# Сопутствующие статьи по теме Valuation

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Valuation", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

OpenAI Accuses Anthropic: $30 Billion of $80 Billion Revenue is Fabricated

OpenAI's Chief Revenue Officer, Denise Dresser, issued an internal memo accusing rival Anthropic of overstating its annualized revenue. According to the memo, Anthropic reported $30 billion in revenue but included $8 billion in fees shared with cloud providers like AWS and Google Cloud, using a "gross basis" accounting method. OpenAI claims it uses a "net basis" approach, deducting such fees, and argues that Anthropic's actual revenue should be $22 billion—below OpenAI's $25 billion. The memo also criticized Anthropic for insufficient computing capacity, leading to service limitations, and for overfocusing on programming instead of broader enterprise solutions. OpenAI highlighted its own strategic advantages, including greater projected computing power by 2030. Additionally, OpenAI acquired AI finance app Hiro Finance, aiming to enhance its capabilities in personal financial planning and expand into life and wealth management services, strengthening its position as a comprehensive AI assistant.

marsbit04/14 00:42

OpenAI Accuses Anthropic: $30 Billion of $80 Billion Revenue is Fabricated

marsbit04/14 00:42

How Should Crypto VCs Survive? When Top Projects No Longer Need Institutional Funding

Cryptocurrency venture capital is at a watershed moment. Token exits, once the primary driver of outsized returns, are undergoing a major reset. The definition of token value is being rewritten in real-time, yet no standard valuation framework has emerged. Key market shifts include the rise of tokens with real, on-chain revenue (like HYPE), which exposed the weakness of governance tokens with no fundamentals; a supply shock from meme coins (e.g., PUMP) fragmenting liquidity; and competition from prediction markets, stock perps, and leveraged ETFs diverting retail speculative capital. This has compressed token lifecycles and cratered holding periods. VCs now face critical questions: Are they underwriting equity, tokens, or a hybrid? What is the best practice for on-chain value accrual beyond potentially toxic buybacks? Will the "crypto premium" vanish entirely, forcing valuations to align with public equities and crashing many Layer 1 tokens? The result is a divergence: early-stage investors are becoming more price-sensitive on token projects, while appetite for equity deals is growing. Later-stage crypto VCs are increasingly competing with traditional funds in "Web2.5" deals. To survive, crypto VCs must find their product-market fit with founders. Capital alone is no longer sufficient. Winning the best deals—from projects that may not even need institutional funding—requires providing unmatched brand value and non-capital advantages.

marsbit04/13 04:08

How Should Crypto VCs Survive? When Top Projects No Longer Need Institutional Funding

marsbit04/13 04:08

From Wall Street to Silicon Valley, Anthropic Steals All the Spotlight from OpenAI

From Wall Street to Silicon Valley, Anthropic is seizing the spotlight from OpenAI. In just one year, the power dynamics in the AI have shifted significantly. Anthropic is now challenging OpenAI across multiple fronts: market share, secondary market valuation, venture capital sentiment, and public perception. At the recent HumanX AI conference, the consensus was clear—Anthropic is the new darling of Silicon Valley. Its annualized recurring revenue (ARR) has reportedly reached $300 billion, surpassing OpenAI's $250 billion. In the secondary market, Anthropic's valuation has overtaken OpenAI's, with strong investor preference for its shares. Anthropic dominates the enterprise sector, holding 42-54% of the code generation market and 40% of the enterprise agent market, compared to OpenAI's 21% and 27%, respectively. It also leads in new enterprise adoption and cost efficiency. While OpenAI retains a strong consumer user base with ChatGPT, it faces challenges inization and high operational expenses. A leaked internal memo from OpenAI identified Anthropic as its biggest threat, emphasizing its compute infrastructure advantage, but the very need for such a memo highlights its defensive position. Despite OpenAI's strong backing from Amazon and NVIDIA, the market is now valuing efficiency, cost-effectiveness, and precise market fit—areas where Anthropic currently leads. However, experts caution that the AI race is far from over and the landscape remains highly fluid.

marsbit04/13 01:07

From Wall Street to Silicon Valley, Anthropic Steals All the Spotlight from OpenAI

marsbit04/13 01:07

Valuation of $852 Billion, CEO Holds Zero Shares, Shareholders in a Power Struggle: Who Controls OpenAI?

