun to compete in slides as part of their multimodal push to cover key business form factors, with Anthropic most recently in September launching native creation and editing of .pptx decks via Claude (on Max, Team & Enterprise plans).
- Adobe (NASDAQ: ADBE), Canva, and Figma (NYSE: FIG) would be natural acquirers of Gamma, which outperforms PowerPoint Copilot on ease of use, AI-first workflows (vs AI assistant inside of the slide) & design, to bundle Gamma in with a full suite of creative tools—which otherwise Gamma has begun building itself, starting with slides in portrait mode (docs), responsive slides (mobile websites) and slides in a carousel (social media assets).
For more, check out this other research from our platform:
- Gamma (dataset)
- Gamma vs Canva
- Canva (dataset)
- Lovable (dataset)
- Bolt.new (dataset)
- Grant Lee, co-founder of Gamma, on rethinking the primitives of presentations
- Jon Noronha, co-founder of Gamma, on building AI-powered slides
- Vibe coding index
- Lovable vs Bolt.new vs Cursor
- Canva: the $1.7B/year rectangle generator
- How Figma defied Adobe's bundlenomics
- Product manager at Canva on Canva's shift upmarket
