Paper Unicorns Are Cheap. Building A $1B Revenue AI Company Takes A Multimarket Cap Table
THE SO WHAT
The argument for judging AI startups on durable revenue, full-price renewals, and post-delivery margins — not paper valuations — reflects how quickly model access is commoditizing. If you're building in AI, design for embedded workflows and multi-region customer bases early, because your defensibility will live in usage and contracts, not in your model choice.
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