OpenAI, valued at $852 billion after a $122 billion funding round, is navigating immense opportunities and challenges. CEO Sam Altman holds zero equity, earning a minimal salary, which has raised governance concerns, notably during his brief 2023 ouster. Major investors include Microsoft (26.79%), OpenAI Foundation (25.8%), SoftBank (11.66%), Amazon (4.66%), and NVIDIA (3.47%). Their investments are often strategic, aimed at securing AI infrastructure advantages rather than purely financial returns. The company recently transitioned from a non-profit to a for-profit structure, with the OpenAI Foundation retaining significant control. However, oversight concerns persist as board members overlap between the two entities. Internally, tensions exist between Altman, who pushes for a potential IPO as early as Q4 2025, and the CFO, who cautions against rushing due to operational and financial risks. Financially, OpenAI reports $20 billion in monthly revenue (annualized $250 billion) but expects $140 billion in losses this year and $600 billion in compute investments over five years. Its high valuation—34x sales—reflects a bet on achieving AGI, as competition with rivals like Anthropic intensifies. The funding landscape highlights a divide: U.S. tech giants invest via corporate strategic deals, while Chinese AI firms rely on traditional VC funding, creating a significant capital gap. The ultimate question remains whether OpenAI’s vision justifies its historic valuation.

marsbit04/12 01:03

Valuation of $852 Billion, CEO Holds Zero Shares, Shareholders in a Power Struggle: Who Controls OpenAI?

marsbit04/12 01:03

Bittensor, Firmly Ranked First in AI: Technology Evolving, Users Fleeing?

Bittensor (TAO) remains the dominant leader in the AI crypto sector with a market cap of $3.43B, accounting for nearly 20% of the total market. Its core innovation is the "Proof of Intelligence" mechanism, which directly rewards high-quality AI model outputs, differentiating it from competitors focused solely on compute or applications. The project demonstrated strong fundamentals with $43M in real Q1 2026 revenue (non-token incentivized), translating to a P/S ratio of ~20x, which is considered reasonable. A major technical breakthrough came from subnet Templar (SN3), which successfully trained the Covenant-72B model in a fully decentralized manner. This achievement, praised by AI leaders and compared to "modern Folding@home" by NVIDIA's CEO, validated decentralized training at scale using novel solutions like SparseLoCo for communication efficiency and Gauntlet for incentive alignment. The dTAO mechanism further amplified growth, allowing subnets to issue their own tokens backed by TAO. This created a leveraged feedback loop, driving the total subnet ecosystem to a $1.47B market cap. However, risks include heavy reliance on token subsidies masking true service costs, a lack of commercial moat leading to user attrition if subsidies decrease, and potential overvaluation if reported revenue includes internal ecosystem transactions rather than purely external demand.

marsbit04/11 00:15

Bittensor, Firmly Ranked First in AI: Technology Evolving, Users Fleeing?

marsbit04/11 00:15

Value Calculator Puts XRP At $1,632, But Pundit Says You Shouldn’t Be Looking At Price

An XRP enthusiast recently shared a valuation model predicting a price of $1,632 per token, based on assumptions including $19 trillion in daily transaction volume and $30 trillion in store-of-value demand. The model, derived from a framework by Ripple board member Susan Athey, uses inputs like a five-day average holding period and a 5% discount rate to project future value. However, a commentator emphasized that the specific price is less important than the underlying assumption: that XRP could facilitate global financial flows on a massive scale. While such ultra-bullish predictions are common in the XRP community, they often ignore basic market realities—a $1,000 price would imply a $60 trillion market cap, exceeding double the U.S. GDP. The key takeaway is to focus on the utility and adoption variables rather than fixating on price projections.

bitcoinist04/10 16:55

Value Calculator Puts XRP At $1,632, But Pundit Says You Shouldn’t Be Looking At Price

bitcoinist04/10 16:55

Tok-Edge Debuts ‘Redemption Token’ to Power $21M Crypto Fund Launch

Tok-Edge has introduced the "Redemption Token," a new cryptocurrency class designed to facilitate its $21 million crypto fund launch. The token enables investors to redeem fund shares at net asset value while allowing permissionless trading on public blockchains like Ethereum. The fund, targeting institutional investors, will implement an actively managed strategy across DeFi and liquid crypto assets. Tok-Edge, valued at $15 million, is backed by investors including Marcus Meijer and features an executive team with extensive traditional and crypto finance experience. The Redemption Token model merges blockchain advantages with regulated fund structures, aiming to expand institutional participation in digital asset markets.

