Arize AI
Software that lets teams trace, test and score AI apps and agents, plus the open-source Phoenix. Dynatrace bought it for $915M; the deal closed Oct 1, 2026, so Arize is no longer independent.
Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026; Dynatrace press release, Aug 13, 2026- Status
- Owned by Dynatrace Deal closed Oct 1, 2026. Arize now runs as a team inside Dynatrace (NYSE: DT), a public company.
- Valuation
- $915M sale About $815M in cash, the rest as replacement equity awards for Arize staff who join Dynatrace.
- Raised
- About $131M Four priced rounds from 2020 to 2025: $4M seed, $19M A, $38M B, $70M C. TechCrunch put the total above $130M.
- Liquidity
- Cash at closing Holders were bought out at the sale. Joining staff got Dynatrace equity awards in place of Arize ones; vesting terms are not public.
- AI
- Agent-first product Alyx, an AI engineering agent inside Arize AX, plus an MCP server in alpha and skills for coding agents.
- Watch
- Integration Dynatrace says Arize features will fold into its platform over time. How long the Arize brand and Phoenix stay separate is the open question.
- Hiring
- 23 → 23 remote listings since Oct 10.
Free open source to pull developers in, paid platform to keep them.
Phoenix is free, open-source tracing and evaluation that teams can host themselves. Arize AX is the paid managed platform: Free, Pro at $50 a month, and custom Enterprise plans with self-hosting, SLAs and support. Plans meter trace spans, data ingested, retention and agent usage. No revenue split was ever published.
Arize pricing page, checked Nov 3, 2026- 1Open source as a funnelPhoenix had over two million monthly downloads in Feb 2025. Its GitHub repo shows about 12,100 stars and 1,260 forks (Nov 3, 2026).Arize, Feb 2025; GitHub API, Nov 3, 2026
- 2Big-name users from the ML eraPaying customers named over the years include Uber, Spotify, eBay, Etsy, Instacart and Chick-fil-A (2022), and Uber, Klaviyo and Tripadvisor (2025).TechCrunch, Feb 20, 2025; TechCrunch, Sep 8, 2022
- 3Now sold by a large observability vendorDynatrace reported $2.21B of ARR in its Sep 2026 quarter and plans to integrate Arize into its platform, putting Arize in front of an installed base far larger than its own.Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026
- Cisco$411Blisted, Oct 30 close
- Datadog$84.5Blisted, Oct 30 close
- ClickHouse (owns Langfuse)$15.0Bprivate, Jan 16
- Arize AI$915MAcquired by Dynatrace, Oct 1
- Braintrust$800Mprivate, Feb 17
Private values are the last reported round; they can be stale. Listed values are market value. Bars start at zero.
Every round, and what its terms give away.
Arize AI is private, so there is no share price. What its investors paid, and on what terms, is the closest thing to one.
- $915M
- latest valuation, Acquired by Dynatrace Oct 1
- $131M
- raised in all
- 200
- employees, as reported
Never published. Dynatrace expects Arize to cut its FY2027 non-GAAP operating margin by about 1.75 points.
TechTarget, Aug 2026; Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026- Oct 1Acquired by Dynatrace$915M at $915MLed by Dynatrace (NYSE: DT). About 100% of the company, if all new sharesAgreed Aug 13, 2026. About $815M cash plus replacement equity awards. Qatalyst advised Arize.Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026; Dynatrace press release, Aug 13, 2026
- Feb 20Series C$70MLed by Adams Street PartnersM12 (Microsoft), Datadog and PagerDuty joined. Form D lists a $69.1M offering, $14.3M of it convertible note principal.TechCrunch, Feb 20, 2025; SEC Form D, Jan 28, 2025
- Sep 8Series B$38MLed by TCVBattery and Foundation Capital followed. 50 staff at the time; total raised $62M. Form D: $38.0M sold to 11 investors.TechCrunch, Sep 8, 2022; SEC Form D, Oct 4, 2022
- Sep 28Series A$19MLed by Battery VenturesFoundation Capital, Trinity, The House Fund and Swift joined. 40 staff at the time.TechCrunch, Sep 28, 2021
- Feb 12Seed$4.0MLed by Foundation CapitalForm D: $4.02M sold to 6 investors, first sale Feb 12, 2020. Lead per TechCrunch.SEC Form D, Feb 25, 2020; TechCrunch, Sep 2021
- Sale price vs the last roundNo valuation was reported for any Arize round, so we cannot say if $915M beat the Series C price. It is about 7 times the $131M raised.TechCrunch, Feb 20, 2025; Dynatrace press release, Aug 13, 2026Open
- How much of the company the last round soldUnknown: the $70M Series C had no published valuation.TechCrunch, Feb 20, 2025Open
- Time since the last raiseAbout 18 months from the Series C to the sale agreement. No new raise was needed before the exit.Dynatrace press release, Aug 13, 2026Clear
- Structured or unusual termsNone reported. The Series C Form D says $14.3M of the $69.1M offering was principal on convertible instruments, likely earlier notes rolling in. Preferences are not public.SEC Form D, Jan 28, 2025Open
- Who led the last roundAdams Street Partners, a new outside lead, with strategic money from Microsoft's M12, Datadog and PagerDuty.Arize, Feb 2025Clear
- Employee liquidityThe sale is the liquidity event: about $815M in cash at closing. Staff joining Dynatrace got replacement equity awards; no tender offers were reported before.Dynatrace press release, Aug 13, 2026Clear
- Layoffs in the last 12 monthsNone found in news through Nov 3, 2026. Dynatrace has not announced cuts to the Arize team; the Arize job board still lists 28 roles.Arize Greenhouse board and news search, Nov 3, 2026Clear
Clear: checked, nothing found. Flag: found, with the source. Open: could not be checked.
