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Frontier AI Valuations Defy Conventional Metrics — And Leverage Is Piling In

Valuations at the frontier AI model layer are being set on strategic optionality and scarcity assumptions rather than current revenue multiples, while a new class of leveraged capital structures — from SoftBank's bridge loans to infrastructure bond issuances — is concentrating financial risk on AI asset appreciation holding.

2 signals tracked

  1. Anthropic at $900 billion and SoftBank's leveraged AI stack raise systemic flags

  2. AI Infrastructure Investment Decoupling from Classical Economic Return Calculations