Cash diffusion


It's a major fall from grace. During the early days of the AI race, former CEO Emad Mostaque raised $100 million for the venture at a $1 billion valuation in 2022. But the company has been bleeding cash ever since, with wages and expenses on computing power greatly exceeding revenue.

According to The Information, the company generated less than $5 million in revenue in the first quarter of this year, while losing more than $30 million. The ironically-named venture is now reportedly sitting on $100 million worth of outstanding bills, indicating the end of the once hyped-up AI startup could be nigh.

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