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  "documentTitle": "2025 Air Street Capital The State of AI Report 2025",
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  "notes": "The chart illustrates exponential growth in valuations for three major AI companies, with specific doubling time metrics provided for each.",
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      "text": "The valuation history of the leading private AI labs mirrors trends in model capabilities, with doubling times historically floating around the half-year mark.",
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      "text": "Since the beginning of 2023, the valuations of every major private AI lab has followed some of the steepest trajectories in American history.\nYet, the valuation history of these labs has kept pace with trends in their model's capabilities.\nMETR's task-completion time horizon reflects a doubling time of roughly 7 months. Similarly, METR's time horizon analysis on nine* other leading benchmarks conveys a doubling time of roughly 5 months. As evidenced earlier, the ratio between absolute capabilities and cost roughly doubles every 6 months.",
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      "text": "*MATH, OSWorld, LiveCodeBench, Mock AIME, GPQA Diamond, Tesla FSD, Video-MME, RLbench, and SWE-Bench Verified",
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      "text": "The scaling law of AI valuations",
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