178 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) Valuation-to-Revenue Multiple – OpenAI = Looks Expensive… 0x 5x 10x 15x 20x 25x OpenAI Duolingo Meta Spotify Alphabet Pinterest Enterprise Value / Next 12 Months Revenue Estimated Enterprise Value / Next 12 Months Revenue Multiple – 5/25, per Capital IQ & Bloomberg Median = 6.9x So…We Have…High Revenue Growth + High Cash Burn + High Valuations + High Investment Levels = Good News for Consumers…Others TBD…