Acquired by Dynatrace (NYSE: DT); closed Oct 1, 2026
What the record says, and what we think it means.
The fact is the source's. The read, in italics, is ours.
- 01Neutral
Dynatrace bought Arize for $915M.
Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026; Dynatrace press release, Aug 13, 2026Agreed Aug 13, 2026 and closed Oct 1, 2026. About $815M in cash, paid from cash and/or Dynatrace's credit facility.
A solid exit for a company that raised about $131M. A new hire now joins a business unit of a public company, not a startup.
- 02Watch
Your equity is now Dynatrace stock.
Dynatrace press release, Aug 13, 2026Arize staff joining Dynatrace received replacement equity awards; the release does not give their terms. Implied value is roughly $100M ($915M less $815M cash).
Offers now pay in a listed stock with a daily price, not startup options. Check the vesting schedule and any retention grant in writing.
- 03Good
Both founders stayed on.
Dynatrace press release, Aug 13, 2026Co-founders Jason Lopatecki and Aparna Dhinakaran joined Dynatrace at closing. Lopatecki leads the Arize team and reports to Dynatrace CEO Rick McConnell.
A direct line to the parent CEO suggests Arize keeps some autonomy for now.
- 04Neutral
Dynatrace sized Arize as small but costly.
Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026Dynatrace said Arize adds about 2 points of ARR growth and costs about 1.75 points of FY2027 non-GAAP operating margin.
On Dynatrace's ARR base that implies Arize ARR in the tens of millions (our arithmetic, roughly $35M to $40M). It was bought for growth, not profit.
- 05Watch
Products will be folded in over time.
Dynatrace release (Business Wire copy via 01net), Oct 2, 2026Arize keeps supporting Phoenix and AX for now, but its features will be integrated into Dynatrace to give one AI observability experience.
Integration often brings reorgs, product overlap and brand changes. Roles tied to the standalone product carry the most change risk.
- 06Watch
Rivals were bought too.
Cisco, Galileo page; SiliconANGLE, Jan 16, 2026Cisco closed its purchase of Galileo on May 22, 2026, and ClickHouse bought Langfuse in Jan 2026.
AI observability is being absorbed into big platforms. Arize now competes inside Dynatrace against Datadog, Cisco and Splunk.
- 07Good
Still hiring after the close.
Arize Greenhouse board, Nov 3, 2026The Arize Greenhouse board listed 28 roles on Nov 3, 2026, most remote and many sales roles by region, with some updated that day.
Dynatrace appears to be funding Arize's go-to-market rather than shrinking it, at least for now.
Sales is paid 66% over market.
We save every company's roles, pay by team and level, AI share and churn every day, so each month this page can say more. Sparklines use their own scale.
Can AI agents do business with Arize AI?
We checked the agent payment programs, developer docs and site rules an AI assistant would meet.
Built for agents. MCP servers, skills, a CLI and full llms.txt indexes; its own product is an agent.
