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  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
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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": "Revenue Multiple: 75x",
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      "text": "*Select media reports have xAI revenue being as high as $1B as of 4/25. Note: OpenAI annualized revenue estimated based upon full-year 2024 & 2025 revenue estimates as published by The Information & Bloomberg...",
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      "text": "Foundation Model Estimated Revenue Multiple – 5/13/25, per Pitchbook, The Information, Bloomberg, The Wall Street Journal & CNBC",
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      "text": "Company, Annualized Revenue ($MM), Latest Valuation ($MM), Revenue Multiple. OpenAI, 9200, 300000, 33x. Anthropic, 2000, 61500, 31x. xAI, Materially North of 100, 80000, N/A. Perplexity, 120, 9000, 75x.",
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      "kind": "title",
      "text": "...Select Private AI Model Companies – 5/13/25 = High Valuation-to-Revenue Multiples",
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