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Is the Business of Frontier AI Companies Selling Tokens? Value Capture and Equity Prices

Andrew Jerel Peterson · 2026 · SSRN Electronic Journal

DOI: 10.2139/ssrn.7592221 · cited by 0 works (OpenAlex) · open-access PDF

Korean

우리는 경계 인공지능 회사의 평가를 지원할 수 있는 비즈니스 모델과 모델 접근권 판매를 넘어 수익을 창출하려는 계획에 대한 공공 증거를 검토합니다.OpenAI와 Anthropic 수익 수익을 위한 반전 현금 흐름 계산은 재정적 가정에 따라 $2.79조 또는 $733억의 연간 수익 요구 사항을 결합했습니다.공공 문서는 제안된 지불 및 소유권 이익을 식별하여 제약, 로봇, 또는 재료 과학 분야의 파트너십을 통해 추가 수익을 제공할 수 있습니다.

Machine translation (Meta M2M100); the English original follows.

Abstract

We examine business models that could support frontier AI companies' valuations and the public evidence of plans to earn income beyond selling model access. Reverse cash-flow calculations for OpenAI and Anthropic yield combined year-ten revenue requirements of \$2.79 trillion or \$733 billion, depending on financial assumptions. Public documents identify proposed payments and ownership interests that could supply additional income, such as through partnerships on pharmaceuticals, robotics, or materials science. We discuss how these arrangements relate to firm boundaries and value capture.

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Topics: Frontier, Revenue, Equity (law), Yield (engineering), Payment, Business

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