Numerai AUM: From $150M To $1B In Form ADV Filings

Numerai GP LLC reported $1.045B AUM in its April 2026 Form ADV — a 7x climb from $150M in 2022. Each new filing has been a step-change, not a smooth ramp.

Numerai GP LLC reported $1,045,519,340 in assets under management on its April 2026 Form ADV. Four years earlier the same filer reported $149,667,000. That is a 7x increase across three discrete reporting jumps. This article tracks those filings and compares them to the NMR staked in the tournament.

The data here comes from SEC EDGAR Form ADV records ingested into the dashboard's sec_adv_aum_history table. The available ADV snapshots are sparse, so the dashboard represents reported AUM as a step-function rather than a smooth curve.

A four-step climb to $1B

The full ADV record contains 20 monthly snapshots, but only four of them are distinct AUM values. Numerai held $149.67M for fourteen straight monthly snapshots before April 2023 lifted it to $388.82M. The next reported change did not arrive until December 2025, when AUM rose to $695.47M. Then on April 1, 2026, the filer disclosed $1.045B.

Step-function line chart of Numerai GP LLC reported AUM rising from $150M in early 2022 to $1.05B in April 2026
Step-function line chart of Numerai GP LLC reported AUM rising from $150M in early 2022 to $1.05B in April 2026

Each plateau is the carry-forward of the most recent filing. The flat segment from April 2023 to December 2025 reflects an absence of new ADV updates, not a frozen fund. Quarterly 13F holdings grew from $146M to $830M during exactly that window, so the asset base was changing even when ADV was silent. See Numerai SEC Filings: 13F and Form ADV Footprint for the equity-side detail.

Each filing reports a step-change

The size of the jumps gets smaller in percentage terms but larger in dollar terms. April 2023 reported a +160% jump from $150M to $389M. December 2025 reported +79% to $695M. April 2026 reported +50% to $1.046B. The April 2026 step alone added $350M of AUM, which is more than the entire fund reported in early 2023.

Bar chart of three Form ADV step changes: April 2023 +160 percent, December 2025 +79 percent, April 2026 +50 percent
Bar chart of three Form ADV step changes: April 2023 +160 percent, December 2025 +79 percent, April 2026 +50 percent

Compounded across the four reported values, AUM grew at roughly 60% per year on a CAGR basis. That is fast for a quantitative hedge fund of this size and is consistent with either net inflows, trading gains, or both.

Eleven advisory accounts, up from one

The ADV form also reports the number of advisory accounts the firm manages. In February 2022 Numerai disclosed exactly one account. By April 2023 that had risen to two. December 2025 reported seven. April 2026 jumped to eleven.

Combination chart with bars for AUM and a line tracking advisory accounts climbing from 1 in 2022 to 11 in 2026
Combination chart with bars for AUM and a line tracking advisory accounts climbing from 1 in 2022 to 11 in 2026

Account count is a rough proxy for capital sources. Eleven accounts at $1B suggests a broader capital base than the single-account 2022 filing, but the ADV count alone does not identify the account types.

Hedge fund AUM is now 180x the tournament stake

The most striking comparison is between hedge fund AUM and the dollar value of NMR staked in the Numerai tournament. Convert the live total stake to USD using daily NMR prices and divide AUM by it. The ratio has grown from roughly 7x in early 2022 to 180x at the April 1, 2026 filing snapshot, when stake briefly dipped against the new $1.045B AUM. The live ratio settles around 140x once stake recovers to its current 830K NMR.

Dual-axis chart with ADV-reported AUM as a step series in blue, tournament stake in USD as a near-flat green line, and the AUM-to-stake ratio rising from 7x to 180x
Dual-axis chart with ADV-reported AUM as a step series in blue, tournament stake in USD as a near-flat green line, and the AUM-to-stake ratio rising from 7x to 180x

Two forces drove the gap. AUM grew 7x while NMR staked stayed close to 800K-1M tokens for most of the window. NMR's USD price also fell from the high $20s in early 2022 to under $10 through most of 2026, cutting the dollar value of the tournament stake even as token counts held. The result is a hedge fund whose capital base now dwarfs the on-chain stake used to weight tournament predictions.

What this means for stakers

A 180x ratio reframes the relationship between the tournament and the fund. The fund's reported assets are now far larger than the staked NMR backing the predictions. The optimistic read: institutional AUM growth is consistent with confidence in Numerai's process, though the filing does not prove tournament signal caused the growth. The cautious read: tournament participation, stake flows, and token economics matter less to the fund's bottom line than they did when the ratio was 7x.

There is also a participant-level implication. At 7x, a 10% swing in tournament stake represented 1.4% of fund capital — a number a CIO would notice. At 180x, the same 10% stake swing is 0.06% of fund capital — within the noise band of a single trading day. The tournament's payout pool is still funded by Numerai's economics, but the tournament's capital weight relative to the fund is shrinking by an order of magnitude every two years on current trends.

The next ADV update will show whether the climb continues. Each new filing is summarized on the Numerai holdings dashboard as it lands.