Still Remote read- YesAn MCP server agents can callArize AX MCP server (alpha) can read and manage projects, traces, datasets, experiments, evaluators and prompts. A no-login Docs MCP server and a Phoenix MCP server also exist.Arize docs, checked Nov 3, 2026
- YesIts own AI agentAlyx, an AI engineering agent inside Arize AX, debugs traces and runs evaluation tasks. Plans meter Alyx usage (10 a month free, 25 on Pro).Arize pricing page, checked Nov 3, 2026
- YesSkills and setup for coding agentsPublishes Arize Skills for Cursor, Claude Code, Codex and Windsurf, plus an AX CLI that instruments an app with guided setup.Arize docs, checked Nov 3, 2026
- YesSite and docs AI tools can readarize.com/llms.txt (about 17,800 characters), AX docs llms.txt (about 48,700) and Phoenix docs llms.txt (about 139,000) all return 200.checked Nov 3, 2026
- YesLets AI crawlers read its siterobots.txt names no AI bots and blocks only /wp-admin/ for everyone. It points agents to llms.txt in a comment.checked Nov 3, 2026
- YesBuilt on open standardsPhoenix is built on OpenTelemetry and Arize's OpenInference instrumentation, so traces from common agent frameworks flow in without lock-in.Phoenix docs llms.txt, checked Nov 3, 2026
Where Arize AI puts AI to work.
- 1Alyx is debugged with ArizeArize tests Alyx inside its own product: production traces become test cases, results log as experiments, and an LLM judge scores agent paths.Arize blog, Feb 2026
- 2AI in the engineering loopThe same post says Claude Code Review runs on every pull request, and markdown skills guide coding agents through tracing failures across Arize, Datadog and GCP logs.Arize blog, Feb 2026
Fewer listings than on Sep 9, most of them in sales.
What has to be true for $915 million to hold?
Arize AI does not publish revenue, so the starting number is your assumption, not ours. A way to think, not a forecast, and not investment advice.
At 25x, Arize AI needs $37 million of revenue to be worth $915 million. Your world gets there with $73 million, so the next round likely prices above the last.
$100,000 of equity valued at the $915M Acquired by Dynatrace price would be worth about $198,142 on paper in this world, before dilution from new rounds, taxes and vesting. Private shares only turn into cash at a sale, an IPO or a tender offer.
A way to think, not a forecast, and not investment advice.
Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026; Dynatrace press release, Aug 13, 2026The signals, and which way they push.
- TailwindA fast-growing category.
Dynatrace calls AI observability one of the fastest-growing parts of observability and projects it above $10B by 2030.
- TailwindMore agents, more to debug.
IDC's Stephen Elliot told TechTarget agent adoption is set to rise sharply and that agent debugging and evaluation are foundational spending.
- TailwindA big sales channel.
Dynatrace has $2.21B of ARR and just added a $1B buyback, so the parent is well funded to push Arize.
- HeadwindPlatforms are bundling evals.
Cisco folded Galileo into Splunk, ClickHouse took Langfuse and Datadog sells LLM observability, so standalone tools face bundled rivals.
Where Arize AI ends up, if we had to bet.
Our calls, not facts. Each one is tied to something that already happened, so you can judge the reasoning.
- 1
Arize never lists on its own.
Long shot 16%IPODynatrace now owns it outright and paid $915M to fold it into its platform. A spin-off would reverse the stated strategy.
Dynatrace Q2 FY2027 results, SEC 8-K Ex. 99.1, Nov 3, 2026 - 2
By 2031 Arize AX is sold under the Dynatrace name.
Coin flip 50%BrandDynatrace says Arize features will be integrated into one AI observability experience. For now both Phoenix and AX keep their names.
Dynatrace release (Business Wire copy via 01net), Oct 2, 2026 - 3
Phoenix stays open source through 2031.
Likely 72%Open sourceIt is Arize's developer funnel, with millions of downloads, and Dynatrace committed to keep supporting it. Rivals like Langfuse also stayed open after their sale.
Dynatrace release (Business Wire copy via 01net), Oct 2, 2026; Arize, Feb 2025 - 4
Agent-run debugging, like Alyx, becomes the main way customers use Arize.
Likely 72%AIArize already meters Alyx in every plan and ships MCP servers and skills. Dynatrace plans to pair it with its own agent, Bluebox.
TechTarget, Aug 2026; Arize pricing - 5
Dynatrace with Arize wins share from Datadog in AI observability.
Coin flip 50%CompetitionArize brings an AI-native team and a large trace dataset. Datadog and Cisco-Splunk have bigger customer bases and their own eval tools.
TechTarget, Aug 2026
Read by the Still Remote research agent on November 4, 2026 from the sources linked on this page. Facts and scenarios only, not investment advice.