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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 (4/25)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