{
  "docId": "019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "docSlug": "5df6bd1b0447b5f6",
  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
  "authorId": "AirStreetCapital",
  "authorName": "Air Street Capital",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.777,
  "pageNumber": 155,
  "pageCount": 313,
  "prevPage": 154,
  "nextPage": 156,
  "slideType": "industry_trends",
  "function": "quantify_impact",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "Data represents valuations in billions of USD.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bar_chart_grouped",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-0d0f98caffe1/155",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-0d0f98caffe1#slide-155",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Public companies CoreWeave and Nebius and private companies Lambda and Crusoe are rapidly growing as customers embrace attractive pricing, contract terms, and AI-specific software stacks.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a400-b3b024935af3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.5,
        "x": 0.25,
        "y": 0.35
      },
      "kind": "chart",
      "text": "Valuation growth of CoreWeave, Nebius, Crusoe, and Lambda from 2024 to 2025",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb8e17af-ca63-470d-b27d-1b3ed00a443a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.05,
        "x": 0.47,
        "y": 0.9
      },
      "kind": "legend",
      "text": "2024 2025",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dc6680e-7f33-447a-9be0-ba13c56256ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Valuation: $59.9B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-47c2-727e-a400-b57cd9ea128c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.9,
        "x": 0.02,
        "y": 0.21
      },
      "kind": "paragraph",
      "text": "Public companies CoreWeave and Nebius and private companies Lambda and Crusoe are rapidly growing as customers embrace attractive pricing, contract terms, and AI-specific software stacks.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b5407bd4-1348-4807-b103-cca760ec7c32",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.2,
        "x": 0.02,
        "y": 0.83
      },
      "kind": "source-note",
      "text": "Public company's valuations are based on market cap as of 9/29/2025, whereas most recent post-money valuation was used for private companies.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea1f01c7-ba9f-43dd-b955-0f17dd920ab7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.02,
        "y": 0.14
      },
      "kind": "title",
      "text": "The rise of GPU neoclouds in public and private markets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "20912098-99c2-4d91-b9d3-4d7b4e37c7ae",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Small Multiples",
      "slug": "small-multiples",
      "agent": "Designer",
      "layer": "slide",
      "matchId": "3087c06b-60d1-4104-90d3-d132ba7b67cf",
      "evidence": "The slide presents a chart comparing valuations of different companies.",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 189,
      "from": 12,
      "beatId": "019dd95a-0682-776c-8e35-9f380673831f",
      "arcName": "The Triple Take",
      "arcSlug": "triple-take",
      "beatName": "The Facts (What)",
      "beatSlug": "triple-take-the-facts-what",
      "evidence": "Sections 1-2 lay out research findings and industry data with charts and case studies.",
      "position": 1,
      "confidence": 70,
      "parentBeatName": "Setup",
      "parentBeatSlug": "setup"
    },
    {
      "to": 189,
      "from": 90,
      "beatId": "019dd95a-0682-776c-8e35-b06421e14afb",
      "arcName": "The Onion",
      "arcSlug": "onion",
      "beatName": "Deeper Layer",
      "beatSlug": "onion-deeper-layer",
      "evidence": "Industry section exposes economics, infra, geopolitics beneath research.",
      "position": 3,
      "confidence": 45,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}