{
  "docId": "019dd923-5e88-73ef-bd5d-cdf676789001",
  "docSlug": "1873217bba818632",
  "documentTitle": "2025 Bond Cap Artificial Intelligence AI 2025",
  "authorId": "BondCap",
  "authorName": "BOND",
  "documentKindSlug": "consulting-deck",
  "documentKindLabel": "Consulting deck",
  "sourceTypeSlug": "vc_research",
  "sourceTypeLabel": "VC research",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.333,
  "pageNumber": 179,
  "pageCount": 340,
  "prevPage": 178,
  "nextPage": 180,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": "The slide highlights that OpenAI's valuation multiple is an outlier compared to the median of 6.9x for the selected peer group.",
  "elementsJson": [
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-5e88-73ef-bd5d-cdf676789001/179",
  "deckHref": "/decks/019dd923-5e88-73ef-bd5d-cdf676789001",
  "deckJsonHref": "/decks/019dd923-5e88-73ef-bd5d-cdf676789001.json",
  "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd5d-cdf676789001#slide-179",
  "components": [
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.25,
        "y": 0.96
      },
      "kind": "callout",
      "text": "So...We Have...High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers...Others TBD...",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "511d5ed3-3c62-45fd-a67f-fb602d9e8e39",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.85,
        "x": 0.08,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Bar chart showing EV/NTM Revenue multiples for OpenAI, Duolingo, Meta, Spotify, Alphabet, and Pinterest.",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "200c44ab-6fd1-4b82-bfc4-b06956454d0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "disclaimer",
      "text": "Note: OpenAI figures are estimates. Next 12 months revenue multiples for companies other than OpenAI are consensus estimates per Capital IQ. OpenAI NTM revenue estimates are as of 12/24 due to data availability. Source: Capital IQ (5/15/25), Bloomberg (link)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "057866ca-98d4-4998-89c1-8cc5a9246677",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.1,
        "x": 0.82,
        "y": 0.615
      },
      "kind": "legend",
      "text": "Median = 6.9x",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b15aa3b-d485-4a62-8138-cdd4f7140fa3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Enterprise Value / Next 12 Months Revenue Multiple: 6.9x",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-4e54-704a-a058-9cbaded3f375",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.6,
        "x": 0.03,
        "y": 0.02
      },
      "kind": "title",
      "text": "Valuation-to-Revenue Multiple – OpenAI = Looks Expensive...",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "86d4f7a6-f543-4b81-8449-3a4074699484",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.14,
        "y": 0.16
      },
      "kind": "title",
      "text": "Estimated Enterprise Value / Next 12 Months Revenue Multiple – 5/25, per Capital IQ & Bloomberg",
      "attrs": null,
      "subkind": "subtitle",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "712a2436-310b-418c-b3ee-b5f6004be185",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "peer_benchmark",
      "slug": null,
      "matchId": "9e30b187-9a22-4073-99e1-4368aed4e8bd",
      "evidence": "Comparison of valuation multiples across a set of industry peers.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 340,
      "from": 31,
      "beatId": "08b5f3f3-e96d-4460-a176-750933765cf7",
      "arcName": "Monroe's Motivated Sequence",
      "arcSlug": "monroes-sequence",
      "beatName": "Action",
      "beatSlug": "monroes-sequence-action",
      "evidence": "The deck concludes by encouraging action, providing guidance on navigating the AI landscape.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}