TheNewsCrypto04/09 20:36

Tok-Edge Debuts ‘Redemption Token’ to Power $21M Crypto Fund Launch

TheNewsCrypto04/09 20:36

Market Analysis: Circle's Pricing Logic Is Outdated, Still Has 80% Upside Potential

Market Analysis: Circle's current valuation as an interest-rate-sensitive money market fund is outdated, with an estimated 80% upside potential. Despite a 75 bps Fed rate cut in H2 2025, USDC supply grew 72% to $75.3B, indicating demand is driven by utility, not just yield-seeking. The baseline forecast predicts a $1.5T stablecoin market by 2030, with USDC averaging $284B in supply. Reserve revenue is projected to grow 3.5x to $9.24B by 2030, as supply growth outweighs rate compression. Circle’s Payment Network (CPN) and other services add diversification, with total revenue reaching $9.8B and net income ~$1.8B by 2030. Key growth drivers include AI agent commerce (McKinsey forecasts $3-5T by 2030), B2B payments, and regulatory tailwinds like the GENIUS Act. A 25x terminal P/E on 2030 EPS of $6.73 implies a $168 target price. Risks include white-label competition, rate sensitivity, and reliance on Coinbase, but Circle’s liquidity depth and regulatory moat provide mitigation.

marsbit04/09 03:22

Market Analysis: Circle's Pricing Logic Is Outdated, Still Has 80% Upside Potential

marsbit04/09 03:22

Anthropic Employees 'Hold Back' on Selling Shares, Investors Queue Up Unable to Buy

Anthropic recently completed a tender offer for employee shares at a pre-money valuation of $350 billion, matching its February Series G round. Despite investors offering $5-6 billion to purchase shares, the transaction fell short of its maximum target because a majority of employees chose not to sell. Key reasons for the low supply include: rapid revenue growth (annualized revenue surged from $9B in late 2025 to an estimated $30B by March 2026), expectations of a potential IPO as early as October 2024 at a valuation between $400-500 billion, and high capital gains taxes in California. Employees preferred holding shares for higher future gains post-IPO. This follows a similar trend at OpenAI, where only two-thirds of approved shares were sold in a previous tender offer. For late-stage unicorns like Anthropic, tender offers serve as a liquidity tool for employees and a retention strategy amid intense AI talent competition. The undersubscribed tender indicates strong internal confidence and creates supply scarcity in secondary markets, where implied valuations exceed $500 billion. This may signal strong investor appetite and support a higher IPO valuation, though macroeconomic risks and potential SEC scrutiny over revenue recognition methods remain considerations.

marsbit04/09 02:38

Anthropic Employees 'Hold Back' on Selling Shares, Investors Queue Up Unable to Buy

marsbit04/09 02:38

Circle's Pullback: Still Worth Buying?

Circle: Still Worth Buying After the Pullback? Circle, the issuer of the second-largest stablecoin USDC, is at a critical juncture. Its current valuation of $15-20B primarily reflects its interest income from $770B in USDC reserves. However, data suggests a potential transformation into a fee-based digital dollar infrastructure network. Key evidence for this shift includes: * USDC's on-chain transaction volume grew 247% in FY2025, far outpacing its 72% circulation growth, indicating it's being *used* more, not just held. * Adjusted for on-chain noise, USDC dominates real economic settlement volume (64% per Visa data), despite USDT having 2.4x its market cap. Circle's three-layer revenue structure is evolving: 1. **Interest Income (95% of current revenue):** Tied to USDC circulation and interest rates. Faces headwinds from potential Fed cuts and a revenue-sharing agreement with Coinbase. 2. **Payment & Transaction Fees:** The key to becoming an infrastructure play. The Circle Payments Network (CPN) is scaling rapidly ($5.7B annualized TPV), and non-interest revenue surged to $37M/quarter. 3. **Settlement Platform (Arc):** A long-term bet on becoming an institutional settlement standard, though its value remains unproven. Near-term catalysts include the Coinbase revenue-sharing agreement renewal (Aug 2026) and potential full OCC bank charter approval. A 3-5x return is plausible if USDC circulation grows at 40% CAGR. A 10x return requires multiple successes: CPN scaling, improved Coinbase terms, non-interest revenue exceeding 10% of total, and progress on Arc. Major risks include faster-than-expected interest rate declines, Tether achieving greater legitimacy, and competition from new yield-bearing stablecoins and payment giants like Stripe. The investment thesis hinges on tracking three metrics: USDC circulation growth, its velocity (via Visa data), and the growth of non-interest revenue. The data is leaning toward a successful transformation, but it is not yet guaranteed.

marsbit04/04 01:00