We have tracked VC megadeals for 14 foundation model research labs since 2022. Financial engineering has aligned with investor demand to enable secondary trading in these companies’ shares, creating liquid markets for OpenAI, Anthropic, Cohere, and xAI, along with opportunities for a broad spectrum of investors with other AI ecosystem leaders. • Valuations of AI unicorns Anthropic, Databricks, and OpenAI trended up in Q2 2024 in the absence of primary rounds, when factoring in public com
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