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Examining the gap between AI company valuations and revenue. Anthropic and OpenAI are expected to IPO in 2026, but can they justify their valuations with actual revenue?
Canon
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Each massive AI funding round raises the valuation baseline, requiring proportionally larger revenue growth to satisfy investors. The expectation treadmill keeps accelerating.
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AI companies present narratives of inevitable success (false self) while their financials tell a different story of unsustainable burn rates (true self).