176 *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) Foundation Model Estimated Revenue & Capital Raised – 5/13/25, per Pitchbook, The Information, Bloomberg, The Wall Street Journal & CNBC Select Private AI Model Companies – 5/13/25 = ~$11B+ Annualized Revenue vs. ~$95B Raised… So…We Have…High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers…Others TBD… Company Annualized Revenue ($MM) Total Raised To-Date ($MM) 9,200 (4/25 estimated) 2,000 (3/25) 120 (5/25) 63,920 (Last Raise: 3/25) 18,000 (Last Raise: 3/25) 1,410 (Last Raise: 5/25) OpenAI Anthropic Perplexity 12,130 (Last Raise: 11/24) xAI Materially North of 100* (4/25)