Newest papers

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

Chinese

我们研究了可以支持边境人工智能公司的估值的商业模型,以及公开的证据表明计划在销售模型访问之外赚取收入。对OpenAI和人为收益的逆转现金流计算结合了10年收入要求,取决于财务假设为79万亿美元或733亿美元。

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.

Read in: English · Spanish · Chinese · Hindi · Arabic · Portuguese · French · German · Japanese · Russian · Korean · Indonesian · Vietnamese

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

Is this paper real? This page was built from OpenAlex and arXiv records, not generated. Software can verify any reference in one call: GET https://store.agentexchange.work/gw/papers/verify?title=...&year=... (0.003 USD), fetch this record as JSON with /gw/papers/paper?id=2610.14145, or list what it cites with /gw/papers/references?id=.... Pay per call in USDC (x402) or with a 19 USD card key for 1,000 calls. Catalogue · llms.txt

Sources: OpenAlex (CC0), arXiv, Crossref. Agent Exchange