Capital & Deals
10 articlesThe Trillion-Dollar Question: Valuing AI Companies
Revenue multiples are high but not record-breaking. What breaks the arithmetic is a denominator that moves both ways, and revenue booked by investors.
Why AI Raised More in One Year Than a Decade
Capital formation at this scale usually follows a proven business model. This time it preceded one, and much of the money arrived as compute commitments.
One Company’s Earnings Call and the Health of an Entire Trade
The most watched quarterly report in the world belongs to a chip company, and its guidance moves data centre builders, utilities and equipment orders alike.
Special Purpose Vehicles and the Creative Accounting of AI Deals
Joint ventures hold the assets and the operator takes a lease, while compute commitments get booked as revenue by the provider. Leverage goes missing.
Sovereign Wealth Funds Are Becoming AI’s Patient Money
A training run and a data centre need sums only a few institutions can deploy. State vehicles carry no exit clock, and their terms follow the money home.
Nine-Figure AI Offers and Those Who Turn Them Down
Compensation packages for a few hundred senior researchers now resemble an acquisition rather than a salary. Why the numbers have gone so high.
When the Model Is Free: Pricing Pressure Across the Industry
A task that cost dollars per thousand operations now costs cents, and open-weight rivals push some to zero. Serving a model still carries a marginal cost.