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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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  "notes": "The slide highlights the high capital intensity of the AI model industry relative to current revenue generation.",
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      "text": "So...We Have...High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers...Others TBD...",
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      "text": "Annualized Revenue: $11B",
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      "text": "Foundation Model Estimated Revenue & Capital Raised – 5/13/25, per Pitchbook, The Information, Bloomberg, The Wall Street Journal & CNBC",
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      "text": "*Select media reports have xAI revenue being as high as $1B as of 4/25. Note: OpenAI annualized revenue estimated based upon full-year 2024 & 2025 revenue estimates as published by The Information & Bloomberg, assuming linear revenue growth. Figures are rounded. Source: Source: Pitchbook (5/25), The Information (link), Bloomberg (link & link) & CNBC (link & link)",
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      "text": "Company, Annualized Revenue ($MM), Total Raised To-Date ($MM); OpenAI, 9,200, 63,920; Anthropic, 2,000, 18,000; xAI, Materially North of 100*, 12,130; Perplexity, 120, 1,410",
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      "kind": "title",
      "text": "Select Private AI Model Companies – 5/13/25 = ~$11B+ Annualized Revenue vs. ~$95B Raised...",
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