Bittensor has entered what SubConnect describes as an early revenue phase, with 24 to 25 subnets generating an estimated $28 million to $35 million in annualized revenue from paying customers, according to the August edition of its Bittensor Revenue Index, published in late August 2026. The index is presented as the first systematic measurement of customer revenue entering the decentralized AI network, with 15 estimates rated high-confidence based on public dashboards, on-chain data, and company disclosures. SubConnect projects that 35 to 40 subnets will be generating revenue by year-end and that annual ecosystem revenue will exceed $100 million by the end of 2026. Compute and infrastructure subnets account for approximately $23.1 million to $27.3 million, or 78% to 82% of the total. Lium (SN51), Targon (SN4), and Chutes (SN64) lead the rankings and together produce nearly half of verified revenue. Enterprise users include PwC France, Dropbox, and an NYSE-listed REIT. Fourteen revenue-generating subnets use part of their external income to buy back their own Alpha tokens, linking customer revenue with token demand; that number is projected to reach 20 to 25 by year-end. However, annual TAO emissions are estimated at more than $300 million, meaning external revenue covers only about 9% to 12% of token incentives. The concentration in compute and infrastructure leaves the network's economic activity closely tied to decentralized-compute demand, although the index provides a measurable baseline for assessing Bittensor's commercial activity.