177 Foundation Model Estimated Revenue Multiple – 5/13/25, per Pitchbook, The Information, Bloomberg, The Wall Street Journal & CNBC …Select Private AI Model Companies – 5/13/25 = High Valuation-to-Revenue Multiples So…We Have…High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers…Others TBD… *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. xAI valuation per Elon Musk. Figures are rounded. Perplexity was reported to be in advanced talks to raise capital at a $14B post-money valuation as of 5/14/25; however, as this is not finalized at time of publication, we quote their last finalized funding round here. Source: Pitchbook (5/25), The Information (link), Bloomberg (link & link) & CNBC (link & link) Annualized Revenue ($MM) Revenue Multiple 9,200 (4/25 estimated) 2,000 (3/25) 120 (5/25) 33x 31x 75x Latest Valuation ($MM) 300,000 (3/25) 61,500 (3/25) 80,000 (3/25) 9,000 (12/24) Company OpenAI Anthropic xAI Perplexity N/A Materially North of 100* (4/25)